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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 SpaceX's mega-moves; survey suggests pullback in risk appetite; NAV lending's $600B moment; most private credit loans ever are up for sale April 2, 2026 | Read online | Manage your subscription The D [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. [159.183.175.69 listed in list.dnswl.org] -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. 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pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">April 2, 2026 &nb= sp; | <a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3= GhVZrg31SDlAm56g-2FvCbJxb-2B74eh75-2BQ-3D-3DlkAy_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEa= U-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-= 2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9= DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8fs8Q= Eyb3Vap6gID5tpmnPo5-2FHKhY71NBJqn9ktk8xa0kdR598hiMUvhR8qrbBy1lSyTpD-2BFVAhb= K5-2BtprCX0L8TG8dg7zBTw6KwKmi300icC82nPOwfB0PHuF8cumKhzYG38kvrFFCwQ4Iy9cqtL= bGsArrsYOtmACpON82aQ9wsS9m-2BR6AUzvIRp-2FspqGPoYIdeXaM1hrDr0julSMTgB932Tz68= jRdBwDbRUiT-2B2bwez-2FEYAHORXuSgXKYxzFzwMrgf7e90cfl4Bywf1SG3zFG" target=3D"= _blank" style=3D"text-decoration: underline; color: #1D5080">Read online</a= > | <a href=3D"https://url6380.news.pitchbook.= com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjg= WQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo= 63E0RLyaXhmtZcu9qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3DwbSn_I3w5d9c01gkD8g= LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9= qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2F= XKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy= 0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJX= crhshgI8dlOAU5zKUXbvZ7L7j1jU5RVGq4rptLagi-2BHCiaqL3gwEHaJuGWxFt1uEDL9RowlJb= jYlXGjKjLwJawpfLbUP8EK1U-2FLzoG7mPtGDUvTlXbYM-2FHOgKHqIh5oXPoElN59UfCKIymFB= 2f2A56HVq9xZsT0ZyQuRo8ILBveR4zrQE-2FJ5JMahifxTe9FeH3nvV6aB-2B4tvBP4UZcYyfik= IRWeIk1zfOUGoX2t8DPcZPzH1nAUwqwKSgBXOefhavbltoPmwlnOwQqoHdgo2kFYPJvXPgH" ta= rget=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; 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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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color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The FDA's U-turn on peptides c= ould boost the next telehealth boom </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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SD9VJ0Lgb8R= Nte-2BcS4o0lfsw-3D-3Dqqpp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME= Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ= rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B= zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eki8SWd4Np-2BUT8UGdPDUG8JxJ= 0l9i21dO6y1TLgDFaqw-2FBp-2FwIh7DgzbGwSiZv068Y1x7Cvt88upEZ6V0D4Brm00sxo-2FHv= -2Bk-2F0wD5l4wnuRTl1DZtsvRlKUmmdtv4SOfK2Zg-2B0AhWAyjfmfccG45BO59o7JxNLtiDCH= W5DFaTbKZKfZs4jV-2FiNnsnrxgKbgwzS5YjQicpuIYGB-2FpuMGsbtnvgAi2K3GJSRh6WF78Fz= 0iu1jjt1rtkFHvx2h4VAYYk8ib3u7KarY1N8X3a-2BTzy0" universal=3D"true"> <img al= ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73574.jpg" st= yle=3D"border: 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">(Huang Zhigan/Ge= tty 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 = Rosie Bradbury, Senior Venture Capital Reporter</i><br><br> The FDA is expected to allow compounding pha= rmacies to produce 14 injectable peptides, in a reversal from its previous = ban on the substances, The New York Times reported.<br><br> The agency's about-face on peptides, which a= re short amino acid chains, could open up a huge untapped market. For teleh= ealth companies like Ro, Solace and Hims & Hers Health, whose ability t= o produce compound versions of these weight-loss drugs created new business= lines, peptides would be an obvious next move.