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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 Continuation funds fuel secondaries record; Non-traditional backers drive Dutch VC; Europe_s private credit firms ramp up hiring January 19, 2026 | Read online | Manage your subscription The Daily [...] Content analysis details: (3.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] 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 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL 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;">January 19, 2026 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFoj0sk1R= e4-2FpA56jb0zDiXjNlIMh9URSSVoxkyzeD-2FQ-3D-3D8V14_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn= 1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QK= v0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2= FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJSufY0r= ml8Vzc-2FACnKPFz-2FP7DjN4GWyf5SJeLVSGidUsjJ-2BgxW3NIPV3YhsRwmIxB-2Bopvc3Ya5= BHca8jZviTGeWhichiuXDCHGgTQMImWXgrSj9sQyIj1FCytmRvwl8atJjIzKYP607KhDLQYkMLW= IMDgGZ9J-2Bna4KOve60cnDPQFH3w8LVXqjgAa96NhX4tqvgPHbTcgDn08rScRPhQrAqnze-2Br= 7k-2FTRUX8Upx264BZrSnwvZIGt7W8He-2Bz193EsXix83nwCcoQ6hsyUAEXA-2F" 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-2BaqM7ONnvsnswouzVFoj0sk1Re4-2FpA56jb0zDiqnBMjuI9eYvQxIr-2FTsA0= BQ-3D-3DuRIq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2ke= wplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiV= L8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKB= wIAGiNYG6GXVKoTVC-2FeoMGve522HAI9sItdXFkNPTe2heeoas2kvD-2FwNk1aJY6KY80je-2F= VoBeE6V-2FU-2BU7RknXSwIvfWHUKrP4DFY7e-2BNztZ8PXZPNG6JZFmd4238P02rvNFxtw-2FC= 9jrS2Uv-2FdEV5UMem2hq2VNSl0KaTCbAbZd-2FQlAnw-2BNA3H-2BoPsukzGpeFIjrFSEmgzpq= G-2Fp0A84YffKHmmuxiquhyFjvRiRbJsjTlyhuNpOEO5Q-2B62ctcDj0e39scaJn3bOxm6P9Enw= RcniPbBYpSOeKXiI-2FU4Rs8tMiPhu0P8IM" target=3D"_blank"> <img width=3D'1' he= ight=3D'1' opacity: 0; style=3D'display:none !important; mso-hide: all;' sr= c=3D'https://my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource= =3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3DC3LP37CN4XWTW&emailName=3D3D6H3= WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition= =3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6= 380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTl= MwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKbtzlINOeiGfY-2FV87raxFkTNlhGJoxmlRIpM9QRCf= SOFdBkNefulHD516fXLB6MEbyH3Av5iJ5KuzfexCDpAJ49d08WwaG62sNTRKM8wVlgJZbwI8BMV= 4D7Ovs5RB24lzSVOUEc6ZoqAkDrIXKPZPudh2wJEHVn3YdySlPgDulGimrHw2N5Uv3oyTt7Gaqu= 1V4eO1aaxwLZiFIOsPn5qu93oAOBv5CPDyjEW3ISNM1ku7m9XUh6GVYDcOrWW8fSaXAqSO0hrop= x2iqvuEZoCjNJDc-2BTu7Bxuf40xp-2Bg-2FSBomeFvJ0l4atA7lIN2RFzk6gRCa0pU4OoCDUn1= e1V8yeReFZYiww-2BJX3AjnMRQ9aSfr2YORrf0U9Z2Qs26WCf8WJPeJ2AyUhFDA-2FP0-2FA-2F= 8r6gya5EEywuZ-2BMB9nhU2OucirnKR2d0cYSsQ7Rr57HFdSAPXNMpWTHZK9VKRmipmkIGtJOFK= nkNOzs5uyOMgyPuACC4t-2BLeeMQG13k4H5mE-2F75" alt=3D"" width=3D"1" height=3D"= 1" border=3D"0" style=3D"height:1px !important;width:1px !important;border-= width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margi= n-right:0 !important;margin-left:0 !important;padding-top:0 !important;padd= ing-bottom:0 !important;padding-right:0 !important;padding-left:0 !importan= t;"/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.com/ne= wsletter/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; 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-2BaqM7ONnvsnswouzVFoj0sk1Re4-2FpA56jb0zDi3-2Fzk1awD8QN0Y993uCid-2Fg-3D= -3DaHmO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwm= yBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLK= Z-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGi= NYG6GXVKoTVC-2FeoMGve522HALicuX1JwflpVItmHKV-2F0bOI9wIVEinkeeZiKNz3HKlpU9Ca= yoNobwVGCiJebVMy8QRlfGI6rVEqx6P9UEENvxam8nzhMVZH2L9BsC9xYbdPEZ5sFfITLZZD4bT= SLxhr0-2F5YEPJVAnWfRCmBIXHeIW9glOJE8H9N-2B0gGniQ0VSmfs5aBLjvpiPb5Z89CbJ8lGb= R1qJl2N-2BThHYO-2F6R0-2FitzVjnf1qpKwg2JYXoj7aeq2ZgOZ57GLHgBZBOEG1OK-2B3aRss= 0RYBydYKjQfD2rDRQV"><img width=3D"460" src=3D"https://img.pitchbook.com/ads= /ad4457/SVBJanleaderboard.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0= px; border: 0px; 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. In today's MLK Day edition of The Daily Pitch</b>, PitchBook's L= ondon news team is taking over to offer up content from our recently relaun= ched newsletter for the EMEA region: <b>The Europe Pitch</b>.<br><br> =F0=9F=8C=8DEuropean PE closed 2025 with rec= ord dealmaking, powered by rising cross-border activity and confidence-boos= ting megadeals in financial services and healthcare. While fundraising cool= ed materially, mid-market resilience and renewed momentum in growth deals h= ave the industry up for a stronger start to 2026. See below for insights fr= om PitchBook's <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFoj0sk1Re4-2FpA56= jb0zDiEpR8zOwBevmsGBbTjmiPPg-3D-3DEgwU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1= Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9sw= Y7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN= 9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJMSnW-2F3YQ3Ym-2By= GYEyueMpKVwEr1kRFULoRuqMkvqQ0ABYnqF32UVB5js4C0JHhSms24A4qQENlANyfjP4yuQ7qHq= aTJ0cQouQoSk4Qq46Zdhe6DsGuONlAP1gy1HXV9sB-2F3xOB2Ea9I9h6Mq8wLG45Nxpcchph7iT= nDAo9LQEFMWEhox-2FWD1-2BL87MHS-2FcqgBuGgLZS-2BPJrZ4jI7fzE1p6yEB-2F09kI2FCOb= zBiO1rtUg3hvCwvD6T-2BJlZYtDlPTVYnpXmZmhLTjR3cdQxXZJ8w" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">2025 Annual European PE Breakdown</a></b= >.