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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters 5 charts: Why Japanese PE is so resilient; real assets' strong momentum; talking alts in 401(k)s; interest rate cuts come to investors' relief December 11, 2025 | Read online | Manage your subscripti [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_VALIDITY_RPBL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. [159.183.175.69 listed in bl.score.senderscore.com] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.183.175.69 listed in sa-accredit.habeas.com] -0.0 SPF_PASS SPF: sender matches SPF record -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; 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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> 5 char= ts: Why Japanese PE is so resilient; real assets' strong momentum; talking = alts in 401(k)s; interest rate cuts come to investors' relief </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; 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color: #1D5080">Read online</a> |  = ;<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0= ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7= rUuqNohbArjpNQasEdfyU-3DCw93_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PU= FdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL= 3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZ= TBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39otPekSfi39rYm7QA8HLrSnVpf1TizNhSk= ySTRlAkGz0G66nHijnGE2jl7k2fuCpsRy6lBzMOddFg-2BJci33hCaYRfKO8MjzPu3tdyCEIHnc= EUqW7UqqXJeWJciy6EG5bqT0aYmxU8c9KGZJeDYJvlKwGzPVEfcxjwBJhQOFmWUnr15Y3aJ5nXR= dZFE2NuL-2FEvV0Y0SQTmWdbAONiwZIz8a471qp4EsL9W-2F5v2myw3wjYn7Aa7akNGTzOV4Muo= VwCy-2F4-3D" target=3D"_blank" style=3D"text-decoration: underline; color: = #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMgsa643mvwRPwG3tyb51duw-3= D-3DZJ8K_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9X= iYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ= 9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kC= eKhz-2FfHah9yoxMRFuy39ougRt1DbVrS-2B04FMJk7yT5wAAKgE78bwvkvc97F9WlV6UaexUCH= qKvv6dXQUltOg53W1thly1wFDtRl7yuA6-2BkexolmOsblOgnhxxHNXbLKhCWuop5iiq-2B4Zvw= piZJzUa-2BZTXDUpp-2BdxD7a9ZsL5Eh2xCZo8kwrJisR3wYoVkUrklJdkal4wQQYUmds0gN4A2= wNJMh9J6MkFLn-2BBvYBtScJlpoHI2Zca7Jz6PK-2FM0qnJCRCHNKDwzGmDMATp8s8VaQ-3D" t= arget=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'displa= y:none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel= ?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailI= d=3D3DJMBHK64OHKBQA&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6Q= HVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBK= VWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du= 001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKoTQ8a= tDLd82-2BtqQthBuLklDZ-2BaAviZa5kJAdZEmtOtRJYk4L43UW9A8RCW0DOzId0x72T-2BLagk= iCJhrGjGcrQ6NiV9ANXpFLyFOX9bJVhvcnNZ9vEAZa3XdVzmDWpDhk7sJGnGANMvBXSkVmhUIMp= XBNl9qdBLJTw0mDZobNaOliO0Bt7LuW-2F0nof-2BoP3BRrGr-2BVlIXdqR1sgVKFB3nt1XoGcl= JzX1YaA0E5spFBaAnmawnkZ7n9BQ3OsYtzYyqT71atrXcyBlWU20ObenEOhwrmWdtCWYfcn-2F4= ph2uZF8T0I6ahzw35buucqOr2vdwseT4oI4myqxMe6-2BNzLUnrN3Rorvbrc0jm0-2F9iADPAGu= sIWg1U1GdgKkp1lvw1NlHbg8Ck6dry3TkbXkY9mSI9N7f5QANVfp0hEWGn012zGV0sysfXLM6ak= GWQ-2Bza-2FUiRSnK4FnI9FtHsSrP-2FTJHDmwlBOxQ2CnUHEZosR9NvQk7UryFf-2B6vLI4eUl= x7zP6nzX" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1p= x !important;width:1px !important;border-width:0 !important;margin-top:0 !i= mportant;margin-bottom:0 !important;margin-right:0 !important;margin-left:0= !important;padding-top:0 !important;padding-bottom:0 !important;padding-ri= ght:0 !important;padding-left:0 !important;"/><img width=3D"141" height=3D"= 39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningstar_log= o.png" alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i><b><a test style= =3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LM= SKqiNFsCHyeDbE5rJl90Kg-3D-3DK_qh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3G= X1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5= v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFX= bdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ov0g3xBvWS5uYQS-2Foj0Dtx6kIuC= YMovHtPkZIe1sxtooizW3H7OT-2BoS22Ms2ix-2B1XUXB0E9GYL-2BANn-2Fuku6WfpBbc1uMOU= zqihilHyEK4EFzCMlykWppsLnnvy8Nf5SJ6FXHurIurg91A100NJWcCJsaJZUUk92kXgNaLFNxM= wDRPF8wGH60sNObSYh3H4eqXDEwOx96LgDmTwXITqpw9FQQYuJUlexy-2FmJw7XLo2OAvLTOv7p= 9JZvUy4oFyxs8fuI-3D">Sign up for Capital Pool</a></b> to get weekly comment= ary on what's driving LP decision-making.</i></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575450" id=3D"n_575450" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> AI's unrestrained spending: No= t a bubble, but an industrial revolution </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Rudy Torrijos, Director of Industry Research</i><br><br> The global race to build AI has triggered th= e single largest deployment of investment capital in history. Hyperscaler c= apital expenditures are projected to reach a cumulative=E2=80=AF$6.4 trilli= on through 2030, according to our debut <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzUxelKq7TZvlMgoBiiDH3LMHHIIhL3CJyau38Qnkeugyg-3D-3D5Jjp_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KT= QcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2= ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xa= burL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39= os2Lfn3HfQdIucWqmUao7AXDa7nsw4uNzHMogqELYJga2nTx1ZkdlynixtFnrrCePFY3nSPOyIB= kxcKFgBTyKiHKOpboODbaL7eTUezZLlXFJPEb9sew49CMdi5D4UadhQDijyS2IG-2FgoR0Tyv1L= agm5VRfiFsRcCu2E-2FOGH-2BYy2BB3-2BHZJFebt8tk1Zma4P-2BdWmsZ3OJRvw03gm5DM1THR= 4A95H9MLCRCEzL4kQmvvXFsEc7ncML3meLjvYjAZZ8A-3D" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">report on the advanced computing industry</a></= b>.<br><br> This unprecedented spending is driven by a n= ew economic reality: The demand for processors is uncapped because model pe= rformance scales directly with computing power. Fears of overinvestment are= overblown, and hyperscaler capital expenditure is not akin to the dot-com = bubble.