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[159.183.175.69 listed in list.dnswl.org] 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!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; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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Read our= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVL-2FQNoPZo-2F0oBgcyPgjR5g559QNQP13= JyU0ppeGGHCCg-3D-3D6ztr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse= 2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFn= QigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQ= V4Y11azZEyNwKd2j-2FNvZ7Z4U-2BGZZMbEjJmfOGf6xYvyBRSQtAqCQB-2FSbdVjm-2BKixq-2= BFNw-2BABMYWE8ZiUPzMYM-2B7blUVweU2ROgK00kyEUtLZxxRDc4UzSbdx3wxwpclBTCJqzjvQ= A3vI1TZ3kspOJy-2BF-2Fa7Aq9GZ4reUEIixP8tXI9jiKKlQbQFlHzfhsRHR1oeTCsTl1hJ952z= h19S5QHPxA-2Bo5c2YvixMFdbHK0mJo2UyaOviAFscKd8e-2BpSMHK3f-2BKCHMQgYEGrqumCeC= LkbM9i6O-2FYfPRAE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true= "><b>Global Private Market Fundraising Report</b></a>.<br><br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzVL-2FQNoPZo-2F0oBgcyPgjR5gvQ1bK5FqUITYB27qFlBthg-3D-3DU3sv_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7= TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgl= oImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpk= RC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKYGZhr9QaPQhFMYMlpEeAEnm= jgvdp-2BYbX1u3veI4lCQIFJE-2Fi72zg-2FXk-2FjLJvqBlgzopJXauoxlvS-2B62057dxQRrT= HRlQrL-2FG-2Bejq0TTCCBH672y22Lx90p9kesygQ6thWe4F4MoP3QcC-2B7dH9rYDvWq6GsTbY= o2g0-2BtypaA7GsdUmHlml97tZJzNiVNzDGyEgz612-2BGOo-2BUAKty1aOyA08kiK6BUzCBzrA= 7e85b-2F-2Fj2DENUljGUyPfrsU-2FK3vEQ9k0-2BfDjwmtlXgGLd1xbMgAQ-3D" style=3D"c= olor: #1D5080;" test=3D"">Sign up for The Credit Pitch</a></b> for weekly n= ews and analysis of the US leveraged loan and private credit markets.</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_578821" id=3D"n_578821" 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;"> Pity the dealmakers behind Spa= ceX's IPO </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 = Franco Granda, Senior Research Analyst</i><br><br> Investors and dealmakers preparing for Space= X's upcoming $1.75 trillion IPO must reckon with one of the most powerful= =E2=80=94and most dangerous=E2=80=94variables in public equities: the Elon = Musk effect.<br><br> Tesla's history offers an object lesson in t= his dynamic, as our <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVL-2FQNoPZo-2= F0oBgcyPgjR5gCZ0Pj2wTSbES1zQKMm5HDA-3D-3DnqRl_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3= SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0= fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3g= SnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKX8Ih51pJN6AsD-2B7LM2mKgRp64Vo0Y3r2rE1XkX= enPAdUohLKeq4Jc6cPb5Tv5QhW85dYekPCejX75HeV67mrUXY4KRKW8f-2Fc-2F00G7GDd9oSvU= xL99mqlsJd7H71LXlyAz5eE-2FIPB3Npqyg2fy4RpuSmtfI8j4DeVPprgElxpEq4hdt-2FTgOia= aSyECXeiyMIOToKSh85nS7321Lzbjdmg20AMHuQctrfnoPuqPmidjTMrtI4fQehKZrl7921ZMQK= 27cL3f-2FijsE3FsCA4fM5ENE-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">SpaceX pre-IPO report</a></b> explains. Since 2017, PitchBook ide= ntified 99 major events that moved the EV leader's stock 7% or more on elev= ated volume.<br><br> About 6 in 10 were driven by company-specifi= c catalysts. Corporate governance and political events, almost all of which= trace directly to Musk, produced average moves of nearly 12%, statisticall= y indistinguishable from earnings reactions, and skewed heavily negative.</= 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-2BaqM7ONnvsnswouzVL-2FQNoPZo-2F0oBgcyPgjR5gBdl0i= ewrtj6MHivFJbNrYw-3D-3DwJGD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUH= xmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQ= MvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEg= BxwQV4Y11azZEyNwKY2-2F75BKXFVQXj1JRitNoy2FB61afP-2BjUXs3x4oH4myO8Gl2Moxdj8L= Yup2pMixyctrZoO-2FREDnHoXdY5k-2BfWFmSDB6d9fFQoMYew3GleQdTfEgkalQYLRXxEVcsjn= o5We7kvO-2Fivym-2FnPLd8IkCVOibsF9iF8ZbRm7yRP-2FHblwp-2BVAGPOMxVqUxFt-2BmI6u= L8Wy1M9thRQLiNQBecDkgdavCFiXzVebVlxJah6ldg1XrDFQ1C1oqaT70fj47p4XyYCm9n58JBb= UAkIb0BDRKWhE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/73369.png" style=3D"border: none; width: 10= 0%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The Mu= sk premium cuts both ways. Tesla rallied over 90% in the month following th= e 2024 presidential election on the "Trump-Musk trade," only to surrender t= hose gains entirely by March 2025 as DOGE backlash, European boycotts and a= 49% collapse in China sales converged.<br><br> SpaceX's unconventional offering could ampli= fy these dynamics. The company plans to float roughly 3% to 4% of its equit= y (the thinnest large-cap float in modern history), meaning Musk-driven sen= timent shifts hit a much narrower order book. Where Tesla sees 10% to 15% s= wings on governance and political catalysts, PitchBook expects SpaceX to ex= perience 20% to 30% moves on equivalent news.<br><br> Another factor is the company's credibility = gap with investors, which is also familiar to Tesla shareholders.<br><br> SpaceX management typically delivers on its = targets, but only 1 in 5 arrive on time. The rest run two to three years la= te. Shareholders will price this pattern through a kind of credibility ledg= er, discounting management timelines by 1.5x to 2.5x while maintaining dire= ctional conviction.<br><br> The bottom line is that SpaceX's IPO will te= st everyone whose reputation rides on it.<br><br> Bankers must price a company whose controlli= ng shareholder can move markets with a few words. Management must ground it= s guidance in tighter, more defensible ranges than it has historically deli= vered. Institutional investors must decide how much Musk-driven volatility = they can stomach. None of them have an easy job.</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-2BaqM7ONnvsnswouzVL-2FQNoPZo-2F0oBgcyPgjR5gBdl0iewrtj6MHivFJbNrYw-3D= -3Drsch_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= Rqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVM= McQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN= 3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKaGh= cMjh7MCMeKx7M28AAMdZB13x-2BLkt9zyu6msAFAF0mLw8SaejgUCUgs1JUGUCHN9v3y5C0Ir0f= XnHzz5AI2cws-2B-2BBJIpK-2FSAob2Z1pJhY2ceSHNslcw-2F6beXcEgCGP8BP5SwC6BX3ifME= -2BJjgHTC6NvH591hlIhZg0ySFQhdH3QaIybz9AfjDG7o9IxU9ifu62kfoLQemAdofQd6yG5ABe= Zx2UaOCwscPDmY1gjbdK-2BQPAjBwO0CSIon22JLrJ9qw3FCn-2Fpv71Mw83f81yXw-3D" styl= e=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decorati= on: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"t= rue">Access the full SpaceX launch report<img height=3D"24" src=3D"https://= fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: mi= ddle; 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-2BaqM7ONnvsnswouzVL-2FQNoPZo-2F= 0oBgcyPgjR5gD-2B7yrGYsAJ4eVm5gvPTyHw-3D-3Dz24f_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe= 3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL= 0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3= gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKXHdjrTtkdkaAjKbMCAjATAXPiLrbux7Cuxgk3Qq= PBgazrq7MHxwbRXQHujcZXnkHOs80B6Y2ALRbrT2ac1OA3ncJUyhdD7bbvQb9QpsJHYYBCfo4HC= Q5FBkL0E8ESkS9RCM73IHi2DNkl-2FER0SbgGa3XH-2BLwSpYTMAqxjqbsNH5laOF01IyEBxojZ= vJFM5lioIitN-2BvNAPgrRewH-2FzOlr1gjOY9PU59qEf-2BTcB1fvdeltnFQWGEFEJhVPmIQEU= 