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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Everyone wants a piece of Electronic Arts LBO; S. Korea's carveout pain is PE gain; ranking 2025's busiest lenders March 30, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and M [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_VALIDITY_RPBL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. [159.183.175.69 listed in bl.score.senderscore.com] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. 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Korea's carveout pain is PE gai= n; ranking 2025's busiest lenders </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; 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-webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">March 30, 2026 &n= bsp; | <a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgNf2y7lRL2= GGkAQih6SRr6J5lHyZQg4DsV8II2I4h1g-3D-3DrRAI_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMs= uTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8= -2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXg= QPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI03= WjTT2KUwORtRmuuaLNGhM9MTlILGOPswjR4nX5tmHhZcBSxTJZgLXcrQ5Pabp-2F2qDWTwXJq-2= Fd3bKq9LYqFZ3PmqTugj0zcYsRfZomvKDwOBQkDP6ozy2n22Q9uZFbIoPwQkpcJcQFZcUPkTZam= 74mosY5nZ9wEJ5Hj0Y53veEmaWQriq5njqv8wtopgCR2ex5lwXBYeFmQMMTvSnJ-2BrVvty0PcZ= Ifyhp-2B5ONpOK81GHiOu8vUACbBJmbfhuyNEUQ-3D" target=3D"_blank" style=3D"text= -decoration: underline; color: #1D5080">Read online</a> | = <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JM= ynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgy= xWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3D7uy2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-= 2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2Bp= zqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVp= uIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00LqYR= WDoozrDg6I3TzEXckHaY1LLCMevkqGt1-2BL8tCvk6WqohUX9uddjH0CjaMF9tvTFJmWD1Zdmrt= b6M4PvVmLixrN9yo9XeK55hpo1VwoilPcyjhnUzSpyvEu73joPBjHqlSg4EIwFieI-2FiLFI-2F= s7W9flfrd1DgtZm0xhz0ewPFB5cfN2Jw75Immj-2F2ZNTmU-2BlacfOOi9u9NhdmvZAwwa-2Fo1= USkXfu4mGLwaLF5wuLCvxqaXBZGKWBGmiIzoPws-3D" target=3D"_blank" style=3D"text= -decoration: underline; color: #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUgNf2y7lRL2GGkAQih6SRrxp1m0JIjJC3dDGReX2kRkQ-3= D-3DkRTe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBd= wkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA8= 4Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRY= RU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01lDRQ-2FHmGsdmSSmfEmSLSxozuqEkwqkcC3= hXCPfNaPBmxIGdAHi7uGBMn19eGp6UCA633IZU7f54KuoA3OVEKQqDFn-2BnXifQj0RiE963ZP6= yQzOUgNgnlaJIUJAfvHsKG0MfEZltlrLaEf9tSPC9DZrtSJBXdiJDqbdmmv78zjuGkpffd3KbuS= 1tVZczv-2FENkt905FqZ5Cx6CxPLbrxxO3IlRdlh0ea6IqLKlYYb0kIhi-2BCRIpC-2BjepXgfH= CwVvQc-3D" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; 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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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margin: 0px; border: 0px; displa= y: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F= =8F=A6 <b>The five most active lenders completed at least 250 deals each</b= > for US PE-backed companies in 2025. See which firms led the way in our an= nual <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgNf2y7lRL2GGkAQih6SRrtZZqJMp9z= Q-2Fzn9aybsh1-2Bw-3D-3Dvpe3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F= 0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOi= PNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33= wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02MVzIVOPUrunVCehy= a67Zmbj38WcDTCUA36A7GY5D6svKg5M5Qt2xOQ7RVWa8-2BwAzbRujJy-2BT1Hda2EpvxnGQUdF= qHSPkybur2LmPin79WivrEMEvVFTmBZDKIeqzGb48UL1vYhphImlNvZGxVy9IhP0YbRiJ-2FHMq= NP5W1URX8iRL02yWIN9yd-2FHcbmOFVIJYB530JVo9VFHQFcPH11-2Feaz2srgG4kaUKRfaH-2B= FZR3n9mRZBbB9kSY1cJn9EU-2BFb4-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true"><b>PE Lending League Tables</b></a>, sponsored by TPG Twin Br= ook Capital Partners.