<br><br> The popularity of unregulated peptides has e= xploded, as Silicon Valley techies, social media influencers and government= officials have touted their purported wellness benefits. Imports from Chin= a of hormone and peptide compounds, including GLPs, melanotan II and others= , reached $328 million in the first nine months of 2025, about twice the $1= 64 million in the same period of 2024, according to US Customs data reporte= d by The New York Times.<br><br> Drugs produced by compounding pharmacies are= custom-made for companies and don't go through the lengthy process and rig= orous testing involved in traditional FDA approval.<br><br> But there are some important differences bet= ween peptides and the last craze. GLP-1s have been extensively tested in Ph= ase 3 large-scale human trials and target a well-studied receptor axis for = insulin, while these 14 banned peptides have not received the same scrutiny= .<br><br> The peptides market has taken off in the US,= buoyed by small studies claiming anti-aging, anti-inflammatory and muscle-= building properties, making them especially popular among Silicon Valley = =E2=80=9Cbiohackers=E2=80=9D and influencers like Joe Rogan, Andrew Huberma= n and Peter Attia.<br><br> If the FDA goes through with the reversal, c= onsumers will still need a prescription to access the drugs, but they'll be= far easier to come by than they are today.<br><br> "Allowing peptides to be manufactured and so= ld through regulated channels helps prevent consumers from using the gray m= arkets that are currently selling them," said PitchBook emerging technology= analyst Ben Riccio.<br><br> The move would also create a significant new= business opportunity for consumer health investors and startup founders in= the wellness industry.<br><br> "The word ['peptide'] moved from lab to beau= ty shelf, to consumer vocabulary without anyone calling a press conference,= " Brian Sugar, managing partner at consumer VC firm Sugar Capital, wrote in= a blog post.<br><br> Still, there's plenty unknown about these pe= ptides. If they are later found to have significant adverse health effects,= it could backfire on the brewing cottage industry.</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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SD9VJ0Lgb8RNte-2BcS4o0lfsw-3D-3= DDZXQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFp= ASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0= Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bp= xeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0U= CpUeV-2FVRp36UaVRhJXcrhshgI8eqQVZz0QYfaSd4Gf98ofErjZC6JWubECAJ6uHAmg-2B8Rlq= N1D1efmTXcEe7k5vwOTgAE4zSGZ8dXILGVkE2CIGvs4aup2ZjUCinTAe0wDefEQNYnYvcg5-2Bz= trVDWQ9ddJCyaT-2F-2BvlvTuvM753iHpXCORvWzr5diafHrAVo45FTYcJ-2BrNIRxwqGQfUOC-= 2FKBq3GaGDMsbGRE1f3d-2FJdR-2BdWCR7QRZUkoVAn0GEmn1X-2BFjxm-2FrXQF03KH91jedVG= qP-2FVU66lwMibP977Am84ldZn8o" style=3D"font-family: Roboto, Arial, sans-ser= if; font-size: 18px; text-decoration: none; color: black; padding-left: 3px= " target=3D"_blank" universal=3D"true">Share this story<img height=3D"24" s= rc=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vert= ical-align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated webinar:</i> <b><a href=3D"https://url6380.news.pitchbook.com/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg3= 1SDJiHW-2BL8twN9NRozDLAxXtg-3D-3Dgoj0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4= AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4H= swglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNt= z6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8fZ9ZS4XPdt2Pvhn= IjT3G8N8l4GhgCwZyuGHlgF3ZYJ9Y-2F-2FP9KpmtwNM45FGWGOZxH0wZ-2FWVUZWPKaJxTrsek= 7vLqj5HTwcyHkgCofyZJG0JIHp6IR7HxgSYkpP1ATN-2BaBgBnv7dhyRk2jY7A8NXm0qXidOpgn= QFxQPk4Wr1k1L6JOEmHjWOOqX-2BfnvM2gIgibjHGLC6Htksa2GgS4qIxPrzVXq1kQfR0CHSFPM= 7EZBTs7dLwMCQWgj6-2F-2FlTrQaAXjCcSDUQHIKLCJud8xKbnGh" style=3D"color: #1D50= 80;" test=3D"">The next wave of consumer health innovation: AI, wearables, = and the GLP-1 revolution</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 PitchBook</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_579345" id=3D"n_579345" 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;"> Put your brand in front of the= private market professionals who matter most </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">PitchB= ook helps companies reach investors, executives, and dealmakers through hig= h-impact advertising and bespoke research. Partner with our analysts to cre= ate data-driven content or connect with our audience through targeted place= ments across newsletters, reports, and PitchBook.com.<br><br> Clear insights. Trusted data. Meaningful rea= ch.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDIRlq4fa= 3mZz9bWHUaGGgGQ-3D-3DsvVk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME= Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ= rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B= zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f3vJMkAlP88voz496-2Bh-2BT3I= G-2BUWHnnMtwqQtMm5DAC0zLR-2Fg99a0CiExiRUWvCCEjPunhUbKE0BdcmiQ0fGRoOVc-2BTec= 1Czlw-2Fi-2BtWBeHfVzaKZ-2FsH8-2FTwe83yOxbXeb83zQsvaBeYyNCOi8NJLML6qAIvjS4Tk= zNZ-2BkDUWLIMsGdueQGpGkGHuVkGq9jEU3ZRMRlikrOHTbdPux57sKopTvIfphXznGwR7h-2BP= SgJTlrTHcXelHVXlavaXsz8nXD3NFJZk-2FEV6Adrg-2FkkU7js8" style=3D"color: #1D50= 80;" test=3D"">Explore advertising and custom research opportunities</a></t= d> </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>Only 11% of respondents expect leverage multiples on buyouts</b> to = increase, while 53% expect them to decrease. That finding, from our latest = PitchBook LCD US Leveraged Finance Survey, indicates a pullback in risk app= etite. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDtknCpqH= m5HuXwgbee7WHew-3D-3Dl2sL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME= Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ= rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B= zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cL-2BWpv6zr3fWkWij0hMdkc7VV= qtZrOzSD8iIQzuWxkbMSW2W-2BLTyp31Gzx0uRYAMLKEnLYK2rfjvwISU-2BTdjUP-2FiQI4akU= PeZunmvdgUqAF5MrV8b2Q5rrncUm01vcbuOk4Ssr0-2FJgpklp-2BF8-2BADrwUjSCfzwtxSysb= UnYkWgCKB2mVi7VI87JoZgqFU2QiRdwErB77Colc0Usj8d1C6Ni5fBHx7vKJO3E1QAVdfnmcmZC= -2FuLtZgQeJKYpKyLoqPUi01c1sp21YUgqpg9rxk8v" style=3D"color: #1D5080;" test= =3D"" universal=3D"true"><b>Read more from the survey</b></a><br><br> =E2=80=A2 <b>More private credit loans are u= p for sale than ever before</b> on a nascent secondary market, as investor = redemptions push credit managers to boost liquidity. But so far, the supply= of loans is outpacing demand. <a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUeFUs= svqqtRnsFrhQaA-2BScIhHi4Xh7jCfQ-2FI1G0iCCNw-3D-3DOJMs_I3w5d9c01gkD8gLzFEofZ= R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZ= MrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGO= y9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOl= kJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI= 8dXPiYYRpxdplDEEyrRo9r76pAP4SYXsK7FQ4M8-2BqKYesoL9kkxzBImUBDTf5laYXK8QQYSv4= hH5Z3pgezqe8Obk1RqoIFUgPEVL9tyHa90Hmn2Q3PHOX02w0dyO8op2-2Fzg7GKYaV43bC9M5Gz= LvaeAgX4045vwm55Is1enfFsN7jwAQ6iUdFqMcY-2B25bviwd8HoQWLUS-2FHEGo2vIVquJoioi= -2FS-2B13aC7DemTpu-2BycPGwvDNCd4o780oBFeuGdm658-2F1dDj0-2FvHp-2BCjW4CC6hN6"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Full story</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_579386" id=3D"n_579386" 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;"> NAV loans and preferred equity= are cousins, not siblings </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 = Jessica Hamlin, Senior Funds Columnist</i><br><br> This week, fund finance provider 17Capital h= eld a final close on the largest fund dedicated to borrowing against the va= lue of private equity assets, a strategy known as NAV lending.