3gV3Qw0-2Faa2FiMhq9fBDt0Yk-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Moonshot: The Next Stage of the Lunar Space Economy</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Marsh</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_578670" id=3D"n_578670" 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;"> How transactional risk insuran= ce shaped global M&A in 2025 </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVL-2FQNoPZo-2F0oBgcyPgjR5gYW6u-2FNcaz= Aw6yXu0TeL54g-3D-3Dd-KD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse= 2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFn= QigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQ= V4Y11azZEyNwKWd-2FZhkdR9lweMSD8k3uuQASd9vi-2B8gSwF11U3XTGHwGhTXXBOZUc7VnGyP= wI97jL1UVH6J-2BNhkh99tXQ34Q5ESaTCyVkxla2EF8bzCsu7zetTFfg2-2Fhv05RtRjEarVxi0= ARze3SDydhDtZMcCC5Brp98e1bbVAs0h5ofHv1SHxeWXY1FVyngwvHiCn46u28XPQpHL91H7s61= cgQC7En0GFl-2Fb9uRKuzUBFXKUIScNS6ITN6iVSBxTGO4pYaAJ34mMJP-2BsTHBtgrV1F3P-2B= PvUzA-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/= news/73263.jpg" 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>Global M&A rebounded in 2025, wit= h deal value rising 37% year-on-year to <a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzWsIRoxFgm6gmQ0dHflEI4PQ3ELU1Dp2j7VvSkb6EG58g-3D-3DbnON_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7u= c5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV= 2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3I= CMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKXkEuMbV4-2FKxB9OqX-2B14wNHf= CcvFKz-2B2EyvBsCnYpc7WeZ7U8du5xl3p5Nj-2BekU1Y07o-2B2pdPR9Zs904DNSL71TWl4-2F= 4-2BGQwCaR1aDDnRdGoCeY2pryDHL3AxrSAwBoohoOvNiemmVUqLsSp8ncL3PbegRC76Yf188mm= zIK-2FWbM-2B6tfOsTEftkUeqa1PUy5kZ-2F88z5QhV1LL5tLvAmVHDzO4kLtIZSp1ifkXuS3W1= jHFFD6NG6I8ehDoyhy873NwYAbP1BtGiaRyfvXxD6DfLSM-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">nearly US$5 trillion</a> =E2=80=94 far outpa= cing growth in deal count. According to Marsh=E2=80=99s global transactiona= l risk team, this shift toward larger, more complex transactions significan= tly increased reliance on transactional risk insurance, including R&W a= nd tax insurance, to support deal certainty and execution.<br><br> Mega deals surged globally. Transactions exc= eeding US$1 billion drove demand for higher insurance limits, layered tower= s, and coordinated multi-jurisdictional programs.<br><br> In response to the rebounding deal environme= nt, Marsh=E2=80=99s transactional risk team placed a record US$91.6 billion= in transactional risk insurance limits across close to 1,800 transactions = worldwide.<br><br> Read Marsh=E2=80=99s <a href=3D"https://url6= 380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzWsIRoxFgm6gmQ0dHflEI4Pgu0NdMRpFvSEf0JY-2FUIedw-3D-3D61ec_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHV= ItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurle= cwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XX= uQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKX6xzdcvEsnrncjZ9K= 2if7HSs3XeHpYA8RG7eg9Cw7m3kMk9-2BAklwjSTGqACzvKiKNHEce0VlkayTk4-2BHxfevmRH7= 6GcUX-2BiavyMl-2FPsP-2BHwc9G-2BJkRKAbgxOQlqID2ce8Hhr02I4JfqEqOP7u2jBD7G7P85= XheftwJunjICLkqsOh6EB5Ash9WfrQ4w7dPwgNeGM8CYcziVo867K-2Fb2EYhcRLFax0RV2FRES= xIuKgOEg1ZNwWcznJyuQDoNigqo0bvVF1iWg8w3xa1EGE1tO-2FI-3D" style=3D"color: #1= D5080;" test=3D"">Transactional risk insurance 2025: Year in review</a> rep= ort to gain insight into how deal structure, pricing, and risk allocation a= re evolving in 2026.</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>A top-heavy structure could shape public investors' access to hard-t= o-trade stocks.</b> With a few mega-cap companies such as SpaceX, OpenAI an= d Anthropic expected to file to go public later this year, there could be a= void in private markets. <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm6= gmQ0dHflEI4P7EMGHIyfT-2BS1fNPEx6tWDg-3D-3D6RHG_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe= 3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL= 0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3= gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKdB63-2FTJ94tOxwthq5krRWYF6Xa5ZHOTcqjThJ= g5kiLpusJ25lo2pUee94EvxU3DhdILssTPXRSSAOQSV4GxQQtYngaiUyBA3gEIdNh2JZcxErO7j= YnngYEqxu94TupsMGvrekJMA8w4D8Elc2VN0C7JA526JGKCNd1SWp53j3ivebId-2Fj8PHJUDIm= abNK5dOZW-2F3Ocvl7k-2FrFABnz2DlFGpjBUmXcxE-2F-2Fd7j7oHTF8eMd-2FQTsXJpEtUdHS= WV8WRdMjj4zxJTW-2BqihobhU5PNmw-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true"><b>Read more</b></a><br><br> =E2=80=A2 <b>Mercer has been expanding from = advising institutions to managing their money</b> in a string of M&A de= als, including an agreement yesterday to buy Spain's AltamarCAM Partners, w= hich is backed by Permira. <a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm= 6gmQ0dHflEI4PdfqtrkfOrHcZYQLo0mwNtw-3D-3Dy9Br_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3= SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0= fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3g= SnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKedX8RLetlIiii8mZnm-2F8f4ayHqBdVFs0U-2FqN= hFCe4p-2FpUjDMDhZhKu3qQQrAKw6QqIXfesjReKoHzjzMEchnK2n-2FFjraz6aq0n3Jr47cZd5= 7aIIWqCIasgUwhy0kdi-2FdfA8gopt4u50FFGYjKruuDRR5G-2F1IL6Reop7K9K-2FmPzNbVveX= l1jaNfhjPeBF1IYY8Irp09X3Gz8SK1-2B-2Bdezj137PYgD2SFspfpraTkB1NsVM-2Fnmf7jVaS= jz1SrYMrdH0zj8sXYY9WpFdyNK-2BI5R88g-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true"><b>Check it out</b></a><br><br> =E2=80=A2 <b>Australia's superannuation fund= s are interested in US AI and infrastructure</b>. IFM Investors has a plan = to wean local governments off municipal bonds and embrace institutional cap= ital. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0dHflEI4PSg1-2Fnr= U8Ow-2FsARKTpnFJjQ-3D-3DvpZD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCU= Hxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cu= QMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIE= gBxwQV4Y11azZEyNwKaMzmeYwi7kqItxiOy8V2i4hvWiQYan9EBupjb78LfFu8zIfPuQ5D0HqYv= RNKRzl28vi4rJqe1VKTOApZeq34XrxtU3dwl2nhKBtI7BzoMP-2B09xRqKfj1SdgWG7KwZAuBy0= Rjf4EZpp3NBpytRFLw3S4PgTf0uc-2FInrKr1-2Bkt5J8iqFm6epK05J4PPKZEJ-2F1OE-2Fb0v= kObN8CSJuPpeOdUdESLFnAw9M9ME-2FpZElUAti34Ra3UAyuTNFk58HPOmsuUU6ILlTPleCtiS-= 2BnuIjJ3nQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Le= arn 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_578840" id=3D"n_578840" 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;"> Drone deals fueled VC's 139% s= urge into defense robotics </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 = Jacob Robbins, Technology Reporter</i><br><br> Defense and security robotics attracted $8 b= illion in VC across 234 deals in 2025, a 139% year-over-year increase, acco= rding to our debut <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0= dHflEI4PYG3oQRfVvxQy7X7Z83U-2FNQ-3D-3Dsw9d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgN= z4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdt= QbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnD= oZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKdu4mR0mu0wZ0OjKCTAQQDl4HBHPhPEhwm6fyJ-2BBlh= sxSz2tl6G-2BGtf-2Fwh0kS-2BtOacjiKBqi5dl99Pn-2FKNJtESli14vE6rkS2oRy6Ra6C9J06= J88VV-2B4ZxCZdoYcDHL-2BeAb4eZJ6z1jS7noP6L5SBAjyYLf8NsHF1iVYulwUHfcNcix5GcWK= -2FeMPX-2Bv7H1VV3eOq-2FU49GxJVnotHwf8IgzUROe9QBBvn0bR10LCTfKis-2F7kTii5HR3O= Fh4xWWy6glCDEcYi6Z-2B7FhObMZ-2FcyQdI-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Robotics & Physical AI VC Trends</a></b> report. T= he subsector also surpassed all of its peers.