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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 VC secondaries make milestone moves; Ares to bring sports strategy to Europe; robots, AI drive agtech February 23, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and M&A Your ed [...] Content analysis details: (5.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 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. [159.183.175.69 listed in list.dnswl.org] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.183.175.69 listed in sa-accredit.habeas.com] 4.5 RCVD_IN_MSPIKE_L4 RBL: Bad reputation (-4) [159.183.175.69 listed in bl.mailspike.net] -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: YES Subject: Cloudy with a chance of refunds <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; 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font-size: 1px; display: none !important;"> VC sec= ondaries make milestone moves; Ares to bring sports strategy to Europe; rob= ots, AI drive agtech </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'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWXolHtEtM4M-2Ba8odm503JSi3acA0dMCYiMgMl-2BTwzm= jQ-3D-3DYcm4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2B= BjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xs= tnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKE= S8thS7QBuMMLhOiog9vV-2BTGoyXYyDSn7SMMJS7Gf81yI82EN0FXme-2Fj7ERSQbh-2Fg73uIx= EYLpjwgyqoUJodhy2NR1Y9DHOkX7i9lJe8SXSIwPAA2rs85uDgzKgzrLeKxoKi61-2FmzM1MHtB= ufAvIFKb2O5nL7Qgo9qTUVi0-2FJvJM70qOK4bNosxKyBrk7-2FSRQqtwCNXIxmwUNSzmT-2Bce= QRn76YhE7DqTgZFIvzOSh9vxxVrIiYz6tVmHxy4htsbPPUx6Uo14tZoaveyB2YBrWMbyiQhJABa= klkw7-2FIHbSr2WuO4MC7a-2B" target=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?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJ= Q6VUBAECQE7XY5D5PSLQI&emailId=3D3DE27H37NRT2KXW&emailName=3D3D6H3WX3QH7CXEM= MMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEV= U3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.news.p= itchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMol= GjSmCPqRZuyzb5tQBOnSwcKSSd4RRiL9daAydXuvL3dLqFCf0oDBF-2B5YQ6U-2B-2FSD8-2FR8= md2bkjUjsrH4EyJJ1FC-2BDQKwiPSmvApFP3qw6s4hLlpXX7b2hKJ2-2BejEJSyKGH96wdEEPC8= NDkL4rhJR-2FJbgBBjKZhSgVFBfBsB9TAhvE55IbAC1EGN7LSm4e6f6vEfrtNWti-2F2XlQycG7= ZWpFX7z-2BqeTB0QfFEnyKdRAYxfEhDz9qMsxWNGCNFMO9kghStfXhr-2FEUIoqMEzw-2FFMn5t= 5fXAsxUYvWnU4uYy6uj6t0HvO5L8QdCbey6aOWjKKcb-2FGNbH4n71TK0g7zeKczEMfI8SI5S5D= xB03b9aolGv5qOynC95hVr7dgv8T3-2Bssn8QleHwVPBgzRR1Taf8n0M3Z1dDPrROK7P-2FhkCi= i8NKL-2FcUZm5IC54ZQBwWs4s2RA8f77FTsDtW4xqrxiHv-2BQU3RrSkpsS6BjT8Zv7v2jK35Hg= m-2F5gkDuglYYoAQh-2BTQ-2BWLMHSLTEeif5pRnotxf27-2Fn" alt=3D"" width=3D"1" he= ight=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important= ;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !importa= nt;margin-right:0 !important;margin-left:0 !important;padding-top:0 !import= ant;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 != important;"/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchboo= k.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </a></t= d> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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margin= : 0px; border: 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" 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">=F0=9F= =A5=87 The 2026 Winter Games closed out yesterday, capped by a historic US = men=E2=80=99s hockey victory over Canada. If you=E2=80=99re not quite ready= to let go, read about private credit=E2=80=99s own Olympic moment. <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWXolHtEtM4M-2Ba8odm503JSK04KrPvVdy6DqwMG= B0z0KA-3D-3DQqrl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJ= d-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQus= s9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxR= FSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDSMGckzx-2BvshZYv0iUam2uqmYrUY7p06RTci6IO= wzoXtgZHF1-2Fi9ozZkjVSoVc1jq4pGBYQpft7BSOKNPATtI4bfAkk9su1ayxXvs4c9DHHsIxy8= IHrt3ym4x5Nq6Qcyk3DD4pW3b6-2FOICu3qdSPrMqkFGw10iaP3D7byl4hDM6nnQxUNsDKN8Zd6= gSrG4IOo-2B4dQ-2Fzd10-2FR8gdWGDQhNzShu69tXsBpRYyzQ-2FvVUyVZyS3vsHV05IDJ8ZT1= 12ms2rhYiJgsuofvlQA7BxFeXOi" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Dive in</a></b><br><br> =F0=9F=93=A8 Was this newsletter forwarded t= o you? <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWXolHtEtM4M-2Ba8odm503JShaNWK4= t9DUjQssawX-2BXntQ-3D-3DBIgL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAe= q5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2= B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XT= Bz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDROVWbkZgry1htHSsOQgPWkhRtkE6= VKQocLm7OPWQn16zto7IfaX8T5cf0pUpLaPeho8iFIprO6VFbPAwFrKqycJYW7z7tp2UdFtTwYM= 7c7sKK38gkejoLx5H0-2BdaSRXqhMu-2FDoIAhedN5VfmPaqzOIisqK2JcnfzvHKtXCCnq1AdSY= KsXsFmdh4XAK0l4X2Kua868P7dxgiMgTJrmZuhD9dmCbAjYMO2RZz-2BzZlxD-2BwMlrubGssMO= bh0VLXlYbiE5HI5MQTiMPDxFAIaaxNt1l" style=3D"color: #1D5080;" test=3D"">Sign= up</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" 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_577875" id=3D"n_577875" 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;"> Despite tariff teardown, the r= oad ahead for private markets remains murky </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 and Jacob Robbins, PitchBook News</i><br><br> In the wake of the US Supreme Court's 6-3 ru= ling striking down most of President Donald Trump's tariffs, the road ahead= for private market investors remains uncertain.