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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 Largest first-time PE funds; shifting priorities hit cybersecurity; gaming startups score more VC December 26, 2025 | Read online | Manage your subscription The Daily Pitch PE, VC and M&A Your edge o [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. [159.183.175.69 listed in sa-trusted.bondedsender.org] 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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} 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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font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; 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 26, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX1gIOcKC= FIy2LBGmXs0HokCuZCCbxZ3QHvLEmnPqElyA-3D-3Du6ix_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYET= XWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW8= 2NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJb= BJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B8205BpoVjVU09zspsiim= -2BMKxclrzwph2e5BFFLqv1NSlHJNZifcvYxEMpOtZwZcIEZoi28nZkMjs0-2BsWQzxg3izLiaA= YShc-2BOE8Y3r7TxWj1Gflvqd4YmvddceOQsAXDZhoPO93EgQPBOnnja78ogRHjMcstKrxhYXQm= TUIQhDsWTF20WesxjjcPGB6AdD-2Bowd-2FoJSjS8xH87u2aG7n-2FS6Ba09YKXEdxTGKXRDmwI= F5nzZnOFjvmHw1wSH-2Fv4exBxhQ-3D" 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-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwpQHZPIW8OIwRO1wrE6rKJ0w= -3D-3DR_gi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfk= F19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2X= CCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2= Z8xXqSDbrP-2FnmK-2B821ISC6yuI6QAdX6ulQp6M1Q6ILc0ni5Zz57YG3UdWN5ES-2BUvUF7GD= tC-2FiYxKQ6vptpgbviiK-2FIK84cnJN2H0rKn-2BxqzPhAwUGUKX9uncjZ9siu80LQfHpOsXdJ= lZh6rwYlwUB-2FvbpAxQh6MhqGBL52CFpLapOfmy6giHfTuFa9mucr9J1L7H5ZD0e0dIsBUAm8R= xfmu5lCmJjnIjYadtpOtUogWFpj8X51mi2rEkBg9VRYUzWbSnlu-2FGI5b4EChL9k-3D" targe= t=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'display:no= ne !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?use= rId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D= 3D2HYIKLYQDQMYU&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV= 46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWK= QA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.= 3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcK8P6Bu-2Bg= gPkePJbiSd-2B9XsIlVb8Cg-2Fd08t2bL7lfPboL0SVn8zTkIJW39jJlLogO9jN3gEuHFPl-2Fe= U4PpcgSIFes4rHxpg3FctOFrUTNOLYsQ3h8Vf2p5AlTdnCPDuZ77o5PtV1MGDBmRqyecNcynH9m= ePk0z-2FRkFVKkvSZfpFkcm9-2FltqQobw-2BQ8rk8M0q2lzkQIV1LMOx9AXUpuymGFw3Wh3yic= J53-2FnjMskjCGW7uls-2B7uwTXbqUCuNr4BUhecFtrk0hWhFfCrqWKaLfLSwu9Ajjl5lM2nMxP= wUN-2Fdb-2BYfIh-2BBm9YnvtkVp4Ox9mYGHy1dejZCQ64AM6PG3zBU70Q1l9toYIxLP01ENJ-2= BDGp03Frs5u-2FiIutsGOvwL6thi72lR09XFt9dGJOd3rGq8jTE-2FoaiulCGkC1BAme2igXNNg= D-2BXxmAo9pBMOBrtE-2BzlndxPRhEllKy7h0QPvWeJ-2Fq-2FPhJ6sTk3-2F3-2FOtV8KaydM3= USHJIcth7NlMDF0uuJCP" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style= =3D"height:1px !important;width:1px !important;border-width:0 !important;ma= rgin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;= margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !importa= nt;padding-right:0 !important;padding-left:0 !important;"/><img width=3D"14= 1" height=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_mo= rningstar_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; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwprxh6WNzuCJ8c4ED09fY7ow-3D-3D7= oE8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4= QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafi= Hb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0= F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSD= brP-2FnmK-2B823VqGnu03r6vNl6cog4pFFm3tcgSOKX32IJNVCW9vvjHZxxF0FhdGLj8lbW0Ei= zIq5aU7chY1hKV1NP5SiJ7gs6mHjEinHFOj5j-2BQzK1YJga1haB1rNM0AzmuWvjT-2FvDtIPTR= RGI0HyoRyCPSY6SxhUTc3XjabkNXBB-2F427vmBMWp36FC5QqD6Y-2FSN46dACfhCyD-2BJDsko= o45clVTlU2UUONfnUllGg1kJ-2B6oSuIB709vMELazAobC5VFWajzn21VU-3D"><img width= =3D"460" src=3D"https://img.pitchbook.com/ads/ad4429/SVBHBA.jpg" alt=3D"Ads= " style=3D"padding: 0px; margin: 0px; border: 0px; display: block;"></a></t= d> </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_576166" id=3D"n_576166" 