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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 A sector-by-sector PE outlook; why do credit managers need continuation funds?; ranking PE's busiest lenders; Europe's PE fund timelines slow December 12, 2025 | Read online | Manage your subscriptio [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URI: pitchbook.com] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. 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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .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; 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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; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">December 12, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW-2FmnvV= HlwO10c7hDmYkawyRTm7v1KQuE0kPPe5d8rkzQ-3D-3Db0hb_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lO= iEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0= rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi= 86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B17MEYHX3nnRm= GS3ZGi5pwdOQOqQu6vjH-2BQ-2FIXNfPQ5iR1w6-2F3FZx-2BU-2FC-2BonDGCvNkPyNZsUhw36= OxmGTHppHODrD73moWnK8VmWngBuP9vyDMykz5f9ST0SCva7v4rg-2FQ6dYWtb5Y7Ewo7437j7G= d4YG7b2v-2FJ4KPk6ZAA-2FzgZIZvL6pKksf0D0f0OmTAZQcFxuS5FR7Yil5t5-2F93IWVw1pvY= o2IL93Be2xEHpWoYuotSjHAsuOIR5rvlfhljAxkaRjN8-2BJKGXg3aPbTvghVck" target=3D"= _blank" style=3D"text-decoration: underline; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQdMm9BEuRF4WEp4nvriNZayg= -3D-3D2_ii_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMB= uOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-= 2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8k= IJ4665GkWkRBSYoQs5mJoRH5B2zzNTAh-2F5U-2FPBgesAOc5qBX5jqFRtveQ-2FN5-2FecXVD-= 2BF2Lvifu2L6HzRl42efwg7S5JjX27YbD-2BzReygdW8yz6ZZXZ6Z3x0BM5l1FlDTTMl8olsCO5= NxDxUCBu3I5Gv8FeGmwCyb99o7wqPj3V217mR9a0cci7mhdzY3z8g6n9Gpcre2v-2FM84I8ZziV= M1M5e5vVxfbQMBEGgrNislAv9osxtJk2q6-2FDf3mX9oYbOIg9VoOjlA-2BuP9RlVEmfzQFfEQs= 0-2FMDkx31OQLBNjfzjyh18" target=3D"_blank"> <img width=3D'1' height=3D'1' o= pacity: 0; style=3D'display:none !important; mso-hide: all;' src=3D'https:/= /my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6= VUBAECQE7XY5D5PSLQI&emailId=3D3DA5RZYRAYTGHCK&emailName=3D3D6H3WX3QH7CXEMMM= BQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3= EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.news.pit= chbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGj= SmCPqRZuyzb5tQBOnSwcKVMOCUBRihYYC8IfZNRcYaHUEbBLCq9OXnFdAKgSVN5H3y6qpzlUgnv= SGoCOvh4AbBEwgEtWTPCETbsk8aTnzcmY7RxtowEcSDu-2FmpgcNFxk1FW35h7kjA7H-2B3Jwj9= iPI10bSAVNCtj57xUR-2FPSC-2BmNiDUDaRJtjVYWWxdbW-2FNNvNK7nYUF7HjwCSMdp4vyE1rI= NF3CCHIxv-2FRUBted8Qp8D7CcJqvrO04CG3ou1KdydFLpikezS-2FODnZJRFVEqiNoH4dKm6JC= 53HyfC-2FLGeXIYZP1W9cLUwm-2FMdkixwauJDvJ2XITFjj01qyCLxHF6YdlMSKwROitwJJnWDb= NeFAL-2Fc7SP0gIpfdHPWm5OXF-2Bdx-2Bswg1Vno222eO-2FEVo9UITv3pmQ-2B2YU7D6q-2Bl= DYVCYFtda1yNX8PW88UYx0zFAsViYfaxIehIymQDFOyxAmsxFWSW16l0NxbJ5qSSH0gooPNLTV1= Kel-2FFH8AugZoTndmf6bQAE5ERHI0TBS2UIiB8E" alt=3D"" width=3D"1" height=3D"1"= border=3D"0" style=3D"height:1px !important;width:1px !important;border-wi= dth:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-= right:0 !important;margin-left:0 !important;padding-top:0 !important;paddin= g-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;= "/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.com/news= letter/pitchbook_morningstar_logo.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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margin: 0px; border: 0= px; display: block;"></a></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"><b>Goo= d morning.</b> In today's Daily Pitch, we look at skepticism toward private= credit continuation funds, record-slow timelines for PE fundraising in Eur= ope and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQd1D8K= AbMZI-2BkZlPuPb0MjOw-3D-3D0Gcm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHl= VUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8w= GhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4= BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B21B-2F69gUW8Qd0ihTM-2BkPW4-2Be= RgL6S4RtbJM2lXIc1Ff0pFbFDWQxZzs6oX4Q43HIfQhfR1HNGLSeNDmt0nx610Z-2BQK4c7YZsT= rds1LNDyOAk8rReTYl5Dsw12g6V5NF-2F3D-2FH09mAetWdefyGc2QpEnChQsUfiHtNiBw1LCgc= aVFxFRLXEu0YPhVV-2F-2FSG8Os3Z-2FwwQYu27qkYBm6dgqDNy-2FSNkG3YcN5t7YSa7Q2VwsV= lDrc-2BtmZkNxVst4jrWbIaQYDOhTdu2giCxNFiLA7uQU" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true"><b>how PE sectors may fare in 2026</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> <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>Was= this newsletter forwarded to you? <b><a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXx= g2KzK4KbGnZNL-2FgJpsQdpBXHhLwTCXDkjuOOP5xmsA-3D-3DpdEu_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1= cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Ba= np9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2= BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3sj7d4= A6G2ZM1aYRJYiR4oJaERfIHdN8eKJKxAw1fqjUfYU-2FY2VoVWPAIUArkRTqQEUreNRUElKKa66= GDH7W55r7BuMFrfvcytKoSFRjpp5dSmabqo9wPKmdtcfFnpgSTBRQPZoTfoSC34RBFZxVlBRKev= X-2Bkpl9PSpqFF3oTx6ygMxZXeLahPUSGsx9Dcui1zrIB47pJJtedFCEA-2BP6cj7onQs52RiPL= PpL94Qqm-2BcV7i6lsArHDPJcHG-2F-2BhakZd2B8NPITjjoFqfTdvwPwYZ" style=3D"color= : #1D5080;" test=3D"">Sign up here.</a></b></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_575466" id=3D"n_575466" 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;"> PE is fueling the surge in ent= erprise SaaS M&A deals </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 = Michael Bodley, Sr. Venture Capital Reporter</i><br><br> M&A in the enterprise SaaS market is boo= ming, with PE getting ahead of corporate acquisitions. There were 270 deals= in Q3, including 63 estimates, amounting to $65 billion in overall funding= , according to our latest <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxg2KzK= 4KbGnZNL-2FgJpsQdgukg3k6D-2FYQeA-2Bl5ydIS-2FQ-3D-3D01Kq_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv= 1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2B= anp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-= 2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2vfBX= 49QaSGM4cHgZWTfxsptH8UvP2KTZrOKQhSdKieS5Hj-2BZrjbWFHhjHKqoExg0JY2-2FMvI9V0-= 2FxOD65iOTdcxhDQHa-2B8HKKKug-2Fo202z-2FzmrZAiKlcJQsReurotfonhrOqfVlhXVFPRLQ= ML5RZW4BXIl-2FyLjGC5raDruUVnDmS15bwuhd9NumXMvgdKFSdsur9JLd0rdVeCm2KCwj9IYA7= xDF8-2FGtSopzd3w-2Bz-2FYQZaEv9bWRnjaiO61DYuBVzUnLOMVzxKQPCT7c5ADm7b0" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Emerging Tech Research</a= ></b>.<br><br> That marked an estimated increase of over 26= % in total deal count quarter-over-quarter=E2=80=94capped off by 17 multibi= llion-dollar acquisitions and PE buyouts.<br><br> Corporate M&A activity typically account= s for two-thirds of all deals in the sector, with PE making up the rest, ac= cording to the report. But PE inked two of every three pacts in Q3.