<br><br> The president has defiantly vowed to use "me= thods, practices, statutes and authorities" he could use to keep the tariff= s in place anyway.<br><br> Trump said Friday he would use Section 122 o= f the 1974 Trade Act to impose a 10% global tariff on all incoming goods fo= r 150 days. The law allows the president to implement baseline global tarif= fs to address trade deficits, but Congress would have to vote to extend the= m. On Saturday he said he would raise this blanket tariff to 15%.<br><br> PE sponsors are exploring how their portfoli= o companies can claw back tariffs paid under the illegal regime. But how th= ey might do this is far from clear. The Supreme Court has handed responsibi= lity for this process going forward to the US Court of International Trade.= <br><br> A flood of refund requests will create signi= ficant bureaucracy for businesses, potentially causing near-term disruption= , according to Jeremy Swan, managing partner at CohnReznick's financial spo= nsors and financial services practice. And how long it takes the government= to process the likely flood of requests is anybody=E2=80=99s guess.<br><br= > Bloomberg has estimated that US Customs and = Border Protection has collected $170 billion in duties since global tariffs= were enacted last year.</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-2BaqM7ONnvsnswouzWXolHtEtM4M-2Ba8odm503JSGkj9buS= aywCPzlWlBabr-2Bw-3D-3DIDVX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq= 5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B= 0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTB= z64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDScwzwSQQqlLGYVUdzsH3wi6T6vT6A= vGDGYLZxd4CxpjVkBmWBO8yluPcCR92xh6HQrnNh4lwEi5VN1I8Q49dfpL3rj5NkxvSRvYMCgZX= 5uZDFAEOL1kJ8mhHXGaksKPl2xEprAq3GjVE4Pmbb5CuH12lOJ0v9uvW2HYLjd07h-2FXsszfq0= 1BZz1isLoI4Uc93wo6TzVYCUsD-2BjuXuXtTnJ1WA7dP2MNI-2BgJQzh9LphbOGOyh002zP-2B8= ITn9oCOuw3o5EUMnUi9XB6pxk5Q8cwAI" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/72912.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">Tariff= flip-flopping also helped derail a playbook that had been quite profitable= for US PE firms: take-privates of undervalued European companies, PitchBoo= k reported in January. Trump's pledge to enact a temporary 10% tariff as a = rebuttal to the court ruling means dealmakers are likely to continue pickin= g up their pencils and putting them down indefinitely.<br><br> Last year, tariff-induced uncertainty rattle= d public markets, forcing many PE- and VC-backed companies to postpone thei= r public listings. Businesses such as Chime, Klarna and StubHub eventually = went public, but months behind schedule.<br><br> Attempts to bring tariffs back could create = another speed bump to IPO ambitions if they unnerve the markets, just month= s after a US government shutdown halted nearly all public listings for over= a month.</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-2BaqM7ONnvsnswouzWXolHtEtM4M-2Ba8odm503JSGkj9buSaywCPzlWlBabr-2Bw-3D= -3DwcPW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9= ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9Y= LzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS= 7QBuMMLhOiog9vV-2BTGoyXYyDRporLVayWbiBxhvKYedRfJxwGMru76abl8lXCCCsGVY2RbzyN= eYymGD2biQ5bLpldg-2FCf96PS3Hii7V3KW0rEHxiGDC3O4j5hnJwIbSDXHhg96-2B-2FiAVNtk= Ft4dUhBAvtl27Htbs20YcyuiVhqMshjOnX1lZwK5qQd6jc4qxbROR-2FV5JQhcM9v3uHwrmzhxK= aN5SGsSrzcyRrn3x3b1-2BYA1Izh3jmqX2fHsDYl6A1zxZFBu4vV6bSNXIsE5uZBndHQCQMJxXi= -2B6Bow-2BAC-2F6G8qt" style=3D"font-family: Roboto, Arial, sans-serif; font= -size: 18px; text-decoration: none; color: black; padding-left: 3px" target= =3D"_blank" universal=3D"true">Read the full story<img height=3D"24" src=3D= "https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-= align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb5= Ys8O8vm-2F3hMZUlheqkxXOwLDuNV2w-3D-3D0zsF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6i= fPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCH= SohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1= EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDSA00hrAbQuJZIqJ= 8MKPnk2CC1lDR7IZK4rxfcurboul1CNIyZ5tYMmYEDNAkC7U7SXbVcYRIACTFvh34SZv0sWLfTL= yFMgA3uh36WwIV-2FDyisyoN8FhiAwwrAqeWJIiv716uSbZCrYzCr-2FqB-2FdoiYUjTWvQ4-2B= WGqP6VLkaT-2B2WYPw9dkn4l-2FFl7yeoDn7vMo2p69EIrG6zT-2Fj5NRuhlS9-2FFC02cIWws2= pGEIAy4pd9wdMaGHuo3LBprmvrzKEbCCi4Nme6EJHYe4U4egdQEE1B" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Tariff fears hinder US buyout firms=E2= =80=99 forays into Europe</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>Farm robots and AI applications reaped the rewards</b> as VC funding= for the agtech industry ticked up to $1.5 billion in Q4. <a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8vmQKORJbUEbj7n4pJcGYGO2A-3D-3DQUg= U_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR= 6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L3= 3lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7= lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMM= LhOiog9vV-2BTGoyXYyDQEsf-2Bu40QruKuUdmdKSilGCeAMHw8SMfVafcTJ10Uao-2BNx9Ghyg= sxWDWxpcOyb3riOtOLn5Y4LNWnCZsQU1p6T2jR5TpVMcbkstzRuDpf8gKymJtbFPVZTLL8hVyfX= cYBDxNn1tMTfZ0QmwrnktFJ7D-2Fz8H6k6Mla02uC9t8cSfUHoUB2Ik45SEKr5a6S-2BTlCuE-2= BsSthtGfpm590AKnilu0cCvv-2FNF9firbZT6YcDoOMcCPi-2Fg2PQ0H-2BKhfWRAXnfXnTft7w= q-2BzlVbMpO0yt3v" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b= >Harvest