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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 Secondaries record run not enough; mega-deals helped stabilize UK market; French PE hits lowest quarter since 2020 January 28, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. 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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Second= aries record run not enough; mega-deals helped stabilize UK market; French = PE hits lowest quarter since 2020 </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); 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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 28, 2026 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVbE70YWOb= AfH1ONSqluhoJtVyPRymLRbAv434hg2t-2B6A-3D-3DlQVd_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyIt= iwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxds= pLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z7= 5ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm-2F-2BUcgVkTpHk9LnExljzcBYO99bQMbnoxFuU898= LIXSYmBc4bf85q2lQolNPvquscdwqA8Vi6Pn5iXqW-2BFZ3py-2FHzE-2FS3sVZ9nQiYFZIIqIa= ijNxYexSGSjSlxx-2BgQCIiHN9bjIyuLaZfHAE8zwE70vow9A2nQLyfVWjU1be1y2R0BmWbgzOG= Fi1im1kilnKEbq-2Fub0G9DwKp06Geabtf-2FWMvGW9fqH8IFgjYSVyz9fCWtBKEytdeA2Qqh0I= e7JBH4foi9NrIZctXa7HxWP1w6w-3D" target=3D"_blank" style=3D"text-decoration:= underline; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUz0cKa2jCQf2blCi76AEICw-3= D-3D6B_D_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgUR= I9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrz= eZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm0P82Yc= uI5v3hRDWBdK-2FBi-2Fis5LZw9GKm61D2ajGg2cCDIOlzrsri03DiMi9ZAPTkgMjKGMjP7YnUX= 2h2Q-2Flo5AcH6UwAFV-2FxrRyeRuXdCIH9cl6coidD8NrjxBxr2fJeIddNVIURlrLnrJiAtpXB= JQoQfTtrjxVxQOH8BjfobTsY-2BOKaeNpJ-2BJ5cvE8dWDxQo1MY-2FiIV2QOtlhUMLLofUeWKN= G3Rm5-2FJSB5zPXRSK4Xg6tbF4erGA-2Bfdk3r4fxFdJNFbhXbdZHZlx26DYx9w-2FQ-3D" tar= get=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'display:= none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?u= serId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId= =3D3D35AEE4ARDSMMO&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QH= VPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKV= WWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du0= 01.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcK1v32o2= FlXq9ygKIhhd1TYhwNuA0BU3t8-2Bvfou8ZTC5VlUlWx-2BsLt0qdvEYCFZ4O9YmDSXUIWQGYJN= eB2jgDBfs3HVs5nG2-2F-2BabJAYZdLHHAyc716KTQjeLRRzBrZvdDvhDYgegMgiSEcn9W7qmfG= RD3NAPMsd2iiadNVU1Sk-2F4wdE0j0pKdOzC5mDZK8fl1mmi8PbzRkHF6bY5tJLMl-2BTHZHXEW= lBBMpnj3QYs7sM6Etm-2FM6UHD3qpGEZVN6Q0HZ1ugS9Ub8MwnV0-2BblDQuc0yUcP-2FWwFkGo= jqAUeW3zd4N-2FIgoUlsO-2BXLh88cA1IHGk52udFDYH1EnxC4zthdmKNGxskBKwC9SZfEFVzEL= ww1fRsD54sWmPlKtIrhaaZo3wGxXq03dpLkIIdFFZ5gGQWvRV-2FWPIQHjyPeul5gwDc9v3-2BD= 4ai5BQ322j1GNCPHMYTVmtWjXXOKU6XKSsstwjkOEOnQW1ZsEC74iXG-2BS5UGc-3D" alt=3D"= " width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important;widt= h:1px !important;border-width:0 !important;margin-top:0 !important;margin-b= ottom:0 !important;margin-right:0 !important;margin-left:0 !important;paddi= ng-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;= padding-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https:= //fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"Pit= chBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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Read below, and <b><a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzUJ21dBSW8ME9GtrcrwntuUn3GbyNVJOIQxdDThdrggFQ-3D-3Dv-Y1_Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKb= n5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZ= E4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtF= POoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm2f7i-2FxQif-2BtZqJRHDMr8Y8wYa5Wi= T9Rv-2Bc4k6gBbx1CMyk-2F-2Bs2nBg9-2BsIMnfGSo77ecmYsziBT3PUEYJaTFgwV4gzryifQo= XTqMgULvYADQ9RxepmZ5a7EOe7RAyQ-2FUQWuAPwoRpFycsY1tWu5YcNPx8TMKnZ8WXkVFVhRpM= zDH6NaNJIgDZtrFeQ-2BRVGJR6V3QbUkOFw3UhEurbeb7e58dHZQ8mjo4i1pYLWUIzbazZqYaP7= Lt-2FviLpS20merusdt7wjCDiu4Px6TC-2FIMgIBQ-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">download our latest research here</a></b>. Also, = we take stock of the secondaries market, analyzing new data from three inte= rmediaries.</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>Our= new weekly newsletter, Public Meets Private, covers the intersection of al= ternatives and the wealth channel. <b><a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ= 21dBSW8ME9GtrcrwntuUy6TCzzUxPqy8-2FzuJqre8DQ-3D-3D3CDN_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5L= YLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4s= KIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOo= BnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmyVZlQg99Ei6JyBReY4IM8SrRFcewp07fYgc= apDtAo6isuYfAVfjanW7WrXfqqsnxSIMfBrTxWJJxcSyYPlT-2BjAViKQw6AkYgPlQMDNFhmGyX= -2BHxMbsoaUny7M-2B66pgcB5N0ZiiKQWOt5BKnm0PMgqVA6MH-2BZRcbcnRD3FXxsuxyN7clEx= -2F4V3SVqqIGJFF6pGyW6jNI9YotJHdXzETfwr6Zt8NoYSEDqRsL95nFl05xOQxGsSgU4ybIW-2= FWzn5UGyCea2P48rrAFnuH0Sv6YECA-3D" style=3D"color: #1D5080;" test=3D"">Sign= up here</a></b><i> </i></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_577007" id=3D"n_577007" 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;"> Reopening the IPO window isn't= the same as widening it </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 Zheng, Senior Venture Capital Analyst</i><br><br> This year's IPO activity is shaping up to be= quite similar to 2025's, during which exit value was highly concentrated i= n companies benefiting from US policy priorities like AI, crypto, fintech, = defense tech and space tech, according to our <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUn3GbyNVJOIQxdDThdrggFQ-3D-3DFhRd_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53l= Ov5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT= 6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2Rp= uP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm4r8r2-2BJBGCRPcN1a7SYA= 6kxACh7tDaidwKUcg5-2FzEr5IwbVAoyRIXWXKLKtUHvceGdw6v9TywqIFWXcs6W7GUiG0ADri0= zS6bBn4p-2B78zy744arRzZzKWhxGWTsS7zO7NqdRKYCteH2iI5TaMziD39UXjPGf06rH3aj-2B= YZgTXbM-2BMK0ju0B5VS28Gz-2F7eqC-2FJQAjBHjZlbTgjZ6IcTPouBOg0kppIHUeSbZ30Gk2N= N8L-2FmdqskwfNONhOBhblei-2FbJtw63tJhyzDyCSb-2B1vf5Q-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">latest analyst note</a></b>.<br><br> This would keep VCs in a pickle as they cont= inue to face mounting pressure to deliver liquidity to their investors afte= r four consecutive years of negative cash flow.<br><br> There were only 48 IPOs of US venture-backed= companies last year=E2=80=94barely an increase since the market turned in = 2022.<br><br> Last year's tailwinds and limitations will c= ontinue to define 2026. On one hand, valuation compression has lowered the = bar to going public, clearing a path that had been blocked by pandemic-era = pricing.