<br><br> For 12 years, 17Capital built a reputation a= s a preferred equity specialist, culminating in the close of its $5.5 billi= on Strategic Lending Fund VI last year.<br><br> 17Capital has only been raising NAV lending = funds since 2020, yet Credit Fund 2, its second fund dedicated to the strat= egy, at $7.5 billion, has already surpassed its sixth preferred equity fund= in size.<br><br> The size difference between the vehicles ded= icated to NAV loans and preferred equity, raised by one of the dominant pla= yers in the space, tells us something about the different ways these produc= ts have developed.</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-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScEJXnBME= PQOrM5fN9Z1ilDQ-3D-3DkB5D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME= Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ= rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B= zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f19PqPGUeYqs4kDaemEScMVz7Se= JrxwS1AY9aUSaXceRahFfWfvilevgo-2FQ7xugDpbs5t2-2FAqWO1V07QkKfFSb7NMgKCGGh88a= Vf-2FQA1CKmGgaN3PEdwk9AULOTE1e9x1ZgZ1X4gFXFuWLYJKVqmDUDzdUSkioD0ldekB4U3O45= 3s7kRmghcAcA6N7ev0z67PKAZJGs-2F0HShbeSDzwZuF2TpUTNy1RQUVGPCcqjKp7YQFuKfBo5r= z8NC9cgwuBcTtThMB4BmrrRLT3cbAp2sKg" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/73573.png" style=3D"borde= r: 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">NAV lo= ans have encountered perfect conditions in recent years, as GPs have strugg= led to exit businesses, causing the flow of cash back to LPs to tail off.<b= r><br> In 2025, the median holding period of an exi= sting US PE-backed company reached 4.4 years, the longest period in more th= an a decade, according to PitchBook=E2=80=99s <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BSc-2BAW1vnyjBonQZA0OPUdk3Q-3D-3DQDTN_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHq= Kt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x= 9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxF= GVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FV= Rp36UaVRhJXcrhshgI8fYN884JRxASr-2B9lL3zUylzAFhuo2ZzP7qiGoBDWLCy8JeYkBwd-2F0= 00eUK5Hzyh5CTb82u2CORiJsskv63oUndZDbh-2Bmhcf0wLnPnhSeSmKcQF1lPhZ4tmD5oYtNif= pnNSfYJP6vMstt-2BrUxfCg0ICYFR1YpW-2BRdoBAr8wWI9FbpEBYbdtrFG-2BeYcLbAQUxGFKb= deb0H4V-2B1T-2FDFBsd6u9UkJfcoDI7NvM7ijpSRGhjMRELSZs7IMjjVb9gXG0mmXuOW-2BwUV= 4hAlGnqJbMVvwf9" style=3D"color: #1D5080;" test=3D"" universal=3D"true">202= 5 Annual US PE Breakdown</a></b>.<br><br> GPs have increasingly used NAV facilities as= a liquidity mechanism, borrowing money to supplement fundraising, refinanc= e existing portfolio company debt or provide distributions to LPs without h= aving to exit their investments.<br><br> The NAV loan market is estimated to be $100 = billion in size and is projected to grow to over $600 billion by 2030, acco= rding to a report released last year by Swiss alternatives manager Partners= Group.<br><br> Preferred equity works differently. Rather t= han lending against companies in a PE fund for a fixed interest rate, these= funds buy preferred equity positions in the capital stack.<br><br> Preferred equity has morphed into a tool use= d mainly by private equity managers to run their own businesses, according = to Dane Graham, a partner at 17Capital. They use it to finance their GP com= mitments, management fees and carried interest payments.<br><br> A typical GP commitment=E2=80=94the capital = fund managers themselves are required to invest in their own funds=E2=80=94= is typically about 2-5% of the total fund=E2=80=99s size. Often the manager= has not amassed the personal wealth necessary to meet this hurdle.<br><br> =E2=80=9CWhen you think about the GPs themse= lves and their exposure to their own funds, it=E2=80=99s a very big market,= but it=E2=80=99s not nearly as big as the total private equity market,=E2= =80=9D Graham said. =E2=80=9CCall it a $400 billion market versus a $4 tril= lion one.