</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-2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQd2X9rLy3= C5-2FQvDrd8vYrAzw-3D-3DMRtq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL= 3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB= 9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7= DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1-2BlcNyLtNR1Isz-2FhCsJ-2BSebr-2B= DlgWdTRcmG3iH-2BJZ77AzJ1U6LIV05OrqnHoWmtZ2frRxW9H2yACw4u7BPhQmpFZubJPWtn4tT= Qgts6LOkztHfnYaYuA601Ge-2B3Iqj0f3tBn5i-2B57aVNL39JfpFu0SrpC0pPgzmajfAf-2BVw= 6QZzPCkhmpIANV1yYh-2BH12lTC-2FZR9Rh0yF4Cp0fYu-2FW4q9Pr0ps-2ByIGvox1a1jO84f6= yCD51xwke1yaN1vl7Uqc-2BSeYPx-2BwcTtOvLlnOPjZZyFO" universal=3D"true"> <img = align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71816.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></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">Human = resources tech startups fueled big-ticket buys, including Thoma Bravo and t= he Abu Dhabi Investment Authority's $12.4 billion buyout of Dayforce.<br><b= r> Meanwhile, corporates have remained quieter = as growing VC-backed startup valuations have made acquisitions more expensi= ve.<br><br> "[Startup investors are] not going to want a= quick exit to a corporate, but rather grow quickly and get a PE to pay top= dollar," said Derek Hernandez, a senior emerging tech analyst at PitchBook= .<br><br> The opposite has historically been true, wit= h corporates paying a premium to make strategic startup acquisitions, Herna= ndez said. But PE funds in recent quarters have been willing to pay more to= acquire AI companies on the upswing, he said.<br><br> Corporates are still making strategic acquis= itions, especially when they see an opportunity to modernize dated in-house= operational tech.<br><br> =E2=80=9CB2B SaaS corporates are almost excl= usively making acquisitions that they feel will either make them defensible= on the AI side or give them a path toward an AI product,=E2=80=9D said Ank= it Sud, a partner at venture growth firm NewView Capital.<br><br> "You're also seeing companies that are in da= ta-management infrastructure getting excitement from corporates, because th= ey realize that without modern data management, they won't be able to meet = the moment on AI. Their infrastructure, as designed today, is not capable o= f AI innovation."</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-2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQd2X9rLy3C5-2FQvDrd8vYrAzw-3D= -3D8hpb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= ReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOh= QEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg= 0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4= 665GkWkRBSYoQs5mJoRH5B0xQSxOh-2FKYDD-2B4nD0rRSj7erou3qR8sw2xCf1CMGN7Nztp4KD= 1fu2bHlei1qHgjW0n6sx6XcW-2BZQ17sSOyp1a9mEVtbpsZtcKu0vHYLRw0mLdlMJ2b9FGZLn0Q= tpqcxZzUQhtlDmlwmfWDr7g-2BjKyu10tYoU7rUhtTjeTWir94LI8pu85QdlsCCByw4crqqD6H3= yD0wtann2PZjjoiPgIbBhK2QaxPQYyd2RyGvsQguP87WtN-2BuxN0-2F0XXOkShyh44PcPsu7dr= h5UDUhkmBdn-2B" style=3D"font-family: Roboto, Arial, sans-serif; font-size:= 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b= lank" universal=3D"true">Read the report<img height=3D"24" src=3D"https://f= onts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: mid= dle; 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 research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxg2KzK4KbGnZN= L-2FgJpsQdjXLWHB7bQLZlA6TEmLzrZQ-3D-3DD-UQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3r= csnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO= 9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nX= vmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3ICA0XLRnFW5k0cLIN= FHGgtEh5w3QbdJd-2FqWdKtkp-2BV7JlkD4lyHj8PD-2Fvhk-2BASgABO2tgqYz1EUi9oXnVcak= B5t4bkFv30ErRtacgJaqsmIVKSbnLw4pCfcEWIqTSX-2BnD6vGbLj6DkeBDr63yIHDRTNStgoKc= iK0FOysHDoIz8hqMJ-2BTQTVpxONowLcjyOoCk6Pgkx-2F5I9Duz8tRZbwH5h0hDcoE-2BJS4Zl= PXXTnshPtqQfbmfgFq6ACt2QsEQo4Ty37eBPDUSdMYKrHUeyfjG" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">Q3 2025 Enterprise SaaS VC Trends</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>A message from Deloitte</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_574997" id=3D"n_574997" 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 is leading an exit market r= ebound=E2=80=94but can it sustain its pace? </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-2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQdydTbRpKuU6LQ4= uBCDdYLoA-3D-3DI168_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pv= wBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf6= 8bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u7= 1cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2h11vgfb8IzfsrdLMYkGFzoWWejbBQAsKEXFa-2BF= GaZ4aIctQteBYq3bHxyODDAKYsgNguZDG7qYzBCFO5vojNLigKVxl1n4hBdQgV1Vuaq1nd-2BQG= rRseX-2FzuFVw9bFJOJdueFRXZa4Gx87MVI9xkcR1i3dcXZbIqEUd6wQyOn6Xi0hnQ-2BhS-2Fh= fIJiQL6rf9VSwHqH8-2FAu8wtVDokX-2BmlaeeX1fc3daGcESl0V17x45JNFOKQsM69nqtaD0S5= 84D9BvepSl3xPEUpEC7XITdf9y"> <img align=3D"center" alt=3D"" src=3D"https://= img.pitchbook.com/news/71551.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>Expansion-stage AI companies are powe= ring a recovery in US exit activity, with AI exit value through September a= lready more than double last year=E2=80=99s total. The latest edition of De= loitte=E2=80=99s <i>Road to Next</i> series examines whether AI=E2=80=99s m= omentum marks the start of a durable cycle or a flash-in-the-pan moment for= the private markets. Highlights include:=20 <ul> <li>AI=E2=80=99s rising share of overall expa= nsion-stage exit activity.</li> <li>Faster exit timelines and more financing = rounds secured by AI companies.</li> <li>Greater scrutiny of potential =E2=80=9CAI= washing=E2=80=9D as markets size up new investments.</li> <li>Regional and sector insights showing cont= inued dominance by the Bay Area and software-as-a-service models.</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxg2K= zK4KbGnZNL-2FgJpsQdydTbRpKuU6LQ4uBCDdYLoA-3D-3Dryjn_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX= 4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9= cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2Byl= aMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1rZyFqVUi= gwTsUszkm9HpytvTCwPKlnTiYYcvLMVwnij0gmh644TVsg8-2FZMg529r7DfxQDWSKAU74cCx8N= gbiAVEiHlU8nIUs3z3UFxIBwcJfMTLRBZ69uWBSlMV1cbZ-2BNCR-2BscylgxZW-2F-2Bd18Kyx= m4h5OW1K-2F-2BwGL3unYzkmuE-2FRGbwvXJ0TKRwqVoXVDeq-2BzHPbBTw3CCTjCWaHVdJdWzA= XqhL5OoeMY48DmzYGbIejqn-2BNTkShHRYCPBflxzx98AOk-2Bi2TK-2FnhgPlpvvPb5" style= =3D"color: #1D5080;" test=3D"">Read it now</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>Our 2026 Industry PE Outlook highlights trends like AI</b>, reshorin= g and aging assets that are rewriting mature sectors. <a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQd-2FdIymhwxQ9VE2sQVE0mjag-3D-3DZoY= E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1B= H-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF6= 5QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBf= mvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkW= kRBSYoQs5mJoRH5B0NKBpAeADfEQGvlq4rNjVbJlPCzGhaUK8WJap4oezRO8dMXBhpbYDoWFWdk= hRrjZ57Pe4rpUJZylVqZCzYVd5iZ-2FBaZbHydkfcH-2FBj27eBkksRZEgCgYGvn-2BgQwT6K2S= sSw-2FKWjRyHspSPCBp-2BTuqL4suxjEFoK5rzcrxlX-2BysDkzPr0r2SZC0nsaEQLt6R80Ficu= QvOMM3ZC3XeA2GMdMXnSX9PKuAvNDuEn8dhLpFXQTVfTEhf8d1ft6HpjG3-2FMmKXbS-2Bzw6bR= aFNqA6rJzd" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See t= he outlook</b></a><br><br> =E2=80=A2 <b>Eight lenders took part in at l= east 60 deals each for US PE-backed companies in the Q3</b>, with the most = active two recording at least 80 apiece. Which firms led the way? See our l= atest <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxg2KzK4KbGnZNL-2FgJpsQdb2OOHW= 4tdRFPQm6KQz2llw-3D-3DBRE0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3= uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9= NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7D= PTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B0hBPM1Rh7ATGMFB9nL4iUtx3gKBF0GGodT= Z1V92fhzXn0zYYkSSJGjteqYLQtD639-2F-2FieZSSSsFalcTPqzqzvAlkLaQqncRDfST-2Bc4b= c1TtnPcPYGaKZM32IDOUESRJrwCkFE-2Fn8Ca9mBJCCKkm9qVuaRlhlWwMY2-2FRj3RDXSbPyax= dmWpX92iea6v0HD5dX7KnNu7jcEJsVWTkWGHhFfeUfkZOHtzJORvTWGoUsanedUmK2iHfe1ajMH= HXfwErL6Sjrek-2B7fJmHb-2BEQgMg4vT" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true"><b>PE Lending League Tables</b></a>, sponsored by TPG Twin B= rook Capital Partners.<br><br> =E2=80=A2 <b>PE fundraising timelines in Eur= ope have set a record</b> for the third year in a row. At nearly 21 months,= the median time to reach a final close in 2025 has roughly doubled compare= d to 2022. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUFupnRjRextNhShNItzxCcU= Yn3zlK7xTG5BCG2XC-2Fj0g-3D-3DqRq8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflku= sHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2= F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8t= br4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3rnoLor4k2m-2B0Bh0uha8pi7KH= BuoVG0U9sGYpWt-2Brj-2Fqqs40FZ-2Bqy94WSHCT9LbQgwbJO93NBM3Fd9eD8QmJA8T3gjCIMq= -2BvH60DcE-2BfEjAK265q5OFNBy3UB2dEVh7nt57P6HTkwgDsVQmrePhUojZvePv-2F6eqDDzQ= iw2FD6qrFWLpofg9j-2FbQ8f8U-2BA8ZuFxP5lLWLFwFgRLMgONhldtqNoradfrB-2B13ySqFi2= zMOQUKB76YY5Qsa9bl7AzgynM8a5uLHQmCqwNP0Ojq3Qck" style=3D"color: #1D5080;" t= est=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_575420" id=3D"n_575420" 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;"> Why do credit managers need co= ntinuation funds? </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-top" 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-2BaqM7ONnvsnswouzUFupnRjRextNhShNItzxCcY6JeGmoSR= KUGJgm3atVb1A-3D-3DG5ez_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZj= Z2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFR= ocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ= 46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B28DNeASlTipR-2Bn9QiUip5y57y2ME3qbnD7F= aMLW5U0bU02YSzWCqHYZDmVf1ElND23JAIRPeffyM-2FY7wmMUO-2BEl5eHkU4al2KkXYDOood4= WdokFuwc-2F7LPyK8ojVIdS7Pp1gML6bLrCRLQgNIBG0TncxVxu7BEugY1VVP13-2B2ZjVOAl1u= 6d4czxb9rlmLqhHBHuaPO4XaUMDEEsAdfhES1c71arHLNIg3pDJDMJIsDFpRArZqu7VHbfzCA3r= uFPTCIs6zeVBYrkS9QZYWyz34X" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/71780.png" style=3D"border: non= e; max-width: 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Josie Doan/Pitc= hBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <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 = Madeline Shi, Sr. Private Equity Reporter</i><br><br> Private credit managers are increasingly usi= ng continuation funds to extend their hold on certain assets while they wra= p up older funds.<br><br> These transactions have scaled up significan= tly over the past 12 months, leading to a flurry of $1 billion-plus continu= ation funds, including those launched by lenders like Antares Capital, Blac= kRock and TwinBrook Capital Partners=E2=80=94TPG's private credit arm.<br><= br> While some have a strong rationale, question= s remain about why an asset class built on contractual returns and predicta= ble, medium-term maturities would require a mechanism that helps credit man= agers hold loans longer.<br><br> One such high-profile skeptic is Bruce Richa= rds, the CEO and chairman of $24 billion credit hedge fund Marathon Asset M= anagement, who recently wrote that continuation funds "should not be necess= ary for credit managers."<br><br> Funds that specialize in direct lending, the= most popular strategy within private credit, typically originate first-lie= n, senior-secured loans with maturities of five to seven years, he noted.<b= r><br> This means that most of the distributions fr= om private credit funds come in the first five years of a fund's life. What= 's left toward the end, when continuation fund deals are typically done, is= not likely to be of high quality.<br><br> Some LPs have raised similar concerns. A sen= ior investment manager at a corporate retirement fund told PitchBook that h= e was unsure whether continuation funds are holding "gems" or mature loans = that "need more time to work out."<br><br> Still, many secondary buyers and advisers re= fute the notion that continuation funds are repositories for troubled loans= . Most secondary capital today, they say, is chasing after highly diversifi= ed portfolios of senior secured, performing loans.<br><br> "Buyers look for downside protection, so the= re is an emphasis on as high a quality as possible," said Daniel Roddick, f= ounder of secondary advisory firm Ely Place Partners.</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-2BaqM7ONnvsnswouzUFupnRjRextNhShNItzxCcY6JeGmoSRKUGJgm3atVb1A-3D-3Dq= CKC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH= 1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjz= F65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygF= BfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665G= kWkRBSYoQs5mJoRH5B0JjW9qoxe050aa-2FQC-2F6MPmiIT9MXxkkzXpKNdqtA1npt2UpUTNWl5= E3O9EqDemqJN-2BfdM7eeTfppeUplYVmfnzRWYjmz3q9a-2BhoRdmSq-2FeYdIyhDCTnijLcnlB= UfFtb7Xtv5rgoLlHcW-2BnQAWFkYm8haSK74TYauLG-2F-2BePMZnstgUlZil4O50SfgJ7-2FwO= ZoIao8O4EwFCQeyDqHx7Auua9M6SHWYebRFSbVK1K-2FQ8QPTHAOHm6en6TOqe7PJXcNIlQoO4K= MqvktGjO4-2FIkJd2W" 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">Read the full story<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 research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUFupnRjRextNhS= hNItzxCcAv5roVqeoOmqcvgKxUKH8g-3D-3DWwae_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcs= nfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9W= t7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvm= QYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3yMUJ2ewz5EEwDkd4sOd= 3rSyNVi32fwfE4oROAwSOALS3bIYBEUu9CDw3IVyGWQ2oH-2FCjQuvN-2ByLJ2xg9FQX27zeFd5= gpMuzZt-2F7F384DQHsUxW3RrjZkHA9fYP23RVbs6jfuEY-2Bh5JOJhscckERf-2FmXqD7nu0wQ= -2FRDaYecH9dFdofmniK8ncwvit-2FHE-2BtM7PNlFWLdrUmzlWP-2FE-2BjEUb2sTHn-2BnQZ2= 1qWrQ4RkPdNdXDoJpUEgf710B4f0G2pgRDuglodQ3YvL9m6v9Mb-2B-2Bkz" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">2026 US PE Outlook</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>Can stock markets handle incomi= ng IPOs of private companies with outsized valuations?