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMAL27oeb9J= -2B63LAOJ-2BCr23w-3D-3DiuN__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUF= dMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3= F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZT= BCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ovj3xFB0-2Bj0qGGLGclMZ4Ih0TNDnbCEf= xAF4ULfZQoAYO0W3L-2B2m6uRXFADQYk6ZN53SD7dAytFbIyPPxV0utmiGydsZ1f4gMw08cDOru= oeuxRshYXZuEpHz7K8bbnotKliQAwr8UJv6HgVgIoxhrMKkPEZhbmUwHFtYuSq4HccMwBZizvFw= bWSXWGZxbLNi4RztSZOEzAUj06TY-2FyBMn9KSSc1UJouQLAgXp2dQsvgZiS5PdhGyLHo8PSdf-= 2F7FAA0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https= ://img.pitchbook.com/news/71803.png" style=3D"border: none; max-width: 420p= x;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Instea= d, the industry has entered a secular supercycle. As chip architectures shi= ft to 2-nanometer process nodes and Mixture-of-Experts architectures, the c= ost of inference is plummeting while the fidelity of "expert level" intelli= gence rises. This dynamic is propelling the semiconductor sector toward=E2= =80=AF$3.7 trillion=E2=80=AFin cumulative data center revenue from 2026 to = 2030.<br><br> The crucial milestone that will validate thi= s massive outlay will be reaching the "60% threshold"=E2=80=94scoring highe= r than the average human adult on the ARC-AGI-2 benchmark. Achieving this l= evel of fidelity is the gateway to agentic AI and true labor substitution.<= br><br> Without achieving this, end-user productivit= y from developments in agentic AI and physical AI will be significantly lim= ited beyond 2028. Once models reliably pass this threshold, enterprise adop= tion will accelerate further, moving from experimental chatbots to autonomo= us workflows that drive margin expansion.<br><br> But there is another formidable adversary: e= lectrical power.<br><br> While silicon capabilities expand exponentia= lly, power infrastructure moves linearly. Spending dedicated solely to powe= r and cooling infrastructure to counteract these constraints is predicted t= o reach $1.2 trillion from 2026 to 2030. With grid interconnection queues s= tretching three to five years,=E2=80=AFpower and thermal management equipme= nt are the barrier to data center investment deployment.<br><br> For investors, the implications are stark. A= nd a strategic pivot is expected: PE will move from passive real estate to = consolidating the industrial supply chain (liquid cooling and power distrib= ution), while VC will migrate to the "reasoning layer," where proprietary d= ata creates moats against commodity models.<br><br> Far from a speculative bubble, this buildout= represents a structural industrial revolution backed by record operating c= ash flows and the relentless physics of scaling intelligence.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMAL27oeb9J-2B63LAOJ-2BCr23w-3D= -3DGk0A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9Xi= Ykv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9= wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCe= Khz-2FfHah9yoxMRFuy39ouUpURVdZ4J7CxX5YnDdITIS7A-2BPvT3o1xKLtZAI9a6FYWWySeli= QlCSMTJJBTIDNndDeTuDDbRYSKZXKAmk7Yxt8kp2da6Qqbc-2Br-2BRq1dZUnKcqT6TwnUbvU68= T6elwSxcAM76yrF5TNNb323qZJ4-2BI2WQjq0cNE0ndM-2BSj68B9a6OdBrUkCvP6sumOAq9FlQ= SwEUQREY8h8QRHMz5mHmuZL9X-2BEPIRUdiSCN3eMl03APO-2FzcZQyW-2BKbaSBY9TYXU-3D" = style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco= ration: none; color: black; padding-left: 3px" target=3D"_blank" universal= =3D"true">Access the expert analysis<img height=3D"24" src=3D"https://fonts= .pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle;= margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoB= iiDH3LMIIdjWu-2BZyVPuC7kEGZKcUg-3D-3DW4eX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdR= UvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67x= OqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQS= uyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ovyfv2a2nJMtF7h6G1S7= MtPSZkp9xDGtYxLw-2FHUIGBnJa3C4owKOhh1WwCexqCQGFQu9CGW35P-2Fwn-2Bs5jxi617uyo= gSlZ1GKQtdiLUkFrF-2B829kMhPaVKELrce2CJ45-2Fkco178PlS8KIfEsLyrAUD21oPtm13Jac= Ux2Kdl6Bw8hTzZ7c2ZJ2NXKkIcu6eY0xgXASQxjkMJobtaJ9J6aNz2VCFBxF9DcvKCw5sFKbHyi= hafpzgfDxvuOGrVegi56krY-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">5 charts to help decipher the great 'AI bubble' debate</a></b></t= d> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Affinity</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575375" id=3D"n_575375" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Private capital=E2=80=99s turn= ing point: Predictions for 2026 </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMcfqWqJ-2Bx8OYG4= Oj-2BMwH2TA-3D-3D6mlq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuh= jl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtg= I3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5Pw= zcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39otDsWzpcL4GRZuon4iCnjmAZbgI7AR37PW43RxY8= 7W5mkyr8haYrw8-2F0xqfDD6LlThrv4p1ojF59QghqFKjNlPkyFpAuWHIfhIfaqzM5HNhtt4-2B= -2B2uU-2BCM-2FZfmJ0xahL-2BA2E60iuFndIZitU4kRtI6XEExLDGHqPl5E5LaHEy-2BXsD8eB= S3nZLfZMKdXuZSTLsXxAeX1fQJLy8m4S9-2FQ-2Bb2ncnQZEGQ6zs0lTOyu2QbKgG3vrbzEw1OY= CKLJzdAYpfd4sr59oyYgXkoV43-2BxXQ0t"> <img align=3D"center" alt=3D"" src=3D"= https://img.pitchbook.com/news/71749.png" style=3D"border: none; max-width:= 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Affinity=E2=80=99s latest survey of n= early 300 private capital professionals shows a sharp shift in fundraising = sentiment: investors seeing =E2=80=9Cless opportunity=E2=80=9D to raise a f= und dropped from 34% to just 15%. But optimism comes with new pressure. LPs= are more selective, and more than half of respondents say proving value in= the existing fund is their biggest challenge going into 2026.<br><br> The 2026 predictions report explores how fir= ms are responding through better data, clearer value articulation, and incr= eased operational discipline=E2=80=94while preparing for a competitive fund= raising environment where differentiation hinges on evidence, not narrative= s.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMcfqWqJ-2= Bx8OYG4Oj-2BMwH2TA-3D-3D9z1h_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PU= FdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL= 3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZ= TBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osgDP37qnRTr9d1HI2auh7E7Zx8KDauTh= x04ItLH522UxowEb4mf8FOUMQ3AP2Se2KORdXoKw4xNBj8SR5JPisM-2BvfyuSHF2TA20Xqa1MT= l7Hr9TDQ8AvK8a52LnSHn5vyf4ywj1W6m0ekyvrlX26kxPY9Qd3q8rjILB3yKn-2BTOJs0tOBVF= RDyYJ6ICrSmF7qrkBS9iQ9Wbf2Xy84-2F7KQkvcN3oEaNzUYDF2iqW4NA61qwoRnPAJI27BkY4T= TJr3GcFkIpEpCLMTubgyqaamCTm" style=3D"color: #1D5080;" test=3D"">Read the 2= 026 Predictions report</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>Real assets fundraising has surged in 2025</b>, fueled by trends in = AI, digital infrastructure, energy security and supply chain restructuring.= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMAkephNEH8-2Fe= g0OEJIbXYCA-3D-3DCyGx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuh= jl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtg= I3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5Pw= zcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ouv9UttuBxKt-2Bz5vpsqyzpoB26hCiHAXghgKgC= zR29LG7-2FzQsdGRr8Z42g27kUFQINqa27fqZafvMaAf2MIhqlcrFq2xAP9LBCS8quSr2FA2P2p= AKgFHOz0tIl8FSSjj2AH-2Bxqo8KgzXD9QHsvS9KjS7nUFlpnXT5k8pRItwKZgKGwSDZwNhsREs= D331EJVo-2Bb1ssf00zBbAzcCluv5MK7DHZKl1LQxcNpKhBdS8h5RjARlbq59ZkNAN0Eh6Ae62e= hq-2BWn8j1MuV-2FmRaOXNZL54" style=3D"color: #1D5080;" test=3D"" universal= =3D"true"><b>Read the report</b></a><br><br> =E2=80=A2 <b>The Fed's latest rate cut could= bolster M&A</b>, and investors turn toward the 2026 IPO market. <a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMPL42e4AVQObwYL4eiV6E= CQ-3D-3DQ1rv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0= IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3= TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2B= Z3kCeKhz-2FfHah9yoxMRFuy39ouay7JRp8al4LaO1Y8xEFg03gqJCVmAfIzVK3cr2fD3ZtGIuT= -2FmKXSOvrB-2Fu-2FqUyUIAQS3-2BrwituWegC5dLhyl6m8kEMiAiSQgWOOfg0ZbbV3UxbOGz2= o3pcX9uFgyEGg1V9vdI604wzX4ooBdE-2F5ipxXHV0-2FIX1zIOHdnWGSr918lRt1eSQ5zHrkko= 1uklWrB1NOy7MDt0YsqJzen491FJJ05SBbslRKGufEuynJJhqN5hpzlab4LFa9aek5yZnXO9hcJ= PjBqzLvGFxmkm6-2Bd4" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= ><b>Find out more</b></a><br><br> =E2=80=A2 <b>Building bridges between 401(k)= plans and private markets</b> will take all parties into uncharted waters.= We sat down with iCapital to discuss what's at stake and what to expect. <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxelKq7TZvlMgoBiiDH3LMJhhdJgRK1kqygrB= yJtarDA-3D-3DL6Ir_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G= 8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fE= zp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1= s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ot-2FQQHH8ko3qgoj5SCLWuaqvOC-2BdjYp1BMhbxMcg= z-2Brge0LqRHS3UlqA2CnEaTGNE5cCGtmWNDKXRwV6u9Q8o-2Bg5IfL-2FmkBTr3kkqngU-2Bv0= F3BlLgDh74uNCNRKWjBfE-2FmFPRUgNElQk6xexxz74CdMNzgTPbKMsO1FGKdNmrbLwcxD-2BUh= H-2FNj3OJvWfdoHzV6AQNRlzPGXpU1DBSRre5c1NPakMqEP9rDYv5f8yASu7MGS5WTwnk-2FCXw= 6XAZv1inj35D-2Fn5HDW10K-2Fn4k2p8oa" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true"><b>Here's the interview</b></a><br><br> =E2=80=A2 <b>APG Group plans to cut up to 1,= 200 jobs by 2030</b>=E2=80=94roughly a third of its workforce=E2=80=94as th= e Amsterdam-based pension fund manager seeks to reduce costs before reforms= to the Netherlands' private pension system. <a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzXL-2FtvE9Bj6pGO-2F4VmpiQDmjV60hXeLYXmBZ-2FK9IapHsA-3D-3D1rJT_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O= 5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE= 2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJri= dZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yo= xMRFuy39ou1phGzYoHverwjr8PdOIGqiqugQY1-2BLUaKji8A6EB5c6CYzGJgsqZUhdepvd8Wqr= rFXRZyczjDQ7002egEZFrXb8zc0jarGFPqm1yyRXPjRZNqKJZmlswSztEhvs9eYNB2jsicjsnsE= upmxXDFt72ksW9i1WDzDL9qRtYVUHbMUgDvHaMEh6gAV2Tdh6Eejx9sdfi-2BH6h-2B-2FToPDW= 6jChY5K-2BFF8aEoui9oocv4sSKWu5LrWzHLASMAiUhk4HoEg9xPfZSSZFrlhc-2BMqDkLn7tr"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575449" id=3D"n_575449" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> 5 charts: Why Japanese PE is s= o resilient in 2025 </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Emily Lai, Private Equity Reporter</i><br><br> Japan has proven to be one of Asia's most re= silient PE deal markets this year despite a broader slowdown in the region,= boosted by a vibrant mid-market and a rebound in carveouts.<br><br> The country recorded $29.4 billion in PE dea= ls in the first three quarters of 2025, 30% higher than the total deal flow= in 2024=E2=80=94already making it Japan's third-highest annual total in th= e past decade, according to PitchBook's <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzXL-2FtvE9Bj6pGO-2F4VmpiQDmZYbVsDf3Jn5Q1fttXfMydg-3D-3DHdPd_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw= 30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voE= EON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLj= a9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRF= uy39ovlBGjMRnmn5HdxVnjv3IqYh3rhdRVnSQgWiukAkp0X-2Bgj-2B1RFx-2FVMXS2pPGNOp0O= l3oPakHbk-2FuJwTZrT188DsrIgEX6MrDK9r1nc5GNIzN8JmEb424tjV-2BAObIWH2f1C7wXVki= Qo2GtmcPVbvmTNtn24hjfQrO2pasLlTff4glECf0Awob9Z3O-2BUXkH0ukIQPGs9ak3sjhccIix= C3AU1fClsa0N9mxduVOm56SNwh4uKB05gHEbXOdbv10xS-2B2VMkZ-2BXQES6ka3BsjJpSmf7x"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">2025 Japan Private = Capital Breakdown</a></b>.<br><br> With 204 deals recorded in the first three q= uarters, this year is on course to match last year's total of 264 deals.<br= ><br> Japan has defied the broader trend of a deal= slowdown in Asia. The continent saw $87.6 billion in PE deal value in the = first three quarters, still 26% below last year's level.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL-2FtvE9Bj6pGO-2F4VmpiQDmFlwgM= W-2Bk4rky9c3AJYktBg-3D-3DSXiW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1P= UFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8y= L3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdS= ZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ouQYrf-2FWWE6-2BqdInYuRd-2BM9cDQ= po8Lk9edDLRP9zW65RP4jebqPpASGw22Q35bkFTxBHOmVyc4ww9Y1Kzk9AUN1ykVzUMRmOY0z-2= B-2Fi58MfCs0Mm2Yz62doxHVmVv1LnqXOxIBuZoZwglLiAG0pkL1lkVh5oPQRtIxZYz2VhLLVWr= JoEIJ3oYwAFdYwz2RL23-2BpDWSF7nt4GDv4bwrRdo1ZVtMBwCTnm10hk14GoIr2MJ8CBeN7xWz= m5KrmhCmEEukJjAUrUGJPlE2YF8eUR7G5K" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/71790.png" style=3D"borde= r: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The ex= panding base of more diverse transactions supported deal activity in Japan.= <br><br> While buyouts made up nearly half of all PE = deals and about 80% of deal value in 2024, the median PE deal value plummet= ed from roughly $325 million in 2021 to $27 million in 2024.<br><br> The data shows that while some investors see= hands-on value creation opportunities through control-oriented transaction= s in large-cap deals, others look for smaller businesses, typically family-= owned, that are seeking strategic capital for modernization or global expan= sion.<br><br> This year has also seen a rapid rebound in c= arveout activity in Japan, following the slowdown of the past two years.