<br><br> On the other, post-IPO performance in 2025 w= as underwhelming, especially for high-growth companies that debuted with la= rge price jumps but ended the year with significantly lower stock prices.</= 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-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUgNtJdxgb-= 2B-2FvPRT78m-2BCHow-3D-3Dfdr5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBf= zzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwG= e0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OB= KZDqGfEp3oz8gNm0Ej4rhIPkotnDBu08kQ2-2FPFHDKdXMDM-2FMgDgYed9CX1-2BGGqKclz-2B= cV5ShzUYWfsFofDUzlXiREXJ9STmm-2Fw-2B1MlXtNDu2scgwm-2F-2FKEH1lSNLwDZDJD5c8K-= 2BK1f4p9Oik7wrViHJ5yCdNw4meNxG7zOlM0Ns23QXN5TvaA-2B-2FRjXmeiDrbNqb3OsHRb9Pk= jfEaFBIAmsUGh9UM3x6-2FDYZX7mx1ikre5JelSpQOEthsS13bVNqfnr8q2vkm2TKqBc8qZApwM= LvWPtk0vMEWDEZE2s-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/72445.png" style=3D"border: 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">Howeve= r, what makes 2026 stand out from previous post-pandemic years is that some= of venture's most valuable companies are said to be planning to go public,= including SpaceX, Anthropic and OpenAI. This is a notable departure from r= ecent years when their ability to raise huge sums of private capital seemed= unlimited. Now, in capital-intensive, highly competitive sectors like AI a= nd space technology, the scale of investment required to beat competitors h= as made the public markets essential.<br><br> And this creates a new challenge. Many of th= ese companies are enormous. If several pursue IPOs around the same time, pu= blic market capacity and investor appetite could become limiting factors. E= ven if the top companies do provide liquidity, that doesn't automatically t= ranslate into broader access for the rest of the venture market.<br><br> The result is a market that is only partiall= y open. Even under favorable conditions, a gradual recovery is more likely = than a flood of listings, especially if 2026 has multiple macroeconomic sur= prises like 2025. Expect IPO activity to improve incrementally this year, n= ot dramatically.</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-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUgNtJdxgb-2B-2FvPRT78m-2BCHow-= 3D-3DvEcA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgU= RI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrr= zeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmwMpTr= 6HLwWbMqI0eNT2-2Byvc91GZyN7I9ZCHcTzUp8em4AwA-2FYR5Ujc-2Ft7JakTTefagZbaSpI-2= FYWDkY2gRJ867JloRce6tVGljsp6KBFFMVfaZvGzVvDSf-2BNPkkKuZUsCCqybw7mmVltVjqoIj= -2BzQFYsWaYtkpZmsUV8qHq0mOlwU0-2B8u9bq1X-2B-2FAfP90voPRZ5hEMTuBZ7imB-2FlPhx= IPG5V5LAoVklnrYtkU7DDjTgqWOAWRDbBVSawZUk-2Bo8HOSJ3G7-2FhghmTb8McTI3DKfRc-3D= " style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de= coration: none; color: black; padding-left: 3px" target=3D"_blank" universa= l=3D"true">Explore the report<img height=3D"24" src=3D"https://fonts.pitchb= ook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin= -left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ21dBSW8ME9Gt= rcrwntuU-2BMYAdR5OHlc0uvWWgmPFDQ-3D-3DbwEa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5s= zndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvc= PS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZ= ZqKU0qOUS33OBKZDqGfEp3oz8gNmzoJ2YQSciXS7J2Bc8fVlPhqNYI19N1u3UemdSgvJZAoZjJI= yYN53vTr-2FQbhWLNynk8h6YaQEJBIcKQAVH12yJWot2b3AQ12FLOirexINhTT6OkZt50YJXW3d= 1B0Zt41ab4mzAOnz8d6hjod-2BVR8GuRlSogXdQQn1jC8fer-2F31XGtFd5-2BRH2r5sqCUFTbu= hpdLrA0gjW5LvI0Mb20G4KnAEBnaxU-2FO-2BsdhDQuax3-2BpnwmBt944MoUMwsEiXA4cUqV10= KCWWYQkEBFKpbjGSxTZY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Q4 2025 PitchBook-NVCA Venture Monitor</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>PitchBook Benchmarks provide a snapshot of data</b> for closed-end f= und returns across strategies and vintage years. The latest edition has ret= urns through Q2 2025, with preliminary data through Q3. <a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUQK4D-2BWQgokgIWUOaReA78A-3D-3D6QO= 6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9V= P88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LR= oFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703= jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmwrM2qSmBVBhQG= 3X9EaWjv0Roh4EZbcV92s2pRyqilOU-2F8rLqbSrH8OmtV3dTZSEtH3YmPYuVZdDGeHe2xq6fXx= hidhcJRwRzCYFSOFvfVvbbncOyaRerNj1-2FRMSNYIZOZih-2FRDaj1vaJAGCv4QeaL-2FOjvjb= wcJgyHOONrm6ljSRIVV00E520n-2FzDbyD12kROw9GjlJhsGTOx40Jf7rgGuHWOdZyw9QovFqHH= Tf-2FdRkZu8CCsFecOsOAwZiFyWEO6DaGBQOUXOwguo3FD5zOtjE-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true"><b>Get it now</b></a><br><br> =E2=80=A2 <b>The UK's private markets ended = 2025 on firmer footing</b>, as the IPO pipeline revived and PE mega-deals s= urged. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUWqVtYUj= Om4u0AJUG6pfYWw-3D-3DUFqn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHr= GvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9= PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDq= GfEp3oz8gNmzyw-2BrzTnmkwZbYUoi3CKp-2BP6s7E-2BTRfdxtFxAW49kGohaxY-2F11Eu-2BR= pDx-2F8Ej5QApfxU-2Bz4dhWjDupeVcwO-2FdhKyn6LQ4La5MopH-2FZ-2FMmWzjxw72CYOLOj8= 3E4ZDV-2Fct6oyivvCBgW59TdRZpTSZuoxXA3G8J0Yl1i-2BEytj3rMqQghuQITmpLutF-2FFGa= Fj-2FuzE0bObO6eZSa1uqhUVpzXeTY5A-2BOaigb5ylPSbMwPt8CJpnU5hnwvVnY9uyHgfWaX1d= ZqfWfgb5RglQELsTQgw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue"><b>Read the report</b></a><br><br> =E2=80=A2 <b>French PE activity weakened sha= rply toward the end of last year</b>, with Q4 marking the slowest quarter f= or dealmaking since 2020, even as conditions stabilized elsewhere in Europe= . <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuU74FdSjAIufXf= OWk5Ht5Ppg-3D-3D_4gE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSL= slvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7= z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3= oz8gNm24bk29RKeAo0FTU-2FwH-2FkZB5fSMRWzXYH9kyVlmJ4BZR3-2BZ-2BDp6-2Bw1vzI2Ru= 0nOopK3tTqEXUjgPykwW1-2BLs3gEg9ZO25t-2FFgbWbqzOWoKu-2F2XhsufbnwIg0uF2HOwaRG= R2MOMsoub27jgDlqJlQ8KbiirBaeRNMFDP-2FH5EeQi6keXPhR8VsjRQ3E9C088BrRodpt9-2Bk= C8ogjjmSnX4uhlu6QpVU7ipfMscIQhySbffvnF-2BCEc825VjMlxPk4qhFtXjayKeW3ybQVqb67= -2ByXo58-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read= more</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_577019" id=3D"n_577019" 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 secondary market's capital= ization conundrum </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 = Rod James, Senior Private Equity Editor</i><br><br> Twice a year, some of the largest intermedia= ries in the secondary market publish data, based on a survey of buyers, out= lining the volume of trade in fund stakes.