</b> SpaceX's potenti= al listing could open the floodgates for a 2026 IPO boom of $2.9 trillion w= orth of private companies. [<a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUFupnRjRextN= hShNItzxCc7iP0fjCcKFLCE9DnznKotw-3D-3DmDp4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3r= csnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO= 9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nX= vmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1PYXJacdoi-2BcT5aX= aSVYR33ZIovuDFWsFakqE02uMdW0ouG9FsKa2eR6Wxuek7TuKWDD3LeJeyAru-2FZzPCS5NBsuk= smXVRG4k0vFgbBY5VUNgODRAJePiW4l-2Fh8-2B5-2FQWndQJk13WD2f09Mx8J3SU0achU2mIC0= 6V-2FnLe-2Fycpfj7kd-2Bdw7-2BPZebv5fT1KxKT0iqTTWJSrKciTpTnHMk8WK2xgNjVY2YrVR= -2BdiOL6BLaOnujBw0rwhgl6G0USyVplhf1FwxRZeSANcUEjqdUhWXl" style=3D"color: #1= D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=A2 <b>A Stanford experiment tested ho= w good AI hacking tools really are.</b> Humans might still be able to outsm= art them, but the AI hackers are becoming dangerously good. [<a href=3D"htt= ps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzUFupnRjRextNhShNItzxCcND5KOTl9QBHdbEcBYe6WeQ-3D-3D3nmm= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH= -2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65= QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfm= vPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWk= RBSYoQs5mJoRH5B276dRAMisW-2FCdN04guHM50mmzWZLk7-2BK5GyvM1yPkIQrulxR8cgcHiwB= oEYr5hp7yE0Zm78pm5BAn3vb0vP38IBT2MCu2DvyIXbcgplxFKE3HKYGNQOh4YPP5JK6xS-2Brh= qZEod-2B9Aj6JYM53v8vpTul5Ge9m1HcazTXosSoAmX7leTqIizJXCRmTvjlD7m3rjJwbLC4-2B= OUYUIzEevZ0aQDH-2FxtTkfCKWjvPgpbjiIM-2BoDt1kvYVxrKLKJuO9xKjRQYaTrWjn2r6GeHO= YqqT1lC" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]<b= r><br> =E2=80=A2 <b>Is it OK for Lip-Bu Tan to serv= e as Intel's CEO and a VC investor at the same time?</b> Tan is coming unde= r fire for potential conflicts of interest as he balances his roles, invest= ments and business decisions. [<a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUFupnRjRe= xtNhShNItzxCcm2Fnse6crzq-2Brhptt-2FDtaA-3D-3DaDsy_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4l= OiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN= 0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaM= i86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1t-2BYcymEC= -2Fn48JF1trp806Fwr142rs2-2Bz5OpyeVEUxg7LwNk4FbX61zrz-2BMQXpZaovoaRwdEk8Zmyo= Wk19lNgd6KS2ztEX7f7ITwM5yA5-2BR-2Bfkr4o2ZcBYYZjx-2FRf82Uw-2FsRb7ZLPBLRvKbTv= YXaFAIuNLp2uZKFYg6U-2BS7PT3NwKlGK-2B0hA9JpmCCsflKAzbQYOE0vX2hNSuYZp3wpaGLpA= H80XuKZJMUqfhWjRlyRXFKgITJLVKAiUrLOkWnzck6eM43RWDRt92SDDFmGALO" style=3D"co= lor: #1D5080;" test=3D"">The New York 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;"> 853 </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;"> 2500 </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;"> 1031 </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;"> 30 </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-2BaqM7ONnvsnswouzUFupnRjRextNhShNItzxCccYvpKxLuUMbwQ4ijtEe7mQ-3D-3DLGu= K_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1B= H-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF6= 5QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBf= mvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkW= kRBSYoQs5mJoRH5B2NYzPKX96DhVTCurnzENqrnFeFTei4Ysm2mB2riS4PNKBTUSjBJvoYSIcUj= 57xFC-2BIhmmo-2BvFQGk-2FLBELVF80fvByxlE6g-2Bb4xFkqHY6OWMPD9xG0d6ikBkv3gLcD-= 2FWJ7k7CwzcwXgY-2FNsBCCPSVejluFjNERwzkjPyib2itMndfOjLKbowQYM5uIvf1e6A1oTlTK= Ejj-2BQt78aN-2Ffww0OPsS1qZY5Tz5ysfakifJFNuugydIrMSn8wpaRjTNaw1U4nxYPqeM9r-2= FCTm220-2BxBKM" 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_575464" id=3D"n_575464" 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: 2017 Vint= age Global Secondaries 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: 73.4704112337011%; min= -width: 73.4704112337011%; max-width: 73.4704112337011%; background-color: = #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">14.65%</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">19.94%</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;"> 0.90x </div> <div style=3D"font-family: Roboto, Arial, san= s-serif; color: #000000; font-size: 16px; padding: 0 0 30px 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= swouzUFupnRjRextNhShNItzxCc2O5R3xbxD7518h4n7YafhQ-3D-3DUJxC_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2B= klkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JU= z-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnW= VlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2= pgCns6oSjfON4JREA7kQMsycG3Ks2MW2tZPclnFh3b1355pQSWXz9d-2BmZH-2BZ-2FToy35z0p= N-2FF81WGUpUlC27-2FcrpLhap74w5eCKuHqQHtQH25x1U0jsq1Gj4X73s85oU809l-2BtfDmwN= NHuzWh-2BlZqO10iibKwM-2FjegAcg-2F6qHDHe8uVpxwR5-2BI4ApBdiFt3jcpWU635yLv3-2F= N5X7OehkEJXL-2FTBxe5OdIl48OQ9kryF6OWrHI0hFs64XLbT-2BWdgKSXIxIxJ2T0yAVfWLThC= 4FW" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universa= l=3D"true">RCP Secondary Opportunity Fund III </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= swouzUFupnRjRextNhShNItzxCcludkAvZgxT49MvQIUH7drQ-3D-3DAb_j_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2B= klkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JU= z-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnW= VlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3= t4Bv1icaP9Hs-2B86p2xfR32S6M2uiAUhuQtw3qgRtwn6APsLv8XP1J-2BW6r0A1U3Yqh7WWK2-= 2FRcu4-2FKqqGivYTm-2FGzFC8Pjuo12HxSTPpv3iYAnOW4g7hRyl3iFxRCs725S-2BS-2FDT-2= FngQMF4VqCYX-2B-2BohUtK9I1hH9hOigOyNJXPzScv7-2F2yPLbl9hi4vvDGuxNfectC-2FT7n= WuJsjj7RMrq6ZjY1NjiGj20bJT01-2BqLFO8GAGF5kY4IOrYS-2F-2FBW3vsVxII4R2I0dGJ1sw= 2UyfB3J" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univ= ersal=3D"true">Auldbrass Partners Secondary Opportunity Fund II </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= swouzUFupnRjRextNhShNItzxCc-2BXD6ZmnMzpzeDT-2BEo9f7Xg-3D-3DF5mV_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB= 6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNi= Z1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg= 7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoR= H5B3QHw-2FhmlyUGQe1eLZwzBBCTPHWfsYhsm19gP-2BVYKYPElcJuTCyctKAJp-2BIXYPr81my= Q7eszBRti2byL9JHLUarB8t0A4hrUTzhnZpP-2FGasXFaWiA4FxjWFdcx-2FNHWeQ4XswcbTPLB= 5Rup9oSH90XVAEMA9hilqRgEIW5AcTh-2F-2BH1ICYXFPO-2FUtv55L-2BbT8PI7hF4axGwnsKS= eIv7suksqsUEx5pXo8sateyQlC-2BM-2F1Pty5GfSg0uEf04sGYsmWTAyL-2FNh1momqh3CFVez= fCJWE" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univer= sal=3D"true">Standard Life Capital Secondary Opportunities Fund III </a></t= d> </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-2BaqM7ONnvsnswouzUTGiLm4dUw761UwnzDZfyy8oAAsE= ahwrDKSxfwbKlvpg-3D-3D77Hk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3= uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9= NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7D= PTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B0jVBx9j73BuEv7sZmJzOlA9PyIh-2Ftr4U= XQezzqHS4i1oLuplLz4VOuKzJyAz44V8mSGa5fXP44g75nFIvcIkBoOXljLJP2m-2BsOaMkm7-2= BS-2BHaAV-2BwMBy1IXY3LCjQvIqbOOspxSUDGex3k08KN5FCgeiWXw5j0r7SvQZX2UJfe9yLQx= 3-2FUJe9ieMWy7qXo5JWRlgJTnjaRkyBrQskFF10YaYCu5fkinWs6zSIQFm4Sc7Y4nfg9yJSVXC= AWyPem6jIYeB1NVpiD4-2FWYCY-2FWmJs-2BK" style=3D"font-family: Roboto, Arial,= sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height= : 24px;" universal=3D"true">18 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-2BaqM7ONnvsnswouzUTGiLm4= dUw761UwnzDZfyyMIN3q9CcPt0Ez3zz6Hqw7Q-3D-3Diyhd_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOi= Ebh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0r= KGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi8= 6T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3QDvdQz7tOnpD= -2FOBRzfHDWLsTK1CZ-2F1Elbd5PHBxFRAsAVzGhGZFMJrHQ9zCd54rVG30mu-2BWwS3B445l2n= yBLForyMXoyqIi6UbuhJ6CW2YtRbABIeOdD8-2FfdKYCQXyC41JvJ6WpdcDl3qt-2Fd2z-2FqSJ= mo36EldfR9tZRstrB0jlWPq4OX9BPoOx6SPPlgTp-2BUk3Tp-2FxVqUXeF2c4Gk9SIGlexuXWGG= 1qeOV2h4V7x8YvclVGkwVydJ-2F1jqwrsXiXBi5uhtX0-2FK5uWN8NSS2ZLD" style=3D"colo= r: #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 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-2BaqM7ONnvsnswouzUTGiLm4dUw761UwnzDZfyyXxELEgH7-2FIB69QCcqS= Csrw-3D-3DcbnL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCA= DYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtN= j0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdU= zH8kIJ4665GkWkRBSYoQs5mJoRH5B05GmV7y3W0GxRDL77V-2BExtOJk3MRWeEb5AfaK69RVc3p= Ul5v586X07qeQAudNr0XRQ3PwaItyQagQBTBpKD-2F9UDnyaPQK55qICccwefVt4aSMcdEqsaBV= g0y29RReYDUaikk716Z7b2wsu4MX-2BIHJQQIo2mDu2mwA-2FyW96nvN21PFDT3Ww-2B4wAUKXX= bLZxSUxPL2nUVhTNc0zA876hm0kdJCaniunPHSZJEFwh7LTX3Q-2BhXoODh6C9B2xwYrhYV2Efp= Eq-2BcU-2Fp-2FHpkJkDqnO-2B2" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">CVC Capital Partners</a> appointed <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzUTGiLm4dUw761UwnzDZfyy9mf8DoLt6lz32nln5Hgk-2Bg-3D-3DHS81_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKc= lz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKW= QABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4B= kXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs= 5mJoRH5B2pYtRzzRUPgQPtR05FjUKsPlzMC1ZtQViXia3WU2-2BWfaOToDfkTsQM2NqFa2EOqjv= suSVqI2dtGeAdrdN7JGEpiHgZBs8qJRNc594OLXGosNgG6Pyo0u4YbHFHMDx5pE08JjEhivLHRB= r-2Fn7Lh0ncDzPAkJOfxPa6WiLFctqxs-2FpeJq-2FtUwIrQPHCn-2Fim3m-2FKezsKKJ5C5keh= mH8Kw9dOhSaIEO-2BM0SrloJKuIBkai7U0EDzMgmZGiw-2FG7k3tVZos4mcFeuxawF0YThW40Gg= 7V" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Peter Rutland</a= ></b> to the newly created role of president.</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"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUTGiLm4dUw761UwnzDZfyyO-2BfluKA9RSB-2FY= jwWDGToIA-3D-3D61tU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pv= wBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf6= 8bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u7= 1cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2Ut9syaGwJLUz67KEY2ajWG6VWvIinmPjfVaJ5DBh= X2DtlNHbdlQjCfSY1uQ4yETUaFkOxNi7GUinrO05jtYyFLikRXnGuTwg0Y4NhbO15LMy6UMbcWy= COw-2B3Y-2F-2FXOJXnkkxWEWFKviFCjdGvqZrynOulNNSUmhu2mza9Qz-2FnPf-2BUazEdgxzK= kVSFXgNEFPtO3CrUbYS2h-2FjdoVoI9rz1s5HbWPj-2FIHPn9RH1WVKKFl0Qmg3AwMTl5ggFJlT= MAKjxOmSDmQxm8Wn3weRfJ2yN-2F" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Harness</a></b>, the developer of an AI software delivery platfor= m, raised a $240 million Series E at a $5.5 billion valuation. The investme= nt includes $200 million led by <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUTGi= Lm4dUw761UwnzDZfyy-2FJPoW6btTITYfoaPt5zgdg-3D-3DyXXn_Pr966knuaHmaw6c7pKvB-2= BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cm= X4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp= 9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2By= laMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B0Ax-2F0q= hvvEpUeTUoTRACHZ8huItBmSoWObN-2BkLEBGc5OFuqAmWtLOnpr-2BrQaaY4j9SMX8hf4G-2Bt= 6PqPDpyy8XxKoQ5ujRwjuOQvNg-2F0cKjsQ1X8dtcRJaAj-2FO975SmrOAcUBF1YNxUOoXMJfp3= Mg5mQx4gmKoJcVMIFr6BbeQe8lbkbFWXFO9lq3PwYd-2F08i-2BCmGOwR8KaVo-2BQh8WH4YIMz= kWmQaAE-2BCCv7SLWXp3NRX3CU3BdHEL-2F5FWtE1kgtfQs7iG0AgZPpiNzAQkh1nqx" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Goldman Sachs Alternative= s</a> and an upcoming $40 million tender offer.<br><br> Medical device startup <b><a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzUTGiLm4dUw761UwnzDZfyyb-2FRsHjOGjC9255V3E-2Bh6yQ-3D-3D= 6fsz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReS= H1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEj= zF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0yg= FBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665= GkWkRBSYoQs5mJoRH5B3xaATdQvjfZJrUqu3345vaWWRmZOeID8YCcvrsY8yJhYluWRF1XHVp3w= eFvJT-2FSd-2F4CzuOjSBIohgcg0svk-2FWytJRxlshjBTGpuOlxCXSPONdpNpL6xLZp0Z0cepr= xDwFY8xr2plThGm2Sm62toBiI65vaDI26AN0ky1sKpFp9vve-2BSwWXMCn4KBdSrOK4uAnac6Qw= SlQq1g1WJQ-2Fe4tZFG7uC6GrfVtXog0wtyQY0bv7Y4-2BoBgDDIuE-2B91ZeCp2MLf7MFybAle= iw6puvYI1s4" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Impulse= Dynamics</a></b> secured a $158 million round from investors including <a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUTGiLm4dUw761UwnzDZfyyetRGn5ry5TEj8ncNF= VrBbw-3D-3DYI4G_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwC= ADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLt= Nj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjd= UzH8kIJ4665GkWkRBSYoQs5mJoRH5B0BKyJS-2B7GyhS-2FNYTKdHW4b6sGq09u9a-2Be3XFoGi= A455ZrqHFXzDMTad1BaXn5Y-2FQk83bi4DxRvo7VOY5IEH5XAy9QIfrCE1yY7MBbFrQHCtj1xxH= nxqqv467C-2FUdQh0m9fDcz-2FX8Oatyyw7yGr1y8jPH0xnZN4nndQbYZWywGWvEtoxfAE0VzGA= dPRUD3KhPh39q52hWpnKbB5bT-2B9-2Bm8S-2BfvAKD-2B1yl-2Fz5UK81xdFTwW-2F7YOvZlkw= xkWExFCZIDf-2Bjs7v1A465AvexW6AuALh" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Sands Capital</a>, <a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU= TGiLm4dUw761UwnzDZfyyX4IdzbiZEla9vlzg3XewAQ-3D-3DnNqk_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1c= mX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Ban= p9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2B= ylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1GaFV5m= NmObdgh-2FOX3T6S0uhqRc-2FRfgpwnBTUAOGduLq32l9Ul-2ByInBF5WuSjTe-2BRRzxTnqA33= cHKmww-2BQ4V9yZeLryfXiUGOx5tPm7R17yvbr6PQhIoYQzg7NuXpwAHm-2BswNTrIbL2i9NTio= go4LKR6yeEKrLyBEnZZuhvHxS29d9SENzRqsTVhmWlLPVWCBpIkoG4WoQQYMJTCTctvxSSET-2B= iwbml7u3-2B3vjIYE2G1-2ByqhwiE4ZIr-2FCgQUp5GOrErYspVL7LM64gWnalzrkC" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Braidwell</a> and <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUTGiLm4dUw761UwnzDZfyyrkrjE24jZk8mrNUYzRDaS= Q-3D-3DWn3n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYM= BuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d= -2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8= kIJ4665GkWkRBSYoQs5mJoRH5B1Sy9fcwXZKhTAcDpb2SReVwZwTyiLko7smNG-2BVhE4bvUu-2= BV5EM6kRFhd8rT7Zw0GxA-2FmSmpTOLr1uiq6r-2FW9SCAmjkllX1IAuULCT0v2K7IkrZaOvGn1= hOElNBigoow1lRjEfAMi3ypzgJrkRpp-2BgTNccYmUnJ1GqVoCqQRgB5iTdWO64tlB6gteowDcy= 8b0HIgLNgTON6aeHx6niVXw7xqVegQwZvKw7f57pbu17CT268Ub25otHSfVfH-2FqdIakRsCcnJ= vJqYpsWry0mB-2Fny6" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Redmile</a>.