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Envelope-to: vetyl@ponjosonek.com
Delivery-date: Tue, 17 Feb 2026 19:09:02 +0700
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Date: Tue, 17 Feb 2026 12:07:11 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Subject: The VC bulls driving fusion tech
To: vetyl@ponjosonek.com

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ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p=
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tech is moving again:</b> A record $16 billion in VC funding in 2025 and Me=
dline's historic IPO underscore that today's market rewards mature companie=
s with proven products. With M&amp;A and IPO activity picking up, there's r=
eal opportunity for companies that can clear an increasingly high bar. <b><=
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                     <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%;">
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                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577646" id=3D"n_577646" 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>
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                             <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;"> Fintech VC valuations race ahe=
ad in Europe </span></td>
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                        <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>
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                             <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 =
Leah Hodgson, Deputy Editor, European Private Markets</i><br><br>
                               Despite AI dominating the headlines with meg=
a-rounds at astronomical valuations, fintech startups continue to command h=
igher median VC valuations in Europe.<br><br>
                               The median pre-money valuation for fintech s=
tartups reached =E2=82=AC12.4 million (about $14.7 million) last year, acco=
rding to PitchBook=E2=80=99s <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn8b=
s9ZlWOtHyLDbXqLX9m8s2-2FEb88A33HKsbwHyjbeQ-3D-3D5Csc_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIh=
fLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNp=
Cj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLP=
hUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02=
SwuuOAb2LBXu9jhOn0VfhqQKGRWKHflGdpEPZsNWU5MY-2Bqu-2BzlJ-2BvXm94odLrEcd-2FL3=
PCxo3xM-2FLvpkmGR4wKLv7rwzZ2nBb1ucDk6aKnDEmfUhrOpXxi5ro8Sij-2F8tWn8CU4072RR=
SqcuqoLIRWKDi8bSzBKxdjURJtkyiM3tzQlmT5EySZv-2B-2BiQ6H1D0HY9VMthqm7i1K-2Beqk=
HNBhAtTnzLDUxL3qRD8L0fAr-2Bce1y4DLDEYNGxuuyN-2Bd01Ycnw-2FR1bWI-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">2025 Annual European VC Valu=
ations Report</a></b>. AI startups trail by 29%, while SaaS and life scienc=
es are 26% and 21% below fintech, respectively.<br><br>
                               The gap between fintech and AI is most prono=
unced at the earlier stages. The median valuation for pre-seed and seed fin=
tech startups was =E2=82=AC7.8 million=E2=80=94exactly =E2=82=AC2 million m=
ore than for AI. In Series A-B rounds, fintech=E2=80=99s median valuation o=
f =E2=82=AC56.2 million far exceeded AI=E2=80=99s of =E2=82=AC40.1 million.=
</td>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVk2mkCTxAP7dunJ7ZmsVG9HD9yna6rw=
OhFH95DPOaXwA-3D-3DeCzS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnf=
hUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLV=
gEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9J=
SefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAZ9EdOchP6vysprZElSf1i4Z=
I6NLETf7NJG5Kq2POJChy-2BubtGSXRdlK1tXSLVgZTWgRk3iF4gHwafspkU5-2FcC3B6H7rpiN=
4s2an1ZstBIlvZMYassVzGVsDl5EDI7lRhBnYNVvX6G3KVOqMbyIEu1OvwcXv6KGlA9pCZ6SeQy=
L0lDXBfVqsGMBrHqRaeYOeaXT9ihv5cBeQywAUIW8XDEDU3GQLwFQdCkXvomPjdGo9qNhR4x1-2=
FUViMzWMg8y2vw4-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/72761.png" style=3D"border: none; width:=
 100%; height: auto;">  </a></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
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                             <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 ga=
p suggests that investors may be pricing in risk more aggressively for AI s=
tartups than for other sectors, such as fintech, even though terms sheets a=
re signed more quickly and include fewer economic and governance protection=
s.<br><br>
                               Even at the early stages, fintech business m=
odels are well established, with clear comparables. Meanwhile, AI startups =
often build in an environment of rapidly changing technology, where long-te=
rm differentiation can be harder to assess early on.<br><br>
                               Deal volume also plays a role in the valuati=
on differences. Last year, there were three times as many VC deals for Euro=