<br><br> That 2025 was a record year is beyond disput= e. Yesterday, secondary market intermediaries Jefferies, PJT Partners and C= ampbell Lutyens all published data putting total transaction volumes for 20= 25 at between $225 billion and $240 billion. This compares with consensus e= stimates for 2024 of around $160 billion, which itself was a record year.<b= r><br> Evercore, the largest intermediary of second= ary deals, published its findings earlier this month.<br><br> Activity has largely been driven by a lacklu= ster market for M&A and IPOs, which has reduced the flow of distributio= ns that limited partners receive from their private equity portfolios, prom= pting them to sell assets to generate liquidity.<br><br> A chart published by Jefferies suggests that= , despite the market's rapid growth on both supply and demand, it remains s= trangely undercapitalized. Whether this can be remedied in 2026 is an open = question.</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-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUegheSj4Cp= YyLLflvNCHmkw-3D-3DrY2w_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGv= JSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9Pf= KM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGf= Ep3oz8gNm31XhtOlE3sSR1Nyvdnvu6Q68AFseqIwr5s3oH7VxyWerUY4EZOo7it0szxrZbZ9F9Y= fKjvfWxayhRlJyzLAHNH-2FawVPJ6fNkgQFmUJ7hF3C02s14isjnuF4JHMMoa63C3bZPhxpGitx= txnWPPkUH6uPKGnPfR3cb7afa4N5cG4AY4LEU529YbqiqZqlWAcGhzqw5eLnevAjehDOIXPcnrS= E8CPQ1yg5mShilT9h9Rkx73fD9WH-2FcbvcB2ms2zTlsxbw-2BEBBh56nKrcpodAd2bo-3D" un= iversal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbo= ok.com/news/72457.png" style=3D"border: 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">The se= condary market has long been dominated by a handful of buyers, some of whos= e funds targeting institutional investors rank among the largest PE vehicle= s ever. Ardian, Lexington Partners and Blackstone Strategic Partners all br= oke the $20 billion barrier with their latest flagship secondaries funds.<b= r><br> New entrants are chipping away at this hegem= ony, according to Jefferies. It found that the 10 largest secondary buyers = accounted for 51% of total capital deployment in 2025, marking the second s= traight year of decline and a 14 percentage point drop compared with four y= ears ago.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzUJ21dBSW8ME9GtrcrwntuUegheSj4CpYyLLflvNCHmkw-3D-3D6= kyc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV= 9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4= LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt7= 03jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm3ajGyzwsTpq= vaqKDNv4iBzz07EshG7nCmWKO-2Fw4QHyYVf5rXKphendzkfjAHA7yF2xodzS34cA5zwGJcf2Ra= 5kvHGQwiKJmyouEDuv9jkHQSwOef7riR7EMPycq49jspi8YwSIZcNXoByYkX1pGPfjPmht8Dc4M= 7S90fENznX92OmhPvPIt5JEzOtTGoI56Kgb2Xlh-2FiEiwa9u-2FcS8HfEpqIGIsZA-2BS51GZw= FsFirMwLkFbiFQy74t7MND0fZKwOK-2F4jYQdH3WroQ42vPzpYqk-3D" style=3D"font-fami= ly: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; colo= r: black; padding-left: 3px" target=3D"_blank" universal=3D"true">See more = charts<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arro= w-right.png" style=3D"vertical-align: middle; margin-left: 8px;" width=3D"2= 4"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMyeeCs2OeKdro= 4piGtFbpA4Ar8f3jfMXJWkMoBMzL-2FA-3D-3DprTE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5s= zndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvc= PS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZ= ZqKU0qOUS33OBKZDqGfEp3oz8gNm6FDXjmFvT57UfosXVZKAF9n-2F3scpMb4rVhadwsASiW0q4= 6xfUEg6KPCEgixP-2BpE-2B9euXWJNo9oxFt1wtHzvByiUcJOljE2-2FAleacmQPSuA-2FOx6Bj= ACoUvcxSl-2Bb2oTBRYGq4BA9sXp8kJMjMUf5lvTEmMaiYypOFHIFG7DPB0e-2Bgg4FRQPK3maG= A0uuXzrb29fmnBylAO19p6bt7LxIpgmnS4AIwzmRbVpRyfFTnFmh-2Bhs0EIE3Tli1BXX9CzEZ9= J-2FX5vBbfnp73XNMdc10O60-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Q4 2025 US Evergreen Fund Landscape</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>A research paper suggests AI ag= ents are mathematically doomed to fail</b>. The industry doesn=E2=80=99t ag= ree. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMyeeCs2OeKdro4piGtFbpLNkJHZFyaC3T= QYSpAR2mIw-3D-3D8V4j_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSL= slvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7= z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3= oz8gNmwROEu-2Fu5m4sDu1-2BKsHlEap-2BLOScZb7mSUPsxXxoTdwnxZnFU7A6TVmWVZT6MEKI= SXPtqkAPv5M3VlwFUYQAZS8AwVEOu-2FiAKdk-2BPYVm8cSAiCzPqMgB2alm4yClWXUZykuOupN= tARXJ9YXlhwhlWOomZO6hqQhzOVN5OK9Z5tT0PKg9CfH8XKkVUVEKsDFhXWM-2FXmLobA-2FvZo= yadUQCBEbyokHbpa35cxdL1D-2BAJGKeROsua2fokpWzezz3EgLQrFuY4w5xc2Wgmdqg-2BFac4= M8-3D" style=3D"color: #1D5080;" test=3D"">Wired</a>]<br><br> =E2=80=A2 <b>JP Morgan has told its investme= nt bankers they need to close the gap with Goldman</b> and other rivals on = mergers and acquisitions. [<a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMyeeCs2OeKdr= o4piGtFbplMiGIy16vxfmK2HA7gQPTA-3D-3Dae1l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5sz= ndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcP= S0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZ= qKU0qOUS33OBKZDqGfEp3oz8gNm2wp0hskXRJm-2BEEocDsglQXBZe-2FElj52iH7BTG1vSebS-= 2BuaFur-2FotS7J91adauAGS0k4A0XDQbafYa9oU8xEf11O7qLaGtyL-2B1GeNQtuGee1N9zwMh= xsq6M1NI3LzcC0Tbfc95-2Fmp-2Bik5i1A-2Bqna1jGzW5ZSmu0uPnvtS7xVozjxIegE0gvPdaJ= CQ3OP04UbxLIhvTbeDG9ojSsfo0FbhZls4pqhg30EkeqGz9GJm1lCj6I3lymwRc5TTurnOhwnYi= jaziMYWmfoy7IxM5ZKhEQ-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>= ]<br><br> =E2=80=A2 <b>The trade deal between the EU a= nd India</b> represents a "transformational" landmark that eliminates up to= =E2=82=AC4 billion in tariffs on European exports to the Asian giant. [<a = href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMyeeCs2OeKdro4piGtFbpVtYDx0NHWFDk7fAP-2BQQ= e2g-3D-3DpRjP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW= 3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgM= oZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm3= Xck8KMmHHa5PeQkT-2FxW0ZqwrVP8z26bqeALONkxLqi9JMSjLjpN9m0WglnOPRQLg6PlnvMLxM= RSSppU2AizyM5X1si9cKYRJST1R0ya4mYcVcSHp3mJ8AY2ZLubRYpKhQnHhgBZb0Invj5isPp68= Lx0K5wgF0QCsj9-2FmCbs5CrUJG-2FOV5HAnrYNmx4tyhvkbLpVd6tHn1vbEOBRN-2FsNsHzaeJ= 04xursJPrSi9QTAKlP1g236DoUjh-2FYREFgha7jN3rHQFKUbE7YF1wO2mTb50-3D" style=3D= "color: #1D5080;" test=3D"">Financial Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td 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-2BaqM7ONnvsnswouzXMyeeCs2OeKdro4piGtFbp9-2BKJ41v5SzWZ66diKFkDvQ-3D-3Dz= HxL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV= 9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4= LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt7= 03jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm3Y5WjNo6jgf= 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font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 