<br><br> Shanghai-based biotech startup <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD26Srq1SP8XwMCDsU3xKISNpg= -3D-3Dggm8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMB= uOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-= 2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8k= IJ4665GkWkRBSYoQs5mJoRH5B1WJNxq2budiB-2BX-2FA0mXXTSeDT1xpIMyva9dKY4Yi8WFtp0= kMLmnAvY9Q8WD-2BvPcMeTG7GAnTN-2BTSGK1U4TW96m3vLqo4yu-2BtszdMy49Rx1-2B-2FJg1= gsOA1Q2flgnlgSdHriTfYbP-2FXHNmdJf1UYsdH3MVIczNpaStyLQvcWBgkeTbziyVS7pZ9mFJX= Wcc1wbd9GwqqMIg4B0p9Ey-2FuxGWKdkWp4OOfMvu31pNhfQwvX6qKqdnVR4FvGb0By-2BRZPgF= LBD31-2BJvZ-2FMM2RgfxllWTzI" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">D3 Bio</a></b> received $108 million in a Series B led by <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD265XFgVP9SZvxraCIJ-2F= cb55Q-3D-3DGPFE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwC= ADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLt= Nj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjd= UzH8kIJ4665GkWkRBSYoQs5mJoRH5B0l0WrUi1PdNAEIK-2BZv7TROat5F0pRvg9T0WuFWO-2Fq= aEIzSz-2BK-2Bg3TK-2Bs1hRAQFgZrI1HtFqZjaUi1jUKBBe5DqL9PYG6xRFsI7pCk-2Fuon5h-= 2FODL2gvJ8NppFZWD-2Fjljm6cV1qY1rBuX6hruDg3OcWszEI0mfV4G6FcobY8ufVJU7NyA52Ew= mmElyEBFtv2GrVmsV4QuyH0YBqUiRKHlJcQyleWCYJ1QP5QyW667DdIEmIJlaE4i7fw57aYzgAD= cv0J82BmW-2BkG9Fuv3KCm2BoX" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">IDG Capital</a> and SongQing Capital.<br><br> Israel-based software development startup <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD26A-2F2MZhV-2= F5N34AtYFojtEYA-3D-3DbNDi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3u= ZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9N= FRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DP= TJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1cLdfdr5b-2FMdn0soDS4-2FFdhfvzvrGWd= bbDRHKUpVi6Tgx2ylqVRKLiXBtsa1SAkALmCu771RAb3kFbWJeoBLxhvWoXOua8v7VfVrGCeTOZ= w4umpC86re2xWYEqdVCXSdJiZTtR4rzMTBHdT29C8alBAgxtQu4ik-2BCp1c19-2BA0DNpDqPmZ= EqjafIIZDthopopXNbOojkJ64eHFiH58xkEzS5xWYtec5hYKfv4d0raZEUUBkQ6-2FKzGyvU2Y-= 2BIjGZQhZyKppfmk8OxmJR6pXKTffu" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true">Port</a></b> received a $100 million Series C led by <a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD26LGnTvZHI3z0a-2FsdKdDQ6= Mw-3D-3DAyM7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADY= MBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0= d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH= 8kIJ4665GkWkRBSYoQs5mJoRH5B2m-2FNQO9LDPWypRHabFCnHSdq-2B7IA6adLNDvkklRrX6Sh= tzQ2qe-2BYRzsKFg41K-2FbGqmQN0TGIEnO8Fr5GoOu1Itp5p-2Bq1eLd9nbBwa-2F6jC13MiQd= x0qAJL3P-2BQt9yfzgN3h1RVcYZv3omcjDD78PSJvqHU34oAcIjT2paCIwSWAScgRah4YAqq4Bo= xhQRoQNzcZMv6cZ0Bxy4lSDCP4s3Vq8H7EvVOSDfNRTNg4GQvq24Uqo-2B2PirnIkR2OVRnKQ-2= FCxFETrDhBlVummlodehpsL" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">General Atlantic</a> at an $800 million valuation.<br><br><b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD2630Y45MSNJj0AtRgZvZv= UCA-3D-3DuJ0V_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCAD= YMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj= 0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUz= H8kIJ4665GkWkRBSYoQs5mJoRH5B2anFd9pSU2O-2BhLKTWX8uH8PXSxDM56XFQaJYzKlkfMosf= zzNSZZ1Davf1iuzmmvFtgTPNUUL5n9u9RnRYer-2Bzp0o-2FRORWFVDfBfKTePLxi0-2BUMw7R6= G8AxlVcORWDn3JE5eS4v-2FdshkXCa2DYIxIJi-2BYx0Lx4l4wNmQah-2Bse5evJZ6sX17xQwQi= ZP81aeDkjdNOo6Ul-2Ff8dUM-2B7wecZhYllaoPtQmg3G-2BgOQlIgKul7RpGAJ9TfM5E33DXtI= Db7vHVHAStHpjwuZtGVZl6QhSC" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Runware</a></b>, the developer of tools for AI integration in med= ia workflows, raised a $50 million Series A led by <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD264ZxPsa-2FVusw-2ByBt146STYw-3D-3DDGp1= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH= -2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65= QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfm= vPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWk= RBSYoQs5mJoRH5B3ArdfUsjtL1NfZMuAcUR6DF5-2BHPKRkfauJ3NoeWy9oBcdCTgxs24W9Ypvn= XXXXROGsieiLRrP2bA-2Bf6NKhfJoB0E5uApf0kgSqzI1bFjZyo4JN7i8u12LfHpE-2FZj1NRcs= 7ZFEQE8HBPknEYtRi-2FLyCNGd2V5B1olJnLviRLHyJ6KJxdms6hfHOIYXiRwQtoEHWs-2FBAcm= 3-2B7XzIGgbDoWK5-2BE707Fgk3YupVNVc5aDiYH9vA4nhmM2NVEWVNiV9LV4svRBIb7UGRRqTO= RVvt3LZ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Dawn Capita= l</a>.<br><br> New York City-based mental health clinical i= nfrastructure startup <b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsK= I-2FHF2tOpD26DAltrmmy7vvgFt9nz3KavA-3D-3DRw6A_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEb= h3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKG= TAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T= 7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3ZLZOzrVcbyOA3A= Y50izREphTp2-2FQaHGTNGZFvyVV8iMs8BKJr2-2FUN6ZiSPe7lthAAPowKvZvNBuIS0RG0aoy6= qrq53X6tx3PWyK5wP0GhPC8EPQKaHO0MBDGA6mk539RKfTrOxedZ3Be0qY1a5GyBeXyi3oQ6EW0= SKy-2FlWEVaIvZKmmIBFe098x-2Bn6MKeNpw-2F-2F9WhQfEsD1tYJy-2FebGE59GuC1pHkinb5= 8ePTFwVywW5QFACxQUsKWkzYU1FKQsVzuTGLyJRVqVnxeQVDckbp" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">Radial</a></b> received $50 million in a = round led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD2= 6Dsow-2FJxEGw8ew-2Bs-2BZcAk9w-3D-3D2_yn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsn= fPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt= 7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQ= YtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B35GaZJ7P9LlHAC1vdfkrv= 2-2F9g7GmHqRXwoqHr-2FV9M0CxXshEgp1KL1-2Ftmo-2Bz9dQurwy3qUhiT6-2FODYRubweYJj= wFS65hIPMgZWotilLZdQWnw1xNMS3CkIYOlxnvYGtfjxVZYDoByIqS1g20C3oLrAFDs9-2BNyOh= FBvYYaYUV3-2FX-2FJa2bi2rrZcU9g1iDuBK-2F4SCWMJtslD5a-2F2sJ6SQ-2F2aQrN1GQK7DJ= Fg4Ld36KaP5KL7O-2BcOLKNVIgzBr24K9fOBAd13zv1uvLYLr4UvHJsN" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">General Catalyst</a>.<br><br><b><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD264tXwoFKCZFficSYPO= ayv7g-3D-3DOfzm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwC= ADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLt= Nj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjd= UzH8kIJ4665GkWkRBSYoQs5mJoRH5B1UB4Ady7MdrdITyqBJFXxzWKsq8VPHrqANwjeh7Aeyblc= xCMsNEkkVIkffkh3n-2Bl3QY73PgOce3LLqOSTNZqS-2FfO6oJ4-2F8N5pNQndwwTJ-2BKQuf8C= plK-2BvYrSMDSefwatfIsziXZGAtkPF-2BWe6hWmLsREdHSaZse2yE9O2HoymdwHZxkZn0Xo47h= Zubln5kzKuG0c-2FVEEfy94bV8pVI5kPFZgFREgujOEekF-2BGHLzM8OibixYWu4-2B-2F5zvLV= dWURx-2FJ0rilPOHF6fvvZL08qG-2Bjh" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Bobyard</a></b>, which builds an AI automation platform for t= he construction industry, raised a $35 million Series A led by <a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzWVBcsGcUCsKI-2FHF2tOpD26UVdIqgbbiMdFwXMF8-2Bp-2B= VQ-3D-3DMlWp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADY= MBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0= d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH= 8kIJ4665GkWkRBSYoQs5mJoRH5B2RgXC9qP4svQAHa8AiOjtLDTE9r8qqVFGfN14Lhm4BpaWjwZ= KwG98Yw6ptzcCc46TPhQD-2B2Xwtn16LHiGhQ8gXL1RWvKWo1rSxUAekHYQwR0goeEWDz-2BpKM= -2FsojLNU2yrlEXmf3g-2FFZJU7VV08R2OVCGi-2FPckSQQGaKI9GcAGm8x-2FfQbqFwtHHlNGc= BP-2BAq3J2yD6IzpIoZgPibBdT-2FS3Uwg06MNujBPCuvSC8bIMoVk1IWB1ii1A-2BG3cFQDqDD= 1TPt6cuoESr20-2FiRRIRgBSY" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">8VC</a>.