<br><br> =E2=80=A2 Was this newsletter forwarded to y= ou? <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgNf2y7lRL2GGkAQih6SRrTQb0lOpnZfJ= xiSOsFyId-2FQ-3D-3DqGVF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14= unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFB= yRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRsc= ENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01CHZnlNuGFj4ZQS-2FFmW= HRY52vQmhNwFh3yzX1kZwXq84iCEk6lgPFDs-2BdjxZgryYM-2F-2BcpCEbkaLsP6ox5DpjKE4H= thJ4iIgVH8CRAUE57zO-2F-2BWQ7hDQXhrhU8DmP48sSH8VyNg1mtICTwdBsKR3-2BH4yjbcBn0= ZsNX13-2BNWvRaHaMJAj9S95-2FXascgF4IC7-2BRX7L6d-2BxNeDZFJqlIhYGFtOEcFwpi3aOb= -2Bt-2BcDgavz-2BCas-2FydGjMCynzLbGZnn6hls-3D" style=3D"color: #1D5080;" tes= t=3D"">Sign up here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Private debt cash-outs lay bar= e the role of wealth advisers in alt investments </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJeXwBFE-2BYgbuquVyCm= Te3tDvGrhhQ0rDw-3D-3DcFk__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h= 14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPN= FByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wR= scENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI03dOs1B8h4HSr2vz-2Fd= Fc3mKMtfrZ9TTJbL2aCrtQ00Az2IEF12ehLrVmw6-2F-2FjmwEOEdvovcXZcQeyv9WB9ruVARNL= lH2HML4-2BrKtUZTuQBd2zSL2iMT1l7Q85zxJny0oFy5zEqOwcb3iYHa-2BMlB4sBuYTdhcGSUu= vLf9-2ByIkLdtf36bGT-2BoDYAvUrzJby1kQjv0bV-2BX0JXnV2oE8x166FuxLdAOojyBhwOxiU= C-2FIhhCvylrB-2FzjkkCqN0VdRdZdfgI-3D" universal=3D"true"> <img align=3D"cen= ter" alt=3D"" src=3D"https://img.pitchbook.com/news/73509.jpg" style=3D"bor= der: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Thomas Fuller/G= etty Images)</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"><i>By = Alexander Davis, Head of Enterprise Reporting</i><br><br> Mass requests by investors to cash out of a = private fund are nothing new.<br><br> What's different now is that multiple runs a= t several funds are happening simultaneously for a relatively new asset cla= ss that's facing its first big redemption cycle, with requests piling up fo= r private credit strategies at top firms like Blackstone, Blue Owl and Apol= lo Global Management.<br><br> But what's also notable about the great liqu= idity squeeze of 2026 is the starring role played by advisers and their wea= lthy clients, who have driven the elevated redemption requests rocking the = $1.8 trillion private credit market.<br><br> This investor segment's rapid adoption of pr= ivate credit funds in the past few years=E2=80=94along with their subsequen= t rush for the exits=E2=80=94has sparked criticism about the industry's cou= rtship of retail investors and has revived scrutiny of wealth managers' kno= wledge of the private market's vagaries and hazards.<br><br> It has also prompted some fund managers to r= eassess their own communication and educational outreach to the advisory co= mmunity to ensure advisers are adequately informed about opportunities and = risks of their products. The turmoil triggered by mass redemption requests = is resurfacing longstanding industry concerns about:<br><br> =E2=80=A2 The mismatch between investors and= illiquid structures<br> =E2=80=A2 Adviser behavior as a driver of re= demptions<br> =E2=80=A2 Structural liquidity problems in s= emi-liquid vehicles<br> =E2=80=A2 Wealth advisers' knowledge gap and= the role of formal education<br><br> Omar Qureshi, managing director of Hightower= Advisors, one of the nation's biggest wealth-advisory firms, says the alte= rnatives industry shouldn't expect individual investors to behave like its = longtime institutional clients, adding "I think the lesson primarily is tha= t these are not institutional clients who are going to be thoughtful and pr= edictable in terms of how they invest in your product."</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-2BaqM7ONnvsnswouzXAft8aqI77gJeXwBFE-2BYgbuquVyCmTe3tDvGrhhQ0rDw-3D-3= DT7C8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF= -2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF= 4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb= 3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-= 2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00K22D-2BsK3wOjU4cLq6sxEPAqHjnUS4p-2Barw= HwEbx3OCffh7OYHKCfjoAv9wfbGetTx3RfbNWqsvzGGH7CblcWSk0uWX-2BDIa90oZJiViM6Ewu= ETMYV4-2BpkP9nYtALTURgJMcd4eMyFO9R8KKPbaxLnOXPvj5f0GDeaIUX-2BFDh1iOwd0ct21m= O126FIs5VA4QTVVxg7BHUmBEn2AMsXKsSzQ2MtYZ43fXMUUAanQ2se8doeW-2Bm4hGLvXE13NjY= J1fTc-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px;= text-decoration: none; color: black; padding-left: 3px" target=3D"_blank" = universal=3D"true">Read the full story<img height=3D"24" src=3D"https://fon= ts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middl= e; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJeXw= BFE-2BYgbUMHjdioMhhM-2FcRCNfl5X7Q-3D-3D9zuF_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMs= uTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8= -2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXg= QPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02= NdGJB7INb4ILyadnOVTOWRUWSvsiv-2BGNeDyYa3GXSNwZ0gjTV9jvt76VluHH6ll7Q1hmEMJEe= gYMb1AtesCARFNQgUHSCa5pI1g9z9-2B1ciIoP5W1-2B-2BHw5TbWPGWGYZf4Uw-2BGtImGBhHh= TUkiRbWKlHq-2B6S66uuiRbAmDCT9oCJerKOHln73DAib-2BzUMtqFhEFI2INYvVvpj6UxZLWMx= qaUODAxwXxaj43yMaaIkJChjJ-2FPCwIRddvEBOmKrcMyjg-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">Private