1035 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 25%; width: 25%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 2771 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; width: 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;"> 1033 </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;"> 23 </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-2BaqM7ONnvsnswouzXMyeeCs2OeKdro4piGtFbpJurYTGbERPaVngfROaIjzg-3D-3DMzA= -_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9V= P88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LR= oFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703= jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm7UAxjFvKHWb8-= 2BkkUMXc3nNTCS801RfPVR0fu7YFVT7x5Lvq18lSzlN2FQoEl49yYFJ7gnCMjgTEFdmIdKk7xnG= yeq-2ByQqQqCt8QfNtl0MBGiO8oHS3mMvVYYOV-2BBeczz-2BEMS5dGdmI9iu2EvXT4wkeI4emr= 4cvFFl5JkBcndoLLMHHCcmOcUi8Gkw5u8ZIDTyQUthGKwCAlzDo4OBJUH91XmgFTQ0pvprN-2BG= NThQnOIKgYQo00Sg-2B0c8GMljy7669D1SlzRXoM3SIc-2F9InCEW4-3D" 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_577011" id=3D"n_577011" 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: 2015 Vint= age Global Real Assets 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: 64.16881998277347%; mi= n-width: 64.16881998277347%; max-width: 64.16881998277347%; 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">7.45%</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">11.61%</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;"> 0.85x </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= swouzXMyeeCs2OeKdro4piGtFbpsbtyM4DXYzvVUKAIr6oEYw-3D-3Dtjgw_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCR= Kbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btH= rZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaH= tFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm5sGy2zTiem2O-2FGHMBSwOoO0E4VpD= lWdwpT4YBso0T-2BF-2FPTlWNmMeGzPWP6c6o6RV4kejWDpYG18cmw7jNoVelV4k9LZ9zbfBX1Z= mIMqqYkQWgxYQyLpVCZ95emA3WNdWPwFflx-2F3BHw91xR-2BTPQqw1rbC7nkkbA6jPZkj0Ucd7= 98XnzYuZpdCenM7AwNRc54I3Qi96W62iZbQyqr5q6yTXuqTraUAHSd2CqGAiRLlg13872OLBr1I= ND8Hk89ih-2FkPau0tz-2BxEHOlKAkvtCwy8g-3D" style=3D"font-size: 14px; line-he= ight: 24px; color: #1D5080;" universal=3D"true">Carnelian Energy Capital </= 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= swouzXMyeeCs2OeKdro4piGtFbpN0wPglOjW2BIOApzVJ-2BF2g-3D-3DmU3J_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3H= CRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6b= tHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsK= aHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm6-2FxfRrkQh-2BDrhSBX5s1mofPr= 05-2BsDdJ5VyU5VXmn1DnX45-2F9a7FOifidBZO3mok1UXstysSu43kNVkhynXv2sG-2BjyQmpp= LzsqW3EBLKrxx4ha0flO7sUveHNnK4TrR9MqZkMYxM4Kxpq9JLepY8edUCLO8SxpK9uW9hGI8qI= KrpS-2FXuMZ-2BzN4kK1UHRnLcAci89vnFk7YBNkAqs71VaoP4wASIMHwZguzLZ0JI24-2Fr6K7= FOq2QHNyrtjoaY32z3PbJo-2FVcE96a4CZDJ50BFMdo-3D" style=3D"font-size: 14px; l= ine-height: 24px; color: #1D5080;" universal=3D"true">Equis Asia Fund II </= a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXMyeeCs2OeKdro4piGtFbpoi5Y0oq9oWNUD7mwBPyFSA-3D-3DRTCy_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCR= Kbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btH= rZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaH= tFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm89M8YxuCLuMyhYQY-2Bcy8HuwsL7HG= yIa9le1stNmGUivEaHWw-2FJPdpkukW2H2wtg2jeyyxoatk0E5Bz927sV-2B8yqHBClYjTkBZLg= mFqssF-2BE-2FKjniQi7ehqK87xj0I9tfmaTGKfZEKEhau1BoSCaAavOmz6v5-2BSBNI1mq5C5b= ROnGaoHnIzfeJe2TX9G3dGuBe6rBC4crKFjx9DEAlz-2FbRoLdOAp86NNwIuN1K-2FanXGgk1gn= v4NYN3A02P3F3u2-2B6SnLpf5AqI8Dgu-2FPeVMRvaA-3D" style=3D"font-size: 14px; l= ine-height: 24px; color: #1D5080;" universal=3D"true">Lex Energy Partners I= II </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-2BaqM7ONnvsnswouzXMyeeCs2OeKdro4piGtFbpWtaOXV= Crdmecm2xJy1jHpA-3D-3DTO8s_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzH= rGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P= 9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZD= qGfEp3oz8gNm207-2BY5EGn7oDdcyBXnYtmlqo3-2BKmzEj6GNLJ-2FRqW7xVfVyYBYcbsd7qcr= A-2FQ1CI5SIsUn0zTmynLlPQPxY2T3Gd81-2FFUEGYyAzUMvhio7q0YwNjk7J-2F9jd4MKLWXRI= oqbykQC6vOTfbg6ote7Kf6OH5KB-2FfIWwNqagzLIPLVJR5JehHxp-2F-2FtES58aSC0-2F5voE= t532GhRa-2FqXZdleYGGFk9RXhTSh9ALV5xS701jcuC8vvRgcV-2B5KXeCfDCFOxcIBNwirr-2B= PM-2B7W3LggbfDmvew-3D" style=3D"font-family: Roboto, Arial, sans-serif; col= or: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" univers= al=3D"true">46 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-2BaqM7ONnvsnswouzUW1cO-2= BIwj0WTWtCI7xKtQIcEMuvoX-2FF6vNjfMldtaF7w-3D-3DOesk_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLk= NyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIr= kxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJ= K5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmw2j6MFiZ2qiPN4jp0UjXuhCD046SPhf6gY5ntX= mG-2BnE-2B3i9hhaNCivARMpZKde0LxPfHDnH-2FARVTbrmkXWugui8n-2FD-2FtldwFw99iwNv= rggKpoEKewjl22PLmbSnTf5PdK8qmLdDqq8W2eIw0FkZDGn1REaPDVMuWUL4-2B-2F-2BI-2BtR= 48VypM6DmpGry3nVTkejq6rDg9jzqMaFODsoNCN9DYFhq6J4mMjymsky-2BsYcy5LRwMOpsZYNN= 0kSVNpekn0QUKbnZxObsqy2VV-2FvZWzLgB5g-3D" style=3D"color: #1D5080;" test=3D= "" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table 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-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQIk4XGsfbBm-2FSaSSYavufBOg-3D-3= DJHUA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQ= vV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9o= V4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZX= t703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm8p69sBp5-= 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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-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQIhymHfBkSkUsGjAp= C8N-2FKLQ-3D-3DfUDe_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLs= lvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z= -2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3o= z8gNmybwFPxncaqiIPRg-2F-2FX7ZO5hARUhEWAkblQP4qDf0KZXnFsYalMtGvq1srhQDi9xsDN= FhjfL3t84J7BZMaKLHikbO0b-2F-2Bs78LdtjOei-2FRdfA1VCErXSX44-2F6Gyp5dWn4PpInkM= JYYOOwnGCH3e-2B5G2X6n5pbqwQC9fJLucaIGlvW3Uck-2B6rutbHeM4zW-2BhJl7VBw4kJd2Uj= bTHH9y2Ifeg7rmisokfrmuG9t53-2F7kJX7IyIG9qQAGeJKG8ftoG9VFpfg4GOC88BRUEcbbVJm= zYU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Anthropic</a= ></b>, the LLM developer behind Claude, is reportedly raising new funds tot= aling at least $20 billion, co-led by Singapore's sovereign wealth fund <a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQI9ynJjTXZGWdDMbE= eTPxumQ-3D-3DvZ1A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslv= LeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2= FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8= gNm9YFgA5hkKuaLmMjnVGSHUi78lBE34Sybvr6Lm60rcN2-2Bzjwix2J79y7usLAHBGCwT-2Fn9= Y3gm74IkO07r76zp2Ypz-2FKc1WH8USIQV6lnJQZDCPUeBO3dzWy7BJVMcut2yBORGrByShcB2E= 3oDYQ8Fgqx-2Bh0bgjZHhFzqjg6PZG7BU2W53Kd5iawQXyer9LyZSUXBcL3aKa8z7wk0aM-2FPj= SlkuPLWd5g-2FuIgDYpHNJu-2FElPno-2BvyrbGX3vsy85jY0j0R9UFxnzCPJvhCP3JMGqS4-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">GIC</a> and <a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQI2gjQKCKgucfB-2Bhkc= -2Fl76QA-3D-3DkNXz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLsl= vLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-= 2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz= 8gNm5FySkDciBrNYpehsPmhLoLQZdKwcvvncw3pZ6CIocX30gGMY0z065-2FTk39MlPZMkfMycq= aeG6pD3V6UHgo9dboIUzfl5yZrvBkjT4OCXzr23TjYYEoqFEoyu6VDN2x0QOe7mjO-2FhYWx6jp= ndL-2BpmzGyIKd3HwGQpqisjnA0ALA1rbJEHIeLn-2Bc6Z4rAd7sEZZFY4b89U-2BRK0t-2FzgH= PnGvFsw7K5Vxo5l0bTRJhr8jr5M2IVUtkEh4IP5QkaCjUQjUTulveBLr3r3dg-2FaLIt6gw-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Coatue</a>, the Fin= ancial Times reported.