pe=E2=80=99s AI startups as there were in fintech, broadening the mix of fu=
nded startups. As investors seek greater exposure to AI, these startups are=
 raising capital more easily, whereas in fintech the bar remains higher for=
 investment. Investors=E2=80=99 flight to quality in fintech pushed the med=
ian higher.<br><br>
                               Still, this doesn=E2=80=99t mean that AI is =
losing momentum. Valuations for startups in the category are rising much fa=
ster year over year. The median overall for AI grew 21.6% from 2024, compar=
ed with 6% for fintech.<br><br>
                               Whether AI valuations catch up with fintech =
will depend on whether the market corrects or funding continues to accelera=
te, as it has over the last few years. If funding for AI becomes tighter, i=
nvestors could become more selective, focusing on startups with greater def=
ensibility and, possibly, larger valuations.</td>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
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ated article: </i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVk2mkCTxAP7dun=
J7ZmsVG9cKM-2BgpgxAlGSfibgq1QHfQ-3D-3DozNu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6=
kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxH=
zdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4h=
ZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAZvu5=
Tx-2BcOR-2BBk-2B0tXq8cxqIn14ARjWqA-2F6gK6-2BuE7NUp05feLZ1x2nwAlP-2Fg2Ov2bOZ=
X3gsIf2AxFcfd-2FPlrYLX-2BoKDIxskQbQ3-2BaEWNYFusui-2FFT-2BhvFkUetC-2FScpZo3u=
lfpd0i-2F-2Fzxhvy5wbfGa0OBeUQnsb1-2FgeFzHXSfr9iD8mHtYYUhNXQ5SRxodJtjMxTPafp=
CDz-2FNukHK-2B9Bk2Lq-2BILNSeXbKAdSDRtIRtAdAPhT6U6jg7QkMNJs7ZduQ0-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">A two-tier VC market is e=
merging in Europe</a></b></td>
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>Dipping into endowments</b>: Federal funding cuts, declining enrollm=
ent and more costly financial aid packages are pushing colleges to reach de=
eper into their reserves. <a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVk2mkCTxAP=
7dunJ7ZmsVG9l-2BdSQiYK6wfxA3Q34zrf-2Fw-3D-3Dtc8e_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvC=
CV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0p=
oXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2=
Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02Swuu=
OAZYWVguc4QrtneNMHTjoGj-2Bm2JAq8pEIKXbZa-2BTX43hElno9iy-2BmAl5BVU36egomTjtX=
-2BgHKPHm3C-2B9EJc-2F4TcmbT0PrwyO1wcT8HRR7mcZa6ukdqfXIRqg-2B-2BUoRpeUN8s7uV=
b12BdYC-2FyOUVc5jWsHPItUd6H0EYal13tkanJoIwz0HuPCKA-2BoFTBM70-2BoAkuvLavJdEQ=
38qhf5ZDf8teFRvwGHZ6UMVYJy-2FP4mSttM79XAa8XamN1PABzZtdPeSOW8XQeW2-2F-2FQlAw=
f2pqLLY6" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find ou=
t more</b></a><br><br>
                               =E2=80=A2 <b>100-plus charts on the US deal =
market:</b> PE is leaning into dividend recaps despite a rise in exits, the=
 outlook for private debt is dimming, and non-AI startups can't catch a bre=
ak. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVk2mkCTxAP7dunJ7ZmsVG9D49VNcf=
CCT06D0GQYU636Q-3D-3DzClg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7r=
nfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRv=
LVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra=
9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAaSWtpCWzfRJ0KiZ0001Qy=
YGpoZFJNKTQA01ZdbRzUXLFtxLrjJEWGNRS1irU0nqv544XCib-2B7WL9bbfUr8xx9yiyRnmdgR=
97WpAzEm3Zfq8jyjupEBBzYp9wcTJVUYB4Z1rKh-2FyxVDQskgYvh6O1QyAfOmWNbEMKGJUzBaO=
3GER6B1NsbughyRhFUDPNfpSl6rTSMzLvZ4rOdNm9g5QeFmAgH6UCsrCcj-2BsIENX551jV9foF=
m4CYOCGZPdaOtUJV3KHmSWRHucFzKNGWMngfDI" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Download our Quantitative Perspectives report</a></b><b=
r><br>
                               =E2=80=A2 <b>CVC Capital Partners has commit=
ted $1.1 billion</b> to M&amp;G Investments=E2=80=99 2025 PE secondary fund=
, acquiring a portfolio of PE stakes, primarily in North American mid-marke=
t buyout funds. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVk2mkCTxAP7dunJ7Z=
msVG9XJzziqemu5k5YErDw1Z5Xw-3D-3DdPSR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2=
BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJ=
rJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK=
1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAbrFHaXmMz=
XzZuprTGYgxim5AjBOQbvsmRLRzLvNLd8jFb-2FyED8ItUhsSz6XQfkabaUPNJSkKMPPZvXFL0D=
sKvRfVL9LWeRZgl9dFrcP521plLaYoIEGz2HMB5tmlU0cW533Pso69fnvx-2B7ovcZgovThJPH-=
2BuFfjhUd-2Bq-2BgbeIfwCEJArFO1zBAKcMqYLxk01v1R00HKy0BE5dUio5saJMMJWoE9RtYzx=
HEU2nKfaBogq5RFLq1LX-2BrVjB904DHtHnvHVvYmgFHcoj5pVOELMaJ" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Read more</a></b></td>
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577650" id=3D"n_577650" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
                          <table lang=3D"x-news-group-title" cellpadding=3D=