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;"> While ecommerce has its AI val= uation premiums, VCs are reigning in </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 = Eric Bellomo, Senior Emerging Technology Analyst</i><br><br> While AI-native ecommerce SaaS startups stil= l command a valuation premium over their more traditional peers, it's narro= wed from 2024 to 2025, according to a new <b><a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzWPDTJViW5Hfhq-2F6YEk0hwpmRQEVRD-2BsZT5IQ4Szjby3A-3D-3DOcnM_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3= qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqU= Z98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXr= CkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2= B8212Tn-2Bk4UgVW-2BhRsBdlgRAwvjtTiIWBPEh3BlRixSIYAcBk8Nm9l8U0dbW6jWHfzBMM4R= 3cDdq9anH-2FiPPmp6yQZGm3Nq-2BKVNUu-2BqS17IfAPoDw8E0QjXZut1mSK6jdaBujDR7jT5A= RRnPPeKn1n1iQYTOc-2FW5FAxZRc69wEENZKdlYBbcgcSpjQS6DiSHYqihPABKZpiHNIZhDMOAu= vbY0fO-2B9eD7PwHXWMBsTQSiFST3n3rLLPw6RuqJuiPQkGzk-3D" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">PitchBook analyst note</a></b>.<br><br> The shrinking gap suggests greater underwrit= ing discipline, with investors scrutinizing efficiency gains and margin exp= ansion more carefully.<br><br> These startups got a valuation premium of 22= % in 2025, with an average valuation of $82 million, down from an 86% premi= um in 2024. The size of the premium varied this year: +44% at seed, +31% at= early stage and +25% for late stage.<br><br> A similar analysis of AI premiums in fintech= showed much larger premiums in the early stage, and smaller ones at seed a= nd late-stage, suggesting that while AI disruptors in ecommerce are relativ= ely nascent by comparison, they're still expected to be key distribution le= vers for generative AI, consistent with=E2=80=AFprevious=E2=80=AFplatform s= hifts.<br><br> Since 2021, more than one-third of all ecomm= erce venture funding has flowed to AI-enabled platforms. These companies ra= ised larger funding rounds to support engineering talent, model integration= and compute costs. The cohort has raised $4.6 billion across 185 deals so = far this year, nearly half of the overall ecommerce deal value.<br><br> Zooming in: Startups focused on pre-purchase= categories like search, personalization and AR, XR and 3D visualization le= ad in AI adoption with 45% of all deals. These asset-light categories are u= nderstandably more appealing to cautious investors than fulfillment, return= s and the like.</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-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwpUDT3mRt= rUIOV9tPmr8Po6g-3D-3DjeKg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztH= RHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7= GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTw= DnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B823Y0khd-2Ff-2BzyTb6vPYHZdQwAh-2BY6sBAZac= tXfZAEhWFmGXsEvFixY3gxFhLCFLvZzKjTr7blYLqfWhdnUfyiNV-2FylsgQvoJSUQWTvL80RMt= nk0pUGVkKAF8HjGzL-2BXE6ceL6-2BaPKCZq7-2F3shEt0pYR-2FIUXF-2FUtB-2BNazsXU1UxI= adNB1g0sXut7AEdNNSzWZTfUv5W2nl-2FsPOrBm3dmmjbqz8PieAkAqEiSVjPsqvkLRfjP06cod= jvacuXFLfGIPb2c-3D" universal=3D"true"> <img align=3D"middle" alt=3D"" src= =3D"https://img.pitchbook.com/news/72028.png" style=3D"border: none; max-wi= dth: 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">But it= 's not all smooth sailing. Across venture capital, sub-$5 million deals are= dwindling, leaving nascent ecommerce vendors more vulnerable to fundraisin= g challenges than larger, established companies. Still, marquee AI companie= s' foray into ecommerce is benefitting the rest of the sector.<br><br> Although few of these AI-native ecommerce co= mpanies are robustly trading on the secondary markets, those that are have = an average discount of 15% to their last disclosed valuation. An average 11= % discount on a larger basket of SaaS companies suggests that ecommerce's p= rice softness is contained.