<br><br><b><a href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUW1= cO-2BIwj0WTWtCI7xKtQItvwxPg-2FYP5iiW6vLkzdRFA-3D-3DjkZt_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5= LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4= sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPO= oBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm7Y2FecPDHKoxc9vZLNKRvzyymMkNT95XXO= cV6OfFnlg8ZKIkgWpITYCXRk7bdGWoJashLyeW6s47PiC3EeDqG-2B-2B5RV0xvbWJ8q9gkkdEm= H7br-2BPWW3hoMEC8h8r4-2FZQ4MPghVEvblvxG1pULjQZ-2FlEiTaeDjm1h1wASp0nPp4i1rLS= v6H0cURqnQGwzFZYFgDk04tSL31l46SQJyoXfL48SfoCurd-2BzWO-2BF1-2BF-2FLFq67R-2BM= vO2QQKMODtNVxXTIztRkH4L8xja9SnkNSWQ3Do8-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Northwood Space</a></b>, a California-based space-= tech infrastructure startup, raised a $100 million Series B co-led by <a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQI4hCvj09zzOBd0p0tB= dbWZg-3D-3Dh40B_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLe= DW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2Fz= gMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gN= m7DBic3pcyv3rD-2F-2B-2BxNTZo9GXAWciPyxR7pkBpiq8KGToisaEnE4vIqumMtTrWBythXqW= 5jJ8gPszzOzc2NbbdxaSQTh0ddl6h3SaMWlI8uOIcrXTkwHcQMOyZLg1qI4eqx0w-2FEwtUS7aj= T8GCFypPtL9y3-2BttJ-2BxOLZt74-2F2yEq51jJFXu5aeyCweC4LxwMhWZnq0AD5PxRUuuPhih= pc4494bmgz-2BnoGAyaTRzAFiHKg9DfpT5RwekKvBulhyZtTXZBuTxYIci2qk6jPao4SYo-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Andreessen Horowitz<= /a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQI4LUX= vDtclJvlAkoPb5uozw-3D-3DRXAi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfz= zHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe= 0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBK= ZDqGfEp3oz8gNm1h78CqldrWlRdVArrXvApdKRQd4hjo0fNG0ZVjk0CGUCZcqHFs5kWPbCmq8Bn= mmElQKFnqRCrxuyweNUse00uWaLR9NjthxdmpsFTwQbOAv-2BqIQTLCPxMf3hr3n1yjihna5YM9= RxdiBgFoyQNJmLwL-2FYP-2B9A0MZ35RIcAdP-2BbfarJfgSQhAoP1au0NV678TunXLDSaUMHWC= ugkKqr5NLnFfcHbNdSSG9nMXfMfiydSjIHFlIoSc8bdEJLTSBgw4yIda9gCXISWLuTi-2FIsC7f= Jk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Washington Ha= rbour Partners</a>.<br><br> San Francisco-based <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7xKtQIalBcSIgga-2B-2BxxeA62lRv-2Fg-3D-3= DFqpI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQ= vV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9o= V4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZX= t703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm5TfLeipBW= r5hrS61bsmIo8FZlgDgfjeXZVl9aYCAxOC-2F50U0-2BBiBkFxA-2BJuUABNrCXQmm-2FAU-2BX= LeBokAZIH9aB8UtxLWprerpkKZ-2Bq-2BavuNMCoeVx-2BT5heUwAY33FTt-2F1ucY5N2BLCYyR= o7Xzgumcm2pmeJ3QF3RDNW-2BiDRjITSSBhbDGYNTJYSLnUWiim9YFIWNQqdnqalnWMMpD3b7-2= BrxPxdZQyHhozz-2F6Jp073IrQg72tcM6JDZBNjQLtQoCZ1hhi-2F8k5obaMDrhy5rsdTI-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Mesh</a></b>, a cryp= to payments network startup, raised a $75 million Series C at a $1 billion = valuation led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUW1cO-2BIwj0WTWtCI7= xKtQI4DhcIKOjtBorinT9cqBa-2FA-3D-3DjXbY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5sznd= syOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0= aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqK= U0qOUS33OBKZDqGfEp3oz8gNm83k3gmlxRAyEK1lN1NlRCh-2BsBEGhpd0st6-2FiJlQfLMcMFQ= sk7BjvLF82DPt4Bb254NJmiJHLjC9bhhk5kSZJTBTj4KFl-2Fa8MFDczD4jIVIBaCwwyi69QgGT= 8vvE9YM6tl0MAQZxB1j6hUo3gLE-2Fjag5Jau45qgOuAvytOy0XPiftEqS57XAlXDuKltc8u8YN= f02z-2BJPlkq0pforu4vB1Oi780FE97ULI6EIwd97QoGEg-2F3Alz786X1aXrlVa-2FHbUXDDGl= Z-2BVtXK-2FW98Zkgal4Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Dragonfly Capital</a>.<br><br> Toronto-based <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5DJPIDVu8UVSodQ0Ygpi1G8w-3D-3D_2go_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53= lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2Fu= T6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2R= puP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm987w-2BzrkQIyb54-2Fzh= dO3qAWOfJkyDdqGliAzYlPf0jciTZ2MsDHSa6wUutrCKkZWUIjLGbUPcUU8OwPx6Lqum9Rpbvrg= x5Qxm2Mapa9ihksMYPQOOuMXMIf-2FGrE3zzr7SNARSm6JiHLSWr3NLzitw3JkNNlUwUuCOHLyD= E-2FoHO3OdFiU3i81eGafHt-2BUwjNo3AOY6XlPahfs1qmsEhDc6zSKyoDoKbxXCUok2N3W1VCx= cN-2FqP0hLsmz8joXaKMjVOQ0JPJBEJgvjpht4D-2FTxEM-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Cyclic Materials</a></b>, a startup focused = on rare earth elements recycling, raised a $75 million Series C led by <a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5DUmpjeuoB-2BvjF85= -2BG9qb9LQ-3D-3DGuo__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSL= slvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7= z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3= oz8gNm1FjTWmH1OdqXr0QOv-2FrQJgsyo4vH-2B5-2BmyyHaK6l7e-2FFIgTMUcoZfjR-2FSyb6= 6WM-2FPTC5k3qSS2KImlB8AfYjyY-2BJPmV2EPKYp1JUZXld-2B70cMEK8hyZt1MSEuFUfbBEGn= rfOVo7oEZnYUimej-2BjPZLijrU8MhZLRut3RRYRTTDdJA-2FGgH7-2BH5Xjdzr3ObuaRluiu-2= F-2BiIs-2BjXI7aumc1mSU-2BYMABbYu1Q-2BFCJAQr7i-2Bs1zZlfyr3vAdG4hyCsLNM0OqM54= 9JDZMHcBtcOiN5Pv70-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">T. Rowe Price</a>.