<br= ><br> In 2023, the Ministry of Economy, Trade and = Industry and the Tokyo Stock Exchange both published papers urging executiv= es to sell non-core or unprofitable businesses to boost shareholder value.<= br><br> The effect has also trickled down into the c= ountry's mid-market. With roughly a third of Japan's small and medium-sized= businesses owned by founders over 70, it created a steady deal pipeline wh= ere PE firms act as succession partners.<br><br> The reform also encouraged the privatization= of undervalued publicly traded companies.<br><br> Some notable take-private deals include Bain= Capital's $756 million acquisition of Japanese logistics company Nissin in= May and EQT's $320 million take-private of Japanese digital healthcare pla= tform provider CareNet.<br><br> We took a look at five charts showing Japan'= s strength.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXL-2FtvE9Bj6pGO-2F4VmpiQDmFlwgMW-2Bk4rky9c3AJYktBg-= 3D-3DJtjR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9= XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQ= Z9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3k= CeKhz-2FfHah9yoxMRFuy39os411SL5V-2BYjElT-2FjM95WX-2B575mGFlhx40GCJ1noNRLJmw= REpA46vICqtXtdSakpbJKXWz2QgVP3cn3OqMMYCxsN3FwFqEz6Rb-2BXLavT4XMhqi-2FfCTLyD= -2BuI4STUx9nAkhngWP9mVqq1qxLvurVEVwrGKtHU5PhLJcjMPWG8NjFAqiBz-2FcyJ5vO9h32T= LZkQRXLZ5g94V4OXsGSlXEZs8QFUSQfhPe2VIK1Se0wQV2MXQ2iUy-2BPyrMtzxZW2JGkqK94fw= YEOUQFT1CJOG9SNFiK" style=3D"font-family: Roboto, Arial, sans-serif; font-s= ize: 18px; text-decoration: none; color: black; padding-left: 3px" target= =3D"_blank" universal=3D"true">See the charts<img height=3D"24" src=3D"http= s://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align= : middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>Related research:<= /i> <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzXL-2FtvE9Bj6pGO-2F4VmpiQDmZYbVsDf3Jn5Q1fttXfMydg-3D-3DudQW_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQ= cFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2o= k-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xab= urL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39o= vpVakTjYak8Qo3uhUQ4X2FYoYl8pk7dHMlUNj7BYN1BE-2BwpWxJ2JxuoeLOyDtwHE9uwERZ-2B= fVRtmum3D8DB-2FEHnUElOxeUDAf34USG4x3vgQyv4XqG146R17JMdRALOqEvcJqGGBnJS4yEVr= z-2B5OrdL6im0dmavkrUQSOl080ajGDa9eclXYL57n0tMTJF9IliqZcBlRGhED-2FkCYBAgltRr= 4ICn9m21zimXV-2FvokzZPSUn8VLFV2aqySaUHuxitivxxzuQtu65wxfSC6tyJJgn" universa= l=3D"true">2025 Japan Private Capital Breakdown</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>How a nosebleed turned into a $= 10-million-per-year video game studio.</b> The founder of Serenity Forge fo= und his passion from a hospital bed and now runs a studio with about 70 pub= lished games. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL-2FtvE9Bj6pGO-2F4Vmpi= QDmHx2uMrqvVY3FJOKsT9Rezw-3D-3D2Sxh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2= B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqX= sc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEf= oFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ovfMePEIZyV1h4nDdZX8pBOhnD= d6ZhAZsT2vA0zLKFdfZRlNMrPGfUP3WOYgW8vXRg0gPU-2FQJmCKcw9gB0DiagIjfvizn4R1cUN= xEbnMn-2FgJNHlhVqwpCuEcLpItHwAAI2rXcvGJTCa0bgkBaLg1Py5UfXajYMUl6dS1K73XvS3Y= VdX8DoP1g12FNFwFOS-2Fj8bfPLiHWVC1aa17IrWKZIFTecXIAdmPDLIqc6SPITw6wIrbT3-2BR= oXoM4j4Nw7XCa-2Fu7Ep-2F-2BpnEVZgEWGYtwhfb1" style=3D"color: #1D5080;" test= =3D"">Fortune</a>]<br><br> =E2=80=A2 <b>The US and China are in an AI b= attle, yet American investors keep giving Chinese tech companies money.</b>= Investors hope to make money from the AI boom as US lawmakers push restric= tions on investments. [<a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL-2FtvE9Bj6pGO-2= F4VmpiQDmDBiPX4dlKOSq1HFYm8awuA-3D-3DPaiQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdR= UvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67x= OqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQS= uyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osRDg9H7G1hIN5dZ-2By= -2F1e2PsHz4T9XZvErukeX-2Fv9QwIwTcoYjWyV8GVNQ27hvGj4mzrYtYvOn1INPsmnkf9V7c4q= zkOG9ouEsZL3-2BT6TYEa9UYM1NiGRenbZY-2FpNBtXHkoJSxjWN02lJ4852Zu1AAKpqcJpBV8I= UgJt-2FSwsHiPfCFOheYhMbk5SktHvufjxZlTFB5Rr9ZaSGPzmyCUEY4IaH3aGtNu594-2BYawX= nXVmxZeV8TXQA4BCE10CPCyIuSA-2BRCAQHkcBHmi47jFrBl8l" style=3D"color: #1D5080= ;" test=3D"">The Wall Street Journal</a>]<br><br> =E2=80=A2 <b>US attorneys-general are insist= ing on AI chatbot safeguards.</b> In a letter to several VC-backed AI chatb= ot developers, 42 attorneys-general warn about consequences for lack of saf= eguards. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL-2FtvE9Bj6pGO-2F4VmpiQDmqGV6= FgV0hmCXi-2FpxO5Zq9g-3D-3DUsEQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1= PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8= yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbd= SZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osvknbwSSRupu-2BhGMu-2F2tsdlxpS= KM3m2cpn9NvwHW5sFF8SmvMX7zp8RPC30zvmbAJPnteLgTls6pldOmPC4zKN-2Fx6QN9Ct2VT-2= F5biMH3G4TQFZvkcm8TYBvMcEXLa-2FCCIPFkRP0pw4eRV4n3brP-2Bkl9Edo8PTgGnOPUsGync= 5ASdhgxCYsE-2BI-2FRvbc5oo80kBQVPbBamAlkHlUuBpgDiqAuK2wrdgdBuhVG3y5rdt8d6r3J= D4onbKv1OSi6UP2fvzi6LxnOA1RT9UkQC-2BtE3c5" style=3D"color: #1D5080;" test= =3D"">Financial Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si= nce yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 24%= ; min-width: 24%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 785 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 24%; width: 24%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 2004 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; width: 24%= ; min-width: 24%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 867 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> <td style=3D"display: inline-block; width: 23%= ; min-width: 23%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 28 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding: 0 133px= 13.3px 133px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXL-2FtvE9Bj6pGO-2F4VmpiQDmP3Uoq8Fky4uJE-2FODvVSAig-3D= -3DuPNi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9Xi= Ykv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9= wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCe= Khz-2FfHah9yoxMRFuy39otl6EMT076fPjEVum5MTDFjimjynjsz4o-2FQDfgBZ703ZmJYwP6Zj= tY-2F7Bt21pAk7vIk-2BmpQATZ0BCaafuGk9lRp3S7xwiykdM9Oprqc-2Fgr7wIzwTUJsVJdYK6= KMOOMW747Z-2FwUVzcZExkNFppBuZnhFCUGc3Js7hffAxzfDrpTqVrYcvX393LYCN0A83XjDMUO= B2ZqyzxTLyKXsLfaDq8151X2XSNIjVfqQgbZ7ZgbbdrG-2FF8Jp7jy6DuQ48WrRDF8c4Wxffhej= 