credit's liquidity squeeze puts len= ders in a tight spot</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>Doubts about the defensibility of the SaaS model</b> are pushing mor= e investors toward hardware, and Europe's semiconductor startups are benefi= ting, after raising a record amount last year. <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzXAft8aqI77gJeXwBFE-2BYgb7NHnqzIzcSrNi713z-2BohCg-3D-3DDazt_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-= 2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2= OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcP= QWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa= 5VM8PApXHwFsKl9apoxw8NpI01R7coCf82dl0lW9tLtlwDdJPHVul3qzssLAJ-2F3WOzvWQAPO1= kFOA2BwswAzvHHU0vX1vEG-2F-2B4X6-2BgI8TxVQY8Alfav-2FOFTH3fYKCORktMAY9qvV9lHg= HhXXsB3vfVkRK74myI4L8k1yikybvBt7UEWtiY-2Bnx1IR7PoZEArXApQWd63b4ZjLlxxrp2lA8= 9ESV7x06z3g8EeNsS5t-2BKfPNcFIKNSkkhJ5V0rAuW7lw-2BkxhJHlVNGiK-2FaG2CdJ2qzy8k= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b= ></a><br><br> =E2=80=A2 <b>South Korea's pain is PE buyers= ' gain.</b> The country's large conglomerates, or chaebols, shed a record l= evel of non-core assets last year, leading corporate carveouts to reach the= ir highest level in a decade. <a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8a= qI77gJeXwBFE-2BYgb-2FNZCeewqdkI6wq0BxOPK8A-3D-3Duxm-_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-= 2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAso= ZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2Fp= hWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9ap= oxw8NpI00UvkzetLX3xcHfoj-2F63X1cNZri5BjT7YQM4OQRc4n9-2Bw0h522idDy0CsuZdbjdK= lwQn8ba-2FMTYCgn-2BcntCD-2BnNE8uFUext6TpACktNLsoZQrOw01-2F7JRTLCutD15J4Z3oD= A0WnZ-2ByHrqO7GcNWuAtA6IVG3Fic89Xs3CZYSDeWOxubia-2FiPmejBb8urTb2nV0PHFal-2B= c8D88gtyOx5C4XZhmq8651pP4B2IucyIDU43oMXnhnuSlmD2uaSbodP7wcF-2FZiI8b9jvNEmMw= eAcLLk" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the = report</b></a><br><br> =E2=80=A2 <b>While the focus of European pri= vate credit shifts toward geopolitics</b>, the impact of AI tools on softwa= re companies remains a concern. Market participants in Europe have been mor= e shielded than their US counterparts. <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXAft8aqI77gJeXwBFE-2BYgbD8VEyPyi-2B-2FD-2Bi8xMnWftWA-3D-3DzdV3_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2= BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2O= mQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQ= Wi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5= VM8PApXHwFsKl9apoxw8NpI02hhRK6jY2mXYYr2lFsSIyb2yWqe0HYzmPXHFFRmqjMBYAkSJlQe= 01uEA6IS7KlU1VXzmFTnjv6LGb1QwZq5j-2B6koGj35msr1-2BUCpxoObCSuSbUj6n-2F1H-2Be= FDP7ZqqkP7E5OZ3NYLFEv8qPcBgeeUHnnWEsg4A9iznXT0xxQdTMY6dGQdP3BNJ9gX8IFkkR9my= qA7zBlnf1X2zK-2FP-2FLb6QQ1ZaFTm8dznDlfz580itIWR3-2BErKPCHoL7-2FYKiSOsIEDeuY= AbjHpwbpQDixlnr3Ig" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Find out why</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579225" id=3D"n_579225" 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;"> Yield-starved credit investors= pile into Electronic Arts LBO financing </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>By Sean Czarnecki,= Sr. Reporter, Distressed Debt, PitchBook LCD</i> <br><br> A moribund buyout market got a shot in the a= rm last week after Electronic Arts wrapped up its $55 billion deal, the lar= gest LBO since the global financial crisis. <br><br> Investors piled into JPMorgan's order book f= or a total of $50 billion from 500 accounts across loans and bonds, accordi= ng to sources familiar with the matter. <br><br> The sheer volume of orders fielded by the ba= nk underscores that the LBO market, while slow, is not dormant.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-image" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td align=3D"center"> <table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" align=3D"center" style=3D"float: none; "> <tbody> <tr> <td style=3D"text-align: center" align=3D"cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJeXwBFE-2BYgbY1JAHI5= D38SV48XrNtV0GA-3D-3DBleQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h= 14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPN= FByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wR= scENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00eGOgVPjUrzn5ca3I4X= vojWYPIdoBg-2B3QiQPh9FFNSiJctbjHWdZq-2BQADXNcNmpiVQRJtY7wQ0Cj-2FfBjpw2Rhwny= dblg-2FCV-2FmB3i05P0c7TLu4CYnfGSCU-2FP6o7nHmT7-2FZGSZ9qEQPWc-2FgHAnWuRi7fyK= GGnsmlWYjRiGFaD-2FGkAo2BxYFDY0ZXzwKKXE-2B-2Bn1N6c774-2B19FzomIkMUJrN-2FW3o7= a7V-2Fa5KdI1yvO2UfluSvs3H-2FhXUGsi9vGiLAARaIiyTJ2urqUKx5jKMl6G5M" universal= =3D"true"> <img