<br><br> Much of defense robotics' rise is coming at = the expense of logistics and warehousing, which historically has captured t= he lion's share of investor attention. The latter shed 28.5% of its deal va= lue in 2025 compared to 2024.<br><br> The shift may reflect more than just a brief= reallocation.<br><br> "Warehousing and logistics has moved out of = the hype phase and into a tougher environment where investors want clearer = differentiation, better margins and proof that these companies are not just= selling into a slower industrial CapEx cycle," said Ali Javaheri, PitchBoo= k's senior emerging spaces research analyst and the author of the report.<b= r><br> "Robotics capital is no longer just chasing = automation in the abstract=E2=80=94it is flowing toward segments where buye= rs need capability now and are willing to pay for it," he said. "Defense fi= ts that perfectly."</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-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0dHflEI4Py-2F-2FXP= 735Rt5v-2FjDTzMDyVA-3D-3DZRO-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaC= UHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9c= uQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FI= EgBxwQV4Y11azZEyNwKcpJfRvzCnobPmSUQz4JD6bdv51GIGBCt2faozB8IOokD8tJBJmy6JRae= CGz-2Bq-2FBt5oUIDrqy5-2B8TfyoSrFnE8vriGgT-2FsQKVB6jMqRngnnhxnzhpD6wpj1FCGW9= 7QFdvTxTZrnxL8tCUUTNSp385Q7Ry7eesBZoDytaSn-2FLx0E8Q99QS7P1wvO7o-2BrajiJihIN= DkSsvS7NEatA13kSIQLXLlNo5ZbW-2F0ZYwyr-2FSXQPTU-2B1jBl8DFmfIHnVp5DdfHA8lZqDw= hZ8EJ8GAQl3WdK0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/73366.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">Autono= mous drones were the main driver of the surge in funding in defense robotic= s, raking in $6.2 billion across 169 deals on a trailing-12-month basis as = investors pour capital into a market reshaped in real time by conflicts in = Ukraine and the Middle East.<br><br> Overall, the robotics and physical AI sector= raised a record $27.6 billion across 1,009 deals in 2025, more than double= the $13.7 billion invested in 2024 from 851 pacts.<br><br> Some of the biggest deals in Q4 were for def= ense and security robotics startups.<br><br> German autonomous-drone specialist Quantum S= ystems=E2=80=94which has deployed its drones for the Ukrainian army=E2=80= =94raised $208.6 million in new funding and tripled its valuation to $3.5 b= illion in November.<br><br> And Forterra, a startup developing autonomou= s robotic military vehicles, raised a $238 million Series C in November as = well.<br><br> Defense robotics' boom is part of a broader = investment wave for autonomous systems. Last year, VC investments into the = sector were up 143%.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0dHflEI4Py-2F-2FXP735Rt5v-2FjDTzMDyVA-= 3D-3DMsoq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJ= VMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0= cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKZ= v-2BnlFSHxQPxx6I8MBlT3K7-2B0GWwEZf2i-2BlsLw6ZDtgvg89cD78wMES6J2a4Ir3FJ5yHBn= wplevWC8GgXGNQA17b3BMLJBOfkJDIpHEFdbRTNjmsBRf1t-2BuSOxwJImYBgols6uBD0HJlD7J= -2B-2BTuMU4dPlgu8Au1QRpWLAuhFShG-2FVsIMnb-2BxHFnyWMQ1NlWxCyGUp-2BWsAwcULzta= 2OKANBfbGutExEA1MQfq91gBo-2F29DVFOTkXX8FUXak6ze5nHvxs-2FhauvnSCW6JEeKKuqnI-= 3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-= decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer= sal=3D"true">Get the debut report<img height=3D"24" src=3D"https://fonts.pi= tchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; ma= rgin-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-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0d= HflEI4PYaeh8JfS1frNOkWZfPVUSg-3D-3DrpRC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4b= OJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbg= ZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZm= nwVjPp-2FIEgBxwQV4Y11azZEyNwKeydZc1mdBpBCPkNXD1m9-2B1Y0YgThMZaVMP7trJzF3ORt= hQ5Rr83SLIMjo0Y2-2BKwEMvA4KPtAAQGaRLGdOScJv-2F2TTWYxaXYMhn5cTWwDyuOn9w5Xgb4= x6C6kQly6HjKwW7CWJcV1ZkhzY8DKqrYtld1jMREgDKIjcdkHnAKFa5hszPAIpFUaUxSpQpRPnA= FBCjECQSdlH95odUuPar1waT2X7mVvqSzuRDM3S-2BdVhMYZ6QHjYrtcji32EdeNmf-2B7-2FN-= 2FbEUHbYNZ3k3v7MnthG4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Autonomy investments prove prescient amid Iran conflict</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>When you lose oil supply, you b= orrow barrels from the future.</b> Oil is still moving selectively through = the Strait of Hormuz at Iran's discretion. How are markets reacting? [<a hr= ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw= 7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0dHflEI4PGzOPYEYG4O5uG5eGT74q6A-= 3D-3DSXQ6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJ= VMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0= cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKe= abshCJpw3D-2BTejTlM3-2FtEjHwCzOvrXCLjJbmEiRWDVWxQDerQW5RIlnOAjbs0bXXCKnryPQ= eX-2F7cvF39oAhSbsg2Ejf2DL7O9U2eNnNPBYazW9hkftVZ-2BK7vX8HAvEL36KpUtTYAF1fm3H= 5FLQgIlqKpHo9rrMInLhD76Ykry79Nrd5UCYPSoPXffoOpkSaxrHH6fuLFA0y1Uj-2FxPqzG22W= N-2BvHInKpJ7w0wEm-2BG5gkRwj8MBxwfLZSphjeTV0KAvBEcGqci1tgWvbNO1Lrgs-3D" styl= e=3D"color: #1D5080;" test=3D"">The Carlyle Group</a>]<br><br> =E2=80=A2 <b>How one startup crowdsourced ma= p data from Pok=C3=A9mon Go.</b> Over the last decade, Pok=C3=A9mon Go play= ers have helped build a massive physical-world dataset that is now being us= ed for delivery robots. [<a href=3D"https://url6380.news.pitchbook.com/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsIRoxFgm6gmQ0d= HflEI4PUPNK1xUgw0taqkzTKZziPw-3D-3Ds_V0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4b= OJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbg= ZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZm= nwVjPp-2FIEgBxwQV4Y11azZEyNwKQ5VeDcWWcHXgCWbxu-2BiOA-2BBQ38JFkc01Jsod4Tol-2= B-2F-2BKf4j6YGmxJRGtIe0DgQ9EZ3MRTCzyngkKs8LsmQieAYX26NMBRFOvjqjrOrB1VC5HRXm= BXy-2F1lt8pMTVjRwqZ4yLvvygxKTcWOlXt4Nlk2ke7moiNAQpGJw3Sg-2FIglz1XTQiSmk6GEB= KQJgj3qRDHfynUhntDK5wWKPcP32wkXM1FRCnfOCAKbcft5nW9oovhQJOVaB2dYP9pqWAif0fGR= YeWK1CFkYvV1jk4L79Bys-3D" style=3D"color: #1D5080;" test=3D"">Fortune</a>]<= br><br> =E2=80=A2 <b>The physical bank card may be h= eading in the same direction as the checkbook</b> as more consumers lean in= to digital payments. [<a href=3D"https://url6380.news.pitchbook.com/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVOfW9STUgFEPsoXxuX= 5ymtFV0KRrGWzAqNsVYoNjPj5Q-3D-3Do4hw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC= 0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeY= o2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwV= jPp-2FIEgBxwQV4Y11azZEyNwKW6oxOH73bV2rukQrwYP1xT2QOyk-2FaV9Pay0Qqhhvj4NVtbp= BmIzWxupGUV87jDbuOTZomKMemqs323zHekNNqCp0yaqikne25ls2BnG9JgGxPkgru8G0HIc-2F= nbaCw2TnU8rMN-2BRvBFhEqYI-2FD2l7lfpqqthaJ4MhdPKt-2FqtC-2BYmtA-2FlkXBiihkfnY= zGnAWdDJkxxlL1-2BWzTGsgj8nB6-2Bj-2BpNJIrSs6cA03ZNOmq1kpMBp1gMRB3cv-2FsZxdUi= AWrgO8riIlZ-2FPoCgUD8fwhrSDo-3D" style=3D"color: #1D5080;" test=3D"">Financ= ial Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVOfW9STUgFEPsoXxuX5ymtMvYFNIM8YnsBqh5uAYLoGw-3D-3DND0= W_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g= 4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy= 6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-= 