<br><br> =F0=9F=8C=B7We also include the first in a s= eries of our latest European market snapshots, taking a deep dive into the = <b>Q4 2025 Netherlands Market Snapshot</b>. It was a tough 2025, but improv= ing macro conditions point to a better 2026=E2=80=94provided a pick-up in e= xits can help sustain fundraising momentum.<br><br> =F0=9F=93=ACIf you would like to recieve The= Europe Pitch in your inbox alongside our Daily Pitch and get targeted insi= ght on EMEA private markets ecosystem, <b><a style=3D"color: #1D5080;" test= =3D"">sign up here</a></b>.<br><br><i>Andrew Woodman, Managing Editor, Euro= pean Private Markets</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> <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-2BaqM7ONnvsnswouzV1= FjxLa1hn2rGgLqrpbSlJ4UbQXN5-2FQ5HIlXXg-2BBqQnw-3D-3DRsta_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOP= laVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6v= TCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J= -2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HA= K7Upbf0fu-2BsllckWtOa5-2BtU8bkiHXLhoJUztidxzGm7Ckq4a-2Ffs6gRlNDHcBXibkz2brS= X65jgxMLMc4fZCFLp-2FYMwPKKipGOybGK5xh7SIeZjgFB6bbzlYmkb8DXkUtA55Ee0-2BktAE3= G7f4VUuBIzMh23My2Hzfdq-2B6Nafa-2Fi-2FQkNdloVKPt9GACO9Lg0FxoYFee7tieKKaqbn7y= 1gi1tLm2oDGvI4wW6BAYIfw8mnxuKR5qXwIMENHZV-2FSVk5awZ-2F9NtAYX0BHUX2t8lhKdg" = 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_576676" id=3D"n_576676" 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 IPOs may no longer be the = gold standard for European PE exits </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Emily Lai, Private Equity Reporter</i><br><br> Public listings are losing their traditional= appeal as PE-backed IPO activity among European companies declines more sh= arply, alongside the increasing popularity of sponsor-to-sponsor sales and = secondaries exits.<br><br> Despite last year=E2=80=99s widely expected = recovery, IPO exit value in 2025 declined 38.4% year on year, from =E2=82= =AC46 billion (around $53 billion) to =E2=82=AC28.3 billion, according to P= itchBook=E2=80=99s <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFoj0sk1Re4-2F= pA56jb0zDiEpR8zOwBevmsGBbTjmiPPg-3D-3D4Q3J_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fF= zzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2= B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRL= hAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAKq2mcC6eHE-2FP= WYISIkQ-2FIckznx9PtMrbx4D0rZcC1JAEgMU4XILEpKgJBzmzye7dnH1NBFeGfY-2F2Mc-2BeO= Uayu1oEClRuJ2J2Fe-2F8GFCGgLtsZYUYCQp6CAhZdYESpB201Bx9yNp9VZjjRiaj9TMiuPlY2W= mhVYfV8KGzzTpc2UsmnlRBbBrW8u4EWLh7STKy5hJS0msYPor73NgP7eDYqExnKuU8MVpZLku2h= AzZY7zb4NVWQ9hxBVd4250MJCojmd54huKn4BN6-2FP5EfSsRqg" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">2025 Annual European PE Breakdown</a></b>.= Exit count also deteriorated further, dropping from 25 to 16 in 2025.</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-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgLqrpbSlJ3B31Lb78E= td6p-2FCRPiYh1A-3D-3DXwlh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ9= 9jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-= 2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-= 2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJzGIEz0XN22WFsB0K63G2lKfdqID5ko= UjydzamnTWOvUQ3gTOp6cgsUoBU6nxiQh0IT8snA9PponChgYEydrC92BRSNTbtUS06Cmvcr0cV= iiUJJEQ-2Bqt8nNobF6Uvcs9qEfRcEWh-2BRR6eVcI-2FpAbpTmrsoqeHlzRxmQa-2BGyo-2Bcq= rPXUI5xVOxATrtSiqWUC9iUTho1VC929oLW8A4IyG8LyT0Fj8OXkCaKbBnDs8oZ9sLDITKOj2y1= 0DviwEJzbD9TRQxuvHXnlr-2FIMAmnMSaw" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/72335.png" style=3D"borde= r: none; width: 100%; height: auto;"> </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">While = PE-backed IPO exit activity picked up later in the year, with the five larg= est public market exits occurring in H2 2025, the continued subdued activit= y has left the market wondering whether the weakness is cyclical or structu= ral.<br><br> According to the Breakdown, IPO volumes are = likely to remain structurally lower than in previous cycles, even as they g= radually return over time. As a result, managers might prefer other exit ro= utes over the traditional public listing.<br><br> Sponsor-to-sponsor deals are becoming a more= common exit route as sellers are increasingly willing to exit to other GPs= . Such deals accounted for almost half of all deals and 53.6% of total exit= value.<br><br> Part of the reason is that PE firms tend to = be more willing to pay higher acquisition multiples because they can add va= lue by improving a company=E2=80=99s daily and financial operations.<br><br= > More flexible deal structures, greater certa= inty of execution, and increased access to committed capital also enable PE= firms to move faster and price assets more aggressively than many corporat= e buyers.<br><br> Secondaries are also playing an increasingly= prominent role in PE exits, with GP-led secondaries hitting a record high = in 2025, despite remaining a relatively small market.<br><br> Overall, PE exits in Europe are mixed. While= momentum improved significantly in the second half of 2025, the deals-to-e= xits ratio rose to 2.5x during the year, indicating a growing imbalance bet= ween capital deployed and capital returned, according to the report.