</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-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwpUDT3mRtrUIOV9tPmr8Po6g-3D-3= DogMw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA= R4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19va= fiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEu= B0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXq= SDbrP-2FnmK-2B820LeT6PWo-2FkMi-2Bv4jBohMuYAp9rH-2B4XRYImZWN0YzcVjeX24FOCjaC= 4LGyMlFQcXO-2Fb3RLODANpuVjwCMDuxz6HtUtYTy64n9IPBnB0yUELadKV-2F53CsvJyD1D2c8= UDC4zcPpBUyw3lzDyLWKVYyE3teKA08jYKF-2BULCFLhYl6-2F-2B5UQ0QMWnLLs9QCIoKLDUMO= EuNcudZIbhHwDRqgbhfqXuWN7BhEr4BgrDE8v-2BNjgjNy3rcYg2frNfgnYVd88IG0-3D" styl= e=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decorati= on: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"t= rue">Get it now<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsle= tter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" w= idth=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-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-= 2F6YEk0hwp0fyF8L5O1O6fM1WstCzjQw-3D-3DADcp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfY= ljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsW= bkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb= 7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B820yEFPooAsgHPM-2BqwKn4X= iCbVshsJjsualn9XrgcI-2FXQqIxLnQwHgaHvs3Ys35DlW5qT8HUMS-2BCLU6D6Z2Q0ymZm9NjR= R2qxL0zFD1dm8bLOaak9E1Z1J5qx0CKTkgTsVYEuONkAbKuXZxuXdl-2FOdC0KELk9hM1oY0S2v= hU1QLFTn5QY06BMcqwcsP49uk5QnfrFY8ICYH8jygW1yw19caRTF2cUk61FDDuHL-2BM-2BP8Ao= Ea5ah6dlV27wdcpvhmVZdM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Q3 2025 PitchBook Analyst Note: Fintech's AI Premium</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>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>Cybersecurity IPOs have been rare, but the thawing of the IPO market= </b> has CEOs reassessing. These 9 cybersecurity startups bear watching. <a= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwpakc-2B-2BCiTc9= jJ9hp8524gew-3D-3Dc1wP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHa= HZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDw= MHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnb= I6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B820810dX1N0ToNdtHgIr7DK1DQEwUbW-2BB2R-2BMBV5= -2Fw2wS2KHGgoIcd9PNaPsIVwuZLdUmedKrw9Rh2kSmhgy0RDUeb4hyDEXQ5qtgnZ-2FNCFWW5K= SsPBtzOCOrc5h-2F2GxuhsUX62yb-2FkqFNJfpj-2BBKHxPWFJJQl7cyV1bqdmfiLSU-2B-2FZ2= Q7bP6LUk5CrmoQSqnu0i7gwZZcZKl4oC7gQQDi6m3nfcL5sl9CCTmtXbdHKhHrNBtC2XK5UY0qn= smnAQO8A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See = the list</b></a><br><br> =E2=80=A2 <b>The gaming market scored $1 bil= lion in VC funding in Q3</b>, up more than 10% quarter-over-quarter, as ove= rall dealmaking continued to slide. <a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= WPDTJViW5Hfhq-2F6YEk0hwpJzNxQQSpQu1P9BEcLzLglA-3D-3DioRp_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgB= N0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTt= vv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8Ja= qAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B823fwN0x-2= F7vVjQJg5iaEC9KTo0JqXQKePZ7MPvShkY1gojCfuOuzZ4GzynTSR8hlCpuikIQfK9oDbUV-2Bt= bdLNhORLU9hKt8A5w9LB5LkaCIRskK0vsW-2BaszAKroB8klBpA9-2FmfOyeyOiZxuPwlm8igRc= t77p40AvLhhbczGrEwg7P1McnN9GtJ-2FqXyu6LOQCC0GDPVDNGZJ3CKHOJrzW-2BK7yvdzdX6z= N53CjN91w9gprQtDH7ioR-2BO7vXC-2Fg5LoJljU-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true"><b>Read the report</b></a><br><br> =E2=80=A2 <b>VC investment in the cybersecur= ity industry</b> hit a multiyear low in Q3 amid shifting enterprise securit= y priorities. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0h= wp8C-2BtEcY8D-2FPxNRv0kdYxhQ-3D-3DKMJO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjn= oy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg= 86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2F= Rac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B822rAryLipDWZZLUIGx6uvzIQN3T= QyhhEy1BryrVcrMH9HUAfeqBEKdSPSFgV7W-2B1cOV1RO5wsnaM-2BojE4lS-2BnBsrDJgEOGnk= XfwVRAmF3tnFZbogSQLZHN1kc3VQlqnt3xNRyy3tnDgD0xEJWUroRAhdDuw6ksL2fn2yHWVdSd-= 2FbPdw-2BACuwlKd45TZPRshXNAURHrzclc4Mu23qtHhLQY0fS0e7Rfep9STGnN4d5bAdQ5BJqW= GKbVwStlcv6uzBo0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= ><b>Access the analysis</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_576188" id=3D"n_576188" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> 5 largest first-time PE funds = of 2025 show specialists are winning </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-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwp4-2BURl= RBsamSsTYB99jAaLw-3D-3Dc88j_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBz= tHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgX= n7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQ= TwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B822odJ2foR1bzheDB0K020KZ1KgyanYtX1z5ZKd= Df-2BWdiTva3dz-2FUsK1s8KG4mmL9pmKFVEkKfAC4XXp84Ww0bps8JwFyECYQxuI1XEP7HuGmt= NWXj7tN64To8-2FOqy-2Fduq6ggD0EtjE3EtDeHPE-2FyBAqb4TvodxYDt6isMMXv86Pg90ShZY= xm4IUgcMgbYsKRYHOquskFQ3mNlaYlPr-2BjD4Dz26gFZe3TjCZbC34rWZOga1NYiHhsTWvMCh-= 2FnGwTH-2B4-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/72058.png" style=3D"border: none; max-width: = 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; 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 = Rod James, Sr. Private Equity Editor</i><br><br> Fundraising for emerging private equity mana= gers continued to wane in 2025, buffeted by investors' ongoing cash constra= ints and the general migration of capital toward the largest managers. Stil= l, some new managers, armed with strong investment backgrounds, closed fund= s with very specific strategies.<br><br> First-time PE funds in North America collect= ed $7.2 billion of commitments in the year through Dec. 12, 36% below the $= 11.3 billion raised last year, according to PitchBook data.<br><br> Europe presented a more positive picture. Fi= rst-time funds across the pond raised =E2=82=AC4.2 billion ($5 billion) ove= r the same period, 23% up on 2024 and roughly on track with levels seen in = 2022 and 2023.<br><br> We've put together a roundup of the five lar= gest, first-time commingled PE funds to close in 2025. They provide proof t= hat a distinct strategy and strong management pedigree can still lead to su= ccessful fundraising.</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-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-2F6YEk0hwp4-2BURlRBsamSsTYB99jAaLw-3D= -3DMLeX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19= vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCo= EuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8x= XqSDbrP-2FnmK-2B823Os1cidTDBqothYhEM1soJIlDAhus90jhaQKhdt-2Fyj1kFzIzw6q532V= Vn7GSx8YyPceYHt-2FWUDuTuPhskcQvmtBa49YTTVlC0je0leJriy7SKzbfhS4MKvnwSc4j-2F-= 2B0p-2FODBShXrij6UhHOWbfY-2B-2BzrXcHj855GDV2sNnngR2FOM2gBIwVhFKBPHw-2BxHdJw= 2kQoHKvFWFOatPZb-2FPHPch1i16lVi3nfw8M73AkBC-2ByfHIEC68PLX7n6975WvY-2F-2Ftg-= 3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-= decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer= sal=3D"true">Explore the list<img height=3D"24" src=3D"https://fonts.pitchb= ook.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: 10px 20px 14px 20px;"> <a na= me=3D"n_576192" id=3D"n_576192" 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;"> Related </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>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWPDTJViW5Hfhq-= 2F6YEk0hwphFp6RvxVJMYSSxmNx1YJHg-3D-3DMRIK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfY= ljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsW= bkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb= 7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821To525-2B-2FRz1eOYCNUc= ZVdUGJ0sei8NTuqC6i-2Biz9YM4dvhe32pezngwoiQTBVrmB2EewqsdpLgx6gTyfMHYgi19-2FD= ay4aYluBlBt-2FE-2B4mtcApaLGHagj53L1b0InPLpfxbAIvKodmwIFk4vweSfyc7JKEsQIM49n= VtX7eQ1P4rQQndxHoCKpHO2j4Es-2B-2FTvpPWWJ54NcaDYZWiFYKjI6JgypVnvAgBi-2FiRkCf= 4xKCvLNfyPO4FUXLX44YGaHGlHv8-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Q3 2025 Global Private Market Fundraising Report</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>One in three EVs on the planet = have a battery from this Chinese factory.</b> Yet CATL could face hurdles d= ue to geopolitical factors that discourage the company from manufacturing a= broad. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlsAhd40DEhFlhlABfApiOQc-2BqyFA-= 2F0-2BU6w1-2BN0bmfCQ-3D-3DsKum_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqV= iBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogi= cgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9= PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B823oLugThbO6lPxt16XmnpBG3esATYhuZRdt= hNUA8x36QJrzXqGqfRa0KTXqvgFbu06zSxfqUfsjkHMyrA-2Bn-2FczUU3qC5eQ4o6wYgenXEvc= rSl4cU260gIzsfSNWZKTH-2FfTeZe-2BUvLjrYVfyRzMB5PiIOfZAoAbkxU-2FO5v3hUCsVYR9W= uTuukCJHfe1RRYUPtAenq0J5BDRF9zomXfuHzekkYEG-2FgsK75R0T3NTZ1EIBfQpu6oa4IXiyu= yN3Hs14LUg-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=A2 <b>Is AI already pushing America's= electric grids to their limit?