the data</b></a><br><br> =E2=80=A2 <b>Ares Management is bringing its= sports investment strategy</b> to Europe, planning to launch a fund target= ing high-net-worth individuals on the continent. <a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8vmxnMcFCl40yuBf-2BvnNRWKsA-3D-3DIPWK_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVP= t0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5B= ers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eH= ryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9= vV-2BTGoyXYyDRZjmY2q5scIE3YCiSm7L29MFInhXYgmEKAl120e4Yr6ncE9o5kY399cttEJV7Q= b-2FTILmELToVjfp-2F-2Bvw04vovlqvaZe7NNw-2FyXBOLknMR2kEXSPZCshfYIUOFleHvNSwx= vDOa4surWrfOsoJj34ahqL0cqwys8Kr0N81HRQXIsIRH9ngC8NqV8iLggQLZykWHRZOZ-2Bw8b-= 2FfSSAGkqyOlyaezEMWJPRy7Q-2BGgjDFR21iuTx9Bs7grtMLA6kOkONIqgN3gKYyg37SNQpzDB= sc3sj" 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_577869" id=3D"n_577869" 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;"> VC secondaries surpass $100B= =E2=80=94is 2026 the breakout year? </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> The US venture secondary market just crossed= a major milestone.<br><br> Annual value reached over $106 billion in 20= 25, including nearly $92 billion in direct secondaries, which nearly double= d from 2024.<br><br> That brings secondaries closer than ever to = the scale of traditional exits like IPOs and M&A. What was once viewed = as a temporary liquidity fix is rapidly becoming core infrastructure for VC= , according to <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8v= mD4QLViuDpDWT4FEPRGN2Rg-3D-3D-li1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4c= jbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS= 61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5K= FP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDSSJcFfuijSHLRPq9ludomAR= zRWncIeZuWkSnF9SVUMU6Tsq5cT84-2BAUB3XoIbYzuBJ9vLz1pIKryMwX26aI0qSPSYAB3Z9Or= WaodVZ1Yt7Wn2d4UdDJIoHLu78gk85pwIxxnmjVFn3FFIG759qlfreRVf97zPbXpE7bC0CI5Gwn= urvkgx9UeNlsWmp5vIKeEafLSppmWMEKnM1ZV9Bo4eZZCb-2FWU8A0ODogDjeJFCc3pkz-2Fr78= 7I1re-2BJq7SH0eUn8M7wPqr1qr2flmsTe9NsC" style=3D"color: #1D5080;" test=3D""= universal=3D"true"><b>our latest analyst note</b></a>.</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-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8vmaPokZBQbM= oUUHOOjc9HQ-2FA-3D-3DOlnH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5o= CQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0k= xLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz6= 4qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDSV3IBqsoxbzRrqgge3cy79xFsBPsqUp= 4LJAjvn1RJpFiPdtZ9xpuJ8ga2MzS9yx4Qkk6ru6ucTZKj2hLLdjinEXj5TC9VcQWIpO9Qu6VHC= xeDKryqr0W6JT6tO-2FGq-2FLQGCqOWE1SJKHo36BPPVJcRxmSpCpLyt9EmeY7C5AECK89uqlxm= F3ZiKNs1CVt2H-2FANp4Q6-2FaRjaKtWKjO1FAS9NHAKcL6wj4ljH7MKx6U6YpFp7YKJG-2FP-2= Bzr-2F1lENzrD-2Fm7-2FsmStMA3JSNg-2B7shO6wV" universal=3D"true"> <img align= =3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/72882.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">Still,= 2026 won't be a smooth ride. Mega-IPO candidates like SpaceX, Anthropic an= d OpenAI=E2=80=94whose shares account for a significant portion of the curr= ent secondary market=E2=80=94could temporarily dent trading volume after go= ing public.<br><br> But beneath that potential short-term volati= lity, structural momentum is building.<br><br> Institutional adoption is accelerating, with= Goldman Sachs, Morgan Stanley and Charles Schwab all making strategic acqu= isitions into VC secondaries. And tender offers are becoming standard pract= ice among leading startups as a valuable tool for employee recruitment and = retention.<br><br> The result? A market that's maturing and in = transition.<br><br> Sectors such as AI, crypto, defense and aero= space continue to dominate trading activity, fueled by federal policy tailw= inds. SPVs are expected to remain a popular tool for accessing high-flying = startup stock, but will face tighter oversight, especially from issuers wan= ting greater control after the wild west of 2025's multi-layered SPVs.<br><= br> Dry powder dedicated to VC secondaries has g= rown 2.6x to nearly $12 billion since 2022, but still represents just 3.9% = of primary VC, suggesting significant room for expansion.<br><br> The market's growth may not be linear, but t= he direction is clear: VC secondaries are moving from having to prove their= relevance to becoming embedded in the market's infrastructure.