</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-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgLqrpbSlJDricHGC2vwL-2FZuiwlaw9cQ-3D-3= DL6uI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx= YrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyB= C3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-= 2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNY= G6GXVKoTVC-2FeoMGve522HAK-2FbI4UodNWA6zP3MhCGyEyOpG2884m2lbkPn9P2q46eIFswAT= RyiMvkMcgVUVCur-2Bd49nfXoS1u5lGa-2Fchsi1qXJKnn8mVb39JhVSGbWe6-2Bw9Xs5VRTrGa= Hqi7-2B-2BYSkAYmemcue528SiRI41nmynt-2BC3ISpr1vV4TfAY1p2PMpLFfiC3w8c6UVjZndT= vnfD4lrK-2BgqrTYfbaYYhYRoP-2BYH-2FA-2FKDRUIb4qVxtgUTEV434FDPWLLW0cmrj1AzrwE= abOvnHSY8fTEGdHG8p88tacj" style=3D"font-family: Roboto, Arial, sans-serif; = font-size: 18px; text-decoration: none; color: black; padding-left: 3px" ta= rget=3D"_blank" universal=3D"true">Download our research<img height=3D"24" = src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"ver= tical-align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgL= qrpbSlJ6qPCnPvpQPxVc1x1d4rWgA-3D-3D-5OH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF= 1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9s= wY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAq= N9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HALT93v-2FfG9rpD10G= FgoyKc-2F4eYi6kzmqu-2BSJPp3t9QpsQXl27XXdW36kEi8uMJvY9Ch6x0D3YMIgndzyNCMVVKg= Li-2F4gfdUzFsDAVpK0cL8iR3B7kSpdI9Aa8rBpPO7II3J6DJaSfrwlKPbMqrenB-2B-2FcWpEh= WjYbu6bWvmffOh6i9-2F6crUSaeioF6RAhAOpaXag7nWRxy-2F245-2Fx3t9my5tU1kr-2FMz1H= pz259lxKje6J-2BBL3KHzkizJbCS7bEokm-2BU-2BCEOZBMNSWpl0d9M2Ozrbn" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Big deals drive record year for= European PE in financial services</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 Helsinki Partners</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_576449" id=3D"n_576449" 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;"> Finland=E2=80=99s cutting the = corporate tax rate =E2=80=93 act now to take advantage </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-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgLqrpbSlJK5p3Gxbp9BbV30R= IaLGWSQ-3D-3DSABO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJ= Pc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqa= LYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-= 2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HALZCO1TOuaS6xkjWIpaEydL18jD7JVz2ZbYO6-2B= yR4VMOlhxfHfPyI9xfsdLDx8aTAm3jdk3zsRChSK8AM14repuuxX7g6spBq71V7qO969C2STGNk= 3vRQp2zbAsXqwQwvuUVKpwkZmSgMD9cOgxmkpQ5R8vg9MKFDaAjZu-2FS9x5PbEKfsUwkac8nQJ= wuMiLjnAUSOav1MgkmBO-2Frn8L0uLBO5T9CvUiHuGkhLMSZRIs43RG5Ik1D9jABQS4bVBvgVIv= bqwRVbsSW3fqQYvPEvdj"> <img align=3D"center" alt=3D"" src=3D"https://img.pi= tchbook.com/news/72204.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>Starting in 2027, Finland=E2=80=99s c= orporate income tax rate will drop to 18% (from 20%), making it one of the = most competitive in the EU.<br><br> Why does this matter for innovative companie= s? The Nordic region=E2=80=99s reputation as a =E2=80=9Chigh-cost=E2=80=9D = area doesn=E2=80=99t hold up to the facts. Instead, the overall cost struct= ure favors companies considering Europe as the next market for their soluti= on or the Nordics as a strategic base.<br><br> Helsinki, in particular, is one of the most = affordable European capitals for R&D-focused sectors. Companies stay in= the city for its research, scalability, and business-savvy community. Read= y to see how Helsinki can support your business setup, help you access R&am= p;D incentives, and European expansion?<br><br><a href=3D"https://url6380.n= ews.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzV1FjxLa1hn2rGgLqrpbSlJK5p3Gxbp9BbV30RIaLGWSQ-3D-3DY32p_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9= f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4Y= V4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSG= DHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve= 522HAJgPCrlbmvN4RszbH5pQxEuSqlajgvVCQ3Y1EJEW-2B-2FC8R6relM8a9USONbxVDpbYgAs= ZrdwhXUZNq39b18yqKRYZsbHnKq6n8IInBDKB3ULdZWMKyPa6xKnqTmn-2B9l-2B5NKW-2F1f-2= FviIJW-2F0OdVeUnK9Cv0S49gq66m805JvUv5sj-2F3lA8jOGYhIrZeQeYSHysRPfXf94vE0NM6= R3hGDM1VzcWqdo19Wm37GZEYoZeojpkvyyF7ycNwOLlnYrDtuxBstKEyf-2F-2BIvh4WUuRwLCk= S8P" style=3D"color: #1D5080;" test=3D"">Apply</a> to the 90 Day Finn Progr= am by 28 February to get started.</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>Continuation funds drove the secondary market to record heights in 2= 025</b> with the dollar value of GP-led deals reaching $106 billion, up fro= m the previous peak of $71 billion in 2024, according to new data from inve= stment bank Evercore. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1FjxLa1hn2rGg= LqrpbSlJUZHEbKfg12rCGTdh0JXTRQ-3D-3DHh5d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzz= F1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9= swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhA= qN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJQG4L9zKqYizvR-2= B6I33L6un-2FpTm3UQbVH06RMNYNSGvIKUS6DXz06-2FRSlPYsb2MxKAUIAC-2FybdcblcMHusU= A-2FZYxv0bywTe9s97wy5h-2B-2FjscXry2baNPcBHcwPxKn4cVjnY2Eti4dyRXcDOKTL7WKC9h= yYUtTIZzgXsDVlkHrG7Ca3WArae7whw2GQj34R3DkY-2Bl4M01Oq8XlfOo5C0mGFHuCRZy65FGO= 7NmgZ2y9G3urw4GcdrFU9-2FpSsSBGKZKpNqdFb-2B424agkgDfShBHJz" style=3D"color: = #1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a><br><br> =E2=80=A2 <b>Europe=E2=80=99s private credit= firms are on a hiring push</b>, with more complex strategies and a diversi= fying investor base driving demand for specialist talent across the asset c= lass. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgLqrpbSlJ97caBOcm= FrqktfmxHnaGbw-3D-3DvCSy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99= jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2= FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2= FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAIS7sTsIj3B3L-2FqUWdPOj7N1vXyicJJ= GcCg3rdYKjXLI8NrEwktwDKmwbLUwmhSkStsRSRvnII-2FQ2DOAnrrRXSNFG9z57kI2aK3uEXcR= 9FYCCureKTG7LTbsZ3bWUP-2BviIWYmQnQWa7gjVbJZ33oqk3xPDz0lqTUfXEDjQZDD31mMHiag= 9LuZntzUgnKPpg6rD-2FHyH5tT8PnFgC0r0Ju5o23dRoZq3bnJuREiFI73dqVOBBIADUY3WW3JD= qNB93Uf7e8wkMdCegx1VLMBJkEBcn" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true"><b>See which firms are recruiting</b></a></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"><!