2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKSLB0dACp5= 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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;"> 583 </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;"> 1965 </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;"> 888 </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;"> 15 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= 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CqIgDkTBnaE1s7ne5fRE2C3sd3FEdxpGiwPEXuSSIoW-2FeGR4QjWp07IANJl0-3D" target= =3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_578843" id=3D"n_578843" 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: 2019 Vint= age Global Secondaries 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: 81.57142857142856%; mi= n-width: 81.57142857142856%; max-width: 81.57142857142856%; 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">17.13%</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">21.00%</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;"> 0.47x </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= swouzVOfW9STUgFEPsoXxuX5ymtIVVYMUDJqZwowhMXzjf3zA-3D-3DsaQH_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7= uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloIm= V2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3= ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKY3CCOQqmgF0AfAc3MPVzfK7wFi= QndNh6TFNdqlZSx1n8r0-2BSFWifTrsuiHGzrUt4I3t8bGI3hC8ZzVatOluW1SB28Nel4Z-2Fa3= uOA7GngBJ9S6K-2BWzPkru8RmZfenMb-2BW3gvsYnMZCx8anhvd-2BpE85OCfhtG6p2EMX9dR8y= EV5aRIPBzWv1Zgg0BHgPFhPNEb5RCFMXbk7Lp6xjWWmHwvB4x9de06Of8Bc4nXWI2H8pT4XplgN= 7x2VLzBm8FYIoRU-2B-2BPyG9o-2F96zueyYfIBSkAw-3D" style=3D"font-size: 14px; l= ine-height: 24px; color: #1D5080;" universal=3D"true">Industry Ventures Spe= cial Opportunities Fund III </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzVOfW9STUgFEPsoXxuX5ymtTvHOl4gvENmjjLRdEzu-2FcA-3D-3DVFTv_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7T= V7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXglo= ImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkR= C3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKRIUUod2K7xLIY3NC7E9oivKB= -2BQ0rgWru4j6gNNRIzUd-2FvqiGTuj166z-2FZ5LkefzaHG-2B8BRuBJaLQMAtAyFY7iimgqTP= 3iWOMB1c-2FdBvv0etj0tFxhVtDshM9oAN1Cd0sStEHAxKQO5wVLWooEVQ3LIYg2KujNC7n-2Fn= apxj34FkEONzyOnYXXq9wBmUo6DQx6QZ4IZia8JvyBcNLroY7l-2FlFHBoqc6XrOoBbs12B93qx= BH3yRsgUAN6UvTlC8uEWHYjBv5-2F2fVjf9AlBh2A4UMw-3D" style=3D"font-size: 14px;= line-height: 24px; color: #1D5080;" universal=3D"true">Banner Ridge Second= ary Fund III </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzVOfW9STUgFEPsoXxuX5ymtgSKChVucZjGrVQpCduScYQ-3D-3DfsCi_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7= uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloIm= V2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3= ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKU4EYusErBocFVEpb-2BxJJfiVJ= bmUFbTTeCpRcnw-2FXV2dcj7R7RlkeWxQoQRhJfC7maOa4bBNvWiKjveF-2BC86jcEZrh6a7zIB= CThIajCa-2FA9Y0AGTyt6-2F78huTAh2wxUX0bqjPiKWAbtjI3xWouRikOK4xmBIjlSLagYThq1= npFNS7EaRdGCgp6ay-2BD4C8Fl8lfab3oIHQdtkJUDSab1cgsv6-2F1EMAs-2BnnYv0ejRSBnMA= tINheC3XGvJprMzC7ZTvExUZaBI-2Fl9nhRJe7g2WAi28-3D" style=3D"font-size: 14px;= line-height: 24px; color: #1D5080;" universal=3D"true">Blackstone Strategi= c Partners Secondaries VIII </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-2BaqM7ONnvsnswouzVOfW9STUgFEPsoXxuX5ymttnOLpw= jXdwJG2Q4yxo-2F7Iw-3D-3DlrHv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCU= Hxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cu= QMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIE= gBxwQV4Y11azZEyNwKRIgFv4H60t2HaokrkD6aCxBUZcT2KCKq-2Fg8C351a5JBbwTE0Uzx-2FP= 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uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVOfW9ST= UgFEPsoXxuX5ymtYqd19KudgKggK3LXOUe5WQ-3D-3DOKg0_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZ= e3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7y= L0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ= 3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKeLBkqimjA0-2FxpK2eFTDEM-2FCh-2B1-2FdSe= 6A9NFQOyCHNNVoR2N5pFRQ2w96LRArruJK636dDJjUhRiY7Qrx0ANL4qlElcocIDehD9-2BcwbR= UvZpkodUMxybUebSgz-2Fbdf6cUnPTqKjRqZUE7NfiSVgDPfWdud-2BK5vm6G-2B2-2Fpe-2Fjq= l8RCEnafLk8aVVPz-2BjyZaHcZpPn-2BZi7KnAvcO-2BBHjGixLFUgb5OEVCZCRe7aiApC1vqyi= t9RQ-2FfmbRBcUyjUlS2qJwMznwBOTtLWOqbnV4pDDw-3D" style=3D"color: #1D5080;" t= est=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-2BaqM7ONnvsnswouzVOfW9STUgFEPsoXxuX5ymtwfY1MVDutrHwawqCMPmXJQ-3D-3DA5v= N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g= 4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy= 6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-= 2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKW6JRNneHa= 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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">Asset = manager <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVOfW9STUgFEPsoXxuX5ymt-2F6hM= OuSKTU-2BKk0yWJOHH8g-3D-3DQ3ch_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDa= CUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9= cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2F= IEgBxwQV4Y11azZEyNwKbCTkpYBzhNjEa97bOKIJUt0shlTsZfQtQKsnb-2FQTbkdJzNhpjIWB1= 6G0a1nQyTDQ34dwBsyxgSaf2sMi7DDMyNbn8X1S6TQ2nAopYCLMBdrEHC8GvCCUCR9vf4kB3xnH= QKrjQHZBBWUUS7NmHlFzBC0-2Bq-2Bs2Hi0I3GZ8qHGuG1EV59apFEfAoxGjjkKQJJ4GWysBFnK= BIepIoMucqG89kP9uY4Hp1WoN85u-2FYSXg3mAWRFGnKnTcv6Yz2C4Yd4Xiv687Pe04kYxP3yMO= NUWFxs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">HighVista= Strategies</a> appointed <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW28QVDY= DDJw0C-2BTYNo0OcgVfGG6FmqrBZeBMX0VytEIg-3D-3DKUnN_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZ= UZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz= 7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmk= FZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKTpiL9cNFXxGwpVvRj3aELDG-2FoD95fhSk4t= AqdZgYL2EVL9-2Bti7i2l7bmWfYtNlO2VAkz-2BJZlcB4QtwK7L6TI-2F6SEToXmB-2FSuWaFac= Urn-2BbmFBZeDpwGyk8w-2BlCKi5erEYWXEupLY1ELbra3zyKSY5h582FzqQqFQhXsnQloAp4c-= 2Bc1momU6bRAM2QuMuVW24xiYWxmQxZeYuu7rlZ4QAYSiG1wUs-2FlY8PjMgi10PxBJHnLYBorl= gADz4jtFaWX0zNFz0TSFUaZanvs8YoWTz2Q-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Raudel Yanez</a></b> as managing director and head of P= E secondaries.