</b> As the capacity of US energy infrastruc= ture comes under question, Exelon CEO Calvin Butler says "the warning light= s are on." [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlsAhd40DEhFlhlABfApiOc0GWDU= ZxVK-2FkvIdeeoJKvg-3D-3D8Q5T_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViB= ztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicg= Xn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PB= QTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B820qweDLpqhPdpk2v2tOe2CsFU2BMCeJKHDCDJ= nzX9gvuNqPxy0eJGUpXD9tOEtTfAxBYCizX0AQN9ukBf1-2FA3jrOOz8d0xpFl2xz2AS-2BrAkE= PrJyjuGb4sL31PSR7DPEhXqdWuHZVFSe-2BPZD5qlxio9UvMSdAYp6DGKr8XJeNwla2EVF0fz7T= IdjhxXBZ5R6UQdF5X6tTTy5TNuHbCqEK1D7Y6xbZRk82NQ1ObnqCJfALs6-2FkdFoHfCwXtHveg= Xsl8-3D" style=3D"color: #1D5080;" test=3D"">Fortune</a>]<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" 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_576125" id=3D"n_576125" 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: 2016 Vint= age Global PE Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 72.79826464208243%; mi= n-width: 72.79826464208243%; max-width: 72.79826464208243%; background-colo= r: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">16.78%</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">23.05%</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;"> 1.20x </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= swouzXlsAhd40DEhFlhlABfApiOy8W4VeQR9cc5dhd-2FJDbyXA-3D-3DgPgl_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3Tm= awsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98Sim= hhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwg= oO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B822xj= ofsL-2FQjOePBNnQAxgoVL4sav5YNkZd2d8hx7A0FZQbbSSx5CeyID4AU-2BzKTe977NQ3ag4GJ= J0c8LyA3V0-2BQWDx13dZdcw94lwzDIVYr7jxvrn-2FWLUeeAm7-2FivYl2HrJDpVk-2F2RYIz2= SGatvQOVS56FWqm6gWzvDImWLa4No9-2FIuOhP3UnjGcdxkLQZ8xBTswDvePozBueWWB-2Bw5Qo= 3jo9Vx4cB-2BjeaOmlVvQyRE50sbJjEWV0Aa3JLun534N3Y-3D" style=3D"font-size: 14p= x; line-height: 24px; color: #1D5080;" universal=3D"true">Francisco Agility= Fund </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= swouzXlsAhd40DEhFlhlABfApiOyS4o6jgFYehfdeAj2kjVSw-3D-3DUwES_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3Tmaw= sgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98Simhh= UTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO= 8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821gBe6= IK8BacJAdPpIf5nWCmzV2U-2BJWMWNHxRvUuUg1G7Kc0neIzzV71RnjQCH3e5tF-2BVKVgJ7zmK= o6cuRiEPiThpqHOKXllNzb3xPB-2BVl-2FUffNMSPL2b2CGDejHNqJFcYqtiqYYNeI6I4UsQmJR= pO-2FEL0hzyG70SLsL7CLIdPoFx48kTjYRdnxqcdyD5E-2By1pUBCjD498VCyt85DVigfHBbRrG= 4h4V1rhD6pQkrTrpbe6k7-2BlfNitGJjO7qTadLq4-3D" style=3D"font-size: 14px; lin= e-height: 24px; color: #1D5080;" universal=3D"true">Renovus Capital Partner= s 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= swouzXlsAhd40DEhFlhlABfApiOBOgxsL9ZHYPGAmQVpAvNPA-3D-3DP88F_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3Tmaw= sgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98Simhh= UTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO= 8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B822h8jb= 67u5fWT-2FNZY7nyPiPlVx9v-2B5BicQ7axWd-2F9h0Ay4UzLUiyad4SUFS7mnr2HDoUhjAPjPq= gcMHdYRt-2FcoxIUweOmZqmb7qpzRLWn0zMpf3-2BZ4Bv6qp7aZZeGt07NBcI1peZMZtUxOr4ld= 96EG9ik7nmRK5TnlL5FqLTh3JU6ZNGkABRfY8DDdDxmGk-2BVU8WcwYt4NDe2NcJcpki0ioyr1V= 3YkJciqUy-2BMVzLyLYh-2F6aqZh89gtxzplGBupQTI-3D" style=3D"font-size: 14px; l= ine-height: 24px; color: #1D5080;" universal=3D"true">Gemspring Capital Fun= d I </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 14px; color: #78766F; = padding: 25px 0 5px 5px; font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td> </tr> <tr> <td style=3D"color: #1D5080; padding: 25px 0 2= 0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlsAhd40DEhFlhlABfApiODv1Xtm= BM71drJnrm48hVaA-3D-3DRxkr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBzt= HRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn= 7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQT= wDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821Ys8kpPB6SVAxYTO6tUQ-2Fk6aLTuvXC4x98V-= 