<br><br> Boston-based <b><a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5D6reboFzGGp6CPhRPHxL7Jw-3D-3DJKSv_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53l= Ov5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT= 6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2Rp= uP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm1mEcb1rFfAH5SWq7qrNPRs= RzvlQKPEouOt17nVD28DwAY4V40pvd9ldhimZfRpIjG91c-2BociaKSV0Qhhr-2FLN-2FC42sRH= iDtmxrtJzpD0vYHm83kw-2BkGq0Gp-2FFUsAtzO5BPqJwaPOPAP0kGmVYeFWK1iIuQfqRYOt-2B= tiolgchpTBHPvPlHO2KOBI2I2QuAQcPMlfzKvNetdaFSm7DpCoPFHnWz2jks9IRqaHhAJrCZBf-= 2FWxu0IJC6y4TirOHg1jT0HYF9lr197uxtuNJNpa8aCYo-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">Summize</a></b>, an AI legaltech startup spec= ializing in contract management, raised $50 million in new funding from <a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5DDB5cmhmxBUR0kj7= MG0h3cA-3D-3DhDbK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslv= LeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2= FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8= gNm02bCqO-2B4CjgdHj85c5lPmgZ2qZaYRkN36oRkX5HXkDTlvZI2iKZ3JBB2tTGqZuseezABNp= JZ3h0vKMh8TXgZqtA-2B8-2FYsRl5RJEpbXVP-2BhCYuMIyB51JGkHI-2BFH6RrvZO7q-2BTLMe= OCUFNyR5S54xk6se1SUDcsqd7UQgNCSnXz-2B-2FZXjLA-2B-2BfeDd6F0qd2TognWf7-2FQc9u= ochNKkXNHvtsXa-2FHZ-2FF4RlqQqGileZAeI8s5GUdR1POulZKp-2BnqSny5NdmQlsgn3whSvo= 6AD3byWHg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Maven = Capital Partners</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCW= WSnQxmIus0K5DPP2yj78q8Le54QYaY0LtHw-3D-3D8RQ0_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiw= D5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspL= WvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75Z= KrZZqKU0qOUS33OBKZDqGfEp3oz8gNm-2BQTAPB6SXqpYWYJ0OS4VMpHRK2zDxBv-2BGXdepwrJ= M5UsDEFAX5lb9z77joVZ1ChFTPJrDMYVwk3VlscreTnvjf7FoW8ZBFoZuEsIWnK-2FRwkcVmvOX= bO9kyF62Ze-2F-2BzKIsHzfvIb2znG4074hgOPkKU6BTOYEGDFct6KEYt5ThqhWI0kgwYQMJjis= VubjITH6ha6aNCnMWX0V-2BglYeK8SZl3jG8jOTFk9M5-2Bp1BsNJuoJKyPIs-2Bv-2BhTo6IGm= vakxAm6MSuLk3TkwTre-2BULJr0f8-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">YFM Equity Partners</a>.<br><br> San Francisco-based <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5DXeNLtCb-2BjGIK-2FtwNdosKnQ-3D-3D8= cen_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV= 9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4= LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt7= 03jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm5g89-2Fd6yX= FmlOGDfWf0Q1mU0LleRlfstQVLB3rCHWFrcaOf2hty8Gb4Hlue9QdD3Q67OZ84lXPHE8AOuzNuy= hrxKrzgRw-2BTrrCDHRywZQL0hGA3MEW5c1VDa-2B0OUdg8BSvB3s9wjJ6KxfI2R-2FD3ud7ycS= va5WKupgq5vldNRxRBy9UVYzadcENTWPjUe4pX0X5EGHH2LXLCC5Bt8WsNs0FWtlTh4UjSajDSz= AKkpNlrPlP1MmhtTzm-2FEuTEInBIpmR6OpItDXObTRsP7dF3Iak-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Trex Bio</a></b>, a biotech startup de= veloping biologic medicines, raised $50 million in new funding from investo= rs including <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5= D8zlqTGvgkekQkex863Xx6A-3D-3DRug3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdag= sHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkY= CiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS= 33OBKZDqGfEp3oz8gNmw6tfEst2D7cnqGHfN-2FQvHyfps3HAzwMg5eh2ELfpBW9FuQxiNQcDDo= lFIJQi-2Bx50Qr8hmATxQAJ3P7kEz-2FXmMcdW40SQmaA1WnPiYKjUCnbeZ5G-2FOXEiULMzBOl= pNrNIKN8Rf1NKo161aago1LbsKdZyC3CcipaFyuIykrMf6j7OxfhIqGL4vSp09BByJ-2Bacrf6Y= 3SjQujY0Dta2B4t7x7aFLy4n3ztoXsRvZHinq5w7zDWgiXjTUON6lY7O9VZDLYvsG386ubiozPm= jpbl-2FWM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Janus = Henderson Investors</a>, <a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCW= WSnQxmIus0K5D-2FnuAneJxBa-2Fj5qZn08xjfw-3D-3DvFKe_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNy= ItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkx= dspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5= z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm-2FYVoFm0S9wXdFavSkK-2BOEM3kAzHjx9Im-2Fn= ycTv4yQf6roLbHmfwGrQNGayTRtMSroEA1l7cNXnRx1aZM6xhsucFbOmWh8s4aoIl3HYCuvDsA7= bDGW-2BQsSTuZbBeXbspC90AlnKWGfZ5PoDpq9rkAvIZKZNEVxxK53GZnVYdnuj2samn9ImJRrd= QZteJQ-2F8QROqs8zpLMvPTKe72t3Rmq-2BDhC8n-2BI-2FBjPD38HR-2B2V5ZtBpbENY-2BevP= I2ucR-2FNklZROMDLEpg79VlWTpNIWV4E18-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Alexandria Venture Investments</a> and <a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5D2ns1lLaktNDQdiq1ku6DyQ-3D-3D= KPZn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQv= V9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV= 4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt= 703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm-2BAzfxMYK= kiMKiOdm21cOMclWUZrWfrL-2FzJArNFoM-2FJAZDQJC8lwNCCf13e7Zjm7fclGk2b-2Fii-2FX= dR6CcOvy48PJVJXvxnkHVkvdDIpepiYkDQA6LFpnY4yPsOjI5PASZ2dXcIrNPzxJy9LKvxIbMcJ= BbvapGplrryObUyL824sn9PiL9l5aFor5OcNbAbA93DNAJTqaWJ-2BfgIHT5Mti4h2dAIUNbv2q= x904twca5d4Q16UoCHqcaFLrg5jFrHd9oxCd3dXhcd0o3WZq4-2FL1i-2FE-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Pfizer Ventures</a>.<br><br><b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3PM9-2FaCWWSnQxmIus0K5D40bbiJEX6t5s= HFZzcrhz-2FA-3D-3DImE2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJ= SLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfK= M7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfE= p3oz8gNm9ScmlBnWdtQgIGeaIsEr91aAM3L-2FUp5D4rZmunkBm83blw4krUK09DCxnQ8jjoZW3= jViU66vewxI0kuq4Af3o-2FqTLV-2Bt2fIFYk4W9E372EepE9s65LysUCSUQtH0KO-2Fdl15NaX= s5BjaVc804u9DZDtMr5-2BfDk-2BsXjvlBMnjI7cjLMKthOhqtD1Ir2nkTG-2FlPiNArkTgL0ev= cPBrocJaejXoTuRf-2FMwPQiEKYsj2TRb399C4P9vNOBI-2BByr3xGqOcxAoBEVU0UhQtgkLC0F= J-2B6c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Lunar</a>= </b>, a Denmark-based challenger bank, raised =E2=82=AC46 million from exis= ting investors and new investor <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU91R= AfBYtJ63XIOXze0miZgm8jWOlJ6Cd56tENGgSepw-3D-3Diam6_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkN= yItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrk= xdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK= 5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm15QLAAL6cv6B3mHsagX7sVMXkN-2F9s5nci-2FH= Bon05EDsVQ12ZSNzKBNmrahNQQgyS3tftf3BDbfPvivZLfgSCCduteLGtScSf-2BSO133-2F6am= HiA5noaOfTagJv9RS7wVxAmQtXrTVrg3nnaRjMPwVUgkE3-2FKbysfp-2FThH2Ophnd14IBWdLR= 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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">Abu Dh= abi sovereign wealth fund <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU91RAfBYtJ= 63XIOXze0miZqZ7SjIJCXSqxNuw3FF-2FvAQ-3D-3Dvgx2_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyIti= wD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdsp= LWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75= ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm-2FXdmdlTWaP02ai7pYTzhRIBZ2eyN1RM4XIvFPnBul= AafOLiyWRVzdY2E-2BR4TBXIn5f-2FpKZ7LVuy0bTfjcQRst8sURq42JUJ6hlBm8pcjSBqOI4Sh= xv76PkAxgq1-2BtcKzmCg-2BI4-2B2umRWyVThNiqqbDMYQ2E5ZRAbSf3DQaz3QloGdmHmoIZWe= wXVot5c67fO-2F1oxM9l1UIDk3cRvIJ84pfnhQpU4vmvAa8Ln9EQnxbfY-2BxgB-2FC1QnGagv2= oQCURv38WYlJUgNLNHglMm39IrpQ-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Mubadala</a> will invest $75 million in <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzU91RAfBYtJ63XIOXze0miZQ30v-2Ff9mksnwL3JJyoyMOA-3D-3Dyak= P_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9V= P88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LR= oFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703= jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmyuVJ2DjvXGDob= 2i6YIaEnD-2Bi2fV8PYqmTXmaIIdZIrXj1NSPv9LsQXHvta-2FseBKdECGEdC5hxdwzkOtK5Qb5= IoqSu9Cv14bVJkoZoopLN9f-2FWD9HNnp-2FXW-2F-2BAeLYgasLbUBmZczAid7SUWFgG4Uq2zF= lSFy3tWRnhxn6kc9Ra2xO0-2FiZxm-2BPdW-2BdNDiVQi4CoLqiWsYhcdJgd0emR84jAaSQHN6E= MZJnm303nfPGltqG6SLHZscg5vaqGmWVDCZP1x6ed0yT0cpTXOoz-2FkZXH4-3D" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">Property Finder</a></b>, a Dub= ai-based classified advertising website.