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW28QVDYDDJw= 0C-2BTYNo0Ocgfs4WqMmDLsZiSu3ZyiqkTg-3D-3DvMZZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3= SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0= fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3g= SnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKROZWA57fbMLH-2FLzkzAkuKdKsGqND1w8aLnNYN7= 8sL2Y-2FZGPsus2-2FTtIhlyyhsbkhDc6-2FzkN5SbW4JGLJS44vXqkgfi-2BoBNVuqli0pPB-2= BSi9-2B60O8VTZC0zhzzYLPy6llL72PG48Tsy-2BhEvl2pvA006iZyyYChLZj2MbUJCJh9-2Fdd= oP2ZcxHJnGGnZC-2FFXsxISQVIYCQAJ1vcnV8T3NQ4KSDn3H92N6x3rOM0n2LviAH1NWJs0FcQq= yo4UPIcRb6I-2BmuYR6zPpC0DY2nkR1ivs8-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Carl Eschenbach</a></b> rejoined <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzW28QVDYDDJw0C-2BTYNo0OcgPUAj60sqn9xqUE9-2B926KCA-3D-3DptJt= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4= CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6= 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align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW28QVDYDDJw0C-2BTYNo0OcgCdlyd-2B-2Bk76W= dIzZy9YR7kw-3D-3Dz0GB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2R= Puxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQi= gelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4= Y11azZEyNwKS9t8o50uz-2FQRtNFBJd2ZBv2-2FbvJ-2BEmpeu6GlvAdGNUSIM3utqVaMXnITI7= Z1yZXZKapyXDdtrNB98-2FlKhu61vubQTKTdUJeDsPaYBEucsu8e8zPDP197lH6WC53aUq7tZux= 2omC6CE7w-2FEflgZ0ypj3Hsu-2FXgXzO-2FF7Dv-2FheJdT-2FHR85BKKw-2Fn8qggtQlBepd4= mvedjGSS05sYQGnoZhVmgz3PNe4cXQBZ2SjZI0hCOetdtSnkxlY1cX2lR8FVsI1EZEEfgwJGPl6= CFDBJ37mo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Cloake= d</a></b>, the developer of consumer privacy and security tools, raised a $= 375 million Series B led by <a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW28QVDYD= DJw0C-2BTYNo0OcgtGYBGf-2FVOKdWvVTIDVXWbw-3D-3DwCdG_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5K= ZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ys= z7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJm= kFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKbUwZJkotqYG00T-2BS-2B1TbvkQYk-2B6jq= 25epHUFzJvBDh0LFXQkusdUTnFcA91lz0Og035ji5XQZ4AgvXzz95K2f0NEO1dMMHzxdEYuNCXT= PMN33CjVMyUxnR45qUhUMc4hV7jxC6HyCFaJCH3k8VHRegsp-2FcqTjt5QnFusplHQK9z2Ej8jC= iF6pXBArA4X4sLy-2BSp0KK99XKNCFK2yMpgRlCoc9thcgBgA1LjWvYxDnZb4RwWVsBeLT86m1R= 2RW865v8zQYlPpG4xamAYX-2BvguF4-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">General Catalyst</a> and <a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzW28QVDYDDJw0C-2BTYNo0Ocg4tyBa7yGK-2BSbzWmTbSyYkA-3D-3DCbF3_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7= TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgl= oImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpk= RC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKc3XRhXGF7CfPscSukJt7F1P= 5w-2BPh9-2B-2B1URrG8xIDDcgVDW5tcxWYOHy92EdQe4sGrgoo2A5d-2Bi2P5moWodXJm8yZAw= rd8xJCvDyUSUAs7QH1VUN8sViQe404tBiRstHWxrjac4sm-2BgXjtCj0ovJVAglduwFka8D8oJm= k8880JSkiSCvhiEN6GV-2FdWe-2F3y4QKNqMiO7Kku-2FdKca2saxKDrJh-2Bk2m2wuGcc6s9aS= WEGCEwONui8T9NF6GN13lARx5vCaeToyCQsifpH7HGZ3J1iw-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">Liberty City Ventures</a>.<br><br> San Francisco-based <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzW28QVDYDDJw0C-2BTYNo0Ocgh1OYmgCYaRu-2FcMH4QAKiFw-3D-3D1tQ= A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g= 4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy= 6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-= 2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKTBszTsJGf= a5-2Fev5znx4c2xIHETnEzSTizTgDZGZdkoAy2XdS18ODwBfx3LOAipOtuQ3nO0wJMKciq-2B4e= vmYc450t4yAmCbVwLIFbjWTWbOUlxw-2BonSgV0aotS4W5UyGGYdF32wvNFx2aQ9Q-2FuRuz3AK= Bklbf7a-2FCfFDgwkInz6ARHss13WnbUuz3wDj2h-2F6Maz98-2FkyM2gsfrUmgo9pwY3gnLx4j= Hd-2FwNKAzXLTJAIUqaXXqisT6-2BsUPOcxJG0o987SJkirGKF-2FipE6jsUtwdY-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Fal</a></b>, which operat= es a cloud service for AI video generation models, is in talks to raise bet= ween $300 million and $350 million in a new round at an $8 billion valuatio= n, The Information reported.<br><br><b><a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzW28QVDYDDJw0C-2BTYNo0OcgqRJpQcT163BeF01HYfWsGQ-3D-3D4tG6_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7= uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloIm= V2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3= ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKYk2fXGib2fmSwLqoDVzucO-2BC= bv2i6tHFFG3WC8eYwKUoBf6f4tVgSwFRrprgvnf1WAm4gjQajqDv4oWS-2Bp2Kk0MGgqXIYLaw0= 3cMLhAiCBaoRLVga4tRe9mq-2FtJ7rJSuEneXbOaCW16AHzmLxK2uBmF3ckh9jscJhFQRFmW7rc= BSDPktatobjgOZMtqBiHhdKFIANARIX-2FRFy7reckWwA56y0VXFZEEUoDHftkLaEihO0k1ssG1= YxDJXLUTY-2Bl9cQC6ELH4Obf7zzyNMzoPd-2FU-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Arc Boat Company</a></b>, a startup developing ele= ctric boats for commercial and defense uses, secured a $50 million Series C= from investors including <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW28QVDYDDJ= w0C-2BTYNo0Ocg2vB8SnpmpxAhKWDviioARA-3D-3DBtLB_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe= 3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL= 0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3= gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKUmpU-2FXu70F-2FbhNPA-2FWzAe2697L-2FJXfi= 9-2FmRiqwDI-2FYQz1KDssOfbg7kwgD3urNbO-2FNrVKnponG2saU8Q9JBR3fwD6f4f2cuRrD-2= FDL8p2ncayxOr9QZJSezNWvACfgwvHtzeKy2QjrNVEYMUcSquBbku-2Fy-2BZvOoKTRGb87Pf4B= ODWYj6fQK8EKsGhBIE3vr45xgAewORq6sL5e6Tl7AiVsk8yRbpjKJkfUk9k6NgC7rYDlOfxZnn5= -2BW8e8VXtoAOZqjlz-2BmktKtw3qU8wmvoLXs-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Eclipse</a>, <a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzV0wMBp9KutNo0ZE-2FUHCM4EWQ6Q8WhMNsPKivQndJ3pnQ-3D-3DYtxp_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7u= c5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV= 2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3I= CMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKaaXiRkaLx24tWnpG6HVZhBxu-2F= bXX1gsMm6oOPMzPZwCGqfVcOa6Zxt5zrw-2Fu2Jdkwo37dO3BeGAmBh-2FmV-2BY8RYULSVvpbv= cTKDzNjMSGy6BR-2Fpi-2FejQT2wUfWBH7jQR-2BgV56HSOhhHHorwhQldxfbJrKI29Sd-2BK7x= QsvpSOKeA1RO8-2Fk3ONKMCcFRMVeR0HJDKXvvTM6DVJdsdga26CiCQVKJIR6JeL1WBEXZVHjWt= oy-2BgcvLaVXPgsKzM2IUoU0ggnC-2BXvgpflYKtYXkACp48-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">Andreessen Horowitz</a> and <a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4EHIH1vG539Ph0k-2F176WIHKw-3= D-3DCa6N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJV= MMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0c= N3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKYl= quvxDHRHoVa5KTim-2F8sc7NNrDVdL0Igbcep0VkKoCbDvQebXfeZ9vuPKncjaeZrKSyk9TwnEY= GIGvdyvKqNKNuajoUjoJM08XHa8CpYMOEtL34G2ZR-2FDnp4bvTg1duyv91MVIFzKFivRYhk6kA= zPjK4-2FKyeNOiwuumcmQOmvi2Zfoy0k3Cv8HgbQkyNY9-2BaGu37oy47dWhiPE38Hs9VGkxetj= 8PfVIRZGDmB2uAF4Vsitu1-2BeBKDFWgXJVm1gLJQEBMHkUlMK3GeJiufrGSE-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Menlo Ventures</a>.<br><br><b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4EU2-2FMpPMM2= ST2kxFr-2Bu7abg-3D-3DVcTQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxm= se2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMv= FnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBx= wQV4Y11azZEyNwKXekQ-2BWswRdX8JJSAoznAFAZNAc6-2BisvQobieC7GvOiESkRBcQnKFsyBy= YoaUDdVuoN-2FzZTIUiTn25EPNsQkNmfswioSWcPWUr89JlMLkXbtS7T0PnQcdB5Y-2Bj932-2F= mXwXP3WEk8Rmdqe-2BsvnkYu0cYKB-2FRcpNwUhbD3iUWzwmZIBwXiFaneZqbfL-2Bk9XBVIeCj= uH-2Fp2fFj6dRi6LyirlJQM31Wkf0l9lHdseom5-2FvSM5QgM5w5fnygIOvVtnbUSDLEbOlErJi= TU5HQlEkb2-2FIw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Deeptune</a></b>, the developer of reinforcement learning environments for = AI agents, received a $43 million Series A led by <a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4EWQ6Q8WhMNsPKivQndJ3pnQ-3D-3D7s_-_Pr96= 6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZN= HVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENur= lecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3= XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKZJzooW123dQt21c= zzn1OgKnBq51riwHpuIcu1QQmm1VBQ-2B20O7VPSpWc62LYA1VGX-2F8NWdOw9t475ssf2dAAz8= guxfmxMDoIY-2FRM-2B2k2VCSp5CzxyUPw6uIa-2Bo5dkktuzCBuTZYtp0JL4LvCdsrDuMyExv-= 2BkSyX4bemBslnkEJhXmfwVG4A0lqLIF33NC3r-2BzMaJq40KUGOBroj3Gh9ip4tOjBtfzs5cxY= sr4DbeSu4sj-2FgiX-2Frv9n97eEHc7xp3ZZuOk-2BXJBup14xfxejS3LA-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Andreessen Horowitz</a>.