3p-2BNGxOMRGp4" target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E;"> Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575443" id=3D"n_575443" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2020 Vint= age Global PE Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 66.78607983623337%; mi= n-width: 66.78607983623337%; max-width: 66.78607983623337%; background-colo= r: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">13.05%</td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Top Quartile IRR</td> </tr> <tr> <td style=3D"padding: 0 0 12px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;= max-width: 100%; background-color: #40C2C9;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">19.54%</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout= : fixed;" width=3D"100%"> <tbody> <tr> <td align=3D"center" valign=3D"middle"> <div style=3D"font-family: Roboto, Arial, san= s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27= px; padding-top: 5px; padding-bottom: 5px; float: none;"> 0.16x </div> <div style=3D"font-family: Roboto, Arial, san= s-serif; color: #000000; font-size: 16px; font-weight: 24px; padding: 0 0 3= 0px 0; float: none;"> Median DPI </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-performers" style=3D"min-width: 100%;" width=3D"100%"> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-title" lang=3D"x-performer-title" style=3D"co= lor: #000000; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 0 10px 0 = 5px; line-height: 24px; font-size: 14px; font-weight: 700; font-family: Roboto, Arial, sans-serif;" width=3D"80%">Select top performe= rs</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXL-2FtvE9Bj6pGO-2F4VmpiQDmUWIWufkEA5zqfJqwBB1hAg-3D-3DoAuT_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30= KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEO= N2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9= xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy= 39ot3tG30vLBS9VGMS-2Fz-2F-2B8BgSUKFeaejDw8jitWrpTfd-2FOpy9-2FAdeLIsV5E-2F2C= Al43cWm4fMigus5uYVjHZBD6tuE4EBL6TnI2E-2FzAeI-2Bc-2Bh2dxHXEW4-2BivVKOd3K8CkT= 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N2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9= xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy= 39ou5bVuzPUM-2BbqR409hJDIWC6M4nCP5zpRxuxMkZGiRivB-2B-2BpIvEmDF-2BurXy-2FpnQ= tkyQGbreqxGUuUqNGKrZCQyLfxYczsk-2FuYNLkxWOpi71VB-2B-2BcY4zOzdzTnOq5lDKKrmKU= GxmeCn568eFkCOhjPtaafbw0ds6Ww5GMti7eX2i4GmEMCGhDMyuTI2MnvIxKmGD1UobopHiWpCG= -2B9LPrlmkSer8Rsayt0nOjfDJM6SK9tXTY2qpGYJ78rWz-2BMS3N9bHGfUxloK47c4Em1XhgRR= -2B" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universa= l=3D"true">Graycliff Private Equity Partners IV </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXL-2FtvE9Bj6pGO-2F4VmpiQDmv0Gp2yr0fwqz-2B90dy53VzQ-3D-3D3SOj_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw= 30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voE= EON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLj= a9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRF= uy39ovCpRXNocFUu5zYgPotuxRJd-2FG26Ugft4pfFzSPvkMpQXTKCRX3niH9fadIgd3gAUlchq= 23cPpKUYefTF0MLT8gnesgoEiuibu1dcFtKWnQOcv27L-2B2kx9Wsv0qgEWw4yxMTRER7s3wqt1= 6QoeFZowYzK-2BtFAyqZbvBLJaTfKu9aylpWAURAGg0jCi16uVky3Trp-2BuI0OastwqRSIfsmj= m-2Fh6HJOg-2BIbu-2BHYTZNcanZVxlv9Dfl4nRubnloM0OKtknvKlClUccx5aVZ8Jq8ImnU" s= tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t= rue">Systematic Growth III </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 14px; color: #78766F; = padding: 25px 0 5px 5px; font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td> </tr> <tr> <td style=3D"color: #1D5080; padding: 25px 0 2= 0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9InrKRLGft4-2= BBc0Ic997FnHOy8UgA-3D-3DTi-R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PU= FdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL= 3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZ= TBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osEPDSSC1DsBulrZwYKHT-2FpwLXq9vmr= ey3L3tnjf39dNZOlnIpfKVKpocXNj1uDB0uT-2F6JdvQxLb5l-2BpRcGJMfiuQc5jVCEw6ZMERT= Aje0pWV5IawbSGP-2FASeXy87-2BrZE38d9AqxQrFvDHh3sd8nhyHo7ZQWUn8p32gmTaDk-2B-2= FZXBEqMk7-2Bn5iJ5YB6kf-2B4t7QYmsb5cwPSzFZlS6S1-2Flw7METSc5NCb2AX213CIEZNk-2= F6EwxHejXUDehNVWNsHcTIy69kfgQ0xuBwLKEXdeDI0" style=3D"font-family: Roboto, = Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-= height: 24px;" universal=3D"true">160 Funds in Benchmark =C2=BB </a></= td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1= rEBd9wEB9InrKRLhBn1lnHANUbMFtmLROEX9Q-3D-3DtmSI_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJv= ch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1OR= aIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuX= mddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39otH1GLAXsETeJq= TEJFCMm2Ih9n0jQ9tvHHyBRQL7UBH2v-2FCQ4-2FZS5GBjosmIav2PQXQW8Lp0yc2-2Fsg1HMgz= BHBQqvkmeg5-2FsQx9HmVEPc00pkuyP-2FW5bHv3LJVpN9ZNlA5xPWzXAQ0ixsJGboyp7XyL40T= 6th2tj3IIHRuZ7MNf6HOszApyRLZfvTm8MejDal-2FLq2DYmSzBUoeJ36EbbUOXWUXDv3-2Btfl= Sh2r6jKh0Y0t5-2BzOp9E6sq7dDmWD16vfqyrAV8KdAoqtHLEu91uQb8" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>People</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;">Former UK deputy prim= e minister <b>Nick Clegg</b> has joined <a test style=3D"color: #1D5080;" h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9InrKRL1BSgW-2FKGPxnhGh5w= 9COLFg-3D-3D2OC6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8= -2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEz= p0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s= 1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ouoQ-2FjYIml5fEtDkMLtrrfCYa7ZOUhMVYzCOvhlgzcl= f-2BFAzQ-2B-2BhH65UZ0SEZOVkfxiqPDbJpX7gg8tVo-2FRVCgtmuwAgfA2vRYqRuhgGVEfnzL= TaojARjFFldL1BzEApqYHOm7YMdIr-2BtD15W98VrI-2B2DlVfVssW-2FFxG-2Fhu6wpSfjTZpF= -2BsXZ75lpXjqlS4xFNBfif4qOaUywClNMRFYLi2BCs0O0HD5jlpd5PUOPkbXxEtCr29Ay-2FSI= 4ok9DCqXEiSU1neQe4c-2F7DzNpjFz6El" universal=3D"true">Hiro Capital</a> as a= general partner, the Financial Times reported.