<br><br><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzU91RAfBYtJ63XIOXze0miZtRoR8L2GC-2B9LQHvSTTX9wg-3D-3DMtNA_Pr966k= 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rzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm5f4Z= Xqa3aVyRCj4oooY2T4ExbC-2BeSfFV-2FhoRGsGVxX-2FZnzNiTrDxS2J83BHoEqEGb2fzcxJug= espyV31D7MN4zSZ2JUDk0HQWPBDqLr0JWMDPmmwkObdoke-2FsjGEKlTeXRHglHT-2BiioxHnAu= rCJgkURhzxAWraNpc-2BAez0NOUWC-2BdXYZU1i7PzncJD0c-2B43XgM-2Bg4r1kXCdlqT87D2k= W4SzU-2BBlRraz45OMlw-2BkmfJfN8CH8spga-2BpS6kF3lbaa0z998KZZAD-2BJh2Xh-2F8HDg= 3U-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Volkswagen</a= >, Bloomberg reported.<br><br><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU91RAf= BYtJ63XIOXze0miZolO51J3H-2BHPmUTbPnQhJ9g-3D-3Dpm8t_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkN= yItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrk= xdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK= 5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm3ahzjPUA5Brs1S6TDWttTAYTzUBjHMaeVFu6GyP= R419M3GxhbC6DUwPMm87Nea6-2Bq6r3UfoY2OVf0ER-2BPAjmSMtaHH-2BXFA-2BHTmiVBs6BV0= FZn5tEou6u4pZDChr-2Fl-2B1c0T1PGcXbI3uU9tl9PFw3vOHCnAyzEqOUhNoLz3nc70WO4l3KX= W5N-2FYTBFuNb-2F1emWBDcLtUK7o17Zib3wxl3lUXq0rYoofrR4g4Q7n5N5OEkQBc5UbPzt10T= D9QZZhvnQZI0sdzypPe7TqoZHgPJyo-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Adenia Partners</a>, a growth equity investor focused on Afr= ica, agreed to acquire a majority stake in <a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzU91RAfBYtJ63XIOXze0miZPmZs7AM-2Fak9GIQBcNCD-2FdA-3D-3DYbfL_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv= 5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6C= BP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP= 3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm4P1uJyZH8E33YKVfo75dtuEz= -2B7pFQyCyp9CelkzWgE8s2V13-2BweoUmRyAozBzgu3sxAOcnPIcPemvI-2BGqEpwV-2F2AIYU= OhJSSxrFjme96v2a9isI6LeFKE-2BoVexr2SWeHXZvOktRaCBrxnkKVudAGJW52M69giPawSzda= m2gzE88rOw4gTtSQc7qXymDSgN2LiAHNmugoXu-2FpJgNM2HuUZOl-2Ffl6gQaPJRkwfjDmgqD0= aqJFe151xlNuK9YNO-2BQTXkN96DPEkjEJmqD1PPaSRFA-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">Admaius Capital</a>-backed <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzU91RAfBYtJ63XIOXze0miZT-2BpYMpkA69pqBHlhnppuDw-3D-3= DWMVD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQ= vV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9o= V4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZX= t703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm0ZTZa0nqP= 4ep6JWgfrrq67aWaacLF6t4JEl75lhMmIBNqw8422u72u-2F8zNyzGYNxPiRLYOk4VNKH2ZKbI6= xJdJsQb4veG1wBieU7fmVYsxrJch95rg-2FiPQjJyK4SHX81l2tobaKFKvhvPriZoRlLqFY5hfX= MGFkCF73clrdVHBMHE6XaaesRzGQZ5swFU7eQNpfWtrjzZue2kc4AkPwh7V081sT8Ki8Ja9Avmo= kCxA4L0s-2FLX4O8a82U-2B0rEmeetuttcHQhQmLbSSLlkcPRWWw-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Parkville Pharmaceuticals</a></b>, an = Egyptian healthcare company.<br><br><a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= U91RAfBYtJ63XIOXze0miZdyTOHw93wQnsHCd84lVkbA-3D-3D5NTU_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5L= YLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4s= KIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOo= BnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmyISeaAfF1kTGuQ45Rsx2pdDBsPZ9GkUwwWJ= bwOgvTQmrEJ-2BgJkHUGISiG6mDyq1ugyS1-2BEGUBeDRyIgGmMOCY5jmTZFkl65kP-2BkJ6zZ2= k7-2B2fhVBKIosT59BXT-2FbWhMd8VS587CFO-2B2eZ4u8xEP2hDDww9UM0LUDiPqO10Hlwn0Dn= anh3nPbAVvz2nFXOhJqHAcGeMHZsqTbOmyWSYX2q2qN1Gwf7h22lSAWbNklba-2BTVsyMbny8Ya= mFZcy2re-2B9CIG-2Brq1r6oXVCAcCsPtC-2Bw-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Liberty Mutual</a>'s asset management arm acquired= a stake in New York-based <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWDe51J= DJJdNgLG3eLkJtnxGuI2gewEAPIO7WIb8NopYg-3D-3Di9sV_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyI= tiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxd= spLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z= 75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm1eOUgbObVe8bhO02ayfgY-2BJHUDKsRI4AZND3Wn5= -2F5YVh29025ub5pgvxIjaCzJKgc1DtzbCfmGSdrPO-2BoazFbCNLgJ2Jt-2F1HA6JUnvxrjB6m= A47OwULenVL47iy-2B5LQD0H6iK6tPQgaTJD8v56GvhPdk83UiTWlWZnFuZ64v57qsDLoOJq3Q-= 2FIRXsThhkSbM-2FAGJB5t5O-2B3vsBC-2Fk5EuJ0F02HJz4mEio8QT5owG-2FNviXS0Za9BQ3V= nuM-2BwE50bnMQ4VSkx8ish-2B6kJWkOs4z4-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Mascarene Partners</a></b>, a mid-market investor in t= he transportation and industrial services sectors.<br><br><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWDe51JDJJdNgLG3eLkJtnxlFKLtco4gaNvWzSLTH8TDA-3D-3Dbx5= r_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9V= P88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LR= oFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703= jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm4aOz5XoWKPiSV= e8ywvT3FmlBxBCuDW1488QLrYPPAdRInul6-2F5JzydU4AZSAYs3HDyVXzE7LAAZavcHAJCQgyG= L2hjGJcyos8obY5l104UyFt7MQczyE-2BlKiVkP2YVr75cvk1-2BPFRajS1Q-2BAb5sClOBqo-2= BUUyawf82pYGWQrsu1VanSCvrj5oE4kuedsobNd3R-2BvVr83lk7gvh32IUZu-2BX1R-2FZCEjZ= ioMn3n5euplAo4SFeC0jg2LVIDKbzu-2Bssn8iAld5AeTB2Q5yfiwVgNLc-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">General Mills</a> sold its <b>Mu= ir Glen</b> tomatoes brand to <a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWDe51J= DJJdNgLG3eLkJtnxIcqkTNTSL0zzfhnkcUaAYg-3D-3Dd1NI_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyI= tiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxd= spLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z= 75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmwNAlV189pR4ZzT-2B6UWjZcrlk7-2B-2BEnQoEdkk= N47FUSav-2FC52kU6oS0RQPpjjLvgMcJ90uih1ndocsWh7LTtZnO3y8urpd-2FmiXuy9WPE-2Bg= JxuAVDgxG3mAW5ozcLCLnJBG6QFZaI8Pu7mc55jnhGNasThjbRwGoJXk0ZWSkEO8-2BzRDVhFAI= 7KeglcRa3KkOWWIxT5HKnEz-2FouB4I3o6HchuFLNrjQ77DV4GP2cWs0tm2KGTRJTp8lbEAlYx3= FNTFri-2BRuiWpFAdO9j5QuWNEgyJk-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Violet Foods</a>, a New York-based pizza sauce manufacturer = owned by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWDe51JDJJdNgLG3eLkJtnx8TGua= 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KM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGf= Ep3oz8gNm7V4XYQFg8PQe0Symesnm3wpWnRPIYcIiQ9AP-2B8vpGfVduntRhvIVke5RH3w1zp5R= G80JJQJDCo6WgbMqzRFnp9XekDsQQDrEOWLN2qy4QZtFf6PNeQIoHci1H76MI4Mbzzlzydc-2Bk= q-2BRcbReXguX59O9gr-2Bl1TaLNy-2F8ixdeThJV6i2gfQ9-2FmhEq0nNEgAB0eOG-2FLYALuH= Z1BiHqKwUUhJm3nhDNWTfbA1mTKXsb6EJISXeMwQ30FyUlnSoHOXySrS0-2BbZ-2B42Df27I-2B= g5l7yWI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Novacel<= /a></b>, a French surface protection films maker.