-- C= LEAR THIS BOX AFTER DUPING --></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_576681" id=3D"n_576681" 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;"> Non-traditional investors gain= ground in Dutch VC market </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>By Leah Hodgson, D= eputy Editor, European Private Markets</i> <br><br> As VCs pull back from dealmaking in the Neth= erlands, non-traditional investors are stepping in, participating in a reco= rd share of venture rounds in 2025. <br><br> According to PitchBook=E2=80=99s latest <b><= a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1FjxL= a1hn2rGgLqrpbSlJiSf-2BjsI3Pz-2BrV3-2FJtUQypA-3D-3D7xKT_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPla= VfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTC= ZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2= F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAIU= nB84-2B7ZWar4v5WyZihG0L6rMIJFSjqirm5x4QZK7-2F-2BIctpC-2BVnJq5WtfyF15csNofaQ= ezbBZCnvXLAILSIcSVJ1D7OgoYHOc3xxtCmikaV1Gmpvmt88gKMRlhyFakZmOgN3vxFmvbPn2wB= xdSMTeB-2FNQWcyqgqIvTZzVe63fr7GO-2FhxiyvZyF17tUACWUqH0LHXECQF3TvuBMAjT-2F-2= Fu6X8-2FZqUa-2FgHTIvb2w7yp37Qm-2BgWJubxIEIo-2Fysd6KG9REcPIi-2B3Ww4LOI7OBrP0= TC" universal=3D"true">Netherlands Market Snapshot</a></b> report, non-trad= itional investors, including CVCs and PE firms, were involved in 214 Dutch = VC deals totaling =E2=82=AC2.5 billion (about $2.9 billion) last year. This= represents a near five-year high for deal value and the highest share of o= verall deal count at 44.4%.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-image" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td align=3D"center"> <table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" align=3D"center" style=3D"float: none; "> <tbody> <tr> <td style=3D"text-align: center" align=3D"cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgLqrpbSlJmknDL0Tzy= Urq3aqIt2Vrkw-3D-3DAvcV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99j= jZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2F= khBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2F= hA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HALcmgrh75SRLl-2B-2FOMBTBi3HX-2BaLs= -2BG9eBg3ri5cAETyfaVDQ-2BV46y93PSCXD7aFnuJptd6U1TnJlRVoXVs78NDZPbQL-2BB5Bhk= E3E55vx6yk4bS99aJXuCsqlQTb8D7j-2FDLbN5o-2FBXCUbBOoYzLbJDfnCs1OTB2uzJtOK9rZA= NsqM7gd4ha6IZwam9hvafAg6X9BSPhb71hy0id57i0UPdLEMT9zW1WTfq1pc2ipFIxd9j8cMtvG= GjZG0TJfZ6OuRa8MKUqZhD2J46chk7bgR32I" universal=3D"true"> <img src=3D"http= s://img.pitchbook.com/news/72332.png" align=3D"center" alt=3D"" style=3D"bo= rder: none; width: 100%; height: auto;"> </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 lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;">While non-traditional= investors participated in fewer deals than in 2024, the decline in overall= deal count was much steeper, suggesting that VCs are taking a step back. <= br><br> Part of this is down to the significantly ti= ghter fundraising environment for domestic investors, who are key for seed = and early-stage deals. Capital raised for Dutch VC funds fell 70% from 2024= =E2=80=99s annual total of =E2=82=AC2.1 billion to just =E2=82=AC600 millio= n, a much steeper decline than for the broader European market. <br><br> The Netherlands also has strong support from= government-backed institutions. National financing agency Invest-NL, which= has the Ministry of Finance as its sole shareholder, is one of the country= =E2=80=99s most active investors both in startups and funds. Individual reg= ions, such as Limburg, have their own startup programs to promote innovatio= n. <br><br> Corporate venture arms are another key sourc= e of funding for Dutch startups, with companies such as pharmaceutical grou= p Novartis and telecoms provider KPN actively investing through their dedic= ated investment vehicles. <br><br> Most of the Netherlands=E2=80=99 largest rou= nds last year featured non-traditional investors. Online supermarket Picnic= raised =E2=82=AC430 million in November from entities including retailer E= deka and the Gates Foundation. Biotech startup Azafaros=E2=80=98s =E2=82=AC= 132 million Series B featured investment company Pictet and private markets= investor Schroders Capital.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-content-btn" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0"> <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-2BaqM7ONnvsnswouzV1FjxLa1hn2rGgLqrpbSlJJ0xvrFx3CHHv2E0xZ7hkEw-3D-3Ds= 54O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYr= tpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3= kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2B= zkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6= GXVKoTVC-2FeoMGve522HAJrMo0uD6W-2BxwSaWfUdroZcUE7uSDWjO6N-2Bp6zQn23EtpRcxfr= fcVVFe-2F4CsieeNes4KwNI4TGZHD4F0rD9zbIMueK1u-2BIqhEKLAHGoQJsqxFUNfxU4cmlbF-= 2BvN1y0g3wrieTukRUja54SLzMbzFh-2Fl6p-2BJqrspp4uPDX-2B9E05qLWhveWn6qs8K2Wfkc= 9bLkLPw3ax1Bb09ywDs4EALcmZdZGSkpe8QCDTSy5xcGH-2Fwfo2cpJSNyv-2FIS-2BrEg-2BJn= vGpEPOdmvyEh992vhcRb8ARh" style=3D"font-family: Roboto, Arial, sans-serif; = font-size: 18px; text-decoration: none; color: black; padding-left: 3px" ta= rget=3D"_blank" universal=3D"true"> Download our snapshot<img src=3D"https:= //fonts.pitchbook.com/newsletter/arrow-right.png" width=3D"24" height=3D"24= " style=3D"vertical-align: middle; margin-left: 8px;"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWTU7Xicm6VGqMzB= CqR7nxxcSfNnQ0w-2FvhLvCucSTQriA-3D-3Dmx6f_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFz= zF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B= 9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLh= AqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJGmIaPBQRU8yoCr= gUHjs1ghhvwn6Zeu8Hxbw1bXdGNxBLzcISUKixt7M1WBlXHkI8zrqbMI4WTD4mdBt2na8zl5KcR= Ta6WHaW96eWjXGv-2Fg1ypF6tbH7ujnIlTLsUMX-2B07vV3FGKOqr56olaUVfHLIwYKnxDqy2t4= mEIg1qJUzun33tLdGtV5zCF2jg4PIO9DHW67rWxQh-2BiJ6onjZ7t3TESO0E0PWQw7naTSiRjVJ= BhpZkJyz4-2B3KxXHwWcg-2BgMT0-2BVIDe8ZxlQ4xPlSQ-2BB6X" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">Hot or not: Where European VC funding gre= w in 2025</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>As world leaders and tech titan= s meet in Davos this week</b>, the IMF sounds the alarm on trade tensions a= nd an AI market correction. [<a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWTU7Xicm6VG= qMzBCqR7nxx6e3n6Q9iLNiQFLxatLAeKw-3D-3Dd-SL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4f= FzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-= 2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIR= LhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAKJFKRJRN7kpAI= -2B72M3MXFiikZJGaMS2uCUqe5KLPstCJI8sAz7pBu98bgREnRTkf7dtzamMWHqEVlh-2BxtIw6= 9kNvVk-2BtNvePGwCaBtgV17f-2FY1ydQnjnfy1OldLNpPndOG0KJRUH3vx0FGrG9fRrTSPGC5Z= FgnoBXcPKMNqD-2Flfo4T0l06DoQNAvTxsz3V5EH576zSfQRnxJ1qD8DrpK4SW9eE15pxRWx8vS= 6Jv2XuLQlx7icIO1TI6dU-2BFwagBBkbp3qbHCheJ3JPe4KGH9XJ" style=3D"color: #1D50= 80;" test=3D"">BBC</a>]<br><br> =E2=80=A2 <b>Financial plumbing, bureaucrati= c regulation and risk appetite</b> put Europe's AI ambitions at risk. [<a h= ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl= w7SpSWIrf6GFa-2BaqM7ONnvsnswouzWTU7Xicm6VGqMzBCqR7nxx2L907hJUP7C0LRQgfdfgwg= -3D-3DmJDh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewp= lwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8= DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwI= AGiNYG6GXVKoTVC-2FeoMGve522HAIUAd-2B2F8my-2F7f8xQ47q91KwgQb6wPOkqs-2BhfDb5R= YzuEN-2FsxFt4LZ6gV9cpD8lr-2B0gxfspslGIcM4p25mmPqWEKyomL1KPztLV92TtxrYkgh8Kx= YmgrGGpKQkDzgGU3ngPbCxvl0gOe-2BjqUlenpY0ktTMQObsUbnwG6dCQEt6ETQhjQDLXn-2FmQ= rPf0g3kp2ORfXBjkA-2F2TNyz2lUfQ1WT6BbZ5WkPw8-2BX-2FR-2B0pnlWKqk4Qj9A0Ejs4GTK= TIFQyiWrhJFpM8n7vekdMsRwHr53B" style=3D"color: #1D5080;" test=3D"">Financia= l Times</a>]<br><br> =E2=80=A2 <b>New technology and rising energ= y prices</b> are sparking a resurgence for London's chimney sweeps. [<a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWTU7Xicm6VGqMzBCqR7nxxqOjckV-2Bo7sKwBr5q-2FapW= Pg-3D-3DN2uu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2ke= wplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiV= L8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKB= wIAGiNYG6GXVKoTVC-2FeoMGve522HAKAv7-2FcuV31HcpjaerxpAN6-2FMVlQn7A5EZ-2BeO7e= qaoQfAvgaiwLUzcYlf2umAm0Jfmfuo0IU8ehDiMNZryPb6BFitGrH5QhMwdN1dEEsQivTweguvo= iJvzuLzK3wcM5mgbd8VMM76vAP7e9pcgFma53zEGN1b4RXmp3N6Uv-2FDuoknfsotaIPBunAF4t= jvsKzfVT1KFazBq8iVDs-2Fn68E6IoYkC-2F8otcA-2FMGgf-2FZNnyhS-2ByFLvP1yFFghHdZ7= hJdjiQzcRKFdSjxit3urdzJXYE-2F" style=3D"color: #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; 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width: 25%= ; min-width: 25%; 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;"> 181 </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: 25%= ; min-width: 25%; 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;"> 4 </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-bottom: = 13.3px;"><!--[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-2BaqM7ONnvsnswouzWTU7Xicm6VGqMzBCqR7nxxVdogKYUzMXDaNQgoHCPszw-3D-3D1Gn= G_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtp= Zryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk= 8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzk= gvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GX= VKoTVC-2FeoMGve522HAInjwM5NI1HgXsbg-2Fw-2BRpYP6VhhuzAZ8KXExEHaXuDCpcFLNnDSJ= W9wXssOho1cHB70G3-2F6ckAyhMn1-2FRtIE2HGehjgDN-2BV8AbtNNRKuMkuwYsMdINsBLriv4= tmHxOcfolNpEl4P3jclzZ8hd3cPmeOqK-2FaGJtZ2s-2F93g4Yt5XEO4YMLI3eDldDGkxNldFI6= FQRmSp8kiKR-2Fhnpc9qibnCa5xQ914mPGaHqawaIzuDirxAdSscVw-2BRpxv-2FAIP-2Fg8DpH= RowRFT7C6t4raajWO7v1" 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; width: 150px;"> R= equest 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_576653" id=3D"n_576653" 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 Funds-of-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: 84.49656750572082%; mi= n-width: 84.49656750572082%; max-width: 84.49656750572082%; 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">14.77%</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">17.48%</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;"> 0.69x </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= swouzWTU7Xicm6VGqMzBCqR7nxxe43d3mmZKl-2FUTtBIYnXNOQ-3D-3DVqVo_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9= f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4Y= V4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSG= DHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve= 522HAL81D192vzacRQRH8llPoVK6HEbno94cCSpS095ys4VJt6ieMEBf4JYkQQAnfyg7PUcNYFB= g2wMbgVg3lqs5ic38wpTkZPYsy9ezYN-2FF1cYpAukVlxi1ws-2FDwnv7xeR1BaBRtq4dcUyj4J= rBaQxyYDIAQGQDeT11jTeXEc3VpYLORtmAT7n8DwWFe0v4nFFgZ4CCWhOO0lejlvRu7qWmh000d= gxjLKw9faA86Zr-2B3pK9kB3FzEfTIkCSmAPjYnNAmSvLEsJQV0pS4lRdyN1PVS5" style=3D"= font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Spe= ctra