<br><br> London-based transport management startup <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQBEavycwvDKKVPH= wL693tA4A-3D-3D3vhw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pv= wBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf6= 8bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u7= 1cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B0oasfSxp7JWp934RrA7TSNMaYosMpM13oWGXi2tQe= iC-2Bc1EdACwO4V83uhQTYHCZ-2BFEwaZ6L2xdg51iiX1rSLQUlzt3FkuXwI8zvVm3IRINfcP96= l8-2BvCWPSZVdxYyJwJ2LHuw5tDijckdVkv6aJ0-2FtzqRgsknA-2BVYXg3BwS7zYSLCrEVMnF0= iZRNltKlAs2-2By08R-2B20GhVh6PVfCFv7PtvxAQQxQNOPh61goNm5qYesV849b5wxAGxwY6JL= 7vuHzu57Es8f-2FgYHoPDm31KEby" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Qargo</a></b> raised a $33 million Series B led by <a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQBcdtQrYngGa5IydZYrctWNg-3D-3D= SB-3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReS= H1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEj= zF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0yg= FBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665= GkWkRBSYoQs5mJoRH5B263P-2BHBDR0hNXOuPIv-2BrLn8JQ2CBS8AkTHFD4nb7LpLDf3OdZGyX= NiA4JtHUr911mM-2BRZf19HezGjvdzQ0z-2BFmTRMy9Cz0HA-2BD5BDGuiEefoxuTwJVLJSCus6= YEuZUhVOJgwjmppW3FY45OQ4ihlXRtdue2pQzD6PDkiuMiCAnMVOVlZaMYSES5o-2BD7kH4fkqL= QSvUaKTVp3rZfIoffhZaJat-2BUU5zCjgnocZMmWOBzge-2FrAsLSKIVWW7OHwAqTQ-2Fz4MwiD= -2FIbx-2BtJdk56rxBW" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Sofina</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsr= TKDnATSQBmlQZjIu8q2sCHWUBpQlbOA-3D-3Djb5V_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rc= snfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9= Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXv= mQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1aWs-2FscyWgWJKyEvB= ZklsKI4tCS9mwBpkvu6qqQvBzuNnPraeW0XmnOf2tfHvIVPMT6ai-2FWxdADK3J4yo97CNAagRw= PiC2miMG-2B5riwBIIJ2oFKDob1ypoRAtJeGjDy2vu-2BEIbP9NbyvD8pa1KsoMKUqvB3LOWgXI= RTAszwi-2Fug02PtV7AvrRUrPk3RlpCleqUQaLE9GAJf9aP9Gvs4TbtJZMr-2F3XNctbj3fSsGx= jdujEza4EREzLiDaZklPowpKZHWmf5otThz3VphchdpVJh" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">Hello Vet</a></b>, a London-based veterinary st= artup, received =C2=A315 million from investors including <a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQB2ecQGWO-2BTmgtwR3TDzPUDw-3D-3D4= 5L9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH= 1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjz= F65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygF= BfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665G= kWkRBSYoQs5mJoRH5B3dINW6a8zHlq0Xn188U4kOIcm-2FfcDj1KyXpuk0hR5MLgj7FHYhePkUq= kDpBsuIQSgITxacTKvmprBqmpyw1ewNL9SDOgdNUOr0iYQsRiQQN58SsKXckqoYl5Mbx0RFVW0P= XfAJ7rqH0MVC8ZmV0zR1L4qNry8xFYApKxAHGjNNJH6CMk87oT0IZ9ADpoTF7fz6jMyuOLEQbdx= ith5kEhS6dMBZP7XxD37au3CldIFGk5dUA-2BlT4gHmp6aS5OrGM90QOV2FK5acRbik3xlcxBPT= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Addition</a> and <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQBa93UTEppzPinAHH= uhnN0-2Bw-3D-3DW9YO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= 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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>PE 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"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQBFD2h9KB-2FcsVJVhO= BQCAWvg-3D-3D1XLQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwB= wCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68b= LtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71c= jdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3Dd2WLFgtzL6vnl9OkQAY1TYIHvEWWvjpz1Rcb-2ByD= 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b8-2Fds9bv2OfW-2F6cVKqFp2Hobv27VIMKor-2BpZYbYlMMVppU0rxgsDKGAT5iPc7Oqkonqme= BHwhFpPzOMakZ5TczNwLFgLhcAEYUjOARh538QVqACd82XS0OqWUr4J-2BUWj-2B4o0gLrt5mQO= 6kw1tnT9a9GNIRj757O-2FywZC6NHeK76Rj4GgtlLABACs-2Bn" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">General Atlantic</a> and <a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQBqmzSfb6ncsYUI2tlCWscUA-3D-3D1PAy= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH= -2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65= QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfm= vPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWk= RBSYoQs5mJoRH5B0cwIZ49F4QrH2SmxWORDylVR8TMxvGN541gW4jaHrwmAF5m5ELam9-2B5XRF= YDOUnPeg3TePwN7qsu6K8YooGIpKxUPBuTJz5uKe1lcT-2FXewMOt4-2FUlAuZyyOq3bp62WAc3= DuT6j7j5i2WRkXhWocOkbI2eXaVJ1E40A-2FY-2FpkUe5xhdJxpRRCcWKXvCDubOEqPdNNKJmzr= 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=3D"" universal=3D"true">Permira</a>, which will retail a minority stake. T= he deal values Boats Group at over $2 billion, Bloomberg reported.<br><br><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5XU4ikItKFsrTKDnATSQB5W5aj-2F8O8YNag= 05rkdl1SQ-3D-3DNM7R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pv= wBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf6= 8bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u7= 1cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B18CC4x-2B2hgPvtUcpkmO-2B6j3fKsA06kCrak9OJ= xFGJ3efIqQMp9TyLJn-2FkBE2F19aVFKNUZUxSZIQQsGMfu6IwBMiOfUIUTi6Pdkm-2BfmRJBL8= SbDXOozWXVTEJUu-2FNKrsuuBvQtigUIwo0nVJi5o7facsyex0sd5NfMvr7gqdb3ThWURR8OS5V= 6BnpdkjMR82XpUdxeAuCuEKb7Uqcv0bj9HrbN-2FziVc4ROSal2w-2FsVIFw4uRYJUY4GNGptvE= NVIe4xHcQmdhYctMh191JGNcNJ" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Copenhagen Infrastructure Partners</a> is bidding for the Europea= n onshore wind business of <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5XU4i= kItKFsrTKDnATSQBP-2FK9LI3mFt97xnuw1bZkYA-3D-3DOnp1_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4= lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9c= N0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2Byla= Mi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B1dBLeOYsb5= OsUuQqL6GCmo6YGH72uTZ-2FiYsZS70xswXAGtVFmG9X6S-2BO5pAydaftLOx2hlIfsY-2BC5UF= t-2FVSnhH2Ynbw7ulipkGHCehVh9bLA0L7PuBygC-2BiTxIyHytAAkxCT3FP81uXS08BscnFoa6= gEqsKCvMoPor-2FLORBBuNsVr1SyW-2FfVQEpK-2BBzMmkOk-2FemdWyGd5SFBv92OZIUsiNTJp= H5-2Bfh2KxB5X3Q3uD0f5Ewhbztws0hDizBKUKAlGQYhYtNCjMOSrqghNFq4LDa" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">Orsted</a></b>, the Danish ren= ewable energy company.