<br><br> Biotech company <b><a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4Ey7P6BVAoByZNy9NZpuhBHQ-3D-3Dpryf_Pr96= 6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZN= HVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENur= lecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3= XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKYoPh6H3nW0NmeaR= mANoX9nH6KUzv-2B0Hzbk8buFcxl4QRJu2EHPZ77Ezr2sNPHhuoippBNMConl53r51pCWmakVJX= YPWjiw8YLqewy7gfvdwy3URNxA11WBqEbZ6RC8IWjvXf82GmAMz7xwVDY-2FTxKOVjYxIC7HuPV= V-2BRQ-2Bo1DYbX8zjh-2FigY2mNYgA7uwYAYBHf5gPmf7WOn0SK-2Bx9KDiF-2BkLjyKUIaCAX= fPF8LXDQpHEMbmtLy6y8iVeTMm6XvBw1BA7UQdwBewSLSaa5ypH4-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Congruence Therapeutics</a></b>, which= focuses on treating conditions including obesity and Parkinson's disease, = secured a $39.5 million round led by <a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zV0wMBp9KutNo0ZE-2FUHCM4EftIGsBcDramq6BLKxRB71g-3D-3Da1rt_Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc= 5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2= gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3IC= MN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKYBAsrltonYs5eudG-2FqugUr7QyB= -2B-2F2jyCo7lQ3Dm0xJU-2FKEenhfoNhrQ8it0VSXF6v-2FXwrwPo0x6ATWpZ4v-2B5DOOYdHu= ff8or3B-2BMiK2miQ7wq3K-2BeWBVIqBd-2BB1K4QVjRpbXnmoBQXTx3wWa-2F4T32hTZ8bJhJb= q6BEPIo2aMDvzT0y6U5g9D4zQsQ7OA5iN97WFIqb8JYMZDKE71nhj1IUdlkj9uIYnpL6NCMuwHN= gVSenFcRx8-2B-2BqjeH-2Fq7bkT1rUmcrRAlni33mQtGI9lBI8-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Dimension</a> and <a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4EMzbUyAHqzxVWHqiGpTJLPg-3D-3D0QOD_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4C= qzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6u= ENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2F= jJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKdBDYHk9vlbd= GUeMYrlJ5ibixLSwZXPKyxerxqpIGbp3TyIDamJTjdShUgUnoMRKIqvfcm6ZSHVV77JZLOrSdcA= JUK4Roj9A9MpsWRRBjdFBcCin3ygncjNOpvmMHB9SfgyJv-2FdfduBgqxSH20eED68aOYj6hMtq= 1ehPXY1rUHocHbiyEHMDQ2EE-2BdR5enBI9qVJ2GZ0zF3LYKVk6Mb0Uu-2BMG-2FJ3tnGJKC7jy= pmszVkqGM8KlmBK3OWWgja3U-2FpdhFvJ5X-2F8cD8rwN0UQiU3XII-3D" style=3D"color: = #1D5080;" test=3D"" universal=3D"true">OrbiMed</a>.<br><br> Event management platform developer <b><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4ECuVuQf4kNrMkoC0Z8= fDNZA-3D-3DpGfI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2= BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtS= tJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZ= EyNwKWBuv081WpJj3SvAOCsdqfW7n96CUtVq2OzVT2XGBvqyEzWpXnfcw62gx3ty-2B5JunF5DM= uI4ui2EpFI8IgmFgjQ2zLS1FRZkPSUU2735ItYP9-2Fnps-2BlnNNlRNKd0RHywyLVKX74eAjKK= sGVRMYZFw5dNbYJkvnSPdIwJeM7z3GBC0H-2BNkRge91EXdD55cufk84h3D-2BdAukNNWMx4DtZ= hETl-2FlwNTohHhMbTpUeJ7ebe-2FJFbcx9aJIeUyrIfOWs3YhcRwHP9pCl5eiYwwZD3wSMk-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Posh</a></b> raise= d a $37 million Series B led by <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0wM= Bp9KutNo0ZE-2FUHCM4EzpX5LG3mxAOMf-2FJfMGe8XA-3D-3DmPaL_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he= 5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqH= v9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-= 2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKcRfNCj6tJwmqWSlf39UBfpSTEiVdB6G= qqdI-2FTDIFkQ-2BBlw45RyjNs8WTHdnOejdVaQ1bcCBc73R2CwiJbe-2FaMuEOZ3tQcqZPl-2F= VK5698w80TY6APGmb9qzH5q6Foj0Vm8PUDzsDqEhh8Mm9V8D4jt6SU-2FNvJafLvoO05SuejnEs= CRw78O1u2x6KXuIgU420nIILA8ptk6oOAxWF6l7Q7Q5AxeICIKqwEQ-2Fq1lVtiXQXeTQoizI4O= TLVrq47otV0MXnoJJLfLoZNSHmiLwhA9Vc-3D" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">FirstMark Capital</a>.<br><br> Stockholm-based electric ferry developer <b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4E6wsgN0SldhKX= BlzBUiGA8A-3D-3DI6en_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RP= uxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQig= elBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y= 11azZEyNwKfsP2OvgLkUAH-2BFl-2B3Rl0P1gMLDZmbhCk6viypB-2FPIbRxIJo54aeg0XbpSGK= NZgABEbv6GHoFkdA73-2Fp0f1QEUk197GAvcEjA9PiFOfACiXgJ-2FABYSFjUEMIlSmx8hvMYRQ= x5Ev20DuE-2B0Qq5OnaewPgEBRYp6bDHe9h42csfDUID7trfeZTXZYCUcK-2BF0c148832NPoFC= Az6EhROrOvtbWERrbouzSmcTSHV9XIV3mlcHPv-2BQfIsevcLmCq0XnTEwYpGQI3eicaBjM2idU= YE0A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Candela</a>= </b> secured =E2=82=AC30 million from investors including <a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzV0wMBp9KutNo0ZE-2FUHCM4Ey-2BoH3-2Bl2u8rqb7UDBISRPQ-3D= -3D-gj7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= Rqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVM= McQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN= 3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKR-2= FGvoNnfTfKzNnPoZ7EbLl46vhwN5d8aJpBzOvdn28SXuKi0fchLAj7pOHJ9QYYlaAGFpXM5tbI9= iDWyhDcQD2d1C3MDDUxEqLLgQ6zAIa9Ygr3ccPnJgB2LLBZshwlC1rKyoVuUDl3gp3Nc6tigN5q= iMqa1c8DIKOI4c5dZ3EHLxVA-2FvD1qXxD67aStzuu9duEF712FHf0Dr4FQbdl61Oj9aHeJ2-2B= wteO2f8sVDMTt4whmtPm7viO-2FjE6E-2BkZuTMX4lARM0xiS3Gbl77GbZLs-3D" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">IFC</a>, <a href=3D"https://ur= 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DQA-3D-3DKsKu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BA= q7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJ= zNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEy= NwKSm-2BctUt1VteE-2Fd7XT7LFbzWoMoJn6AS2AV1-2FdEo9F00J0RszrRsWUMh64BVf5ji1dz= PKQfHLV5H-2Bv8DsNlU-2FIsPgtQDHdez0YBxTiZbD2tpaB4gwl3WD6UoMsikpYcCfhhGAMpCas= AUWYk8Wpe1H7ynmbuNTUOhwrkrbcXwym-2FkTZRNOPjf4Px9XIrE-2FZaaezceHkw0u-2BEk6fI= Z12wLts5xxDFhXDFJ4f5zPa0G6kiz9C12gHTrJA3dnb0wDIjh3WfEmb8uUFJ597jvoYHSp5g-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">SEB</a>.<br><br><b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWOTWxjWCr6iL911-2FugVxG48dOyLLUNher= dbXq6rDRIlw-3D-3DUVmf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2R= Puxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQi= gelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4= Y11azZEyNwKTP5mwkm2X2AO944xE80gMx1zt5YnYh3l5uomvqgIMkmyNxZ0JQ7amkUChc6pc5h0= 0JiF2Duq2Y4WrKV-2BHm5YYLoJbmuyFHdoSGznBlaR5utXqpSaaMKW6w19uKMaqmwbPltvMCtW1= NtxpLHKcJVQ-2B7UG0uMK6PBBskF6DK2VHzVljFW3D6GWnHepaLgpYpJYyETBKk5ntq6sC-2BGi= kD2Nu72xfov1aNAjzptf2vTf8k3TbIb0z-2FQZLoiohfIhopW-2Bl3ra5WpeUTckferzNCdjS8-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Claros</a></b>, = the developer of a power management platform for data centers, received a $= 30 million seed round led by <a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW28QVDY= DDJw0C-2BTYNo0OcgtGYBGf-2FVOKdWvVTIDVXWbw-3D-3DOHzy_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5= KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Y= 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qudTKGCjxgg4eZO2MydSZ-2FJKdPl4wH-2BXLAlBPaUmL7NojOsZ1B7crXk7-2F-2FGKRrcxEte= ecO7Ine9jKS7RCan3NVHmbErtwzcRMoNxghguTcJFq-2BioeHhGH6cXES0Hv4ykhL9ezh14xwpj= QpDBQ2Ko2vOC8LYmfMTuHE0ncC-2FhCgSvvgnPKxKpwD-2FcJCS2UcfID5NBLAddZWsalwIYxXq= P0zrgGijsMbWWsFxzEBxTX9eqkHcNzsyKePwezgA8vLBk-2B3K3gaI3RU-2Bn0-3D" style=3D= "color: #1D5080;" test=3D"" universal=3D"true">Red Cell Partners</a>.