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> 'Fusion bulls' defy VC convent=
ions </span></td>
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVk2mkCTxAP7dunJ7ZmsVG9jlQE-2FGj=
pYs-2F8sExF8d1eAw-3D-3DRnHn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE=
7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjC=
RvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84f=
ra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAajU-2BqDvDFLu17EFSF=
yK1QPrhiTLSVz9wTyNob1tWJj82viy-2BZTYcwSnwtuZOFM4gCzOIxd8VpLDBo6LdRswI0GhPdh=
rJmJEt6iW8cjLQKpIAH3iXEsB1FSC1Z0KuSLDBrb63BaRnzwDUjaQPpNigJ8DmvnIpbVCWEZL2B=
hoaXmR6f63btf4fvfzdKc8pHOvZLavRuIZS4PqotRe7SviM-2BtvVOXCoMP2NRzQsjJnprTKSRC=
i82QPbB6b6IFlU77y9m2im3JCfiT2OlAWzQudAMU" universal=3D"true"> <img align=3D=
"center" alt=3D"" src=3D"https://img.pitchbook.com/news/72773.png" style=3D=
"border: none; width: 100%; height: auto;">  </a></td>
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t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;=
 font-family: Roboto, Arial, sans-serif; font-weight: 300">(Chloe Ladwig/Pi=
tchBook News)</td>
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                              <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%">
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                              <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 =
Rosie Bradbury, Senior Venture Capital Reporter</i><br><br>
                               Nuclear fusion has captured Silicon Valley's=
 imagination, even as investments in the technology break every venture cap=
ital norm.<br><br>
                               A cohort of investors=E2=80=94a combination =
of ultra-wealthy individuals and deep-pocketed firms=E2=80=94enthusiastic a=
bout the promise of fusion energy is pouring more capital into its commerci=
alization than ever. And that's despite the fact that it's still several sc=
ientific discoveries away from being a realistic option for the energy grid=
.<br><br>
                               "There are some fusion bulls out there that =
have built up a position, some funds that have been in multiple fusion comp=
anies," said Leo Banchik, a partner at Voyager Ventures who leads its clima=
te strategy.<br><br>
                               Inertia, a fusion energy startup co-founded =
by Twilio founder Jeff Lawson, announced last week a $450 million Series A =
led by Bessemer Venture Partners. In the last 12 months, 43 fusion energy s=
tartups have raised a total of $3.7 billion in venture capital, per PitchBo=
ok data=E2=80=94funding at a level unheard of for scientifically unproven t=
echnology.<br><br>
                               "Nobody's demonstrated the [fusion] engine y=
et, so it's a bit like putting the cart before the horse," said Ryan McBrid=
e, a professor at the University of Michigan's nuclear engineering departme=
nt.<br><br>
                               By tapping into billionaires' checkbooks, fu=
sion startups can access capital that will stay the course even if the tech=
nology isn't de-risked for years to come.<br><br>
                               And that may well turn out to be the case. S=
ome nuclear scientists have expressed doubts that Helion would be able to d=
eliver on its promise of fusion power plants by 2028. Its competitor, Commo=
nwealth Fusion Systems, has projected to bring electricity to the grid from=
 its fusion plant in the early 2030s.<br><br>
                               "I wish them well," said Mike Campbell, co-d=
irector of the University of California, San Diego's Fusion Engineering Ins=
titute. "It's an enormous challenge."</td>
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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;">&nbsp;</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>PE firms aren't the only ones p=
aying for data centers=E2=80=94middle-class Americans are too.</b> Higher e=
lectricity, transportation and food costs are putting residents in highly c=
oncentrated data center areas in a pinch. [<a href=3D"https://url6380.news.=
pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzVk2mkCTxAP7dunJ7ZmsVG9tcW5xDdv9oQcHWs-2BTtcw9w-3D-3Db7Zo_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpax=
E6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdn=
S-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiW=
n-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJ=
W-2BJ02SwuuOAb2xEjQW1mjO1-2BDShkUI-2B524CcqqRKpDTTTQwC9P0OL0AbfUHgmGOPCBk0v=
AH49Wyov8Z6FXf6s41BGLcHAwLV0d6C0qjzxhukBLNdyJZTXdUWQtVSWnTtH9gKcr-2BFJpzuuQ=
iPHkDlA8oy6l3VzOj2MnX4lTLGVRw-2FKryQn4h5kuUf8A-2FDZot7-2Bz7zPQAbpTgo4uIaSwF=
cf3aTM0N-2B4g0AQ-2Fti4YTrvvVTV00JDFlO6qeoOJNrm7VvNPpt4XkvVlyVCpaRshycf15Djy=
HWLgjwV" style=3D"color: #1D5080;" test=3D"">Fortune</a>]<br><br>
                               =E2=80=A2 <b>The US edge in attracting and e=