Investments 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= swouzWTU7Xicm6VGqMzBCqR7nxxqhExhiDL7yLw5PyY42K6sw-3D-3Dm3xN_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3= lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4= o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDH= n9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve52= 2HAJDVrAnRZUIcWw62OdaeyP82BnpRZb-2FDZWLfCrbcluusWW3MO9IXhIxqF85mSazyy5aSERw= KSCKb39kTW8L61Wet0QY4uA3eEm0Kv0Ep0d4663wJdUuxqzj-2BTssTPf68V9WoN-2F-2BYpJ5z= BeLzMN-2BWEykWwQH5WmouGzUJTMtwiBSI-2F5NUX6mxw-2BaBqtL5W-2FPz1RGzXs-2BmCSniq= puwEdD8oYrr5d19yRYk5W6UbNHhfK1QLkkLcjs2xQ8LKz66aSrxZ1iolMYZIc9QaDGwM3k8kfY"= style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D= "true">Adams Street Venture Innovation 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= swouzWTU7Xicm6VGqMzBCqR7nxxR42XVswlbxPSO5RzuC8fBg-3D-3DTp_I_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3= lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4= o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDH= n9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve52= 2HAKHrsTZiop6AsfsN0NTRs5eYr1YOmf-2BQYihJRJ0PGWez9j-2BPE05Hh7AbNrcqZX16sjoDV= SElcm9g-2FZR8NzktlR-2BmmDlXaGHboMaNNQkixNjToI2OX0RHRBeJs2hwi47KFV16InNfiCTd= 18Eahz-2FAjVkD3JV9I9RmpGF6GxilqybM0I2wtMw6UPYCwVJL1qdbGiIfpW9F7-2F6YeluvFsW= -2FAKDEnylhnkfOTov7m5bWvwX0kDJRA-2Bf6yzYywtwr9NWos09lLyPuM6xWllk-2B9Y4YH1T"= style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D= "true">Private Advisors Small Co Private Equity Fund VII </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-2BaqM7ONnvsnswouzWTU7Xicm6VGqMzBCqR7nxxqBaDH9= -2BAuntnwL-2FT5tuxhg-3D-3D2qDQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez= 8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3= muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPih= RreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HALJg942VT-2B-2BviHWX9AEmtSf= ilz3dqrdOfSx1gxJoHPbb3cmAnL2nPHYYHA6tGz9Q51jl8OraVIHajyazenvarFLN3-2FYBnZKV= 3iomyAcpPKcjv0LfS0olrJrkaaUhGhlzbvwOYioWD9PreC3ES1MfbqQF1g1JoLx98fBGzqA-2Fu= wAmGsxW3hl0AoJWkzcG-2B-2FGQXpTBjZiE7fFbbNQxptNrhSOG1-2BI95AwZtHVuGJQsCVnKzC= opJkAH2c41EwsF0sO2C1R1GpDBcHLr96UXr3wTxcN" style=3D"font-family: Roboto, Ar= ial, sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-he= ight: 24px;" universal=3D"true">45 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-2BaqM7ONnvsnswouzXJtgs3u= QeCdRreyYZU1QheWnl4ksYrIK0D9NH4ow-2BLRQ-3D-3Dyvyq_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn= 1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QK= v0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2= FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAI4PskIE= Vm-2BJJw1lhxC1Pmwd1-2FaVSmT5BD0JGlGpZBXqp16Yku5zo3Ko3ICYKqnwOBF1T7Sh5M5PM6Y= 2zRwoG343jfPVGi-2BX7EE4u63YGPc9B3bP0nb0cD-2B7AybEbMsev1qXqTqH2CdKT-2FGAXmKI= BR-2BIdhFa2z181DDTIw8Dx7npn8-2BM-2B4MZXGbQ2xIDLKBvL3TTgd5W65xoKfJ2v1PwfAvYI= -2FSJeT7kqXxrMQwP0KarHT220ipv7yW83T-2BSAliZuDoePkKZnaKCB7et2IK-2BFN-2F" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a= ></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table 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-2BaqM7ONnvsnswouzXJtgs3uQeCdRreyYZU1Qhegqd6mpFvfCU4zVoj-2Fq4vYw-3D-3DH= jTc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYr= tpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3= kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2B= zkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6= GXVKoTVC-2FeoMGve522HAKXd-2BJuS3Mk8S6Y39P3FLAlOvTcOKsH26qKtGfwkSwiPUb-2BeGi= -2BcP3sb1L3XjZcegNIMJj98bEu9s04w2rIbfkXswsuEthVJU0ukbc0Pvn-2FsEEeEzMrvB4Jou= iwP8HCiNBZxP4gHALHRGk6jKOD0C98F-2FMB-2FbgTYf9aaOKvooOqv6LYpGgkB8VOMMDeKIoJF= d9mrkxLFdEvupNbu-2BSVbc0Z4noaOsfArPhuhFgKgkQ5ELRapBWfrK38Hqetz-2BBqeD-2Bs3V= yUQYT7w302P6Ba4IUv"><img width=3D"460" src=3D"https://img.pitchbook.com/ads= /ad4463/ChurchillHBA.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; b= order: 0px; display: block;"></a></td> </tr> </tbody> </table></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">Ukrain= e-based microdrama startup <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJtgs3= uQeCdRreyYZU1QhedozFpJ0Bbz4tobNyyf0IVw-3D-3D6o-D_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1= qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv= 0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2F= gFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAIAZlKwsU= vMlETpO0vOFrj5t5GuHoQhbHMwPYURgGZTmvDdc0ZdNruQaBV2m9gZzICq2jeper-2FdvyN5lXW= -2B4PZduARm0JpNHZtiLZUZtIjyh3AuYGLpm4-2BV2SkFx-2Bd2JyCUVF-2F46br1-2B3IeE2Qv= CJpRGKqhNIy1WqOztCZzwAz0st3Cjw0FFMS6JpBlnevqgDtiuLDxEWfqDvI2XYFnL661wu0TxOC= xyJmzhRBR-2Ff9QcWjM-2BjT485hxMDBKz5cc5K2P3EWYvHlxgv1OObsiWc3L" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Holywater</a></b> raised $22 mil= lion in a round led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJtgs3uQeCdRr= eyYZU1Qheq42aIlork1Hf-2FrTZATzTsQ-3D-3D_tnj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4f= FzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-= 2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIR= LhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HALDs-2BHyI8QuA= Wdxnzd-2BtrdMdp2VZxeFarDJIq3odUIs8mhUQYUu37I2AL4zmxUmn9NaPaJVIgKEcipvNpRXlM= UwMvRapHM1aqu0lTkdvv6I8HBq-2F-2B-2FvcTG9gqcLNlgh677SPrwU6CBa4CQVwevitny6Hie= 7bwl9ySqfzSXYA9u80z5QTA5QWcLDweZTT4-2BMGXIpYhtCZJiWsamoOKoNgToJHr1wkkVyhEra= CmbD1QBfvJfDHQM-2BfxL7QNw2aROxhnz-2F6WD60De7Rz-2BgrPdy47Af" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Horizon Capital</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_576543" id=3D"n_576543" 