</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-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8vmaPokZBQbMoUUHOOjc9HQ-2FA-3D-3= Df9Ly_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRy= ECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko= 00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLz= IZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7Q= BuMMLhOiog9vV-2BTGoyXYyDQu51XqoADkd5Oz0iZa52IxfSEVORNkt6cYjFTbcZG7m7eX9dI2h= KOtb4U3i8RFLusNoWT6TaG65v4ubsFL-2FCIGU3B19WJtAM4t7FbXmTQCwPlU0trx-2BmyqK5-2= FHC97Whkfwvv7wGnoLr57bkaJBRGINz8SX83txizarV9suSwSPC91be7YEbjqoz-2FrQzkKMugH= RillirWlVmqWUd1nsF65-2F70ce8PeKUAyXcRl3hnzzy3ecJzWZr6shqKN8u6BDVFrkHO9k6RNx= KjZtTxw-2B10sW" style=3D"font-family: Roboto, Arial, sans-serif; font-size:= 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b= lank" universal=3D"true">Download the expert analysis<img height=3D"24" src= =3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertic= al-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-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb= 5Ys8O8vmq6r5AAKwCqqUxgMzBBkZYQ-3D-3Dl6EJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6if= POh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHS= ohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1E= OY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDQ-2F-2BmA0oRC20l= 82I-2BHm-2FBm9B-2FQl1Bq5fO-2BiSfTFYV0Ol7aUh-2Fh9a-2B4-2FqvhxG0Sry1KILvtf7lp= fzKXLtB3MRcDdDw9T1YLJVrsGWhmXEVwDlQJKCgm9A4Bsn4Px2Nq56hGHUtCPVxwY5vLdUfSI-2= BNSBWadzwIwnmm9HBVpeZDAMEEwNVRtvKs5KH44PMLZyEF3uxu59f5fla8dVC75iuwDMsZyzjvz= Tm1kEpCVKlVUSXYek-2FnMK0Tn6yyk3NKhV3hBsqQ6kFH8pVdA-2FrHmsMAkA" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">2025 Annual US VC Valuations and= Returns Report</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>AI hacking continues to get mor= e sophisticated.</b> Amazon research shows that a small number of hackers b= roke into over 600 firewalls using AI tools. [<a href=3D"https://url6380.ne= ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzVsseXIgN9qm6Fb5Ys8O8vmA1QM2OxeTqLU1MYLRUqsVg-3D-3D27AT_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2B= oTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2J= GWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvS= tPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoy= XYyDQkMM1GuLjafWLNbYSGs9-2BMBiDx-2BqtJ3se0wYv4l99YLXAMk3yHh1l-2BYelAE4L0QBr= U4vbc8cHNgQhOFJzpd6By299wcjJwFAKPGGSCcc7sifb6e-2BG-2Faw9I-2BsovrVX-2F0XUiEa= Jo3y1Ano7evDmAWzqtCjsFJMvCPpQ86HRBcirZLuoxtxhD35PGARgRha8IrgHYJbCxCXlpyRQfG= yU6Twh2dnSyXTmlnuG4g7icFOZpIUZ54n4R31idTlFuRkyIH3b72cWpatXfQnphPb-2BOjNFj" = style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=A2 <b>The US-Canada men=E2=80=99s gol= d-medal hockey match</b> at the 2026 Winter Olympics was a final worthy of = an intense rivalry. And served as a reminder that national pride isn't alwa= ys a bad thing. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8vmK= Jg-2FHEb2vBbskFPGHLM5SA-3D-3DYC81_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4c= jbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS= 61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5K= FP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDQoSLQRejqhSWZ0OpITFweEO= QjMQmWS1fIARPCJc52JbCNOhxMkkaK1U4X-2FWASmuoHqVG9MLANG6Rvk-2FYvKKNBp-2FmMhFA= gJYirlU6DfajFT-2BVQ-2FcfUPj5I0B1nAqrDRshjxUzFWUA9V-2FnFrqJOZ1ZRu7q6IvkBB1OC= r6-2BKRWFOpEIeB6WCKpL-2BFHmPCLqJR0TcbZI-2B1gi6zI0GjxZHjY1DWEgnk4hWw1MYqWjVQ= wTMluz8AcWFYchJIAP9sEOM0YuWBLW2UG3b087YitPeJ1BFY" style=3D"color: #1D5080;"= test=3D"">The New Yorker</a>]<br><br> =E2=80=A2 <b>Several former eurozone crisis = economies have rebounded</b> through fiscal and labor reforms to outpace mu= ch of the EU, despite lingering structural challenges. [<a href=3D"https://= url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzVsseXIgN9qm6Fb5Ys8O8vmR0HsVjQ4YCQS64yjrd8QVw-3D-3DOp5K_Pr96= 6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsV= Pt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5= Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6e= Hryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog= 9vV-2BTGoyXYyDRMuUbCO1KUREyuD1CxMXWzosGWuqnkS5SEO18FiprIJ6vcMFkq0QavIECQsc-= 2B4EgBQfBtKIBofjJhTI7ukH-2BpsyCr7HnLDiZ5Iv7XWtFQ-2FtPWuUc-2BNEZGEjH7m3043fe= Y9iBa239qSlsV73o1ypCevnW9-2Fyq1GoYvkx3dapZy2e4iCHgyn9TCkiLcyRpazrryZ3e-2BfM= N5RH2uBrW6MOVjg9D8wzciWwwPZcLDGEaar2MqdNqswuBweuaxLjL713TO2VejcqN81K5uJ7F7P= -2FK57" 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; 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<td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 4 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" 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<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_577874" id=3D"n_577874" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2016 Vint= age Global VC 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: 62.9513343799058%; min= -width: 62.9513343799058%; max-width: 62.9513343799058%; background-color: = #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">16.04%</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">25.48%</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout= : fixed;" width=3D"100%"> <tbody> <tr> <td align=3D"center" valign=3D"middle"> <div style=3D"font-family: Roboto, Arial, san= s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27= px; padding-top: 5px; padding-bottom: 5px; float: none;"> 0.83x </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= swouzWJkOu4IGNXOjzrq7qC-2FkQ4djpToy7TIwstfyOI7TK12A-3D-3DMlpl_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2= 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width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWJkOu4IGNXOjzrq7qC-2FkQ4W54EEWo8UiJjQxD7z0HhQA-3D-3DwAZx_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2= BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2= JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87Mtv= StPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGo= yXYyDTWOtFZqhTubbpuUSVlJWia1Tc3QS9G9nPy2nEr3z9C8Bsrnl7piiWz-2By1XkgigV3MygC= OOor4xZS8O1jlvjaHDYbYdYWyDiowinBNomv2V9sxfeihThZIGHPFZUHuXeyYStk5GFXB8F-2BS= mxmazxZmuzyB6VjDj-2FCTlAz-2B6rpaXacQU0FagAfdkM2TBxdKuaEhMUItv6zmVKQLEBvhSyN= b6Y-2FAOuGDCkgjU0y3-2FzFH2CstFPi4JFlHQraMgkwngBLmmgHcu1Rk4DBxMa5WVYPPO" sty= le=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"tru= e">7Wire