<br><br><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUhIQnZ= IM9c5zqqu7t-2FvMqZLzQyNA9Wp7-2FX377M1IrmYw-3D-3DkcJv_Pr966knuaHmaw6c7pKvB-2= BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cm= X4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp= 9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2By= laMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2yyEoxoA= 88a3-2FRdyjMf6xR0tLSB93zrVB83zvmIr3AfcEpHzaWMNwMbgI0wpGihbPzHRY0MQ2Mko-2BUp= up8beECdLibnur4LLwvjbNaH2OjIQeZpVyOc-2FF4mZUR2D8ClTzsbx3bDfqGh5DdHZz78v1iQ9= wYk2yz-2BuUvczJu6WtMFwME0GR1AMsnMxbBYpChLRWa14cEkx-2FIjRqeH6EXFqyMY0N32uhMK= BHy7i93hyWo6FE8IgVWwjvSH83c0v32vOqPVHh2ykQAgHCmDPFnV1lP" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Antin Infrastructure Partners</a> agre= ed to acquire Amsterdam-based data center operator <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzUhIQnZIM9c5zqqu7t-2FvMqZpglm1VKKBGnUMx7sWiFcKg-3D-3Dpesk_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-= 2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65Q= ARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmv= PF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkR= BSYoQs5mJoRH5B0hl-2Fm3gaRk9WTVH5eSM1QHuIm8VctxSKdjKs7ZbKoEprQ3-2FULjhtwB3ba= BoG3pLClodavgrNPv3V9-2B0k5kv-2B68rQOFX-2BIqlSqSWhIwNoqdWPR-2FnNdBob9cABb5Xt= temJarwiPfCf-2FPi5YJ2tZ6SyDKywqG-2BbqYoE4k74wRgzhz2s-2FQV8buoUH2JPyftS3dn-2= Fa5Bn-2FEv55mqUF-2FXiEvkZldNpUAho-2BIBoH0pcb3GmdIDf6rnNSgYj2oKg44tTyLzpYshP= weYfDKdx9oqEbMFpXP" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= NorthC Datacenters</a></b> from <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUhIQ= 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sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Portfolio Companies</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-2BaqM7ONnvsnswouzUhIQnZIM9c5zqqu7t-2FvMqZUH-2FO8oanKsmwkOH9= zeiKNQ-3D-3DGccO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBw= CADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bL= tNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cj= dUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2huwksNXb-2B3SNDqroQj7zfijenvex7oo7XzbYLZeq5= uVm2mYvRrJjS-2F-2B8-2BhE7-2FjOJF6flgmL9Nx9wTpZWJOFEpgslCiQ1PzE1e1fxAlTjml65= 5jD2sMoT8Lx7jP3tv9syGHaXDJ-2BjQgs8IPqMPh03hvH7KmKJCSnYtIlP2fRRiLdExzyUqpfMG= G2erIO7NNU27jOH9qgllzVLEQb6KJoKOno4AaVopCxEL5Pvit9GTDofQU-2B5BNthj3svkfI77L= ernKfSPCUujwaDmbzt8eO9Y" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">The Walt Disney Company</a> is investing $1 billion in <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzXGXz0DynGQ7WY35IP8l7AiNTa6uXDYxPIZl9SuleU-2F6g-3= D-3DFv1c_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuO= hQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2B= g0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ= 4665GkWkRBSYoQs5mJoRH5B0skH6FvOvvdUqWj-2BcyKaWBhaS9cSH-2BEAHcxVNiWks68VVfTW= mo0yZfKgBQzIhb9CbaVOtf8EMVc-2BUMT-2FrQZ5KyqoHYDvNuENUHRI5ZZW8gzeJ-2FiynJ7RU= IkWBqCyI-2Bwo98yFZQWDKZ1Fr6TkMTd6B1JCgsmTqwXWOI4OD3A-2FeZt1gKerBldz18ex0XxE= qWmE6EXfA3D7kaWUARjdRPKJXQ54vw2hRKCinqd9RrmW-2BN8ImOXgOP-2BZu9kOBhlQLj-2BhY= o-2BYTseUkymkikIw4xj972" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">OpenAI</a></b> in a deal that also allows ChatGPT to utilize Disney ch= aracters and other assets when generating videos.</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>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= 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65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFB= fmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665Gk= WkRBSYoQs5mJoRH5B2BJIJcc0ssvKe-2Fzxp2hYNnPB7mIFaLuNFTHEAqWVRJADKUP18L9Xglu8= B1BRs7-2FsPTOjRU3LxgOfBBEmBIQcRoz-2BK8jCYLCQX-2FN6ftSkSIqn4pnmFtWs4XAm80Mih= fX-2Fo-2BzgoS5REfleK-2BG8euM8RbfIudXMZUDp7nphlFIIrcBawhWBUyMX8RFlbh2b-2Fk-2= FBMzpePmjz-2BZCIsYw6jXIGgNyOowY4eQzwyBpIsDowrlu9hmQKAjx03UL-2F1UdL3hbP-2BLm= mVlIpMD1EFn54H0D89n" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Welsh, Carson, Anderson & Stowe</a>-backed diagnostic imaging company = <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXGXz0DynGQ7WY35IP8l7Ai5w9T3TQfejB= pT55zJgUciQ-3D-3DsaVS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2= pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRoc= f68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46= u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2zT4JPNvVVg5IgLY3ILtj9ozxxEFGdV0dBCbdNV= zDruxreU7p0FQbLPiyS-2FcerTR9wsQtnVG77CHIlWZvfoCQatFoLFAsoch3qlNc7HiYe3eNWKx= -2FDq3k9RZpxRHQ051ujPeffQz5BtOHlAE-2FQfTloCpxgB2j10ARzaTbPwOpmgWp9zWIKvrgrh= 9Cp4H3s3EN-2FQMAbfnUzD8UI-2F3SkkJrarNx6QkZLzNxPtuPhHO1sgLjitvSLiAxA7pWF73GE= 35F-2B-2FaEUkrd6HLzPtCLaouti" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Lumexa Imaging</a></b> raised $462.5 million in its IPO.<br><br><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXGXz0DynGQ7WY35IP8l7AiWIxGFOGbS2X4T2V= nGt2WgQ-3D-3D18GQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwB= wCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68b= LtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71c= jdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B2DaYYQWoAQ67M3UX-2BNbALDPr4O-2BeSf0dtBlpYVp= EI9NdPuUCciE6vzQzznkPOdVn-2BXplCgTWUTKwvlT058c0G2TrPrFZX-2BD4n4GA96ofSLzU8X= 05-2FbVTdCg6wxKBI3BlxESCZzeC-2Bulkv6O242Q-2BexCpZkFDwjDwRZgpZDYsNXvsxj-2BJr= XH0ZFJePMToL1VwXnWEnTGC557agi7iqe-2BSbC4m7M5RVPll0voTS2VlGHlTeJNXeJ1YvIHKCd= AKsbEUQga9r9-2BiULezKdXpVVo-2BFM" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">TPG</a> is considering a sale or IPO for jeweler <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXGXz0DynGQ7WY35IP8l7AiCa6g7J5LNxs8PgylzrRGw= g-3D-3DF2g7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYM= BuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGTAO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d= -2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8= kIJ4665GkWkRBSYoQs5mJoRH5B3gWe1hklf3hYxLdfY6xSovf5eeXi9fnLPi22AjhkFDmzZ84Jb= 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href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVPVAERydfT6Y= N3hKYXiLUaaFGmOxADlL3-2BLDfWbyq64g-3D-3DE9d8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVReSH1BH-2BrZKclz2mB6-2Bklkv1cmX4lOiEbh= 3rcsnfPflkusHlVUL3uZjZ2pvwBwCADYMBuOhQEjzF65QARDWKWQABNiZ1JUz-2Banp9cN0rKGT= AO9Wt7eH0-2F8wGhB9NFRocf68bLtNj0d-2Bg0ygFBfmvPF5D4BkXIXg7KnWVlH-2BylaMi86T7= nXvmQYtiF8tbr4BR7DPTJ46u71cjdUzH8kIJ4665GkWkRBSYoQs5mJoRH5B3Iz0CSi1SOJS3nRH= KFkiZI8JpEdc4jyk-2BXL8iuuBkNAgkxAc6081PcBHoPfGjBnWt2jrqcAS0KEBrY9qIg2-2BBIh= PC0FvD4mkgtRLWFPTp-2B5QEyK6VombETbWPD-2F-2B-2FLEdqU77rxOqTA1bJW2qlmgtqwDgfv= C0nZlw1xpvmKI-2BchFAULQrj9FON8CtjOLfz494TdtbL0CXVE5TTm3dyhnXkfnIX8jVIhIP5sM= 5km738S-2BwWhv94VjJdh6cbBkyFG-2BNtygfyzISl88z8xQ43p0wil" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Rezven Partners</a>, has been acquired= by Nasdaq-listed <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= 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</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, sans-serif; color: #78766F;"> <table 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