xporting top tech talent</b> may be fading as innovation ecosystems abroad =
increasingly thrive on homegrown founders. [<a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzVk2mkCTxAP7dunJ7ZmsVG9cZ3HcHm6LqsJIHA39-2FKsMA-3D-3DEDca_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpa=
xE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEId=
nS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12Ti=
Wn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSob=
JW-2BJ02SwuuOAYTIJgtrbhRoYdAGJ38GScgXqYLdYu-2FiYF0ANVg8UHdo07fH9e-2B95RXi7w=
TyilUe-2BcC2sLzx0jPbEayl3ZQklorKo1D1mIc1ngPtQL2mud-2F2N-2F-2BX6KVAFKXQU1CU-=
2FFdWCK2tO9GKedMDg-2Fr5MDYBJ4WC6Dh5-2BIOpe8IrwlF5m1rVgWn0lOSYF3QTxtGSyfAAq8=
TT8p7bQpcnZLAGdM3FDUgQTNWUDpnfXd-2FGNdLp6F-2BWhPJri-2B61BEjeT2Fw1eeWsw546W-=
2FwSC7OO4W552WxR9R" style=3D"color: #1D5080;" test=3D"">Financial Times</a>=
]<br><br>
                               =E2=80=A2 <b>Waymo is offering $11.25 to clo=
se open vehicle doors.</b> In a partnership with DoorDash, drivers on the a=
pp can get paid to help Waymo vehicles that are stuck with open doors. [<a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2BF1rQ3csVg8pupStYB0pGUIlaPysFnUylcKuFgTq=
UEg-3D-3DppvV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8=
tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9=
ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3=
ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAZjd4bd3FbW-2BMUcFmlzqgz-2BIn9NSiW=
pMg-2FA87bP85t2539HgYrUYRzSBLZPgryvsLj7bLy3AS3FaNKJD8LjD8GAUcdjoOxY0vKCSzMs=
AjGfLMgncB-2FsDTFg6AAKAVfqlZg3ILOkudACyqe3s82sVmyIjN9RBF4LZBB5h1Mf-2FDheqLm=
x4p6dulgNmh7e1QLZO77gLQFUaSGp9pr1BoaCVeskq-2Ffof3zSQrOTOrW6AO6n-2BRRQl3sPM0=
QX5Ey1hKKgpULfyoAHypfV6XGEzC8N-2BSCs" style=3D"color: #1D5080;" test=3D"">B=
loomberg</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">&nbsp;</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-2BaqM7ONnvsnswouzU-2BF1rQ3csVg8pupStYB0pGmp7hL-2BBSauaysd2g8JYNRw-3D-3=
DKy6v_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRV=
wnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bm=
b29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJK=
JNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3W=
da69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAYCSfEWYupLZcojMSIs-2F8S0fRDqMFr69ql-2FLrd=
Zhn4YM7kUX-2FpX7-2FUqhXcnDjvY5C6YdYz4W-2FAEZphtlPu-2BPvZShPDPQFhz-2B7JJt0zK=
lOGbMHsoLN7PlBoaGymLP0OVyTFNQOnm95TVvsrS4GZf-2FUUy10v9WFOv1u0WY39I2Yk9sM-2B=
t6CTHnZ-2BZMZZxiMx-2FlpFuLkgwK9Fxy4MV5G6-2B6EihK7UpSbz3KDJ2zHjqzIF9YQb6B-2F=
ACk5eapI6xZ-2FYoHC2qGPjaT84X9p1QCtwaKWib"><img width=3D"460" src=3D"https:/=
/img.pitchbook.com/ads/ad4466/rsmfebh2.jpg" alt=3D"Ads" style=3D"padding: 0=
px; margin: 0px; border: 0px; display: block; width: 100%; height: auto;"><=
/a></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding-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;">
                              811
                              </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;">
                              2903
                              </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;">
                              1143
                              </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;">
                              21
                              </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;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzU-2BF1rQ3csVg8pupStYB0pG8Qp0-2B9qivBFhRhyM3gAzbw-3D-3=
DYBWx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRV=
wnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bm=
b29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJK=
JNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3W=
da69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAZvjUHmU5sVSsvyh3qEKSway7mM-2FFiZ0sRF8ikkN=
-2BhUnq6dl-2FyyNbVDckTMK-2BU8m3FfL4cYRwVPgfodIjMMXdoobiMGcT-2FlZZHvlp7XncK7=
PNd6NmDOzKhek8BdxnJRkV2ZGLWVqnDbMwSjJgZNuUKGzqwgqRHf0imXzUqcvseSpPVCGhSWuVX=
vrHsaTLPCnXNZxivhqDEZNjHRyLUGvygApzXwgce-2F39rKDYa1kqJKPv5CMICo29bPNNDcApWR=
G44zjHjxhii7jR654xRyjwgV" 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;">&nbsp;</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_577654" id=3D"n_577654" 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: 2018 Vint=
age Global Debt 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: 78.66449511400651%; mi=
n-width: 78.66449511400651%; max-width: 78.66449511400651%; 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">9.66%</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">12.28%</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=
swouzU-2BF1rQ3csVg8pupStYB0pGlG-2FT-2B17VOwXLu4kVcEuRnQ-3D-3DAIa5_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiO=
AaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRI=
qqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2B=
o12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2x=