src=3D"https://img.pitchbook.com/news/73510.png" align=3D"= center" alt=3D"" 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 lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;">EA agreed in Septembe= r to be acquired by Saudi Arabia's sovereign wealth fund PIF, which will ho= ld a majority stake, alongside Silver Lake and Jared Kushner's Affinity Par= tners. The $55 billion take-private was supported by $20 billion in debt fi= nancing. <br><br> The Redwood City, CA-based video game develo= per and publisher behind Madden NFL, FIFA, Battlefield and The Sims, courte= d investors by positioning itself as a safe harbor in an AI era, highlighti= ng its scale and its above-average credit quality for a buyout target. <br>= <br> Sources said JPMorgan won over skeptics by p= ositioning EA as a studio and publisher operating in an industry with high = barriers to entry, characterized by massive audiences and the technological= demands of multiplayer games. JPMorgan also pointed to the company's hundr= eds of millions of dollars in annual licensing fees. <br><br> At the start of syndication, EA and its back= ers sought to maximize the amount of pre-payable debt in the deal=E2=80=94m= eaning the company needed to offer a discount for the term loan B tranches,= which can be prepaid. <br><br> As a result, lead banker JPMorgan offered th= e loans for 98.5 cents on the dollar, a relatively significant discount to = par. That effort appeared to pay off. <br><br> =E2=80=9CThis is a safe bet in a world other= wise full of questions,=E2=80=9D one source said.<br><br></td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-content-btn" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJeXwBFE-2BYgbY1JAHI5D38SV48XrNtV0GA-3D-3= Dwxqr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF= -2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF= 4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb= 3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-= 2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00VW-2BhgGbt94gLM2ZFH9vTQQLfDi38lHij-2FF= Sw45ejb7w5wLIbVFqIzRCvJJnbWj8pxfVoi0JSdmtZ2-2Fa9qc6K8PqvGrbofKsEiU6J5dPGvFI= qRu9ZkRBHyJTHw6P0eMKdeMb-2FNCa-2F8oy8fJ1ZZRF-2BLIsFaqRQN3D0rjcJ5-2FXxRjzDET= aWnij1dCU8SU6uk-2Bd-2F2savzG-2BonVkQJYk2YnNfXDuUgZCt3QfDFzgqJYArwK9PaTq80Ax= O2-2F2pEZVFGS8hDoWNd5kRQ42oBzhpjneRk" style=3D"font-family: Roboto, Arial, = sans-serif; font-size: 18px; text-decoration: none; color: black; padding-l= eft: 3px" target=3D"_blank" universal=3D"true"> Read more<img src=3D"https:= //fonts.pitchbook.com/newsletter/arrow-right.png" width=3D"24" height=3D"24= " style=3D"vertical-align: middle; margin-left: 8px;"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated story:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJeXwBF= E-2BYgbYi-2BPe56jiSKdzz5zLcTXjw-3D-3DnrZY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuT= N-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2= BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQP= VpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00hR= ehTep0ZIpYlFd8v9IGgby-2BmIB0wMUsDCgwM9FPMet9Cs-2BiIb58-2F9V4jsZBNr4xIsbNLA0= BLUQcpkPvvvV0XXasnk4F8iWdx-2Bwp9B01ykUXQ54ZA-2BrxRPDo9FzJ6avnh3dru-2BMW-2Fs= qz3nbCjcQtolgBGOfzvsue-2Bofkquk3CejHMFSIyUaNdefxaMrwV80rgbwSyvL-2F18a-2B0az= Ptxnphw4SAVKGqytba8ZpFd89dpSLwj-2FvMsQG53G3J52t9c-2BIKTfyJcYcD5G2hY5ilU-2Fj= 8" style=3D"color: #1D5080;" test=3D"" universal=3D"true">EA=E2=80=99s reco= rd $55B take-private underscores PIF=E2=80=99s long-game ambitions</a></b><= /td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>A look at Waymo's exponential g= rowth.</b> The autonomous driving company has skyrocketing ridership and is= now providing 500,000 rides every week. [<a href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzXAft8aqI77gJeXwBFE-2BYgbaWtW5wndN14qhuLzkXD71Q-3D-3DcC1g_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH= 8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq= 3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuI= Oo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwF= sKl9apoxw8NpI016RRmb7GJeu8K0eFmxJxaqxJ3c8RhYVLuhDrMZ-2FxrmH2US9IkCz-2BN1gmN= Bia6VVmQcAeEJGWzZ6NnxgYv8Co77lZRW-2BsCDeQz-2B55BvNDN6U6yuR-2Bp-2BdYSI995r-2= FAGrpVy8kQVDLuAPYrrlM22-2BRJrRIixoQOI-2BqQS2D6Sg-2FusBzynhjANmwrDrVqkfFKwma= Cl3rZp5gTaYDQmvVjztuLk63ELSlPP4cn0V-2F45pjxGPquaa42ibkhkPHn-2FXDKEry8JMgbvH= YRvgqgUAtAEwgO0Y" style=3D"color: #1D5080;" test=3D"">TechCrunch</a>]<br><b= r> =E2=80=A2 <b>President Donald Trump is signi= ng his name on your dollar bills.