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;"> Don't miss our upcoming webina= r </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/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJtgs3uQeCdRreyYZU1Qhe0sTCMCb2Xf0wH= a808T5iBQ-3D-3DZMBp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRd= rJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQ= qaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9X= o-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJVMYY5N8rRmD8Op9dd9ugA4ufbgYRZKrtmmzP= ZFxRTX1dJhyTCSIGsEK6I4WtH5bQjvpBX6sbW-2Bon4WSljeAFrvPXG2RIU6G4lHCfFzjK6lmTh= oF8f6y6rwWc-2BRR7JRNJVkSBv-2Biy0bH-2BIEJYsDta5WD3lQ8elazR2FJA8DJqLV-2FlsP7i= mY-2BILSiS2rH-2Faa6qXF5JfUUrX94APnKXKUC9v95Fiy-2FdCPvz6A6B5uPEEBfkou0J-2F-2= FNffrw9qfZWwsJbtDw9rnJVasbaciZdZkkW2"> <img align=3D"middle" alt=3D"" src= =3D"https://img.pitchbook.com/news/72244.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> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The J.= P. Morgan Healthcare Conference sets the tone for investments in the year a= head, offering a first look at the industry=E2=80=99s most impactful techno= logies, deals, M&A, and partnerships. Join our healthcare analysts for = a recap of the conference=E2=80=99s key takeaways, with perspectives on ind= ustry announcements, AI-driven innovations, and what to expect in 2026.<br>= <br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJtgs3uQeCdRreyYZU1Qhe0sTCMCb2Xf0wHa= 808T5iBQ-3D-3DCWyu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdr= JPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQq= aLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo= -2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAL1Ih74oZpryWJmnOrJYETpnbERJ8ztOtscMxvE= WlcesrPp21zzCqN0gJu2EJPP297jlEA4EOADBWg1t2AaTo3UT7DDjtkrO8wS4-2B6Gm0iIBpwHM= ICEjwm-2FP-2FazNMV6IXz3cn74Bg47eCzS6r6qPanOhCysBQCNyL-2FVCgyFbKzvpET-2FmtFh= D4jW8AadzGqz5nMfUgDSyZSxmAWmXAjZV4bXLC-2BPWMTdVpiL8TfnxXsPmMjqEzOrO-2FMqK55= 5cJFN-2FrcFGRuxRyPYRRX-2FX-2BPPYcs6" style=3D"color: #1D5080;" test=3D""><b= >Register now to secure your spot.</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-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= 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1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QK= v0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2= FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJGupqxd= uL63GtrF3PA9tsdLc5mbKDPvgEADWJ-2FKGoN7MGQ56jbBPZR1e-2Fj8lFRL58DKRFsihqUwM8E= 4heRRtOFBv6I3faiGKHOiCFPFuU0rZdc-2BqBLjNT41iWmSI8I1E2pwUrlyxaxmcPSZcHPMG6U2= pV7Hp88uY2yJ2D7qz5axhTlEV-2F0PmgiOVdYEP3PUuuOJq2-2B1arAEQ-2FIHRM3lLzUN5C8Rq= vJolpMke5lFeK2si2L6rKp0bJjIN-2B8T2ibtFeyUETEwRTOBv6wo-2FpIqTJP" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Salto Systems</a></b> that coul= d value the Spanish electronic locks manufacturer at more than =E2=82=AC1 b= illion, Bloomberg reported.<br><br><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX= Jtgs3uQeCdRreyYZU1QheQoqb0PIarb-2Bik7b0iKdh3g-3D-3D4DZZ_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPl= aVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vT= CZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-= 2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJ= uGHIeklfPGabdTNyqWOKBWs4M3DvAB9k-2BBZnVU1uXrARZHh-2Bo-2Bt1D0yiRrFbFYasMrQz-= 2B-2Ftx7Z9nAoCPi799PPu0DidqcnNngiEtON-2FNHz8F2o5W-2B8VIv92iHPrXtM7XNwgKsZqq= hMYuFfPtBsGfiO3iS1RcIZWGjDY6sHF3bXwBdCyEOostfMVR6wYVVj3xk7-2BOnOPDBpDk8C3AZ= HSV3k-2B0sVKFZc9RXSeJykMUENycVhuO-2BZj0vTDDreQAQBd3d3f-2BXnMDsuVUpQOfEz-2BB= O" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Bregal Unternehme= rkapital</a> agreed to acquire a majority stake in <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXJtgs3uQeCdRreyYZU1Qhe0orIsogP74R5pgIg84mp3A-3D-3D-x7U_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3S= mOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc= 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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= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoGaGRcvYkBGOC9Pzlk4wg= -2Bw-3D-3DNP4y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2= kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYk= iVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJ= KBwIAGiNYG6GXVKoTVC-2FeoMGve522HALM6d3KqLGgFYrdQ16yvtGHb2eL5JrAapGEL-2FMTtE= 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1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</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-2BaqM7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoRiZKiH4K9o4lMmlMGxxF= rQ-3D-3Dj1Tr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2ke= wplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiV= L8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKB= wIAGiNYG6GXVKoTVC-2FeoMGve522HALL18vust-2FWAFjljhcOhk5pKLkk94qsWroDWjuim3UX= CfFB3VgQAoBoGfQLtx-2FhJM23nfm-2FS4pfs2Ac-2Fblya6zbysZgM2qocaaBABEHzWXT9tbBv= ZjxFj-2FME4stWjYLnf0GIsUG1lnJ-2BHNjtnggY5ASKIbQapIsCUsU4iFvOORp7zD0lOCbnGG-= 2Bn5ouuwa-2FpEyreRlJc4h99npsrrI67uSu-2B8ABHVeq-2Fi6lAypON05CCQ00AomszEhSwdi= F18PwiLNW4ONklkRN024cNOUOwY8R" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true"><b>HIG</b></a> held a =E2=82=AC1.6 billion final close for its l= atest European lower mid-market PE fund.