2Fr6pJa3iIxVOS9O488aR-2BADdE1eQou-2FHedoXRqthg7KBZ9gGa0tPoUCXiIi9ZjYj1eopxr= Xum6A-2BwEqjQdE37PseTVM4555vtOby6I9AhXSuvmKRBb5LCGJDmzvX-2FPdD2tE-2Fcy06LM4= gUQMNlwoa3oBIZ0xWT3FlTx6QRSO-2FI0QnR5Jtz-2B-2BmbzkTzJq7zqFja0-2FLP73okfSNU0= -2FaTIcXqbRPtsBHqY-3D" style=3D"font-family: Roboto, Arial, sans-serif; col= or: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" univers= al=3D"true">143 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-2BaqM7ONnvsnswouzXlsAhd4= 0DEhFlhlABfApiOEdTz3H6nd9DjDZjo2x2KYg-3D-3DOtyK_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYE= TXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW= 82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJ= bBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B823uDSkTDnhcfk7pYNA= 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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>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-2BaqM7ONnvsnswouzXlsAhd40DEhFlhlABfApiOtid33sFRlHtzKcIhJ= t190A-3D-3D9fse_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22= ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0= Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVL= cLBE2Z8xXqSDbrP-2FnmK-2B823-2Fq6Twz660GHD-2Be9ZOOUv5rHGwW80W9Q3Um42j2e62T9u= y3qG1yQvLZ1-2BGAv6mGEs6yxl-2BUR7s90UPXIsf-2B8S3ObWqJfSBM-2F-2BBS2ef9yQoiiIP= Jt0u-2BHMS2-2BP2EPmyXkXaGngbYRAy6jxsQMC1iicR-2F5plv-2B7BvNVEFwEimAyuqpvv5qp= 96Olhp3WaEEtS9xRmWitm0FBxt0I-2BbUUXpvGitKcaG8jYTOg3DcPiX1B-2FrwPeJjlk2JlGM-= 2BZCXfMY4k8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Arch= itect Financial Technologies</a></b>, a startup providing trading and broke= rage services, secured a $35 million Series A led by <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzXlsAhd40DEhFlhlABfApiOfQ4SLMAy41g240ShgdS6bg-3D-3DMIjH_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAt= Vbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5= qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw= 1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2Fn= mK-2B821QcZ94eNf-2BXdISPpQdB4PNUzCBl1qmHfnaft7jHsxm9DZf0pwqCED7xrvG0mKF3lR3= jqXJ-2BI73TD55c-2BgiyMJrINWgf2duzXqDqWKFgUwUJL8Rebccf7qVc00eW4fMDu69Jlq0TWx= WOgDxcDVwVo7n1popTMCgNLIq3J1aQzPhe729Hwmsg-2Bkk2oCC1JGqnrGNE0DkShipvj-2BF86= tbnTd89zj83FCbYSgDgff7LoplMniP-2BGXzIjDVgQRQVYtBTDk-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Miami International Holdings</a> and <a= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlsAhd40DEhFlhlABfApiOT4r52PW9AeZ-2FCw= ro8cZxkg-3D-3DB4_Z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3= a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiE= qB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nD= wVLcLBE2Z8xXqSDbrP-2FnmK-2B822kPbT2Rr2vQitNzNyJC0vaCJslXeKwm-2FnIaMa0EqgPSE= IdHtQ-2BgwQg9q-2BRbcRJ7vy7hqgQ1ZF2tf0muByn67jJSW-2BmS8mui2tpyM2I2Lnvkhr89FF= -2FpLh45rmeYqGC1Z6Hw3Yij-2F6W4UFj-2Fot-2BYaszs27vLzwiTuLcb2qfZu-2BlH-2BFY2V= WrJXvOps20Fg1kcXwtLz9A1MZ3yXVuCYmvL-2FGoU-2BURr43GWrCAvZ78b4L0bMPhl2LYkgcMo= 6gk26ecCS4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tioga= Capital</a>.<br><br> Social media platform developer <b><a href= 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rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWKgIyxucwugTDgWqPaxE-2FGX9ozACazJLCFx= bXt1sRC3A-3D-3D9aTT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO= 3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHi= EqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6n= DwVLcLBE2Z8xXqSDbrP-2FnmK-2B822S76sD1eXl5AVwmOZxH1IjqSKQnGo0WFf1loIKBFu8gf-= 2FCEPagrLh0zKaOQLbeFNdLckFg6yIm8ct37kFCzOki0A6nIvMFouw6nZnBGLc9g9R6qYM1NEVx= WVI3Q8oTON8iP4TT8DHSylAs7XIhY1l5cBbt-2BmIc5PIOGIcwZzxkl-2BqqaHA7lcC1VIokvqb= rB4g-2FoBNOiu4vBOxZr4-2BoJAFCJU6fvL7o044v-2FGsdA-2BUasoaIHDXNuc365TZUjMcRdi= s-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Dazzle</a></b>= , a startup developing AI personal assistants founded by former Yahoo CEO <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWKgIyxucwugTDgWqPaxE-2FGt7Hvsk6wHkCn4= t0jIZ1HbQ-3D-3D02iL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO= 3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHi= EqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6n= DwVLcLBE2Z8xXqSDbrP-2FnmK-2B821pD5EWFFBZbJ8Z1i7xX7uUvGWEUeKGw6DOGRc7YhP0Qh0= gdd3kO6L-2BsuOwCEhY6oLMeP-2Bij2L5VMyD6soNtzh7hQJHOTj9HuBvtjfsQRCqUxiUKwSfev= AsFhfzNWVjNUZOiI2-2BNbiskopZ6Is69wQEwuFLSG8tWQ0-2BvmQYw20eEiQ9y61ikf1IBJHN4= 