</b> For the first time in history, a sitt= ing president will have his signature on US paper money, replacing the sign= ature of the US treasurer. [<a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJ= eXwBFE-2BYgb7souj8-2BN9D5z0ZSfB9gjLA-3D-3D2285_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hE= TMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZi= WW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMV= qXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8Np= I01Rryif-2FaG5BXXEBhVXjf-2FlTqlg4LOAa0u36uUdODOpjWNut4p5dhvA-2FGDgOUehz1JTP= -2Fdyff4pu1JUl1mYXa7qktkYicyIboxXilpeMKj9MbGpk2TeTtfzwNv6gwGH781CYQQ3CRhX-2= FZMIU-2FMqfx6RIvghrvEs6P0bjG2gUmxTrVug9oL7BmGfmWTDifoC7HbyowIs7U-2Fww0uPZ1D= 6i-2FqoHz80UI9uaPVoCLlhlbCusPty1PT03YbF91I-2FfOqozBIf3GEPcnvzEkBawJoulzdz" = style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br><br> =E2=80=A2 <b>Sweden has flirted with the ide= a of adopting the euro</b>, but is it in the country's best interest? [<a h= ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl= w7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAft8aqI77gJeXwBFE-2BYgbvlGR17-2FXljVRj1EUMH= XMPw-3D-3DOgvz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F= 9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hB= oGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1j= X6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01hfTTFx1-2FktO1Dy-2F-2BgydAn-2= Bk13cib4GDCqmcyzYQqfiVrxxC-2BxT7FalcOUq4v6ZRjazqrlKdtTDg9aHkLtGt-2Fy0IPcqJA= eGy8BOpDJ5JgR-2BAupYv32s543R-2BzJO0EtkniCNUDBtnUV0Rku-2Bw5kfI72Wsbey01yAvr7= JS875gHmUvg-2Bi6ez0YABhcu0eaX7nVxvo-2FSTKd25TSoFlnfaubrW33jRVr7yQDejT7yzuAH= 0ylj-2B2URiPcJ9zEdJlT5EPWk27mcn1sSGq2O4nvuEwcs0" style=3D"color: #1D5080;" = test=3D"">CEPR</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= 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</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;"> 6 </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" 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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_579209" id=3D"n_579209" 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: 2021 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: 77.08788806296457%; mi= n-width: 77.08788806296457%; max-width: 77.08788806296457%; 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">17.63%</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">22.87%</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;"> 0.10x </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= swouzVC39GW7iLUoKaJrrdM9eTU0MVGujAgXw6px-2Bh4uF1DDw-3D-3DxD8U_I3w5d9c01gkD8= 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#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= swouzVC39GW7iLUoKaJrrdM9eTUwhU7Geq80y1w88BnYh8a1w-3D-3DjRd7_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaK= H8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IA= q3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDu= IOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHw= FsKl9apoxw8NpI03m5bLeFrsfiC1whyWQGv7hqixTl8j98ni71TzSsCFi7UqhNGVmYiJ0dDESnR= pucdVETZ8PoKZA301wxIWYyQ88-2FVIRbACULPtSe8TA76EIzyVb-2FTVLK5ucbHbTmUJlUuPJH= G9IhSTXjeobCvD-2FyeNi0HA-2FOPJE6m34BPtn-2B0NkQ9tuZjShxdZd63GImYbmoSQ2uPAPNI= UvWNWHAXcvE3IKxGaHbuEmQHF8kjrAbRZkfaqP8Ggo2-2FlK-2Bp3QMyjykWGuS1kTJCrysj2tR= Qc4jM1Y" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univ= ersal=3D"true">Banner Ridge Secondary Fund IV </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= swouzVC39GW7iLUoKaJrrdM9eTU9TQO4BUXdz9EwXvnn5XuHQ-3D-3DeVo-_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaK= H8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IA= q3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDu= IOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHw= FsKl9apoxw8NpI03o0tV8PwLAg1njGKu-2BiWizeG6qSkNac6IqjZ9sVxqA1zKKCgbMOtrgDnXU= YBVkhYFclztvkxI4XkIWTSNdbZqnmKNd2uYx1g6XtBt8uQWCSjM2uvs7meUV584EAfwpjnlfclO= 3XMbJcetON4cUpgY-2BkpKAN5stcJ2Vsvi05ex2niQAl2rAgBxyyrxOndVa-2B1nAsaoC-2B7nT= Qb0-2BKf2sjQRQaMwJyNIEC9s5ulP2e5nuxPOydVx1-2B9zQF6qADmmXy2lXnyLJI4amJrPED0E= ebWce" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univer= sal=3D"true">Patria Secondaries Opportunities Fund IV </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-2BaqM7ONnvsnswouzVC39GW7iLUoKaJrrdM9eTUGRZK00= ptFM6QBVnttyQApQ-3D-3DGw3s_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0= h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiP= NFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33w= RscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02tzhPZTxRcySCo6fj1= iAjMgvGmz-2B-2B0RDEvOurbXvMeG444-2Bb742L0hQeNKpvMW2FYUmzEgkC9DApC4OV3py5I6u= sfxg49avFmxSAmentPAEPqjYDXeEhoxzU0eNLezSi-2FBGCuXTrvtBfcAzDDwev071fOpQ2RLya= 0Ti70hszJXDU1Pow1xcLe-2BYZn8gmOPqZh51EJbgB-2FxlWVEKX2QRRVYwT7-2FbWiSXcSVdDs= dhCTzxT9xr-2FcbpRKXNqp27j5UQBLWxe73pTPhD24nMP-2FaWPnf" style=3D"font-family= : Roboto, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: = 700; line-height: 24px;" universal=3D"true">30 Funds in Benchmark =C2= =BB </a></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVC39GW7= iLUoKaJrrdM9eTUw1mwm-2B7FhovjlXmj9MAN9A-3D-3DOaHl_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf= 2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZly= QZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWG= xMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw= 8NpI007cSKbRbasBUawFSp8uSk-2Bycryhp1UFIgx79sUvcjdMBVDxOBCpoQa5Irn6p2-2FUhwL= 6cey9Lx5yBCu0aBYJlVj5Tr6eYkGBDlUZjeyVpO1ddZn17hK0cJwXiGceCa9G5ldIEjtmlYWRQ6= 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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Orbita= l data center startup <b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVC39GW7iLUo= KaJrrdM9eTUimiyLMEA-2BBr7JK-2FF-2Fz1qdA-3D-3D8w63_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf= 2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZly= QZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWG= xMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw= 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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_579087" id=3D"n_579087" 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;"> PitchBook webinar: US leverage= d loans and private credit </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZp4hRcUSPUXYm4JkMvbmVk4K2SlqC0cTn7= 2bE5yXEnw-3D-3DTPrI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4= BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-= 2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju= -2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01HYXutU7nbOwRnjP42vMbELnD= u6Vd-2FOJDlrSH0f-2FhSpfJZ4XKs7DoVz5zcjGMGqi7sK3tHusWFEvdKl4wbcy6mnZl1HtwRZ2= 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In this webinar, PitchBook experts translate Q1 data into actionable take= aways for underwriting, portfolio positioning, and capital allocation.<br><= br> Negative returns, sector-specific weakness i= n technology, and volatile equity markets are already influencing the risk = backdrop. Join us to learn how these forces are reshaping leveraged finance= =E2=80=94and what to watch next across loans, private credit, high yield, a= nd CLOs.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZp4hRcUSPUXYm4JkMvbmVk= 4K2SlqC0cTn72bE5yXEnw-3D-3DkD7b_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQ= i-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35w= hLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnG= Qb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02ULG8iJx0H95c= EQYq4b8o8eVUxwxImjuPp3-2B6gvJRXKqjbb7koI-2BnxYSv43yWg8tPlRZE0oU-2FB3dIewjTJ= HhAf6zNLRmkP6GXpaOvXHohlrzypUQ9W089Hy0L42XbH12XwXrhUnujj4s1THjIVQwJes60Cjlc= Bg-2FLO9OquamZBx-2BzFVdNaxvJ-2BaM4uj1uBOJ4-2B7a60TxmJmc8wq0e5eKbzjctCFTi2j7= AXUFt0p1QHgmvuqpq7opZ2ptGBWz3Eez2c131uw6z04TVlQKUeyIEq" style=3D"color: #1D= 5080;" test=3D""><b>Register now to secure your spot.</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= 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h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf= 2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZly= QZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWG= xMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw= 8NpI00fE7NkopvfBhFtVwJj49oLtFHdTLtS-2BZo91-2FegHQ21CuwudVpMjZNeJL0AAQj66-2B= azFYm8voNQ8HTpxLE-2B5K8IlgGkm6faBH4ENvq9ENARg73EcyIlAFbKBfJo3hqU6k9QSvkmSpX= FEJa3y42bT-2FosAOqTJz4C6t2MsNWj5i-2F650OnWDM2cq-2FyXjxgJzW1wHne87zThZSYRcJz= IlLaZ3a2V9TgCwW5LVshNSTouyoTuLOMYzPj3XJZxg3s3btC9mGXPpjQkRIUhr-2FaBTblCc04"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sixth Street Partne= rs</a> is nearing a deal to buy an 80% stake in the <b>professional women's= team</b> of UK soccer club <a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZp4hRcU= SPUXYm4JkMvbmVFWp-2F5PSsfSAbsE8imgt3lg-3D-3DW0W1_I3w5d9c01gkD8gLzFEofZR-2Bh= 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2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZly= QZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWG= xMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw= 8NpI00-2FsSlnq-2BIzq2KMbWUH3401z3ejEEbVmNBX2QPzfxxvgfs0oFPNQE3O0N9rA6kDPiVf= eVD7uHKs3978Z9vbe9DLT8CHT23yGSkuC3oangy5MNSspgNlCu8evacF8BUV1tsYNeYBCUFAGWi= yAI5lbAQ56EXoytFNbfIoxCV1vfufRXQ66DZKtERQpLANhSBBuplIBCcIunlKzJqblOMfviBmL8= NfFqiHdxeevYek43CqwBtKmfHU0JkPA2ZFF1Odui7i-2BgTmJ9Y-2BA89AQsplYKy7" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Aspex Management</a> is i= n talks to acquire a 10% stake in Berlin-based <b><a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzUf0S-2FwR0sW41Qwvhhdg6VDkD8g8kXh7x6eU-2Fd7yQzyNQ-3D-3D0cvG_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQ= cb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2= 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4twdSkGUOeUwlcPS-2B3QioAn8nPZZGEbjRBqTxuZ7RivIRNaPk82dLEQxAzUP94bbKmID7oB5F= YdYDETEKsAeHQtT1hK4gl-2FJYSEL6OL3BF4voP1YiX-2FZP8bD6E85PvCpOanixIlJ4ndFkjFk= C6FFU2WcSTPjf-2BoupEEl6uypPY3stEOtMG2qwzhvPGmD4W52XSzO-2BfLfhePHACK7U5sb8ib= mP7rxTysxbburAFQALCxhyimX8oJNkgMvEbhaq9yXUoUKAE2v2RDJ" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">Advent International</a> agreed to inves= t in Michigan-based engineering and environmental consulting company <b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUf0S-2FwR0sW41Qwvhhdg6VDyT2qHH-2FLMWM0e= yIMaUMmRA-3D-3DzwPk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4= BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-= 2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju= -2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00leR0FPnKi7LP00D0D55akAn-= 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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-2BaqM7ONnvsnswouzUf0S-2FwR0sW41Qwvhhdg6VDGH-2Faj5vIftYdHMr3= bNIoQg-3D-3DTMka_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-= 2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4= hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F= 1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02hMyaKvM0p1kn5X5BRqrB0hdTALr= OKzgjMiJpJ9cm9M2HM-2BkuepYNzBMjVYvWf1G-2BlNmGWWaKDTE5-2BPu0jR53RrotNduEc8-2= Bcigd7y1ARKGc-2B-2B5FaF9e3Ugf-2F-2BimYkg1o6ihUoGXOKek0K1CnblQClHeFW3U4C-2FJ= 97HJCOkaY1xbmttGU0qbjx4JIcCzk7P04VnsBgmJ0cN8oyJVBywpiz70m2xc1tNud5mQc2OB7R5= AopKRlyzQkCb6EU-2BgfcJ6v69kkhFbNiFUJVhdd-2Be23E" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Samsara BioCapital</a>-backed <b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzUf0S-2FwR0sW41Qwvhhdg6VDbuPRJbv2kk3j6b00oKANxg-3D= -3DXzq-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdw= kF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84= Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYR= U-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01ZYoi2AK7AA6PiH18tMWXLMx0negY-2BOnhvD= M6a9N9Yfcz1MGOikgoP0d3msGSDuFa-2Bxy9EE3rG3XuB-2F5-2F-2BcCJdQ5Wts7w-2Bd27CL0= bXSlZ3U-2BQRkg-2BJIabFiBaFd-2FotKPNJOSBEke4Y3oqC4yufxPbtboJvnReW6hKub-2FHUc= soE2yk3GIAErlCRmR6ZPRBTW92SUi8fKSt0aLwlUiH-2BSHbfM9yPrRu1lIb2Y9UriJC-2BgcxY= -2BHlldcBTOKZUHRO4-2BH01ywVnyyr2bh6hYTvobyjS" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">Excellergy</a></b>, a Palo Alto-based biotech foc= used on treating severe allergies, agreed to be acquired by Switzerland's <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUf0S-2FwR0sW41Qwvhhdg6VD1muzLwvJBEXuY= bTudRTJ-2Bw-3D-3DjgAh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14un= v4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByR= N-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscEN= ju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01KyzMRVDCYXn7W6TYO8erKQ= HZrUK0NiT-2BQwm6MTn3wqIOa3dj7jEsnkuZ7KU3A94BJMnet-2BslJuyJ9fsoPZAQqcVY9qFB7= Zbu6aZV1k-2F-2B-2FUv5aO3iXbRdIPRQ-2FA9EkDjZ-2FrYdBrHXxYja-2B7PRgazS-2FG01Gb= Btyh2yofFRoVd8b8C2Hz2ZQwsgoS-2FlKKtPNbecMq031yiyOU0ZDv2NH4YfG-2Bx3h6lgM7w3A= -2FoMpGwzlChRZc0ZHqgYI6BiCR78nNe60Bu44HBCTm5M1iUricTHe" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Novartis</a> in a $2 billion deal.<br><= br> Claude developer <b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzUf0S-2FwR0sW41Qwvhhdg6VDZYEUMadyp4wOn6CfundQbw-3D-3DmQQ9_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQc= b-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2F= F2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FH= cPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGb= Ma5VM8PApXHwFsKl9apoxw8NpI02-2BCuYnvGwdB7oMx1mpqhGDt-2BfXMjzAnB-2FsRc1RpoBk= e8JUC-2BirtDrlBej8SlrUR2RVKI2EeboS-2Bbh2y0eMOKBVnpPFNIzQEuFTUIhxofWP2OqU6n8= 9J-2BX7I-2FtLHtFvTx2AaKoKvmVMVxEB4Cwu3nV9UiWp1HuNVyJSRCS0r4lzmKNgNz-2F4hxfZ= HXjsZcFmXsea3pTgeGa3TkKat7TsI3aPI-2FZShND4i7-2BvdCYqEw2acZJN0IbC82Zcj-2FBBZ= QdWkczU-2Fbfx-2BJ7ptJdmOtDWBUrY" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Anthropic</a></b> could complete its IPO as soon as October, a= ccording to reports.