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Geothe= rmal energy startup <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9w= EB9InrKRLAmkCrhQe-2FA-2Ba2ceHU9ZnDA-3D-3DZDlh_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch= 5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaI= y67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmd= doQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ot-2Bws78YkQig1l= NrwTAH5GowIqfJnh6G8dZ9OJS98OXtrcS3SyWTqhoD-2F8prJjuCQ48TJFF4UaY525ziVfP5Zb8= BJ-2FEUsHiw6CblWmCNuBIJrP61Gqs-2BiHwakbZRrmgqhzq-2B9m8I-2B2NpFEYB2uwHDvjq2-= 2BLmqDtMNIWrb3dyadca9bJkcBu7zgqK86VtcV7r2-2FEG7yjycmhTqNMBkdbRhrBmb20I-2FZY= HbRqkLwFa2memUDxp3jrB-2FReJSMdPReQuwfU8170eZ-2FcFd3Z4ZiIAx0T" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">Fervo</a></b> raised a $462 milli= on Series E led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9I= nrKRLa6e1pLb-2FhculVvxbhJqAAg-3D-3DXAV4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUv= BJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOq= vKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuy= yhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ovyjzqKt32F2-2FZ7z3PW7= XiBYHq2-2FfAoYXc6zX5g95Tzjyipacb9C4yJsFn68c-2B-2FWtcO6OyRu41azmYtaYhxF2RKrc= 31qM9BC1GYsSkxMbSEYu5F5ctHBff-2BaQurSOo6ab-2FfwIt4omvmcB2LDoXg5hPfIIjYx1ov5= U2xPKIi4WPuJvSylS2tM6MBcUcdgUcoesyAOeu6H3ObkkJnprumOCdHwjf3Jf7qlePdLuKLJgb9= nbGNMNLGuvS-2Fh57ZG58yk6nZt-2FYUu7nVaaFgFNYUbAW6" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">B Capital</a>.<br><br><b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9InrKRLW-2FcaXSCPX-2FxULw7GCxj5zg-3D-3Dom= i7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ou= T99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4b= yNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3= wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2= FfHah9yoxMRFuy39otKMlrULOLlC9S5q-2BR8MrD61NLUwQA4BRQZjdoWMkD-2FkBx9-2BdylmB= cUkAUJMD10ALTp83tFUBt7bwtLnGxidi1CyoRzdXI0XUE5gfYCVx8In8Ir9ffdAVILEnRs7wiKu= m6k2F9YspS-2B02I-2F9HF-2BGcQ6dT1bKQEqbRGAoU3MXLx2q1hGVidGb0hyDO-2FennQu9ROr= VYlW5-2FIMPvQcQHIdCwKWwywCc88BZogGUuyR1IvwFYsQ6OMbvIMwGRZ8wSeuupcg0dRkN38LY= AdT0CXXF71C" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Fal</a>= </b>, a San Francisco-based generative media startup, secured a $140 millio= n Series D led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9In= rKRL-2FdFV5nnP0Ip22-2B-2Bbz3R-2Bsg-3D-3DiD0p_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5= pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy= 67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmdd= oQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ot16TpXqVVeBIYwes= c2t4VaB9KhCif4S37svFGajS3sipYX2QhsX0QY26pLWNPpyPlvWwK-2FfLuSGqUDpK-2BCtS8jY= WU6FOeHwOyYBzfXGatxXximrGHXWpXNga-2BQyOsWaOFrck-2BrEFmkxg6pK0ym31hGwuK2o6wj= -2F-2FDggFg3mJFS4-2BbAPUGVKsr22dAxdNK74Ne4zs98N8gAPEErYT-2BzxbBUfpQHAN4ac72= oMrc2GZdWenjKOJWyvzimZ-2BLT5vDYS7Nx4vtYIM4ek5dENVhvonQx" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Sequoia</a>.<br><br> UK quantum computing startup <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9InrKRL3aFH6y7025js6HsK2aljpA-3D-= 3DxFyh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= W0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiY= kv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9w= UeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeK= hz-2FfHah9yoxMRFuy39ovpwxSXbx28OjTFWJiSqiFjSzUlQ-2FJ3qB8VjRwPK5fCeARjsdMAPF= NJlziR28KWHC6-2FoW73j3dgGnqqOXo-2BLaiLPf51C04nHJE737v5sQNiUuqbqSvT2B-2BVNjJ= w5rTg94rj3B-2FvCfn8wRZ-2FRdJ9wMOcdX1r6t1FiBE7zYSYMpq8zf2JFIHhAzfy3ombfXFhka= WbxRnstNPPX2LwuTzx0lSHzgzZF9XlM12xawEFLh45L5-2FbdmIemA4YWTZ7EUBuOlsAHG6fh7U= YA4xyyy3hE-2BGo" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Nu = Quantum</a></b> raised a $60 million Series A led by <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB9InrKRLfpSGI5e77FpTA5xyzsMCpA-3D-3DtxJv_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt= 7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2= FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJ= ridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9= yoxMRFuy39ou2Be1AwNaH0-2BthjOCDAt8AT327wghbpW0LRGsxyqPyvx4q1gP0JTQUHOoJpxkw= 8wCR76FRkk6Tzq1W6un6PS7e2gAOrSKrfvWSrlg0uRjnEjYS3ZZJ8txjXeLWB9y4bq487lGScx-= 2FSMm-2FaXq8x5hScvDclpH8eIadtD-2B9l7TeOIDnA2UerjaaJuy3BT92kKLzPGk7FaYSX8FYh= FjD9Yf6WUS9cIFzAdg-2FNPIHl9waML4T7CPMyzTCVpQ1S8ICxpzN2hIbAK7r3C22NVPgo-2F0z= w" style=3D"color: #1D5080;" test=3D"" universal=3D"true">National Grid Par= tners</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWQzPLJ1rEBd9wEB= 9InrKRLtzxICP1BTLMs9IS3j-2FGPCg-3D-3DJvm3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdR= UvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67x= OqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQS= uyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osZzqwffY5thOCe-2F00= 5xhXFbIONwfUMeVcaB5fZVOQpNf7TDv08D1eN0OSchp0tMwCoG2d9y8OmAmINpl4s-2F54K-2BR= 5kdM3MG-2BV2Eojbp95RJg7MXPWOy-2B2EnZmjyOF8A8mBr0saLfk117tZ8MSEB27-2FMO5cFet= v-2BYcYEY5GWzmxE1tZfFuQBKLCHuOUxJHs6oA-2FQ9w8RXqKZkNfB-2BcltsnLfjpcL52ZQYj1= FmXfYS1hOVSrChhSP98yCsLebAhsaaQjRO-2F6lRuAy6ZYeWa7aqaC" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Duve</a></b>, the developer of a guest = management platform for hotels, received $60 million in a Series B led by <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWPQpgeZ-2FyBOP2YKY9Z8D44tWgGwCMkocqaW= WF5-2Fr4njQ-3D-3DrDb7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuh= jl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtg= I3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5Pw= zcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ovkWUlUu5YXaNQ9n6fjXrc6f-2Bz4OV6OpwsWbAn= aFGnfdriusyn73m4u5wgAa1u0YlrBGoVQvG1blKDrtK93IPNYJnK5L5E62cAgbpLMtXTpzia7uL= ATWNRvnGv7oANegqxzq4Pp1DOIfzCl8J6N2dQsL7AEHewBplQpF3CnZnW08QMZ6zvF-2Bv2ut6J= yeHYuCzLvFh5WcZEaWbumU0RpbKa4EORLVW2wLBrxjajjhYXSghAtdzfoaW7UsYzkZNpx9CPn4S= SQ7O-2B9LAwsuxVgTENt" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Susquehanna Growth Equity</a>.<br><br> Rhode Island-based <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWPQpgeZ-2FyBOP2YKY9Z8D44AsR7QJv3t5Nu4aDm6uL2rQ-3D-3DD8V__P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99M= mt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2= -2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVV= BJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHa= h9yoxMRFuy39ou8pWLW3ASo9yMJpOnLglkcrhXOHUi-2FCWIDteeywV-2FGX-2BiIVFYQKNiNtt= T-2Bmzhi9UGy4CG05LVQhZsJh5N5Mq26n-2B4UlTScJa7gy6aKAIAcA-2F03tcw5KQoH2Y2NLGq= qG6NtvwwoexRVzqr9bbruWycHGH0GXoly6wGFAyJTYDsvN6twkZbYcpgtgwNL01D-2BhLPML0uO= BrKb5-2FMezAmfYVvuQQ3jmiM5EAe9-2BP4cDJjgWWC757s8O0Gpmt0fvmrApXoGJoGyGCdRcS-= 2Bs5rYnGOVu" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Vatn Sy= stems</a></b>, a defense-tech startup that manufactures autonomous underwat= er vehicles, raised a $60 million Series A led by <a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzWPQpgeZ-2FyBOP2YKY9Z8D448pDHbcLwtwy6kAuVX0b-2BKg-3D-3DOFfG_Pr= 966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mm= t7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-= 2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVB= JridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah= 9yoxMRFuy39ou8Kx3JK6lwY8fRrKRz5tTal1lhTArptE1f1osfYbNrBDnRzej7qpYTV0CWUd4mJ= I1Tw-2F1gjn2mTg-2FupxKldpY6KQFrvJBbjFHcQNK0V-2FZSy9QNZ-2F9Vk-2Bq1S5t7-2BBie= QPy9EaNLbiDKAiTidyAVVJkTV5tfXxeBiC21RCYggAPCawv-2FarOHsOhABWPdqXw5kEbSdSZrx= IiHcQNzL7F8zJf7UBzg1NjCmAvR-2FuKS-2BYbFdhiL0-2FxlQfjrrvOlFnGtvSEWxKtaIi4K0o= ELXAnMnmw0" style=3D"color: #1D5080;" test=3D"" universal=3D"true">BVVC</a>= .