8EnrHBd1g1tvMFMAUCpZtR1mbCrR1KTO77aWcYqvZUmLLZhcPU9PQlLf2qf8dI4xiIKs9A-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Marissa Mayer</a>, r= aised an $8 million seed round led by <a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzWKgIyxucwugTDgWqPaxE-2FGdx6mHdZru-2BWNAK8KTUiUMw-3D-3Dqy_b_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3Tma= wsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98Simh= hUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgo= O8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821TAQ= tSjPAjg-2BmpM813YYj3dcF8K-2BOIOKygzfPeApNayCICaUp5nJ785hGklc7wG2N2okuP-2BtM= yWy8RC8T3xqXykj7rcDmD0Yl6EcuPnyHxstFhp5906YXK-2B1s3ez0a7nFDj7PzNvhrBPFr7wEX= ZXOwNZW2k0RXxdiIAKZxKuqvBfGA046USALZO7u8oB7ekbgI-2FygLith874BCc9nDXvFBzMzXP= 2AzAiU0HTSdOXcDextgfURHokoQKiLC-2FlVuBMs-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Forerunner Ventures</a> at a $35 million valuation= .</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>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"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWKgIyxucwugTDgWqPaxE-2FG2-2BqY2FOr9DVxkX-2= FtBRU80Q-3D-3D_0VW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3= a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiE= qB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nD= wVLcLBE2Z8xXqSDbrP-2FnmK-2B823j3p8VphN2tRChvJ4zndDsuiph6sBRe8DAavGQcDPbQ8OS= ERD16CvnqfnpxDuiHK5agKOwefvjt20r4lrdSgA5lt-2F-2BA2WMy53-2BNt9w1PdANB5aGI6ts= YUnhsqwqM-2BphOe6KCkEw-2BRF0gJMrzw-2FvRt7DeE8VFcGDL2jwni-2FMTTGIC87SukzRkLj= ZHapxsvhM6FfOgBbTIOohjICZbpFEv-2FP-2BnXhpf1gJrD-2BybtlZim1GfoJ6yr2HmrGwswu4= Sp9KfI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Stonepeak= Partners</a> agreed to acquire a 65% stake in <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzWKgIyxucwugTDgWqPaxE-2FG-2BvFRlDaOcGqoYkDngJRf4Q-3D-3DXU9s_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVb= d3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qn= qUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1D= XrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK= -2B823DyPLTaCJC3eq1tbN86CzEpZpygRxK1vh0UYk5Rz7LCy-2F9I-2Bfcd3gOd3gSVoauBU6q= IRgj9KoidMSBk0X2W80-2BtahOPK-2FmBEX-2B9o2e3f90bfolDNN24gzeMLQt4m-2FKvvxFdXU= 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#1D5080;" test=3D"" universal=3D"true">Castrol lubricants division</a></b> = at an enterprise value of $10 billion.<br><br><a href=3D"https://url6380.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWKgIyxucwugTDgWqPaxE-2FGrVx03sSfI4d7RaKFrvuqnQ-3D-3DMYZb_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3q= ua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ= 98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrC= kZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B= 821GBGqHrZVQkxWMrfYJBN-2BTe02nlcmBCsfw0bmQ4-2FyKOu5rCjuQStfXsXIkmVsMmeTaLg1= r9KSeUumLGRDZyEkfSXJLTtXI661OA6jXfxK7ViS8Q4WSgpqXCSBQEVhcC31G5xtw7JC-2BjTNg= OhMhRwRBr-2BXRNh0cj5UcyvDHmqVCmU95rS4hSC6-2FArER7nuRPm2WCwrv6a84MM0YmV-2Fay= DKVdQO7CWgWGTDLVNwmnhZFCm1Yt223vCyG96m5VRcG1ac-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">LCM Partners</a> agreed to acquire the consu= mer vehicle finance unit of <b><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWKgIy= xucwugTDgWqPaxE-2FG3w9i-2FLKRE-2FJ0agxB0RZDVQ-3D-3Dg98q_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN= 0eZwKSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtv= v0K6pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8Jaq= Aik-2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B820bzsgeOBJ= nISrNlBAiR2uOrrzGPIXZDSYRcSwWYIUH3S69Raify9TuAE02KT5pj8rGVHBnmY4wuU23B-2FbM= 571lSYglFIZivdo1IVhzk87GmHy8Gz9L4PckSIR687xff-2BNOFS00ar7qbyAEkzKsBniorjPQQ= pXcg1hjh-2BEkPfmhbk2ZdJGQT3j-2BTp3TDn2Q4Avnz2C29DuM6puTKysnjJVXUBZbwm4K4Txr= W73q-2FqnLSPU5DNkupGxgMIYT2iv-2FoeE-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Secure Trust Bank</a></b> in a =C2=A3458.6 million deal= .