<br><br> London-based VC-backed supplements company <= b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUHq9ThzSgjrHKRN9Itkxzsp9FgZjVI1vQO= U23HmLH0Ag-3D-3DM5fp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv= 4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN= -2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENj= u-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02SlkSuKVXjHomibb51XU4050= aE5jBQav15hwfpYhSOEJ-2FEoAX6j5T7jyppATOtQ2t8gug5SzACnYeNK9ruFnzzaXvK-2F-2Fe= j8rDHs-2BWQF6Kxv7SFYbAL5SsQh4bOQQsgZVGGNsx3OrBFZhqA6-2Bagn3Y83lJxVFVn6hJbmR= S7PyCCpf1JtnRkp2NX-2FzydtGLzPvgPdTW9mVpxLnzufpo7uw1EydrYDJ1rJDuVu7-2FCvz7vJ= Zdp3leia9NobH-2FxcuyuCMaSMZ-2FdUJPd8hF2aEUvVe6K" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Bioniq</a></b> agreed to sell its assets to <a= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= 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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-2BaqM7ONnvsnswouzXE11JY4togrJHsBMDEYO6LHPJYxtM6KNQxABazd= d1gYw-3D-3DsDIj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2= F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4h= BoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1= jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02PchK1PKNcxZg1Te4sUSFW-2BwJG2= YmgExlcSDsRdKypgOBmnMMgAiJsWqjuFHv1pLrJcTY9mPHPH6SCrUmMvKCkSl3gdbf4caYyRq-2= BeatqC-2FDwSXU25sZSen6CEsVoAmqRZTar3Tgocg3aX0PvjCUFJLRYOoWbwChkpmIB-2F-2Boz= k6z3k1rsoghYjdLG-2FpoA0mkXQQHTRo302-2F9xR8qptiEv5Rbkc9phyJHrPFgVcN-2FrA02hs= GwuKtcVILZxPsZ6P1nQ-2BK6fcv0b4VsDEwMm40F7x" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Thrive Holdings</a></b>, an offshoot of <a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXE11JY4togrJHsBMDEYO6LcqVLtKH-2BWYZRmWaagVreAA= -3D-3D98Zc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9Bxa= BdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYp= A84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JD= RYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI00AVbEZ8pgk4fqvcErGtYZeif5CMxyvu5dj= dIKke9JN4nbPLM3q7rTIUvm92r5LRLbljOCItaJIhK7JZhEbixU-2BUAdSi0fpkAPIdziCC0TZG= 9JLk2thbRoB9R8sc9uFwnwO-2BbD3RvQyHVSq1yAELrXwX6uFakwcO7zLKC9nsZihd-2BFDmF8k= 0NMkhaVOWFG-2B84nTJKnV6tL59FEIO5aaCNRkpzNsvWL1I4EmQx-2F0a1iEt6KjYONnLXu3PFC= mnNSO1ydNpeQnnyym-2FJAOxN9lZBaN" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Thrive Capital</a> that focuses on AI applications in services= industries, is in discussions to raise $2 billion in new funds, Bloomberg = reported.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Corporate M&A</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Alcoho= lic beverage companies <b><a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXE11JY4tog= 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Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2F= L-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2Bpzq= ACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuI= g8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI02SxHhG2= u5DzvPoDGYMgejThTMecg7jBCk8YnCK9w3C2hMU08hRv32h-2BJSSlmLC9Q-2BsrCu-2BvrxOBg= -2Fh8-2FZ0Oedj6zVxpug3bGmKEiN-2F7lkNIWwbXGXRcTWgBbp-2F5IlegpOMkz-2BBWC-2FNu= Oy70y9vgZecCMLamFN7By-2F8di77PYewMiGbb1KahVAGr5hg5PpUCUXRTt8Cnh-2F7vdBL8smJ= b2QCnY5XdRYargbTbr9OlrxU5Ey2JoWtG-2F37tSx6ZCpjL4gwSJeNJIgZTNht7mSy3WaV" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">Brown-Forman</a></b>, t= he Kentucky-based owner of Jack Daniel's whiskey, are considering a merger.= </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-2BaqM7ONnvsnswouzXE11JY4togrJHsBMDEYO6LGXadycy5N= ovN-2FnSYqCfC-2FQ-3D-3DY0lw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwErekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F= 0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWwW37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOi= PNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3wgFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33= wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8PApXHwFsKl9apoxw8NpI01nyWmYLICzOHbG4V8= faJLq16i2U2ul0Cyb6t2-2BjHXXkDKCze98HU6aKYbYedXNNvj3V91i7EdMkHW1GwKvjuKfF1L7= 7i1DlaEu-2F-2Fi3zeVs0LWUi-2BkLaspVLV4zsotmg1DLoWzJ6JPXIDER1wKbkJSLIIe6Wrvu8= YarIsHOfpoxoI16uEbmhulu5SqQlHXbYC2MMYLdmhJvC8yIHavsU113cT9t62ayi3fGf7UIaNCP= M7BaXCcfXYsBjZH0cRq1pegviM6ZPkIHPzzduakCCVdK" universal=3D"true"> <img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73493.png" styl= e=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> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">While = software loans make up a large share of some of the largest asset managers= =E2=80=99 private credit investments and 13% of the outstanding loans track= ed by PitchBook, the sector's troubles tell only part of the private credit= story.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXE11JY4togrJHsBMDEYO6LGXadycy5NovN-2FnSYqCfC-2FQ-3D-3DUwnj_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF-2FAPzpQcb-2BXwE= rekaKH8u7y3-2Bf2hETMsuTN-2FL-2FmQi-2F0h14unv4BR-2F9BxaBdwkF4GKNXv-2FF2OmQWw= W37IAq3oyAsoZlyQZiWW8-2BpzqACX35whLOiPNFByRN-2B4hBoGYpA84Jb3N93x-2FHcPQWi3w= gFRDuIOo-2FphWGxMVqXgQPVpuIg8nLnGQb33wRscENju-2F1jX6JDRYRU-2FWXwNjGbMa5VM8P= 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