<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWPQpgeZ-2FyBOP2YKY9Z8D4= 4llNdU0Vea-2FWLvwdFVHAbCQ-3D-3DTKOX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2= B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqX= sc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEf= oFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39os1JU8I1qOn29aRHiXw7APuo2Y= -2BQhXknfrf97OPdb3XMqSBjlwgLDgQwZCKpoNph8ED7IwHO7pC7UhdW0ddYeuFQMVU-2BRvvMm= QbZDP0tDot9LHT6-2BSpSoJtpXXaKf1edAY-2BrrQKDxuAX2OPUBc6T4JxPx7RNganNaXvyWGP7= HK1XvMPVCZxndpjNmUVpIjTKFhU8WAD6WYZo1opaXUWZVF5eSGvSBijN5sitri5yYfE-2B1SLka= RnqHO9QyY1qgLZNEC3ppalTuROnboJjJw7hm3d" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Solve Intelligence</a></b>, the developer of patent aut= omation software, secured a $40 million Series B led by <a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzWPQpgeZ-2FyBOP2YKY9Z8D44ElILc-2BDIMcEdMjGjqyQ-2BIw-3D-3= DZDNQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW= 0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYk= 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cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= 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5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaI= y67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmd= doQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ouniEv2TEXKID2tH= 7t57rgK5IqkkkT4n9FapJtPUEx4bN5X0PjNRtU8NPCN92JdFye3WyABnUAZk94onbgjrcwkq49-= 2BZufBHNBlbMfgIFm79ZvSYjgOC3d5G3gXyXM75IqkJ901Eu-2FBRxfTGqrGOsTmlNjZoy3bUT7= n1vHz2nyA5fyUYJDHDpOBsn1qEIYK-2BBYeQSPzx-2BuzIhwUTVzCtjA-2FYoBR3kmoPmSQe9V0= FUr9L7ohb8aRIqdqXCG0iju6fJI11i8vU-2F-2F2EUS3lsLzJAv9" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">Permira</a> in a deal that could value th= e company over =E2=82=AC2.5 billion, Bloomberg reported.<br><br><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVbDLVvspW8v00TvrCykv-2BewAH7h29792bIuZPYpaQ6ig-= 3D-3DC4E5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9= 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>Mollie</a>, a <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVbDLVvspW8v00TvrCykv-= 2BewAH7h29792bIuZPYpaQ6ig-3D-3Dg_oj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2= B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqX= sc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEf= oFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39otKiBOv0dX3ZGJGTIHnreqOaUn= VBL0BbRcKZo-2BgIGEjGMf9-2Bjl4rde6QZjjdFpQdYemwlK9-2F5Eijmv6hnu5-2B7SFUi08e6= X5x1KBX3dPrBwl-2FBtYIuKzMnZ-2Bkfh-2BB0-2FXBELOsYQNA62N4TMCXyE2I23B-2FLDdJmF= Yglr1-2F5ewTv5-2BqHrtBzxc98yWj1Uu1IHbCOE9LnZPI-2FpM3qnWi0FHOd8H77tjxpAl4R-2= BctKcuQuu4WpIsn5GO7lCUxpuby1KsrPATsffnC-2FLwVOy-2B3wIWqrZG" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Blackstone</a>-backed Dutch payment= s group, is to acquire British fintech <b><a href=3D"https://url6380.news.p= 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YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ= -2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvK= qXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyh= EfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ovzekM6yTywOI-2FVKnNG216= XAnx-2FWP65Xp-2BdVAf9tp-2Fj99xQ6V5PzQQeUhDgBUQilWVz0G8nSnWBJyAG672U52yLcLPj= l1igicySlL9N4vz50bq8F6gyLKQ0iklS-2Fgd7OljkLM4M1nQSmIezQfbDrtea7rlrW4d0oHDhQ= -2BPgsZCjmrm2sbPXq0ukXN7LygTOI6kzXjNcy3KITxAutHcG0gpmU2v4G6Z4awJsVpzxzZhQ2E= Bjxddx2yrDed2cgLUmKDQq5kU7Tjmo8QMzqb8-2FBstF" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">Nexus Data Centers</a></b>.<br><br><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzXdgCw6vDYKfk3T-2FZPBOLarx0XiOoDnI-2FYXFpzjyYzLcQ-3= D-3Dc6eS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9X= iYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ= 9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kC= eKhz-2FfHah9yoxMRFuy39ousRoUVQs6EDlQqCqBjE9od806sdlT5o9HrA0su0XjDfbYwxsbTpy= fuGSSqLzQaaPqN3I9DGCr2ZFoxZ3rLVSsYUPE5lG1oI-2BC9LDwISdYWOt6Y-2BEkasnBIexMew= Y7yF19frIlz-2FvkXXxSm4kpRKaczvkt3wCCy-2F2X2-2FFtQW9mYzIihH1cEjHeIqWcKfCBxV7= 1t7g05tV-2FIYT1u-2BKqTVTYSChT70AIyc0wKwOR7lK7qMfmIDWj9UkuuiLssKS546uJYdOtH1= VFuBZQovjPkhoE1" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Oak= Hill Capital</a> agreed to acquire Oregon-based fiber-optic internet compa= ny <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdgCw6vDYKfk3T-2FZPBOLar8OfLhv= yrUO-2BXQQcxMou9mA-3D-3DxheN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PU= FdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL= 3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZ= TBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ov6f-2FuXLjSoVSEAfTpBPgR42IA6nBvU= UowEDwvygiI4mzC3lXizwlCT3jRrE8b8L3WtiSJbLckZdnTLkkYhUF5LbZpr4R7EmXJ8JhmRWFL= AnsUsv8UEhY5weFjkjPJuHk0WLU5BKanbWtBL1bO-2BC3Qxi1Tzb92OkNcvDSNsALJRhyM3jnNu= i7n-2BT1i9H5fbIf-2F4dJueKeUo5gfftUyIaeKYjIO3nQ8cn8pC3OiwWfi7-2FCpRRLt1JIRRs= gwH9NILFwQz2Wdxrj6JZByKuCn6NUo2" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Hunter Communications</a></b>.