Ventures Fund </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWJkOu4IGNXOjzrq7qC-2FkQ4dO2MfW-2FZ2h-2BaCWZPJlQcMA-3D-3DtWLl_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GG= TZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers2= 4pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd8= 7MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2= BTGoyXYyDR-2FBCAn-2Bw3b9HdbjxX0Atg9oLMCftRKccCiWJ-2Bo-2FSc2jBpSbKOYz4BlSl6Z= EXMIQbmSfEZkaCHhBmHBIZEKfZRmumjtpifKvUmBSSHwSXJ8Q2v7akt4ooHOMEeQb2dDpkAGd8Q= 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valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWJkOu4I= GNXOjzrq7qC-2FkQ4ustgdH2MVPKrPbyL9F2reQ-3D-3DGaf8_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2F= t4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2= BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-= 2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDRj84Jdp= azbXKOxNQUy-2B2yJobaLjAd93EhAag9jW61qKb7Dc0f-2BpF-2B-2FCKHYUIC3EeoJtSk2crWi= nbOQrI9WjL0yh2DUuGIEBA9eHcTsFSpXkocxNJKB8Rin3ObhiaY-2F3v7rj2XLwm1M7yt3c1clV= uzFu9qSguiQhgdIkD5hOBnmlQ4kty3S6ycZJIlgXxo9t9xtyjFi0pQsv1-2B-2BpEwFFVfDiqBQ= RnAXHR0aP-2FJ5MmWfSsCqMFJr4futfW5GA5QvG3dLq-2FVbbt6DboEUdg61J2am" 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-2BaqM7ONnvsnswouzWJkOu4IGNXOjzrq7qC-2FkQ4VawbUOP9hliTGTa43fXW9g-3D-3DH= iuE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyEC= FR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00= L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZ= 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font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWJkOu4IGNXOjzrq7qC-2FkQ40I4sZBkBY6LMiJFLSo= D9HQ-3D-3Dw6H9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-= 2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9= Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFS= KES8thS7QBuMMLhOiog9vV-2BTGoyXYyDSLP3wVCLdLHI282vBrLkXD16F2LR6YHrXDI9j3kCRe= eTNvzLAjWh9MHBwJsdxggJc6pOtIdejxKHDWnJpYrAOtFY4ElQCQagRGXXtRJmfaV5BE43Cmg0O= WXZM3VLFQ6tK-2BtXYA0Rr2VIeQu-2BI6YhKaCqqBd-2FaM3hVZcasyoyUfX-2FAZnJNRJL5KTX= -2FTZbJ9dH77XDt9PDHYyidrzET97xmV9WYQ3Nf6-2F4Yd6aBSpP6IZQcxmRhwgULmcrMMtOeBn= N6ivRZKYhqlta92gxbYkFa2" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Nvidia</a> will invest $30 billion in <b><a href=3D"https://url6380.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWJkOu4IGNXOjzrq7qC-2FkQ4e-2Fha5heViX4kLNJDfw5uuA-3D-3D29lx_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt= 0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Be= rs24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHr= yd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9v= V-2BTGoyXYyDTuOPa0CkBeGjB-2Brwl3mNWUPdYUsJwWr4g4qMCw8PZ3wuPYr6yvlPnVoBePeKJ= I9AecbzTGegv1unMorPdiLjAhmaTqQDgM1e0siiPfFy1b5vb0KMaXuVhKIKz6GReiNa0hA3BuLd= OOPSZfSjh2fvKfT5b-2Btx-2FRA63jzOnmbjE-2BVh-2BRjCa4ThdMkvID5ORSYSnmZX7hqeayi= dQ0QoRbv1o5qr-2Bhf5v7GqukpsbrF4ExtdSgjyDazMaabvCVK5zhBN0AC9aFhmqqxqZ1WF-2BW= h57k" style=3D"color: #1D5080;" test=3D"" universal=3D"true">OpenAI</a></b>= as a part of the company's latest funding round, and will not proceed with= the $100 billion deal the companies had agreed on in 2025, the Financial T= imes reported.<br><br> Toronto-based AI chip developer <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWJkOu4IGNXOjzrq7qC-2FkQ4TnMPQFD0NlkTKKqfS7l= bBw-3D-3DgKgG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2= BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9X= stnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSK= ES8thS7QBuMMLhOiog9vV-2BTGoyXYyDQ-2FL5ywhU-2B5f27oRFn9yTQleGk7mxdqQ5-2F-2FF= i2xgRRkF9Q-2FVZpAYfj0gLc7luy1tKzEyaFWB4Q9GLUuqKIaEj1-2FEVqcTMgu-2F-2Bk8TESH= u-2B7ALZekk0CHPLbaFTeRjm3ZbjPcNCEKFowVbF5jYeXWPGMOuEhfhlBQAiqLTVFLbXb10263n= 5AtwuNpQFoacnRFNF1WG0NrlEEQ2UOqnSZyYxgQF-2FXL8i6xJwoCPZk0re8wzF4zkLFKKREsvg= UlDCBXnVEGUaA614Rrcr6SAK4wp35e" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true">Taalas</a></b>, which is backed by investors including <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMio8gPfKuJm6MRWWgFVmrC= A-3D-3DlIYy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BB= jBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xst= nv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES= 8thS7QBuMMLhOiog9vV-2BTGoyXYyDR-2FY1ICa8hDlG-2BHsMlzNHuT6V4mF2bajC30g-2BWuQ= et9q-2B1FOM02ka2BZvFGsJd2zfvGxebJX-2FKrZ54mfdXwtcJfNJsObhLQYWqZDVBGZKVly4UN= dtNJYBB4zDpnLmj7SUlSUwV2ehPlD-2BrQyPxYFgu-2FSoTm5qiTBJbv-2BDEfyrRq5Rx-2Byjk= S7BsKBY2us25vPLm3FZFbaRm0ZKbEi2k-2Fv5LNXBALcnhHdLcNej8AXwqA3f-2F3MDLSxWavKA= 0SDkSHbauBmWaPpM7-2BL83Kp98Wl-2Bss" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Quiet Capital</a>, secured a $169 million round.