<br><b= r><b>Anori</b>, which develops a platform for the construction and design a= pproval process for buildings, spun off from <a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzWOTWxjWCr6iL911-2FugVxG4V8e06KWamEA2dhLT26a12A-3D-3D9PMF_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItA= MU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwc= XgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQY= npkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKY5xQfdLw13Edsj3dkLds= lEJ0pq0fjauwke1L9A5OmKIkltDWnNX3sW2U-2FxTPUQX9lvaOurd0xh0oy-2FIJJ28LM7Ero7z= I-2F22jO4rwVcTtD8UDegdftL660r3BcoTAdRIQu0RrhYFYcqUkYW85F7amzy6z1P-2F72v4J2I= 1THeAuhRx8uK29UP3sNRykuqzfXkxRTISBzNNuv-2Bi5otvD-2BM4yn5hDTxJd25FTAUvLJ5aPO= SIeRU-2FlVNbWCeRdw98D39YiUOaw97AbgkMzAkBeOsvmS4-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">Alphabet</a>'s <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzWOTWxjWCr6iL911-2FugVxG4bENr4nuDTr5t-2FTfOiBLWiQ-3D-3D_bvX_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNH= VItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurl= ecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3X= XuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKRGJMfbvBIQWAXF61= Fy6la6rsue0qhtJLamTN47w1kF2woH6FUJCWimpOjVvVRPapTcuhMGfyLTPBx2k6OO5K6e4HZBW= TYAqWg-2FRYgC7VUk134fFrrqTv62EEjArLRagbSMprrJDzkj-2BJ10mRVsU5mkYG1PGm4P9sF0= Umo7y1xpQin6ItVMczSWk7pQT9IoP8245aEgixqAukXQ5TUn3cTjVy9Fr-2FM-2B50SQpfFtu-2= BXrQJOhb1rey7EsyFRB5jtdyGMUqkob51ACnNNij5VveDvU-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">X</a> and raised a $26 million round led by= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWOTWxjWCr6iL911-2FugVxG42Iy4uZ2dNUJ= er42s9PAgzQ-3D-3DQc3N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2R= Puxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQi= gelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4= Y11azZEyNwKRXNm8QPyEcOaZDysLFJU1NeE1oed1fTnWsPyjws1-2FwCPzJo807Vq1cFxwDb9of= 04IY9A27JFXpWqNC0cZsM3HpbsKK60URPN0LjKWddPlRm-2BKeqOxaWdrcGJ3jDjtOUHdtXvb4W= cGnShXGNIB15NhtcTbqCYzIhiXUGSzu-2Fivw4lmqSnyltGt10DvZZxK86QmbevbtWLZBGOfECw= 8ExkP1q3GS4ayB3cpFOBj7cm8XWBM4D-2B6F3ESKCkq0feThsymwRYhzBrNrhbmrb9W-2BaJEA-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Prologis</a>.<br= ><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWOTWxjWCr6iL911-2FugVxG480I9= YU4TlC60HoNx13P3-2Bg-3D-3DBiu1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDa= CUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9= cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2F= IEgBxwQV4Y11azZEyNwKRdL0ewPay0HTxbEDBf4a3jlgaj-2BndqZk5ePyfvp34SxZj5CN8Uya2= Afmij2sq9xGhm8lzNrE16RcShIESC4bRfhL5-2FDmPMzyM2EAhkLoZopNwU6GL8BPExPzlaEY9f= Zo2UF-2Fqh-2Bz8j1dpPZbwofXDMPb6lATnFvoG37E2j9msUUYpFLRfofL4hJZfUaHnMLVadqV-= 2Fpw208lVNK3rXxyYeGEAzdBD9fytkr9D8yLzNBRh-2FD3IH37rODDIieL3nilAB-2BIdt3uNP-= 2Bz5GL1Tpb-2FNJ8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Parallel</a></b>, a Paris-based startup building AI agents for hospitals, = closed a $20 million Series A led by <a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zWOTWxjWCr6iL911-2FugVxG40hXGRM-2F5QlLbwK1Kr5jsOg-3D-3DoEeZ_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7= uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloIm= V2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3= ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKcCA68Ykam4b-2FaTP1r7ueXkCJ= -2BZMJX3jCHHEViOnSKLTchV2pEqUZsg2ToSjaQW50pj2eAUHsWdAlPTdA31otwJiOFQEQ8pyAb= moBSQ0NAbf-2FaQP-2F-2F-2FGzW6mMMo0wJE9O8PTpUmUVvbZ7mqpuXIYGQj8-2BG4rPsKNiDK= JNxNZbqcrlEXPqWBpwVQOLsUXturEMoppK3fTgBZLXdpvQkJ4OLG7oZdgaVa6ibAJcyx-2B9Mdu= H21dS42GuYL0-2B97s7LDfdlr7-2FgcDm8TFBBvMjfdkqV4-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">Index Ventures</a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWOTWxjWCr6iL911-2FugVxG4PBJKPOvt9Z8uyNKEiuavQg-3D-3DN= lJ3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf5= 4g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQY= yy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3Ngp= P-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKfDXAmRM= 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valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWfgW-2Bpwdpw74FkJXhsAkG6GhWtUa7YM6YpRJ-2Bf= 2s0zEw-3D-3DWNat_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-= 2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBt= StJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11az= ZEyNwKQli-2BXpKRgXsIjDtwGyRIWoLnVzAblMvOZ61WhUaS6GaFvpm-2FIJgv9t3lNiNscl1SJ= 0LuxvGfTsMCuUIyQXNbCAsVEqYtsyCCUPL2Iyu6QJWxvw9wM114ReaxDO4tzr5Tx0XJ6549-2FU= 0YAZU-2FsizmUAzApZqzrZBAHlsu0YrYPbo04uFabjIjgq1HCLL1mqQSOASkJu-2FCMkSwEE9xx= -2BuxBeW-2FB-2FPpY93u7GGbFoc-2BevBk-2F47l-2BVFrFpQk3H4LnPVjJuMUpJKp9OHupusq= eGXEWA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Oaktree C= apital Management</a>-backed <b><a href=3D"https://url6380.news.pitchbook.c= 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QM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Medadom</a></= b>, a Paris-based operator of a telemedicine platform.<br><br> Stockholm-based <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzWfgW-2Bpwdpw74FkJXhsAkG6xwF3k9cfsdbQ7qORESaYqg-3D-3D3Uqg_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVI= tAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlec= wcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXu= QYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKYGu3KhxPsvh84VKp-2= Br1eGU-2B53EED-2FWAWm7nKpS5yxq6kXgsOST76mNSEDo1RkaLYe0Mki6XBp-2B1v-2Bas-2F5= 7mmJFXj78EOmMISNMazCA-2BCzHVmyXvjkaHdv1wkbxK8ZjkIoKbcg-2BlkVp-2B5GOeVESfblD= CVYO-2FmNt-2BPwflHvl3RxNC1-2BL-2FUj-2FplaMUEPZ6d8c6Qh8pFXc7RwLmRQV1DQ-2B8NQ= D8F8Sj23kNS6BOZxrjFicJYILK4oasuv-2B-2Fg-2F0PR1LpufrfIN5y7L8XzpVQA12DTak-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pophouse Entertainm= ent</a> acquired a majority stake in <b><a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzXIRXKctKkB-2BCpH6C-2FopMl3GPWlMPaQ29DgrBBVhGb8rA-3D-3DExPR_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7= TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgl= oImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpk= RC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKZFCdE9CxszjxvcFAl5hRTgt= Z34UzTrjSxe0to0wEYnhmhES7K35fm9Dqv2bWxCMgtvUzNh41U1vGK6RN0zJo86c-2FbFW-2FI1= NvCKGme9eHxHv1cMwadQQXXSH8JDMeh2g30uU-2FUwpF-2Bhu6Z82114C79TTAeqZnu1SdRtay5= WInVmUda-2BQ865bNF3m7w7khuT5wSdUtMxHPqa-2Bq4AZqPvzuaGp9unjwZMepX5eGHmHIe26u= Pa8wvVWjveq5-2B5EF4cQfiw7B4BnJh77-2BP55NCVsu0c-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Tina Turner's music catalog</a></b>.