<br><br><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXdgCw6vDYKfk3T-2FZPBOLarC5hMSnvhMGs6YgJxwGIQTA-3D-3D5ZnE_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt= 7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2= FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJ= ridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9= 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uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWTDLuttLbPKMvoiovHUcOSqFDACd2YQDwXgyEB8Acq= VA-3D-3DrgmU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0= IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3= TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2B= Z3kCeKhz-2FfHah9yoxMRFuy39osMrBiwTm8Ed-2B9aaaVsPM5GW5WrDpYmrCeOTtOfzu2OLirR= ZSjQawPCcQBsV0t7EoSw69FKG9fvbj9TUZ3tZLOMzAhj6Fitl-2FJnDzjPHheinFiWbjPzcYHwQ= ANzxezk-2BIJWylQNStRLERXXGGEgpY7JT5FdS11p35KRgJEnC7x7YEO20Z-2F-2F545oHpiPUC= nJVWxZBMcKVbaziSZgufaMijGD1ufqzvlcq6x9JBq1cU0MnOw-2FITxvztk7rewd4FuS1LqYK-2= Fj7PY4D-2BqvD2VDQAPEF" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= 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https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWTDLuttLbPKMvoiovHUcOSyj-2FylqOk4eqpR-2BzjD0tNV= Q-3D-3DHXux_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0I= X9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3T= EQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ= 3kCeKhz-2FfHah9yoxMRFuy39ou3ij4DvYFtp18DSlHdqco6oJf7Re6-2BV7GwgMi6ixymFIWO2= 2lpFHI1R8FT7z47-2BFVgfnyMW-2BZFYXJGbD3GGGqnIx6i6cE4BkEcCAXiGwi1BttvCA6QxTgU= 5OW0JIGMG30MlYUc6PDmAvbHnnNDLb-2Boa-2FGyxwpMAXP-2F84NBO2VORK86lYcQfq4a2Cx5I= GajcYByQoUoUfQ-2FLuaLUZKHoe58p-2B-2BdF3aPP6NRGt7G72bbAEJ8scs-2F204b8dd-2B5u= zNptCxI-2BjVG34fnPLBeCge5eoG" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Coastal Cloud</a></b> agreed to be acquired by <a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzWTDLuttLbPKMvoiovHUcOSI7hM7mtNay7QuZEZBjC-2BDg-3D-3DeP= Bt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ou= T99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4b= yNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3= wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2= FfHah9yoxMRFuy39ouZZju1F0IVAY293ab69DxiLP-2BTx8dLpzmn-2FrMUmTl2Pk-2FNuUBH4V= j3Fqd8HxOiUHw7P5yT2yK9Y3yf2nXxQdVldfLaeD13USVJXzK-2FUqn0-2FnlSRI9GIhwbfP4Ua= lWRwm9O-2F-2B9SqUUqZR9Txug2nV3Fk9wuTJPsfe1evZu-2BgUfN6LDIeabAAFPrp8erg-2Fd9= bOV-2FPzODX5eld38b23IiztHmK0wdDRTb0O-2FWGEgmUY7Z0tIbvyNOoft-2Bui6nEbpyM4KtQ= Xm5HjYVLyywzv7ICVbR" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Tata Consultancy Services</a> from <a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= WTDLuttLbPKMvoiovHUcOSjxGxAVIdn7FGYbEkIXz49w-3D-3Dd-LE_Pr966knuaHmaw6c7pKvB= 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KqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyy= hEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39ouhXV5AcYma4-2BhSBI7gRu= vKObC-2BLQx0PaV7Er2kYd0aWWQy4I-2FlcHa3n8-2BJbi5Xb7D0VyUlcNHz2LDdmlcIt7BVE4B= ZDRy9HodxgwyTlXO5n4O-2Fe7XhH-2FXr2uwdiLuT3TjBjKEOiioXS3Is76zMchCiQPOoYNp-2B= LGTbSoAMLSkUmOKD5Te0Eg5MCbuR0-2FHoiilel9o7qUlwGWaqASCThzDtokeAbT8pq2KTRTFcI= HQ8StVtzHwHKJGzQUOVyrPTpZXoqkvsx2l57oBvd20k0Id3" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">NKD Group</a></b> agreed to be acquired in a = =E2=82=AC487 million deal by <a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWTDLutt= LbPKMvoiovHUcOSAcfhPN6ZOOADxkefw-2BPPfQ-3D-3D75W9_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYH= Jvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1= ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2z= uXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39otqWvD0wIRNE= gyMLmbuOnbz2-2F-2F4ZdYFgFYyt3Cf9eAbD7IFrixJVUj6QUhJB4hYeuNsSx5N1jBut2bxDzQ1= -2BunGLJpRkU0VZ3X-2FGeBz6n1OwrfSnfFmzlt8xIpMS9Vfpogq-2BAzgxkQPTYMQWKp1dp5LM= -2FaygfryDe3xYO0LzfcrCzxai-2BZU9HCd2wsFkhajZgT7D4ROm1W-2BLsv-2FbYIZp8Ngf-2B= -2F7lZjLYzGS-2BM6cTgxZWlNpO42ToJ5ptSWpcSdnkcfLBYlO8cK7HU7kEmJWuedG" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Mr Price</a>, a South Afr= ica-based publicly listed retail company.<br><br><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzVroeJvIRwIoW-2FCW7fGLiH0Z03plFCNz0dL853zS8bcMg-3D-3DChRS_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O= 5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE= 2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJri= dZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yo= xMRFuy39ou-2Bih47Pt1uLULo-2BvsMr3sVb-2FmGz63T-2FzO3TJ1WdqAZIfElYV5I2HS67QOb= xtDJYaD0MESGlBwCbpWDnvQtlnRlY31miXSN3mC58Nfd0ivvgnVldJS3TUNdMfNIAUEa-2BpAb-= 2FqkQybEY5eBV8CUwu-2Baze-2Bh49fo2GqBSgfdhbnpl-2F-2FY7-2F-2FvaoQt1sIKeCdyBs5= 1FxpUy7sVLNUwIWh2eaYHpK-2BumiXsUdj0-2BzFE5J7F3XlxAhbmKhJaqms7GaIIc0yUsv8tpy= mEAOQH4cMorvFmn" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Vis= ta Equity Partners</a>-backed <b><a href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVro= eJvIRwIoW-2FCW7fGLiH0oiHGnn89f2JMhsz1W1QL5A-3D-3DQWLu_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zz= iJYHJvch5pdRUvBJ-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9k= Qxs1ORaIy67xOqvKqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihP= Dn2zuXmddoQSuyyhEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osyIgl3B= kyqAaVk2ByKnHmlnw7kLLX6JfYFRkQjS9n4JZYga-2FB1uL3F-2FTrdaco1ESlt4-2BqcwhKfj3= brN8koiPV1UxNxtTBa2cL2zcLKrRpod-2BGLFcENmQApT-2B-2FETUwvYN6bNBXXT39Ooht4X6Z= cloUN0HUVQgVvAg0dUasHnb-2FLLk7g8DIPciFFc4yY02ypBerQvr5hRmAi2W24ls357QbJR4Ko= mIJjHSvgjXXQ-2BBa2LrNAx6FyZDNtPeCTnzginyjOVDzCg0qDNb-2B81rmn8Mbc" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Finastra Group Holdings</a></= b> is exploring a sale of its unit that provides software to mid-sized bank= s in the US, which could be valued around $200 million, Bloomberg reported.= <br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVroeJvIRwIoW-2FCW7fGLiH0tvhy= FF1zGvy92wJKfhRSRw-3D-3DZT1g_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvBJ-2B3GX1PU= FdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqvKqXsc5v8yL= 3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyyhEfoFXbdSZ= TBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39otuj0U6lCAvtCl-2B1iZgLwM3cgGnqqaw= 5l-2FbHwRm6yndhMDZR9noa36fv-2Fyor1RNbRYGZuKQQglpOdLUinEnSVB8uuTWr4dMfHvW4ub= Nxymehl-2FW2Wv-2B8eH9jZCtJuIU8R9WsMSvWM83tcG-2FDOzg3nmtZ5rG0hLBw1ulj-2Fs8Io= abd1Er7yIioJ-2Byy6fLHvY-2F6NzTgEUdafzvpiJK7x1BJwRy2iD77kzXGrO6bh-2F6ydft6C2= EnZMK8O-2FzZdhmG3-2F6obileJaxVL3xv5ZY8PRpb6pq" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">CVC Capital Partners</a> is planning a sale of J= apan-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVroeJvIRwIoW-2FCW7fGLi= H0V4ndi-2FGisn2ygW-2BeoYs8QQ-3D-3Dism-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRW0ouT99Mmt7O5vIw30KTQcFWV0zziJYHJvch5pdRUvB= J-2B3GX1PUFdMatuhjl8G8-2B0IX9XiYkv4byNa2-2FE2voEEON2ok-2BJ9kQxs1ORaIy67xOqv= KqXsc5v8yL3F9nPtgI3fEzp0H3TEQZ9wUeK3wFVVBJridZLja9xaburL8ihPDn2zuXmddoQSuyy= hEfoFXbdSZTBCe5PwzcV1s1-2BZ3kCeKhz-2FfHah9yoxMRFuy39osQn72doHlcDQ5qskKMyZXr= Ti8-2BI9Ni68xthfkPQDa9EMcbPRoLHBC4xCIUw5DT8xOTmAEUNQLrD3qIVXi13K-2BVxhysIIH= 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lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c= olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= 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colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, 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