<br><br><b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMqF8LbgDBbYBQFJ= vYpHd7EQ-3D-3D3F4X_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YOR= IJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQ= uss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOy= xRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDT38bOp6eZm35qO5I-2B0Gw3-2F1A5J5HERbxKB= 8hT6xNbJoUBytFoGkK4fsleFiZMtJTHFQqjsNB8I5Y-2BkAel-2FBFV0TwyndNnhqefnkaUSv8S= hzvC7MznoYZHPVb87Ze6jH-2B6PXKfpu2WE9YuPCoVDOERCYiXNaDQsaqGpoHXT-2FqwHf3VPD9= 16VFHGlzQGeTlliCV5iiwyLKDWzFpV6KU8GxdOAG6O9LhY0-2FMCTwR0b4-2FsUZIT0JM2ujQ7j= KR9p6HY80nKekvMejgfBv2vLRXQYKB8" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Code Metal</a></b>, a startup providing code translation and o= ptimization services, raised a $125 million Series B led by <a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMnDXp8nXfQbkTJ5qYwBPJNQ-3D-3Dj= idh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyEC= FR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00= L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZ= i7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBu= MMLhOiog9vV-2BTGoyXYyDTAecuncvcw7nhl0XrqO8J5zZobX2on9RcTvygt50ZF6jasE93sXSl= It-2Bn6sngTHGNZZTwN3iLwqF3IObPDZL4IrGbmNkkJonSotN0dG1-2B-2BxAA9XMapwTUAo9to= 9j8ymvimAaMB1-2BGInEJUQbOaNlUcyQQJv-2F2LDkIhWW6N64Tu3HhUDMpMauHkDivvzS0wCRU= TqOuXmLd2al1sEngc3zU0LW15hhDEuKCgE7pc54G3yPuSSQEITCefxQItUpA6DhDf6cg2xq6mmh= izvpojFn8z" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Salesfor= ce Ventures</a> at a $1.25 billion valuation.<br><br><b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMC86RdS54ej-2BJsZdstgIbRw-3D-3DaIh= z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR= 6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L3= 3lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7= lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMM= LhOiog9vV-2BTGoyXYyDQ5mJ9-2BnTpL56VSJQHuUPswv5c3xIJQSKEeKplSdsBiKWchLo0nV6E= K-2FKeQllbUQd5ln9GBJ-2F-2Fg-2F1y2iLRTN683CgbF1H5NG1CIT6pBxurDTUjXyfHk-2B8IV= bVOApOW1pS-2FarTOuZTlqQ3lVQAlQYw40c38nNaS5FLeA-2F43Hxfs9hVSyuOy1J-2FfC995WN= 7GcPuMkOaCu2dWc5jcI4RQdCdKxaDSuSHKPlLHOq0-2FKywT5YYK0mpxl7ygybtEOr3nTbB7G7u= mDmDv7wrm-2Fphyo4JlA" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Pepper</a></b>, the developer of tech for food distributors, received a $= 50 million Series C led by <a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGKCGrrAG= kDxWCJRIEicQMVkHQ1BMbboLSsy3ewGqSjQ-3D-3DQzV5_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NI= pX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2= FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2Bab= Dqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDQxLvi31kwpz= moN-2BvqHtlrnclgXwX4lSUplFsEsKrkwaVYSPWPe5KVUDUK-2Bb0Hd-2FytmdVEkhV3JngLFRo= jdScvrY-2F4hATzJkwKXXB2BAvKrUKRvokdkA2zXLy0TkeauZo1hNKOdeIttNlfUkuwp524YByk= ycp5YS3CbsMHJr9wspmXCnudhi2LJBvLMwU5p4Mcaj8IQa7NkyL05eY9NFt4EFEgNZ44hOnJB0N= vbUbUdLCFADAXbp20KyU-2FtW0NrEYcDFgPu-2B-2FBhlOTOvB-2FfQLGP" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Lead Edge Capital</a>.<br><br> Rare earth metals company <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMlzlb-2B5QtiK5WYzUqBow4dA-3D-3= DHTv0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRy= ECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko= 00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLz= IZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7Q= BuMMLhOiog9vV-2BTGoyXYyDT9Bfz6VUR6c9yMCINzfsQ653bcfq49mIyDXUg3CQqUAWY550SJ0= z44pe-2FQTo1IpJCtDW29Ry10w4VzyExf1CDPK4l3fZJrIJesyDTJL7mwPZzDipX22PqGfDoXdz= fFcSJ8-2FHiMF6LWvP3-2FqnKmBIi-2FcTY7pcg2ZZh6fEuA-2BGbnEx9w3FJHshApFtBG-2BfN= m9JHWTthm0KUVx65EE5V3-2Fv5VL38IOzw7KHrIkr24B-2F4O3sVQIaBN54-2BTfLPCK3Aem-2B= y5pZfe8tWTGx-2BfX6TW0HxZ" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Phoenix Tailings</a></b> raised a $40.2 million Series B-3 round, whi= ch consisted of $30.2 million in equity led by <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMDPK-2ByHZWHa-2Fa0t3lZfEXqQ-3D-3De3DZ_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVP= t0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5B= ers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eH= ryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9= vV-2BTGoyXYyDQkvgDwqWQNUM-2B-2BOjxmLe1TU5yOVpst74sj29cNAjdqq-2F5McgrMN7XRI7= qaBKnwO5-2FNj-2FHpMh8YuMgm-2FLh1i5-2F-2FzUSOeonBDFD-2BUhRLI05R7ud6CAG-2B9Pm= d8hIfSTEmp23XXZ8R4LynqngQXCr0fB7fxO4CR5-2Fdj1f3ftsTpzroACJvMTHL0KbenuZoD8zH= DF97VEJFtCUHX4-2B-2Fdw2IatFR3iU9-2F3qSvL6dJhxO6bgjBqCt8q-2BEI3Q7mGjHk8lh-2F= A1acE7wiPmQJXaoC9cHUs5p" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Olive Tree Capital</a> and $10 million in debt from <a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzWGKCGrrAGkDxWCJRIEicQMt3PX4wpJ-2F-2FKsO4BlVMJQdQ-3D-3D= p41Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyE= CFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko0= 0L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzI= Zi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QB= uMMLhOiog9vV-2BTGoyXYyDTzWYmwm56YXuJV-2Bz9W3EDbcX6txOblcSoklbtyOn7-2Bclw-2F= 6HvbAXYqnpm-2FCYPl3ToUj7RIbUvMKjlElSE9TAtY4RNrwvlzjTJs2C6hxLe-2Fb1Krift6x86= IvR2aYQ8N7h555PN65VyU46C76gXb4IOxIyJVFIzhxy5Vx2BsEYf2ByyqjfVQ4TAW5VYnU2g8wV= 5558pvqMUbGD7B-2BzhvmmTsj-2B6h-2FCnfdaMjRJOVP5LOVDNRPd-2F1l9qXBw-2B3dMnhPRc= eDOCfzT4srT6KNRLBh2v6" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Nomura</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGKCGrrAGkD= xWCJRIEicQMbv-2BbJpHkANXYKVGOg1YC9w-3D-3Dhy-4_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NI= pX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2= FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2Bab= Dqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDR494dwUTFNl= P9yS95XRoFy39sesS7yLj5D6vk7gWK2-2F-2FV6PBizLtULfuEX1Yt0c2Dr3sa13-2F7C0PU6X5= xtanEHwkTmqxSAgAFqxdCkeSLSPq1B-2FiuuYMTsKxyB4FigE6KZJynZmR6euySXweWaHHefLRN= V9Z3SJFNJ-2BYCmzAYuvtO3UeGvdS51MteZ-2FUf6MEDzJk3xUophTpMAocsgDqZBCygb7Cs7-2= BLfTJ9J-2BeKr5YrueZ9XstP9s85Ybz2ztRvKs291P9ETRNknPRYdyKlgR" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Emerald