<br><br>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3kJcFu1-2Fe= 0uVL0uQ3Fc4HJQ-3D-3Dq1xd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxms= e2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvF= nQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxw= QV4Y11azZEyNwKS6DbrZcFSM6Ky0sahLSJa5-2BuyncTjqhGjHERXKvXJW3t-2F8UgUatmJuDPM= eXyBuznrJerk-2BoigxkfvUgBV48E34jfNr7SHtsx0q54TW4fajzHi1HSy3jzXLeZOFkp8yFwA9= ljgYMcBvH-2F8tN-2FhsKpNB8Phs0xNRtkRSQaU9l5XPJz0U3sdVs6ALszuDdnnqiZgTc1cKcS-= 2FJziWg8kTCkGq9RnLzDwaPxDzzH508V0hCS2TpBquWOTgCVqz4ZMnDGuCrCiOvDdJG6Y-2BObN= J71CiU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">3M</a> an= d <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3RP5mLJkQ= 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style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3J5tO5xuAhlm2MjSx= -2Bp2-2Biw-3D-3DGC3b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RP= uxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQig= elBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y= 11azZEyNwKTRpf54mTvAT08EG8TYddw3LctB6Yuck5RWvbiuLzQjzI9h5qtuMo-2Fz33dXnaK9g= 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IQ3RoIoq6kkaMNpxl4Zw84j8hqch8ookY4Vyf7X9ZeQcRqv31prM2LzHuaiyaHApXFEyiR5jtD3= cbTBmd63heNTlcDU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Nordic Capital</a> are considering a sale or IPO of <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3hRjaeAE52Bxp72-2FLm6rKjg-3D-3= D9oml_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq= f54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMc= QYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3N= gpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKQjGl9= U2AFLxwJcS8nOiUQQpkd0ck0kQsDZr7hsD3p4VwEmooTjr1dG5bAG9HZNSrhyS-2B7dK-2BVmC7= B7ATQxed-2FTF7g8cbUvJ3fkOcGRJmbyDwE2-2FimT5wadrZiiWlZON2R6izbsbCWIU1nc65Qxi= um-2FIijDdX-2B9YpFGURblUxJcH1YoAqc0-2FFYHg3uAvzqapz70kJxtKbi1Rozy4E3aFhqXXK= Iew6qe6ELn6Bb4fKjqa-2Fc3wNvHZ0OK8jIEA1y-2BcXyqcD4VO-2FpZlFQXYVRvGoiE-3D" st= yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Cary Group</a></b>, a = European car repair company that could be valued at around =E2=82=AC3 billi= on or more in a deal, Bloomberg reported.<br><br><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3uDcT1rPnYLMRQzliYhMSUQ-3D-3D3Ewp_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZ= NHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENu= rlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs= 3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKV5NCiA3AaDsvxN= m6fY-2Bi53THjbb8o3q-2BmDFeYfTb48Np0eQcGEenRDYVIXwJBcdeIGbWFxjqeldxyxMrztoqq= xR9fDOffg7WCWygTbXfszyuH4QlBt-2BTKElWxgy-2FoyTKhabYuVEWHzrtIwSGAoj94xwDrO69= Gx8QIPCpGTf5HcNLnjEicprcNDSk4oYEg9oauOZqL-2FLCo5vUcGYMd3Yca-2F2va3IJ-2FcdEP= 4OEqxDpQzLCenLkiLB5Om08zkjtYx2g5IFMF7sDSnz-2BBr44WHyN6o-3D" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Silver Lake</a>-backed <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3OZyIP6rSurqohguDL= 1m06A-3D-3DLRc-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2= BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtS= tJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZ= EyNwKedV9zUyL6O1G-2FrqXnNJIw3vOgwNjTZcW2-2Fu3h7ninZg7DZ9pgDhenR8oUjclduNqXQ= TWc1cDDM46V4fjFAjp6cMHnW8JvOL4Y72COxtDavxf1BI-2Fy3oPkhtb3JGGwlEGHitO8mENc6i= 8GIPUI8S28ztdj74gmwUhnE6Fz53ZEyRoF8KSAc8tDmzndainbX948sALPoUzdX2yzXNXMYxraR= WgcmbNN7jacIDlSyNHjYA2DsmEQpxQJUx9BHsF38-2B7Xd9SJ5pdvQURjabAbbCyAU-3D" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">Relativity</a></b>, a Ch= icago-based legal data company, confidentially filed for an IPO.<br><br> Python tool developer <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzXIRXKctKkB-2BCpH6C-2FopMl3PaRq9ioZuTjpGQyiHQ4MeA-3D-3Dx= tGI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf5= 4g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQY= yy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3Ngp= P-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKRQ2VD5L= jsfd46uCyAUqaOTcx4M5b9iqeQmxwXU9i4DzjAvZs3PmErZu6jDPFl-2FtfFSgUIjWFza-2BvjV= pv2oOE9jtdXjusmkmMRckbYszroVYfBFponU3F30jX1XFryzPpN9f77dsBkxaWfbrJYwD0eMtkm= 6gOFfTQ144Yor4KjmmhkshXarOx4S9kE9Im8Q6gqN0dpCmsRRBunDpAdLbx4GdWlqsFD481cBDb= a2lb5kybeKCKn4jp6ToIFKMMEDEIbwIi99IibRrx7FOXzWACF0-3D" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">Astral</a></b>, which is backed by <a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= 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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-2BaqM7ONnvsnswouzW72A9sQQfFaTI-2F2X8YwRBJ5-2BLVFiiWuGyPg= fEqTEkTUw-3D-3DPxnK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPu= xm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQige= lBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y1= 1azZEyNwKd-2BCVI1QRZeKOWvop8gMGB1ge3CcZTDu9-2B2di497zLF89EpJnHgl0-2Bv25cLIe= zOIg1nmjlVhIyMsGBkoRXFQob28XVaCZFE0fn-2FGEP7Rc162GdO-2B-2B-2FwG4UgllVyeHxNk= 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The vehicle is expected to close in the coming w= eeks, Bloomberg reported.<br><br><b><a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= W72A9sQQfFaTI-2F2X8YwRBJkuAe0cry6CtzKY1XTPfvLg-3D-3DUYVs_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5= he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2g= qHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICM= N-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKbkYRS-2F-2BvbDG5gVNnTvBiMEXT7= tu9D4WpsK0fP9hng2aTLn9sRcPZalLwtLdWb9LsdY2PosgLBhuVQxmTIZcN5r0-2BzGyOdO1Xd6= Vzw4yFoZS4jlbEN4JTC1-2FZUb9qwt5UgKIM-2B-2FVR96iNtJOHEDMqV80YSlC5F0bW5ENje-2= BAwINwIAkaLLh0KAkcoe-2BqrxgdM6s9ERucGjfzF-2BgRNpTK8C-2FcnZKHIxUqquK04EaWnxN= LfjJx8t2kwosvHbQsfHWwFaTZdPljuN2TKCvRDaJtF70-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">BNP Paribas Asset Management Alts</a></b> clos= ed its first infrastructure secondaries fund on $722 million.</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 lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= 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-2BaqM7ONnvsnswouzW72A9sQQfFaTI-2F2X8YwRBJV4ji5lO= n3DrAktD0H78WNw-3D-3D5oDH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxm= se2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgloImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMv= FnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpkRC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBx= wQV4Y11azZEyNwKZ4F4ayBCvxmkitBJIVv0O20DuoRXORmUq6kifWyoc6-2FVcXmj-2FbnErY-2= Fkn3pK2oONTnSwUqwiky6aJ3NAxKERwycDRlYUKo6-2FVs2JUApMJzdxIR6Apiy0IJpHpU1BUY-= 2BSYANLujHuvzhG-2BFO8G1Ao7q-2BA-2Bc5jR1ULg9wLfuxYMdIBkd8zkXwKNxr6uZQ8pUHUIl= ihBkkpCAN9-2FRvzAu-2FlAUJEKxE6PgdFo6-2FrM5KBh5dxSUXCuTwa1oKl-2BbsO35QZQ1ZV3= mcD-2BGPn42j42Z9elE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" = src=3D"https://img.pitchbook.com/news/73360.png" style=3D"border: none; wid= th: 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> <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 mi= ddle market delivered solid growth in 2025. Deal value rose 8.5% YoY and de= al count increased 16%. Dealmakers found both opportunity and liquidity, su= pported by improving sentiment around US business conditions.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzW72A9sQQfFaTI-2F2X8YwRBJV4ji5lOn3DrAktD0H78WNw-3D-3DHHGa_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqf54g4CqzZNHVItAMU7= TV7uc5he5K5KZUZe3SgNz4bOJC0YqMDaCUHxmse2RPuxm-2BAq7FJVMMcQYyy6uENurlecwcXgl= oImV2gqHv9Ysz7yL0fdtQbgZeYo2a7w9cuQMvFnQigelBtStJzNw0cN3NgpP-2FjJs3XXuQYnpk= RC3ICMN-2BJmkFZ3gSnDoZmnwVjPp-2FIEgBxwQV4Y11azZEyNwKSRrngvdWkpm6owhOduW1aP7= 9hL6mbTzw-2F3JikXAUAvJrJ9cI9o8DZvuCu2AzvaF-2FAovWh7IIdFON60EFemq-2FbOLHqSBy= XOQXZvP-2FfVW6-2Bi1GB2IiICn9Fg6CRUfxcX51BG2d0FEUgSoLAcz16mRRrRlgkUntHp-2Bft= 8BVx2kU-2B8SwjaWouf6304BkoftG3V7pAXWNigzdIUPOL53tE-2BCCWq4tONqRnOTG5mfaa1Vu= 8fx4FUauoKn48taROg52nJdWaXdKRe4ZTmeiOa2kx8rJpo-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">2025 Annual US PE Middle Market 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> </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%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding: 0;"></td> </tr> <tr> <td style=3D"padding: 0; height: 20px; line-height= : 20px;"> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; 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