CRSobJW-2BJ02SwuuOAYJXhBGvT8ljwisvKM7ABRKBWe8RkvOQqVsgzk0mpZTDD8DvYwxz-2BCQ=
9EikfxnvRfhAopTfTInFytaWMIAqqdQDerBOsl2cfv3Vl9FzNe4mxft0np3FrdZxDyXjmDneXpr=
bJ-2BELT3q4cZLtciLUCD-2B5flZWEblKl4DqWUIH9qAiLC-2B3Lh8CgoI68SiYk09aFjDRQGVu=
aDvx8TWdG7Bvyk-2FgtPr2kP5yYUfKRRahWR8mR6V8w2cAfR-2BTCyWrTMoWf2EaMuFQOh1Vw8p=
99Q6hWMvF" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" un=
iversal=3D"true">PAG Enhanced Credit 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=
swouzU-2BF1rQ3csVg8pupStYB0pGIeNXcTl7m0ZtPkftkzJRVQ-3D-3DLwJk_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUp=
axE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEI=
dnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12T=
iWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSo=
bJW-2BJ02SwuuOAYJLwfeFqXUGpnd3MFQaz1dyvqnq67hOJe6ITQgdv-2BW8vTWG6ckOoUSVUoh=
aS05Gqmv-2FtbydjPNn8tVmxsBID-2Bv-2BSb0afFi-2FF-2BXYa-2Bk9fnX5gfZ5a3MP2JQ3Op=
ukxIQnyH1mQfPa85SHxTZSDnJeMb6NXgVxxPBQbKKpIdwq-2BbDpBir-2BoGepI3H7amrmLwf-2=
FO7TQfdS7Jhcv7B5YdCKFUcTUKT-2FOdhld4-2BTALzJphFUoakq7Bv8EMSzQd5jh8HC0adSOZz=
z3LFtLRSqZxsa1-2Ftv" style=3D"font-size: 14px; line-height: 24px; color: #1=
D5080;" universal=3D"true">Oaktree Special Situations 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=
swouzU-2BF1rQ3csVg8pupStYB0pGkxZMdiV0J7dmbxHo-2FFlhxw-3D-3D30u__Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAa=
UpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqq=
EIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo1=
2TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCR=
SobJW-2BJ02SwuuOAYwWMxz-2FBLuC473dU1zQf1bRmdR8Sg8-2FM-2Fl5MEX4XTEFCooii6iyW=
mElaGJufkzBrayd8TyWcJkBadBJ0JFJ0ID3rnEIdDHRAdIwaIycVpIfmzvOM4eIxeHll-2BB7c7=
oof1iJrsZ-2Fz6HDtBgLok4YLbajObuwsCDR7guxyIxTCgThT0OLP92r2WLmPIL-2FkSr7X1w-2=
FgwlJiEE2OVt7USF2d7TLdiv8piugzVOh3JA28wiibtB23Xyjy67faCT-2Fqunsx9VD03tSiQdv=
55O-2FSbUXPsC" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;=
" universal=3D"true">GoldenTree Distressed Fund III </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                            <tr>
                             <td style=3D"font-size: 14px; color: #78766F; =
padding: 25px 0 5px 5px;
 font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td>
                            </tr>
                            <tr>
                             <td style=3D"color: #1D5080; padding: 25px 0 2=
0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2BF1rQ3csVg8pupStYB0pGj2Yb=
AyW-2B-2FL0sUflTc98GRA-3D-3D3bIf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhP=
EiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xT=
hMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz=
5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAaNEsqSEZIlTMCO=
eKScjo28sJ-2F7-2BBjRedksePhWjPE0TsX8Hxq-2FMsDE-2FQWpomOxMEFjFURwBgbrPudWRlP=
3BX8ipkDpj98c-2BsgqjpkeioBppAiD8bn2bOJywWLckmzePVIHziifpU7RL04Iqsk2bSURmp93=
FB0syFD2CfH3-2BRwAhfO8LW8tiifcCABuvBpPxU7amHXVQyInlnHK10O9fwZ3Nwkc3FTLjlIIP=
mTqfVMz04TCjDNAjotWkZAIO8Iy0iGeALwKOy7-2BD4DupAUWZ7in" style=3D"font-family=
: Roboto, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: =
700; line-height: 24px;" universal=3D"true">98 Funds in Benchmark&nbsp;=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-2BaqM7ONnvsnswouzU-2BF1r=
Q3csVg8pupStYB0pGfQK26QsVf5Z5jpuNBvlw-2Fw-3D-3DIXG-_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhf=
LvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpC=
j0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPh=
Uk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02S=
wuuOAZP2p2suunrcYOMN0CKALG2PQKdMz31q458M47fyX-2FTWfJYU7w9eiz6BnBU-2BO8dNsFP=
3u6WTuA0-2FZ2IWsULh9P6A5EEkfsYZkJZnAQS0O6lSaR8NI-2FOYVyptDdcc1LB6TzEuZNGfAd=
YgQUMliyAdOSouTMOSnWHGtjLjhzBdRRYs7Co5wBAEMwPiNEky-2FmQGH6blE3iyI-2BVu6muzg=
SdNhIcB4KsfpZwSpDkk74I1zmOON0iJPiM9hrmdZ5zNlMCxOPyPhuv89CL5mYN7L-2BsrgRx" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks<=
/a></b><br>
                               &nbsp;</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">&nbsp;</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-2BaqM7ONnvsnswouzU-2BF1rQ3csVg8pupStYB0pG-2FJrWCKdo-2F-2FWrvoM1aFnwew-=
3D-3DhaTl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk=
-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrg=
feJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROku=
ps3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAa3qOVez0lttB8AcZTqtIqXT8R8DnXytSHZCF-=
2FMVdeS-2FXwsA447KuCjqGpZFxPblu8rzgkq29UD27-2B5hEqand9weNpaLZN2SEz5zVAfNt6a=
iuEnOwi3vigvg4IWpKns6sqBYnWrnhDCXcbKE-2F6o2JvImwIDNt1bn3hQcQ42eQSrgoT-2B4D7=
5R6Eet67ZqEdDhQiSJILr2GHbQy8zVH0Obz-2B-2BUjzwQxv3xzrwaf33dKe1u4oXNZPJ1AUi7I=
nyn2dSpWOMdICF0l340cp36lzXEdR9"><img width=3D"460" src=3D"https://img.pitch=
book.com/ads/ad4468/Churchillfebbanner.png" alt=3D"Ads" style=3D"padding: 0=
px; margin: 0px; border: 0px; display: block; width: 100%; height: auto;"><=