<br><br> Dutch VC firm <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoIxOedUkEA56KZGyZ9jM-2BsA-3D-3DX7RL_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3Sm= OP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9= OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj= 2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2= FeoMGve522HAL2lNwhSedYNJHPh2Pr54Zd-2BISm1caiCTGjH0mLGakQtTPgPrgcbzjp3FMOmto= WTQKKvAcj-2Bd4tpMKsyh9uGJ8ZjW4mgf8ZtQbLUCERs2BY0JKPDpdHag2ly2kLe7-2F-2F8Ouy= uqP1MmL3NH0AgfJ23FLiERH3x-2B8iqOX1vm6hX0Oo7-2FT98gSlA9jgN30vElHDMhphnWpXT2-= 2FzaCDRBBgu2B-2Fm8AB1LB9vm1u9BLRM1zlBpKzu3Qr0MH2-2BhWMIx-2BHunuDD70JpfjOrQh= nyfTTCjZdc" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PureTerr= a Ventures</a></b> launched its second water tech fund with a =E2=82=AC150 = million target.</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>Investors</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-2BaqM7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoYrzU3N6feMgBFBVcW= qj2sw-3D-3Drjew_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc= 2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLY= kiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2F= JKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJdNT4hcdOuBKVRhUHIooiu7O2gSEjn9YpBoF38bn3= Fq89-2BlKJX5D7YHG02sI-2By0CFcnZJxdi5L3TWt3xpjmOL17xfv6ODo8P9dyGzT1GYhwDG91N= jqhAxUeEhpxJgtOIZJtCh05bYlDiDvwFJ-2FiNR7JqB7FbUh7ruICHETYMBCOw5xe6XZs-2BdDV= ZxMIfjPCDayoW7M-2BBylO1vhdKirpw6R8JuNOJ3bKTzhkmXb-2FdxtyQTD5lYupboUW62EE2zu= WspxGiwcduHwtd97LFD1KDOJ" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">CVC Capital Partners</a></b> struck a partnership with US insurer <b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOo0pwqye44HDYmN2= qha-2FYI6g-3D-3DOhDD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZR= drJPc2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhB= QqaLYkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9= Xo-2FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJZjQLhJGaNXAafFggU-2Bw-2Bqbc6PLQeti3= vwz5c-2FqeHZL-2B5vBUZ3V88EypHDrkYsk7ieSVsV12sItOMNbWEcUzpvrRAy3zGbT20zCpiMY= vJRec2HDu9e8hC94HDDl-2FdS3yVMvtLuLnhhQaXxqYfd-2FR4yeLkErDaxpgC0rJneTlNoLYJI= B-2BNnobg45EyXL4f8EUOnAsRWtB-2BX1zPRhri8IYvQByWtJ57YJwP3s686wjvZ9XRSgc4aw0-= 2FntQswEOMRY5zWIkY7urbtORJDupeP5uEm" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">AIG</a></b> worth up to $3.5 billion. AIG is set to alloca= te up to $2 billion into CVC-managed funds and accounts, and up to $1.5 bil= lion into a new CVC evergreen vehicle focused on PE secondaries.</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>Corporate M&A</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-2BaqM7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoR-2FvJWiSKQ-2BQd3f75= T8iVyw-3D-3DrivM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJP= c2kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaL= YkiVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2= FJKBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJKTnZpyTaNoFLtr35ZK7WDItrRTPZnjXJwEJsgrL= P-2FUy3SJRy5KfnI4CNmq2VSCdIEJhxnb9apZXeq7-2FLYdHb6WEb5T2ndl44OTfs4s-2F6DutK= UpoyHKUTpsV0nuJQdTQUwyiXDYycMCjKLym-2BTirkd9xbLuMYSfsE-2FTt8CcOHia0ZXObvypz= LufNaIAJt0-2FM7SkZjxMzXifjhMFrrNm6z7P7U5KE2MSS7Q-2FBt7RAkv4QZqlKmfTQ5Jv08D-= 2BdxJsGOiNElDI3HYzr0lKDOIBTnc" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Boston Scientific</a> agreed to buy medical device maker <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoJfkKmOIHR5SN5mBhMA= NhPQ-3D-3DKSXo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRxYrtpZryio3SmOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2= kewplwmyBC3kk8UmWqBc9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYk= iVL8DLKZ-2Bzkgvw2Jefj2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJ= KBwIAGiNYG6GXVKoTVC-2FeoMGve522HAJ46koTak8-2Fg-2FiTiA8-2BJmri-2B8HQS-2Fe-2F= o0RaIzV5lnfsKUteEpIqvyH7InMkgpAXazs0CjUFvptAH6Gqm1ptHCx5l3Q9x0MYpo-2Bki4uBf= iY-2FYqPhu47NmLJ8FIb53IeBlZDcUaaCXtArntCkjSbnk6xTusLYAHPIdpUygRPJbf7OUnQazm= lOKGcwrnjMzI3JdmRy6mKXW1Ix9-2F3qrGrlyoa0tbj1whwd2-2F6CKZMO7dElK5eaINMsm6SZm= -2FPTz-2Fjcv1AP5G7n0-2FpVsUqmOltQg-2FjA" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Penumbra</a></b> in a deal valued at more than $14 bil= lion, Bloomberg reported.<br><br> Shale explorer <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOojKYXOy23z4twnSzq3BUiDg-3D-3D10Fq_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3SmO= P8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc9O= qEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jefj2= pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-2F= eoMGve522HAJSKHpyf8OEGjCA6wH8xwC0v6vGFh7-2F3pIlsRjeNxsZKuYWpg5CjamdszxewpmS= 7Imf3F3ZF7Kj8eQbEU-2BjPFpj4uagIR9mDz6kLAnc87u-2BZfWz4zxP2kT-2Fbjs4GmEb-2BTk= OfPEtbYOLHgNkrsTnlNC3XhNiMTaQ78UzT40ZNyG0HgqrQb8aKCNnieoZjKo8XKsP1ofTxDetvn= 2bWVicGR31bzKRLW4WHilNQqFro61b1MjLZqg1YOy1hqSUg2R89soq1ov0K9C5xJgb1VFm-2BNw= S" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Coterra Energy</a= ></b> is considering a combination with rival <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzVp2hknNWB5VrZmaiLAVhOoTco8ptznTu-2FnhW9jemDuuw-3D-3DOOSM_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxYrtpZryio3S= mOP8IRR9f3lOPlaVfSHn1qhZ4fFzzF1Eeocewez8iFQ99jjZRdrJPc2kewplwmyBC3kk8UmWqBc= 9OqEgK4YV4o6vTCZU5QKv0pFI-2B9swY7EBsqt3muv3-2FkhBQqaLYkiVL8DLKZ-2Bzkgvw2Jef= j2pBWWSGDHn9J-2F2S-2FgFbIRLhAqN9v4tnPihRreR-2FhA9Xo-2FJKBwIAGiNYG6GXVKoTVC-= 2FeoMGve522HAItDzvmVFb5upHOKZCXy-2FnWPAkhPuNkf-2FGCyjZAoha6MMgHPZCISRCHd0Pl= 1s7fAc7rTYzk7OIEvdxV1YiQZUYyEtEy-2BRY8tbqtviHh90Ok-2FFsiAN6ssT9pcvOhAPZYdGv= JBBx5qN-2FvQHnRXXrho814YyRKaujAVQ-2FCFfLPVz1gfBu0mEb7JulN0-2FGy0tiogw7Gewhn= 6RyFNPATFOinPW90tjMTDRWBNEaCr1QQgt28ODTrtxSVPsoZTZMTir4-2BQpWULmxt72fTPbyuM= 4acrrLY" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Devon Energ= y</a></b>, Bloomberg reported.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>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; 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