AI</a></b>, a startup devel= oping software to optimize data center energy usage, is raising a $25 milli= on seed extension from investors including <a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzWGKCGrrAGkDxWCJRIEicQMRlN1CHfngWYTxnw5ogauCA-3D-3DYDog_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2= BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2= JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87Mtv= StPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGo= yXYyDTLBRmbh2-2FtaA8QgrBH9v1vUdy2eRoErCWazwDWZy4KvMSaSvNQ-2Fsco30WSJ59F-2Fn= x0dQgoaPb7TcLOAQVFmwVvErk9rZDTZjIv2FT9-2Bv0-2FetCk5PIA3q20rRaw7x23Xg7hUprYO= sdRC8wWRaeSg5obLtP0gESyGu786eaUuTmqtJssz0heR-2BoKJq-2FwFnC-2FC0wlkCHA73wc7A= 6cs7eZ3RBHlJLd9-2FLhway-2Bga4tO74wAhe-2FnLC3BGuibaEROgjcGRr9Smn5IwTopq-2FIj= Ze9IH6V" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Energy Impa= ct Partners</a> at a $250 million valuation, Axios reported.<br><br><b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdCUsCXQdgv6RWUxl4C8KeqkC6mwy5nsMxB36Wqb= -2BCqw-3D-3DwUoB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJ= d-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQus= s9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxR= FSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDRLHFQ1FEGkOMkOVJb-2Bj0YID9MGW-2Fq0geKXcT= OHx6vIBxhezMf38Y-2B1d2ZaLn8so4eaQcHYNeXQQsN5yAonig85LmHq2e7WIC5gBdWYBVjSUq0= Mq2s-2F4N3LNqyCv-2FXqX-2B152WqAjDUqp-2BWYT6Ro-2BlY2oIfhHvBlPUT5tPQ-2FndSdr8= deNer-2BKrE4VYG3CKwf0aKEtENVPyYR-2B9rOVmBZgJ3VBOZ03ByGv4bwfFyLAPN4qNgIQgpt2= iwarm82G7ZCRWzW0VAUby7w77dI864TBhoO" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Inscope</a></b>, the developer of financial statement prep= aration software, received a $14.5 million Series A led by <a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzXdCUsCXQdgv6RWUxl4C8KevdqDFkqeNnUEBI6FFWW7ag-3D-3Da2= Pc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECF= R6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L= 33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi= 7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuM= MLhOiog9vV-2BTGoyXYyDSQ9WlPppFptraKJCNfiRZErS0pXh1DMhizF7ZnjvEULey0UNNJTTuQ= xUFdET048vsKVbfQmCeJwSKp0YzQTi-2BYNNN9nlc9qz3ZzI8lud0dYLXVreRGINrjVU9-2BQSf= jXeIp2kUBc6fgyA16CZdJzy-2BCux0bH-2BcK8QiMJYywzhlmlh9gNlUCIU9JLiiPXJcUy-2FMX= TuCkfTuAheUIiPXVZnUWM5svZ0VL1Zt09OswcUBlH5qhy6kEgYCsrC1Pivu6kod30x8owgXTrmB= M2EMOuNN9" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Norwest</= a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdCUsCXQdgv6RWUxl4C8KeIZnO-2FgP-2BmwHTe= XQx3rOPCg-3D-3DjVOW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YO= RIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XR= Quss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVO= yxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDT7BSnZJJzaOPBFHauJ4eYfw9hli1qoZ7L-2B3= QPI78yB5veuRumE69aCtkwvkx8kflU4WkdBL-2B-2ByffKfh7dH46CCjnwqODoB-2Ftp-2BCbLm= btdeNvyF-2FQoz2i3guG6wPqgdBSNKb0yp3HnaFg7Td-2FOXQWqkHXxaGVxTjkwmuN0bMAKQzfr= BYy5q3CJTKP3eZPLWZaYo4ttYEh5nK-2FovDc2UnAzNAkolIpH5D0G90zhYzv6geTz0sDqXdXz-= 2B0CBKIuv0k3Vrqwv2QzhwgivujCDZN0Ny" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">ConocoPhillips</a></b> is considering a sale of Permian Bas= in assets that could be valued at around $2 billion and draw interest from = PE firms, Bloomberg reported.<br><br> Connecticut-based <a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzXdCUsCXQdgv6RWUxl4C8Kerk61G2rwFcNM-2BhU754VcoA-3D-3DR-s3_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVP= t0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5B= ers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eH= ryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9= vV-2BTGoyXYyDS42Fql1cfHBJdZEtg-2FV11PIX-2F2aMXUSWnoKdVypm5UrQ69ONzjR29y1RHq= 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<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;">The owners of <b><a t= est style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdCUsCXQd= gv6RWUxl4C8Ket83E-2F9nepuykZ-2Bjadvzonw-3D-3DSd1f_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2F= t4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2= BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-= 2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDQPyq6Dr= dMTMlXcqLz-2FRgZi0qFba6K-2BUyIb2-2FCR2hOM5-2FQNe5uOCev4VC77XmaaeSlBlz0Fx8-2= F3npaLTsQYbKZA7QMYMhhVB2MEzFC7yupVoadsnT9CqpnkMnaSDtfW9mTtS5TCp8YYBNxZZIz22= OEEhV1N6KrYllzLEErMhkLvfXPjvEmDV-2F0FkTV1UQihuGdrbJsJyg-2FQhM8aCSMuJ-2BpwLX= n8W9qikWExjo3OxC5kXHltj0pNhian2Hh0nU-2BAqKpzfeEFJEvipqy-2F0-2FF5rfGg" unive= rsal=3D"true">Aggreko</a></b>, which include <a test style=3D"color: #1D508= 0;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 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68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BB= jBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xst= nv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyxRFSKES= 