/a></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>People</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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-2BaqM7ONnvsnswouzU-2BF1rQ3csVg8pupStYB0pG331Vyq8iPRrhUBuXzU=
nvvw-3D-3DZaPQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F=
8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB=
9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR=
3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAY1qZWTicg-2BdcUxTbOmgQGxeRqEjMUw=
k2tQrAY-2BgURQ6Ap9QjT61ztQPZQKejMTPh2WMWJ-2FNv-2Bs3gdB-2FJjc-2Fb-2FRqhX160y=
AEylyYoC7bB9aipXf-2FxO-2B-2BuBlRfWFEmZ91LadKaxrFqPl9dxd3wa9h3lQH0oHiv50LBVF=
6OOJOjmo3o5rL3IywCWGvC5TA8ITc50PTFeER5P7RyebCkX7BwLIK3wUNnHGuLiAb-2FQrP15Qm=
0hI0bm-2FNu66UAnY7vw2cjn5HMzs7Ez-2FoA8pqJYHpdDx" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">OpenAI</a> hired <b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsRq8S-2FmfXqibbykRDo7SdywA-3D-3D_wZ__Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQ=
KoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOU=
sWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41O=
u-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-=
2B2xCRSobJW-2BJ02SwuuOAadcFVmsK7N5YJ2k7ScKHxbBZb4S0Q9S1U7wB4c5HFWsHh-2F-2FZ=
GvK-2BfqtSCo-2FZ8o-2BGsyYdkXRCqRwUm5heylod5GQxOAZ3B-2F0Kt4RsOoTSbNFQD92pUN4=
ygqMZdb6Rqrye6DA1UafscdqpEmOQpHm9l-2FJ2PNO-2Fl8IcFyMfPownM6ysiLD5X7saEnKlal=
Kixghbd1HJXg73fhghuZeruA3FAzt6jSocIhyHEf3IRJdZjbULHzhYWNIgrUkS21tCVwcnCdKXV=
4-2BppCzNC6DXepO6j3" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Peter Steinberger</a></b>, the Austrian creator of viral AI agent OpenClaw=
.</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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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-2BaqM7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsRZZuCg2q3Gsa-2BPivXKJ=
mwSw-3D-3DSfiC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F=
8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB=
9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR=
3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAYIHNeLfk2YkOkAQAR1zutnT9jD-2BtFt=
ZycsjDmLK-2B3KIxA8s2sOVo8lm856xA6nGnxaggKFa1pgw3ISNule89vF9tiPLlL4wZ0NaWK5N=
uHy0YLwIfPcDN6XHd-2BPh1vrNaZzgtB32-2Fy7B7doSiLMV-2FdPWH2KWa-2FPlk9Q2-2FpWDc=
Sr6BiV5FfBe3Ktt-2BVevI2WFGJPAc5FPbHCfqNF1KdZthVrNR-2BKcn4vg-2Fj8gxcSzI4h2Mb=
14jwH8nTMefZ3z-2Fd-2B4983iA0B-2FMoO8Wyzcn24UQbw" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">EQT</a> entered takeover talks for UK-listed g=
ene and cell therapy maker <b><a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIc6sy=
R6Ox7ywMWYIGsBsROQCMAKO9YgEDccehTxMPuw-3D-3Da6-Z_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvC=
CV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0p=
oXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2=
Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02Swuu=
OAYl58o1CZ6cAYk7in-2B5A4z8-2FX3UaGfD8MPleYcUlp8EmQcDAxng0DYhn4UdSfoGSu-2BDp=
hsRf0sv-2B9aloc4z5R1HIc0LyfaE-2FBiLfq-2BF4RaKt6sX3BbBYYez-2BuN1QLFsUfWBDvI8=
j00JrvMzfU8xzVB094twyrObEfhEHD-2FIhF3hsZQuE4mUU8EJmVs79ExKej4uJkGOX5oT5ZL8A=
QoKOZx6iG6K1lVTUdkDLEBPTPAnAVR-2BzKgLMKoyIswDtzXQCzuvQTohdftvO1kCIjO5OGoe" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Oxford BioMedica</a>=
</b>.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsRw=
f3Gx-2B6YymDVfoTt5i-2B0tA-3D-3DtJeE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2Bg=
XhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ=
4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1c=
aTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAZEyuK-2Fcv2=
ga4josYR-2FCkOqvl4zdsN3-2FLqLPgpvDFNxi9U-2FgN2lJU-2Bt1rxXNn9gGgtlj3FOyJE3ud=
nux69l2O-2BZ9VhZ-2Fl2BtNQmbFS809rgHbhKMWK24zOuuX1qHQja9OynAnDhedAumRjECnRGm=
V0LGzU4FX73UDZWy9Vrk3VDQ1JnVBEFe-2Fi4jnjklD3a9vlSREx8sqhmRfyOYlGgLP2CSzuD0l=
UxA9RNs6dIecr0F9xsRWXMIhjqfH1Zyx8ZMQ-2Bvku5pQB-2FcleXzJr8eJVqa" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Antin Infrastructure Partners</=
a> has started negotiations to acquire French holiday clubs owner <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsRwl7UW6WyVC3E665JeG8h=
cg-3D-3Djci9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8t=
uUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9Z=
CrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3R=
Okups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAazA-2FJMclSmrr3Zp7KklvJtKnz1ia3Acz=
ToTB3aSYxppd-2BQwDqTLb2H227RqJpvzbp9SeVbmcHp1ZsOtj00GEzfNzNGczx7vhPsB6IftdQ=
QmTqXsbnObBWc4-2FtItmSEvzLzttnOjpvZ1xWM7EEIhDbonvcapJtZZKmHtyfqeGvmsq-2Bgm0=
1CxQet-2By6yv4aBNWft9PsH-2BZnS5SPH1w704bmvo5MYnJdWDvzDvnUG9TYt1JbUIGoPQzqJ2=
oUcU50OrP-2BvYAHKdbgQiDZalgoqLaEg" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Belambra</a></b> from family-owned diversified group <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsRG2f5ps6hRXzUzLKsG2psJ=
Q-3D-3De1u9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tu=