<br><br> London-based <a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzWDe51JDJJdNgLG3eLkJtnxOPn1xgEfSgr5uUNM3-2BfJbw-3D-3Dx7v3_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5= X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CB= P6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3= HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm-2BDQ7k4CZtAZL8NfGbVhKzyv= hdWmeO0u8vfugdjr-2FmqVj-2FXMJCXfCZ1WtWKg9IkIpQAdqBUTM7A4TkIxhuE2wRCG-2Fd8fq= jsnKHUj-2FYJj-2FvCewE39HjG4urp60-2FHWZFezN0oADeZwfR-2BQ1MXmmzlPmnHV2ksl-2Fq= TQsvjgU8zFzRrHkcYlbUa-2FgMhPhWlmQyOL2p693slFr3gWUM7GFkbaq9mvIQcksa4dSTuaGWq= jneiZG6DWClWVyqJlN9rBp9tzPlu9vnVczHNGcHS5bxfqx2o-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">Horizon Capital</a> made a significant inv= estment in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWDe51JDJJdNgLG3eLkJtnx= wtmQd-2FmAHHTH-2BjRdOtfGaA-3D-3DCry4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyO= dagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8= XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0q= OUS33OBKZDqGfEp3oz8gNm-2BDiEFbn0K1wihwhZykyd9xmEV-2FenwIAY5px3yzBK7iPLjjO-2= BD6f9IJ0l5mBmgahbLYhlEQmtEwq32URfpoYzxQjY30t8M3nFK8otQzMB8OZtYgEZ446MqGka-2= BW5NYPVE1KrHOQoPmFDMdHWBhq8AR9mIyWtz7Qn1KO1LDpGdfa7UYqwdlxqoJt4SZCvdIP-2BK6= 5iTFTlo8y01xVwSuYyeB5xHHkhPTTQbp9HsHzihnk-2BeeRI7IlOnfIlbXv-2Ba-2B6-2BdzKkx= nVzQlokDyG9IGx-2BYtA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Threatscape</a></b>, an Irish cyber security consultancy.<br><br><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWDe51JDJJdNgLG3eLkJtnx4gs-2FEjZ-2B5tp388K= -2FLxIruw-3D-3DxZUy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLs= lvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z= -2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3o= z8gNm5iGxGkIlRmeDfbPt7LyfZgX2fv3WkOqxm-2F7aLdGQ-2F0B0-2B1QoFtL7h9O0pk5l03Fg= 1PmdNYsEXjP7bjDIIqLFh0A39acwc56CKQhjunlG9HaUTzpF-2B2-2F3pJ0yHEWsOM1CfZRvMZa= 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stake in a new platform that combines the Netherlands and Belgium business= units of consulting firm <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVTcsGI1= RkJ80Mj1nKpXuuVCSD7ade-2FEghz5lEq-2B4mYrQ-3D-3DCqaM_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLk= NyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIr= kxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJ= K5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNmyxbLF8TN9Lb06KLtECwcp3580jIuAdi7ocKdLB= tQzM-2Fg6O571-2BsyR-2FYv-2FkflJHnJCZ9nKgZ0s66DCVpcLQNoQBNO-2BelcCALiZeCp1Ia= lVziVJfjX0CkVDK4RVF8prIOKYvsHwzEMwmK89P3DM6Og9Drk9jSkhbcu5on5d85MjqrM1Olibl= u-2BIn4ovm-2FFxJ67fbMSEE5-2F1IHqXsI4WsKuSt-2B8bLwvCao-2B84ohOneU-2FqZti6-2B= zY5kxV5k-2BdBW1lxr8EakYUE2PcHbrmDOoU3tB88-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">Baker Tilly</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>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-2BaqM7ONnvsnswouzVTcsGI1RkJ80Mj1nKpXuuVaI6yHtI-2B-2BoYaaDVX= ZsPykg-3D-3DgWHg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvL= eDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2F= zgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8g= Nm4hQQFqFQp8cMN8GrWzgPEGNBOPTmSjYVcp6aCNpo6XeE0L21NSzxmNhYCATSp5jNXvEG2y-2B= pq7XNOVL8Y2qnSgoR7tieIkol1nWDukzC05kdEZk-2B7LRCSkrXkfz9BPMBawr9ra3QwLmo2XWv= tWqpB8U-2FYAJAevU1IGRCwzTLh-2BBNNJkuxG72rBizzMLonRiY4yEigjSj5YWhI-2Bfa-2F5Q= FlcUriuD7n-2FM2LmjOsMD8KO1cAhDIfSjS2-2Bq9KdZOguFks83qkfwQVwWqOl26NwPkgw-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Investec</b></a>= closed its second private debt fund on more than =E2=82=AC600 million.<br>= <br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVTcsGI1RkJ80Mj1nKpXuuVDxHHlk8= MAnN-2FYfKFkw27DA-3D-3DXy7S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzz= HrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0= P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZ= DqGfEp3oz8gNm-2BQ9uP0qGY12UST7Kv6j-2F1lAToS1H5eppIN5EcbmCDZJEwQvSg3aR1Aul1l= 8X4j-2BxyJph36mxhazAbEouLQ-2FpUvMdlQcoe2QxxR-2B-2BBViuMBA20VSiO0Psc4bMz2N-2= Fw9bXZQHPGPoUDcXCGXsikNfNq7WPFWmXBI3kuuvQ2pdACxG79tg8nEGFDXfBxEaRJRv0rBDUpq= Q3XmaeiLxeSwu32vEgwZT2vx9-2B98aqKTYL2lFuHtOnRCOxcr1oIw2zhKSGbKANJONLQVq6i-2= F6xDRSGq8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ambien= ta</a></b> raised more than =E2=82=AC500 million for its first private cred= it fund investing in environmentally sustainable mid-market companies in Eu= rope.<br><br> San Francisco-based <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzVTcsGI1RkJ80Mj1nKpXuuVU8T2BAHPgs8aCX2MfGKrYA-3D-3DIcaB_Pr= 966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88o= hp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX= -2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8I= hN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm8bHv-2FF4bH8-2Btl= Vn1E4MhDccFjgJAFKxS7Crj9K1Hwf4Ht0D2kQf3IbZsbKCepH4hoJ9-2BegTxrclkwJ4yOC1Q9z= r8xq0F6O1V4a1jjCIrsdVCIVkR8SSG1DLy5-2FN1x9AVOfsKLY2JsMOkUKZ2hRezbStgyqdDFZG= hQhyJMH0qxUiE4NA36aZScDAra3F3n1cYaJ6FkZ4EhFF5gMk-2FMi0lqOB6GmyWWMUa8Pdpl4Os= ivo-2FCyA9f4-2BDibn9OWfhuX5jf1MpDwMX-2FnKoqvuGnRRgxI-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Obvious Ventures</a></b> raised $360 m= illion for its fifth flagship fund.<br><br><b><a href=3D"https://url6380.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzVTcsGI1RkJ80Mj1nKpXuuV0-2FcfqGtpaZPnI38m5Lbkfw-3D-3DFmAp_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lO= v5X3HCRKbn5LYLkNyItiwD5szndsyOdagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6= CBP6btHrZE4sKIrkxdspLWvcPS0aO8XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2Rpu= P3HsKaHtFPOoBnJK5z75ZKrZZqKU0qOUS33OBKZDqGfEp3oz8gNm6ry-2FSVXXLMD6d80M8hb-2= BpUoRH2ZIBJcT4KdMzqEOzCGEVyEil4enTEQ9NuX0UG-2Fwc6eI9XkZq32mXLmcFq7wGFS8xBGJ= wex0fo-2BjP3M55tc4cxGC-2BhuExQSOxwkzlRwsjJPMO78wdVxvKDsUrVNuOR4dvLUIRWVCGry= QlbkEXpu6uqQa15PRlR1BA1nJkChXXUCZL3XQfPGGLicYppyf0Sq1V3k7ONsdToZTnUnkhGip3V= Gz7-2BVrWUcpQqKISuaIVWWXIaZJmW2ZVMS9Glgspg-3D" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">Epidarex Capital</a></b> raised $145 million for= its fourth fund for early-stage investing in the US and UK.</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 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;">China's <a test style= =3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVTcsGI1RkJ80Mj1nKp= XuuVD34c7CasFnCzg5LtOIEoRg-3D-3DRHM6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRQvV9VP88ohp53lOv5X3HCRKbn5LYLkNyItiwD5szndsyO= dagsHBfzzHrGvJSLslvLeDW3OgURI9oV4LRoFAX-2FuT6CBP6btHrZE4sKIrkxdspLWvcPS0aO8= XkYCiwGe0P9PfKM7z-2FzgMoZrrzeZXt703jh8IhN2RpuP3HsKaHtFPOoBnJK5z75ZKrZZqKU0q= 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font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <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= 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