8thS7QBuMMLhOiog9vV-2BTGoyXYyDRku6jU3e-2B5Zd-2FAodsdL1C3yRVeVvZP66qcG6WD2Fc= ImQQORZZBre3XEnOf0P6BcTNXXXIr-2BvWn0L00T2m-2FVmfXlRWo9EzZtSVIIOAS-2FU-2FQYU= -2F6DYMH-2FOF-2FRgihH-2Fbth2Ki1lJmXsCKsxrCLJYbxP33yOkc6K36-2FVHill8WXdGrZ7H= pKj8H71VzK84TI3lS9HDVGAEGRkbRStfaXgjn3BAzeFao0lNbVWJ25OmyBd6k52F9MNovV9rdTf= EyD-2FwmNarAjBAMcieGsRGY4QucX-2Fj6" universal=3D"true">Momentum</a></b>, an= enterprise software startup backed by investors including <a test style=3D= "color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVepL30V9Mv7efpoBOb8TA= qluHHUWEAVgcGIS3tuPVbvA-3D-3Di_19_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4c= jbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS= 61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5K= FP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDT5DuGZzxfBIp-2B2AipStlu= g6nJRWizh-2FFJIq-2BWqBaEq8xwSDSO-2FOGmhww6jIhUWwfpFH2erqqZhlXNX1b-2FMg49XEF= gWHYZm6VnuXblAJz7f6GN9SyTOe-2Frz6MneiTo8fgqZSkMcHZuSbRKPh4D2ZQLrpi-2FrNb6eq= RuP3uaqU2I-2F0e3BJfS-2B-2FdGpvap-2FyQUCeyMjCZZ24c4GhgVhTiX1HwuVAP3XUQkaa9bp= YDzsvEWnO5cKMLpkzgWIpfamS-2FBPOulmh8bGXBHa9rCdsQNAZMUZ" universal=3D"true">= FirstMark Capital</a>. <br><br><b><a test style=3D"color: #1D5080;" href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVepL30V9Mv7efpoBOb8TAqSZ2SiT5PU6S78il-2FEfBhDQ= -3D-3DGQ3a_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBj= Bo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQuss9Xstn= 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TBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDRJdasMi90Y2VFWJ5xOpvD9DO-2B= UjzT1WlqM-2BX2f3Sa1COgbTlGvfWwvprkA8Nxat8getOYt4nm0aKKBhu8qVB9-2BAybKt4oZ3G= 7HHXYe6CB0b1RFoboTrQHh2n5CyQJEUOYTsFjAnoA5ZzWtHEz4ThqSTrJwKNlbb9gVsWYF7hpN5= c-2BhofBspNujwEBW2-2BpdfiYHnar5mVNK0BHB1m6GwUyynq9qDmK7spQaY8-2FFzAZFx48wTA= WFjRiQUowhaZfmzaU6QPLHiHqXL3X22RLEhNgp" universal=3D"true">JobsOhio Venture= s</a>, agreed to be acquired by Luxembourg-based <a test style=3D"color: #1= D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVepL30V9Mv7efpoBOb8TAqWOiUynlMT= 7eex0Tk8F43Yw-3D-3DfBSy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQ= y7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxL= p2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64q= WeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDTVd0xLEreYS2-2FMBDiPS9nMYPFk9L-2F= 11rrwtLV43g3-2FeRxEabRX-2B6DGvz8jjG-2Bo8A3MEgoxBrud5-2F6ENQKCJLPtvf-2B9jZ4t= 4MkBYqi9m2mIbNJWBGvPPl8lrXFW4vyHz-2FKSpnx51Xtj87xZkubA0jkOkwp5lj7sCkfUqxH9Q= QGPUdYp2UIbye-2BQtB89MUxhJuEtjO7siSm9O9NFq8YFqX90xCmredEecpsMHlPDZ7-2FSdWCj= RNDfS0lis4WwoYAxmlZxw5VlY3dleKfYdNxOLvaw" universal=3D"true">SUSE</a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>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"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVepL30V9Mv7efpoBOb8TAqcOf66cbvo-2BXRKML= zI47KWA-3D-3Dn5oz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQy7YORI= Jd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxLp2XRQu= ss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64qWeVOyx= RFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDTnKoVddAorpn5EBaWoKPEvmPd6bG4QHfXIVoiYS= lXwyxvHvxdCDIuvdolGFfSVOqnn4qCvlbLZuVCpRtPp82uzbixsPJQN8eAH-2Fs79n9w6-2BbLL= q9-2FTH0QaxnD7cbCWTkEDXmMku-2BL7Pj2niFe51cUGLid9IhZtHPK1Wge5rWpHapddRl2aqcZ= fMyZ4rLm6iODihwZ-2BNi-2BVHlT-2FrZcTG8BcCABVViW08nYm2wBJcUldBy-2B-2BZniPUiMd= Vu2ESYA0qLuijRHK5f32IIVlsIwnOPKj" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Peak XV Partners</a></b> raised $1.3 billion across its India= -focused seed and venture funds as well as its APAC fund.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Investors</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Hedge = fund <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVepL30V9Mv7efpoBOb8TAqYPjbrxukk= T0v3QnU5y8vMQ-3D-3DWrwD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6ifPOh9g4cjbTAeq5oCQ= y7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtCHSohyofIS61d-2B0kxL= p2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy1EOY1rV5KFP6XTBz64q= WeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDRVkfzusi0AEy3odFOT1bFVPGqGiC7b-2B= 8Sn-2Fu70j-2FC7GJK15-2B4c0lwGndNgifVSqaGhTlYnvkxrLGo7rl7Rr0L-2FeUjM1Rrf9hkQ= g58AKhUHAxzaTKC3rp24cM266-2Fdh-2FZMYnnfTVMpiKE0oNexg4YQc4QA8JHX8tJZMHT6LWSf= 4yrCyBq-2BRb-2BMCIPI7wUn6L9Om41wgEnsW4lKROwm0tSYfLWtck0fkrKn9VemSTu8buRKTQr= oKYZ-2B9FpYBTd9Oi-2BonIxI9B-2BjslpMPJuA0rUGe" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">Saba Capital</a> is preparing tender offers to bu= y shares in three of <b><a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX4IAn3kaXuPu= cXa8dFvuWUimJXje44yWlnryKYDo6ZXw-3D-3Dvz1__Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyECFR6CsEsVPt0GGTZ-2BoTlubMpE-2Ft4NIpX6= ifPOh9g4cjbTAeq5oCQy7YORIJd-2BBjBo9ko00L33lffq5Bers24pD2JGWCdr93MG-2BO-2FtC= HSohyofIS61d-2B0kxLp2XRQuss9Xstnv9YLzIZi7lopT6eHryd87MtvStPw772BN2D-2BabDqy= 1EOY1rV5KFP6XTBz64qWeVOyxRFSKES8thS7QBuMMLhOiog9vV-2BTGoyXYyDQ3cMh1OqcVC9So= 14kJe-2B53u-2Beq9rcfo43btolud-2BiNnc1FAVF5gxc-2B7TNrQAW3puZtfIqmJDBYvSOfZkQ= CXJvy-2FLfSHDPQDvm-2B9Jv85UMDn98AHQRtmlTnPGdxp6CNibpUarblm-2FV08ziKjl-2BMHB= meATdGCfSkF5zcCThxM0UJMj-2BFeQGKUpP5wxOqACIGCdW6dkjWwrgK8ckMUo3qcbJCtAP8T6b= 2NuI0FXpypV0mhrvHC08StOe7U3dT1ptiTPk3-2BpvXECR1ZLobUdpZYrE9" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Blue Owl Capital</a></b>'s private= credit funds at a discount.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table 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