Uk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZC=
rgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3RO=
kups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAau8ntnBnASLaOF32RHOEV1WR0SDcfEksEuI=
zlgxyMHMfSfhqodG-2FKvDcxsHy-2Bhpy1i-2B9uTPPXIyne9tI-2FN9IuU-2B4gy2OaOty03Fg=
rPuNYHq3enlYpVx-2FyIqXX5hJCeSbl4Kuw9TyVczOv1nl4t87CdAKK9BRbhTl1RKbmeQHbQwSK=
inJ-2FfkQ1Hzq90YdbXs-2BhgOfjhhyk-2B38KXggQtWrp4bgAb4uEOnBFtdfXajPlVedoxqfxK=
SCkCKQb78u2qFEj0i8pdRtLDRZYtlBfyUdOK" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Caravelle</a>.<br><br><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzUIc6syR6Ox7ywMWYIGsBsRV49C1qo6M-2F9RdAX1sO-2F7YA-3D-3DKvXJ_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaU=
paxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqE=
IdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12=
TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRS=
obJW-2BJ02SwuuOAb74dOvonEBezw5VDC9uPXen-2Bh8SNyU-2BlyjZx4o0WPYBCFfKBroHjuVo=
fvAlTTCxhFeFxBF1diYUtE24fUaiABsIwUmA3FDHo5b7KJ3lIXO5O-2FA9X1XOcHOlB2u-2BcMF=
jf1DuRTGnX8YTx3VnnOSbNg68tRs5soGivRL3W8zlmaUMyPfZs51V3amy0EnzzOeKhG0wah55XN=
WusI-2FPSfaI8YkTNV6T42avJG-2Fp6UL3q12VOfqTeXumMJM0CS2r3lBDa2Tn6s5mjxGbwf9jP=
Wvcxog" style=3D"color: #1D5080;" test=3D"" universal=3D"true">MidEuropa</a=
> purchased a minority stake in Polish beverage producer <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsR2IEQQC9ObgR1J-2B0pwrnjSA-3D-3=
Dxdlk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRV=
wnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bm=
b29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJK=
JNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3W=
da69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAZISkRkDV9kCganLNu-2FIpPSk1bEa0sF5vuEKiuch=
aAmd-2Ba4j6vtlpUTk1KMpVVLniZ-2F2U0YGnEoPnbPIHFhHfwJmjM7DOPtn-2BtHQvWM-2BMz5=
uW3mVrF39qimcdwJPLoobQp4AGfDgvnbL0b-2BSud1uwXDL1w5bTCStso5UOV-2BKyohyYgQix7=
Z9e321y9LhIuDHqv3HOcuCsU9n74az-2BraGUuVCfS408FOMNdvC9hbl2mVyloh9M2n8fH4zUuq=
VklWx6UVY1y0N2uOEq-2Frf0XIznCD" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Oshee</a></b>.<br><br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUI=
c6syR6Ox7ywMWYIGsBsR1C3Xm6LQ0THy9DGOquAbVw-3D-3DujJ8_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIh=
fLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNp=
Cj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLP=
hUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02=
SwuuOAZQy83WHGc8NNzPvk-2B-2BM-2BGqrClXUqBctOY-2BTKniWFTQmQeXQXRjOXf-2Fqa3sC=
y7OJHJLsp0dy1V3M8WVCF3uNXHLv9ETrHjN5EjTVwgsHtR1pWNO6fCSPiYa10EvWACA7F3VHNVs=
TE-2B-2BLwsdLl1EDqguBhFUDWrrbmpSz-2BUVOC5Xy-2F6EZsSBVyjWqHpVsUxp1SSxLRZmEdF=
d-2F9C0P87kTpCdD-2B6dBjmhhWfydQn-2BPD8TLLk5ipsInJrQfPk3umSxVQ79JZrAxAb9-2BP=
WpW-2BDMoPU7" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Expone=
nt</a>-backed <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIc6syR6Ox7ywMWYIGsBsR=
VSPoWbHRvuAAUSXk-2Fqy4-2BQ-3D-3DV076_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2B=
gXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJr=
J4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1=
caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAb8A4tUMACn=
sdbMdZzx-2BlDrLZZ8oUBNjudzfRssAu3w8NSTOdtj5HKdk8MF2Tm65n-2Fus2o9fnhhWJ810Nq=
b-2F4oVfxKExFCXcu9SiC1RzJM-2Bi-2FLn6UsNUn5168IS-2FBFe7JQTWIvTj9nrSmS8EiOqyi=
jedPwn12tSHrbAJFvLPvXFQ98p1zbClp2e9J1u458KSrqozICDqXg4jPYav30PATGTa6jWVog8G=
VUXKraVo8NPG1McaDsVJ9ljX52qi-2BKBXATvzn-2FPsdYSf3Vo6quIBeeE" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Ethos Engineering</a> acquired UK =
tech design consultancy <b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWRV-2FIP=
8GKmrMzeClYcJUwz8wLMa-2BbW6WzT-2F96yEwy3A-3D-3DUPQu_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhf=
LvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpC=
j0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPh=
Uk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02S=
wuuOAZqF58ulWmLuNKm3qrweYBr42Eau6vaVLt3stY5Nj4PIFn4-2FaBGxswXdfNUjXWuhb4soH=
WcjGaQ46BODGqJ-2BnbkRss1-2BEgZTpBG1euXUYFqr7ThyFPI9uzGqrtqEbIXg09xmFB5EyHCG=
b-2FCcL2PH6XYkSMmAIJTgFsefxjzuqHe2jshJ0ykRcuxEmDRrCfuxLf3TrFd90160Kc70jpEep=
Vext3jyuQ0hwpUNkbIEY7KkgOfN2fqAgLx8r65jEWyn-2FsOMr-2F7XtyLG4AQgr4Sbyqe" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">3DEC</a></b> for an und=
isclosed amount.</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">&nbsp;</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;">&nbsp;</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-2BaqM7ONnvsnswouzVWRV-2FIP8GKmrMzeClYcJUwxBO4Mz72pzaotOz=
E4JZAUA-3D-3DRrOP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ=
-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpM=
WxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXH=
xbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAaKaDWUqE-2B9w3TUB6-2B1clVBrff=
NTaHMnP4IYWeOmZIwQ6mrq31QlSVRdFb5KJKF3q6bUyZBXr5wCPc-2B3SLI30sROwjTW3nbcEK4=