<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWKgIyxucwugTDgWqPaxE-2FG-2F= vEd79v1FVEKdo-2FSOYGz4w-3D-3D9dxh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kV= VqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7= ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2U= Bl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821OzaxL3pUaSiLMlX-2FaJ8IHedxd7uY= yZ8FZWUWTPjJAgwopf32NMwjYVGiRYDAzl85oDFFyMtxjIPT2f7d-2FRmGtBjf9aMtPZisIYkv1= x2yTYxaw6zhe1tqYUpWdnZjnVYpTfKMuKreOVCc4FMZUrgLoTJb7jgTVDcNz9sCpaPtv8cK8jA8= kwoIAHDee1sE7J0YjSLRu8NKOCpVoTVPlJKIFCAoC0yvK3WNqHsKHZNeXD1D4UmI7iW5nSXqMlN= k-2F2cU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Warburg = Pincus</a> partnered with <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUsr8Pi-2Fa= JRDRMJI5H4dkCT9Nv0P1I-2BwUvamxCC4SdAxw-3D-3DP0Ym_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSY= ETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUE= W82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2Bt= JbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821kCdXza8C3sOEw42= qva7uS9GX9ImxiWlxOHJwIFs-2B2z37NFwHzcXZjIhhOCYDOKTr9Qnwvlkx7SrCQzUmwQKPMYEf= mzCvBE0mBukuXdVsnBubBYu0TvULIW3mztfH0vkaJyMa4xh-2FefNV829fOJ8oub031gt5sR5ei= LaSDiMJ8HOwSYjDWoA4b9VIIxk-2F5yKVqSxcGLjqSX2YfoJ9dYgEHkZP8yX-2BRa1Vuzlv7t-2= FmuABWpqROpE-2BTh8SkT-2FBfYDgA-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Bharti Enterprises</a> to buy a 49% stake in appliance maker= <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUsr8Pi-2FaJRDRMJI5H4dkCTmEXgfoFl= wbOzuDBQyFfrrw-3D-3DmQW8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYljjnoy8kVVqViBztHR= HaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbkDg86eA7ogicgXn7G= DwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-2FRac2UBl9PBQTwD= nbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B820gpMveyXAgEccnQwvTR8LKDW9KTzvKr4hAJnlBUn= vkNwlQyzVl3un2GeEkFWifTqfftySE4e4AzLtJY36LTnqyiu1ZGIdHzYyOLY8Qw1hr5XsEJ-2Fq= 3PZwD0t7hNvdBygK029Zoxbd9vH4Rn1AO1bXKYhHjnbqchmJ01fRVEXezf2N504TbUl2FXSqp2-= 2FkAp4Ny0mVg1w-2Bfpn42oRzcdNcMP5yyJcnP9U10EJxHpDn-2BnMHZOgXqyg1-2FFVsxLavy5= 2c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Haier India</= 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>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">App mo= nitoring software startup <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUsr8Pi-= 2FaJRDRMJI5H4dkCThJXgqb9S-2F2GoEvRNbsLb5w-3D-3DWV4__Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZw= KSYETXWfYljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6= pUEW82NsWbkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-= 2BtJbBJQb7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B823PhcoWIytCduA= X6H3619NOMGveb91OSASeR8knUIQYX9fyU6cJplmEwOvM6KHQ2vm3RYCWRNY8z8NfN4xvL-2FId= 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=3D"" universal=3D"true">Snowflake</a> in a $1 billion deal, The Informatio= n reported.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUsr8Pi-2FaJRDR= MJI5H4dkCTV8vTawhuO7AVljAeM1ItvA-3D-3DJP0j_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfY= ljjnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsW= bkDg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb= 7-2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B823CltSpLtLiefQ3KeGVkH3N= -2FIuKhahb-2FY9xqF5IoggGZWUPxdiJ27XOf5lV6JH8LjtZZdUC2uxOjNLZQrhHSW-2BGXMc6b= nWKsou-2Ff6jSFKMWVIPdRZMzlr77rEpdJOm9dYPMY-2BWA-2BmhbRzNZUwam1dgn20kYrKUx5M= aP9Aq-2FHJGWX2x4EZKw98LRCuiNQNV5grKmisNvOSIcdK4Y1NkN7Cgew1Lh0e4K5A-2FLbo70d= 0hwKXB3kQfJeW8HuZ5RpHRK73o-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Motive Technologies</a></b>, the developer of fleet management s= oftware backed by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUsr8Pi-2FaJRDRMJI5= H4dkCTXhHct5Wc-2FWdngTwr3KR61w-3D-3DTmus_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAR4QHKYuAtVbd3qua3TmawsgBN0eZwKSYETXWfYlj= jnoy8kVVqViBztHRHaHZO3a22ctQfkF19vafiHb00DA5qnqUZ98SimhhUTtvv0K6pUEW82NsWbk= Dg86eA7ogicgXn7GDwMHiEqB0Twi2XCCoEuB0F1jhHpw1DXrCkZzwgoO8JaqAik-2BtJbBJQb7-= 2FRac2UBl9PBQTwDnbI6nDwVLcLBE2Z8xXqSDbrP-2FnmK-2B821yricu78GjDCT4UYKH-2FSHq= lYb1iFTluuQOMxn-2BwaZIDtNjOoHwnHWMDzsKeBiVsdSPzcnjnMpo0LaedZLjTztvWOZN3LwO8= A3hBGr2nNm4OQihjc2FnrWFiOeGlbQS72N83RZ489VpPOvMpx-2FZvnHYdLCesN66BxfoJGYnb6= nh0W3BaPnb9AZbiJJPiEJPyuCcFa9cnq3N4NJ686YWrukDpIL5-2BBOYfhav5PaP2QhG3pQDlUj= TnbeV2F-2FSxYOlm-2FU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">GV</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUsr8Pi-2FaJRDRMJI5H4= 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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 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%; "> 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