LdC-2FtHDqDTyoaexeZSP3jeA-2FQB8cKXH7yp9L8kDOI8SILDYfr1Wp5R5uNKsA6VRsrT2rHZ-=
2FEMdcPgETFKFj-2FJH5hDbyyOAtA6rIdDiTgIJjT4DMwc8OjOSHj6uX8PrzGrl8leUVKSkVzx2=
-2FBeMO5yrL0b0Gh5tBcxT669K7twR-2Blk9Yw-2Fe7f" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">HIG Capital</a></b> reached a final close of its =
lower mid-market fund HIG Europe Capital Partners IV at =E2=82=AC1.6 billio=
n.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWRV-2FIP8GKmrMzeClYcJU=
wIDk0DnS2v1ZrmqrNcxz3ug-3D-3D75SU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXh=
PEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4x=
ThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caT=
z5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAaJf-2FHEziK6d=
8k1bVgKUtrR1VAJTw3GTNIjOmFetkE2Y0zdmzt4pSEsEI-2FWqJztR2pvMmViwRT6aRTdTdGgbG=
jVfaZFAIsIlVA4DMepsiTIN4RrBdsJSxW-2BzTLDfXVROU6-2BvalXUdxktw2p2Ywe9ijMvN3kQ=
U5Dfqzkw-2FyW9J-2BBnyS1S-2BWWPQkelN-2BwNgKwxUilIyp8wdEIfLNlEESnTLoQpFisazB0=
XmWJL2S1Dv9zalDtH8bbnXHz7lRB94-2F-2BSQXNi-2Fj4CI1X8KSR2hB3SVY8" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Blue Earth Capital</a></b> rais=
ed more than $100 million for the first close of its dedicated impact secon=
daries strategy, with investors including <a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzVWRV-2FIP8GKmrMzeClYcJUwbf-2BnXzXOVBSpR-2F4VaMtfpw-3D-3DuIJ6_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoi=
OAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWR=
IqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2=
Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2=
xCRSobJW-2BJ02SwuuOAYAmSAlLAiwcFJgc5OZB-2BPBLk9-2FVS-2B99kThRA-2FgQYEG-2BT-=
2BZrWtSUNiFvGHZBoUDlMLJgWeDvCLeJOVj6aK-2BX1zCVYydHpNP8vZuNYHNS-2Bjhn7bfIbsH=
Gv-2F82DTm6NLu44DTJkF-2FMFVAL9nReqZnUPMpJgd-2FbxZF0KyuA7r76D0Iz3sKivTm21aeb=
LOeisljtF2U-2BT8VWQRlx1w-2FHtQeOHrmbWcbpPhG1MiGN7r8HUVThpP6L6uO0xv0K7-2Bub5=
Wh33P7th8alQepRS9RT-2BU1cGOm" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Proparco</a>, the <a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWRV-2FI=
P8GKmrMzeClYcJUwLGPNXnflgsA0ClTW40sK9w-3D-3Dp8Bs_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvC=
CV-2F6kMU-2BgXhPEiLfE7rnfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0p=
oXVXxHzdiKJrJ4xThMRjCRvLVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2=
Vgak4hZtcpK1caTz5e84fra9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02Swuu=
OAa0r3KZETDm-2BcQwC0cDbfNcDjBaOorIM-2B2sBZPbuFbQHJ1fTjADrqsXjqze36OVqHtbubw=
tEzU8lfv75SxzmH-2B4-2F9uGc26OiFX0w4KDHzsGEzAoHgomCElMO8txJvdnJnjXvW-2FVwvBW=
d-2FlD-2B9Nd8Qgdo1tiAwREaELg1B-2FNDDRl5xeMS4ZevNCyFFKcbMlqt6HtT7iUw9i-2Bd87=
GTkZ4pTzn2vjP9j0o19mOtvXS-2BlOi263wtekAG5AHh9-2BU-2F3dfhDdDLvy7ZVkluJ-2FnVX=
0DfesB" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ursimone Wie=
tlisbach Foundation</a> and Germany's Stella.</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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
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                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
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                              <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-2BaqM7ONnvsnswouzVWRV-2FIP8GKmrMzeClYcJUwOFfUde3=
sabXX3G6bUp0Z3w-3D-3Drf0l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRVwnD8g2-2FGQKoiOAaUpaxE6QErIhfLvCCV-2F6kMU-2BgXhPEiLfE7r=
nfhUmqxJ-2F8tuUk-2Bmb29Q-2FdfOUsWRIqqEIdnS-2FsNpCj0poXVXxHzdiKJrJ4xThMRjCRv=
LVgEkBpMWxB9ZCrgfeJKJNLq-2Bt41Ou-2Bo12TiWn-2FZLPhUk2Vgak4hZtcpK1caTz5e84fra=
9JSefIXHxbR3ROkups3Wda69l-2FLk-2B2xCRSobJW-2BJ02SwuuOAYVr14TUNOsZaoTOsWV-2F=
C4ful51SvXCnZJN4sr3zkcN9x-2BbGjUyWwvXNR1I-2Fvlm7tNK4X8jkj06f2MQ3C6eLDsMFnqS=
YGEtKTlhAUAnlGFGIxtui-2BwY7io0QjXIcwLHERSfEYS0ZYLzv4LQAvVh2ribCwcBTGOQynQzy=
PRBjfXAVFaB4F8jmjbi2EPxl8eXTSZiAT4P3QH2CvWRwLszokKNSq1one2mkSnCuLUdTRaGIQCR=
UgPnOC8y67TLYuDh-2Bqr9oDhwXyvnEdH4qC8vOzG8" universal=3D"true"> <img align=
=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/72741.png" style=
=3D"border: none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <tr>
                              </tr>
                              </tbody>
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                           </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">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
             <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
              <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
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                         <td style=3D"padding: 0;"></td>
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                         <td style=3D"padding: 0; height: 20px; line-height=
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           </tbody>
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        </tr> =20
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