=E2=80=9D</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-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScEJXnBMEPQOrM5fN9Z1ilDQ-3D-3= D5ax4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFp= ASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0= Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bp= xeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0U= CpUeV-2FVRp36UaVRhJXcrhshgI8efOPqIX-2FDmcWzEw4taJ6Zoy2oFSwR5B7odTgv1MNO-2B2= wFtku7zTCmR3Ebh299b16Zx5beoWTcmwciuY1ovisnUyihIIKzAT5Xa-2BdoiqS58Wk-2FK3LLC= Oi-2FGNMfHufmQbXuvyz4gTXn2pFRekqDe1nliEK337WiFYWQplI7Kfac-2FcAZYGDIGB7skHO7= -2BwGIWpe6RsgmG9ElfbOfNo3RYi2PfRk-2BCpaCz6Ef5L-2BieuaZ-2FFLne5FqB1isANynNih= froVZANKsr9WKjoIXKda9fkoR1" 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 more<img height=3D"24" src=3D"htt= ps://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-alig= n: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUeFUssvqqtRnsFr= hQaA-2BScBurW774W1zGN0ir1L01sAA-3D-3DoF23_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZ= T2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8= pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOT= sXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cpQFO7gYaDi= iIXSAqduJCrU3QmH8ERfQsoviIyebDOov3YJ8Kl1Dlng2Ns61LqALSSRLRZ9EGBYLmgnrBmBrp9= zkiAYQLqBz6E07HED9vezb513ywbzivJ0UvDAzT46a9cGMtu1-2Be3R7SaOhuo-2Fcgn1EP3fUx= 5LU7n-2BZp0WLvFASFa2dnPsneJ7tzrWj8d-2F1qmq-2FC-2F8ZrsIuGAU93z-2BLW0JwV-2B8t= hUg88CmBdZuaRpL5zFBBqtoOqeJKe0BfCxwBQrcO-2BCCux7g-2Bvl5trnv4jm" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">17Capital's $7.5B NAV fund show= s PE's liquidity problem isn't going away</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>Korea's humanoid robots have an= edge over China's.</b> Though China wins the robotics race in terms of sca= le and manufacturing capabilities, South Korean robots are excelling in the= engineering problem of dexterous manipulation. [<a href=3D"https://url6380= .news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzUeFUssvqqtRnsFrhQaA-2BScx2EJkqJnKZ70tE2EAllUXQ-3D-3Dyw3o_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0Y= GbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKz= an-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLAD= Sr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36Ua= VRhJXcrhshgI8eun8fxr-2F1JdJKm7lXjwJDmvKSXDy87jPqlO9mjGb0bc3D72PrzwucPYNX-2B= ZiW8Odt1PDtWpMid3DmBIh5SnrPWE9E2jSxuAg927ZPiPsSFfRj13fjfrKD-2Ff6MjDgeEUrAWQ= PIAfOiL37iJkE3y8noJEyfckfkw3oQvmFIGPlsGY-2FO3u8-2FKly10yN11biyaQ2rO8KBlsjT9= kndQBoUQekUlnPveyPNaWpryBQaAfrcjrMdppeUES8fuck9h0f279tityzwl7vydhgxKhsT3MQ-= 2Be" style=3D"color: #1D5080;" test=3D"">The Korea Herald</a>]<br><br> =E2=80=A2 <b>PE's consolidation of firetruck= s is creating a new fire.</b> PE firms now control 70% to 80% of fire emerg= ency vehicle production, and with prices on safety equipment outpacing infl= ation, emergency preparedness concerns are rising. [<a href=3D"https://url6= 380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScpJbtL6ZEGNSU2VUOpV-2F15A-3D-3DN4vV_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqK= t2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9= a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFG= VKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVR= p36UaVRhJXcrhshgI8fb-2Ft6ETMkWgGe-2BLUBKJcSqLu2wSlJk9bbKVxWEZZwEllsgIsDrd-2= FvXHmy-2By5o9vYFCID6bpmUpfLqyGGXESUcr-2FHBYITw9ls3Tg2hzQpzYvPN5Ud9UkSQ5v9Wj= VTp680HLVL1ksKjlWmae01z-2BzHgMfsrxP9jZMufjJkcQc6LXMJVEytUl5eGGL84TEvvrvhtRZ= 5qWt2Z7UFj5tPn-2BiLVmb6uDydU1yu1rpnDkEOFHcf6StXTxjeQShAqScYlibQJ4-2FQvgq2oI= 9UZYR-2BT6Df6w" style=3D"color: #1D5080;" test=3D"">Pennsylvania Capital-St= ar</a>]<br><br> =E2=80=A2 <b>Data centers are so hot, they'r= e raising temperatures.</b> Energy required by data centers is creating "he= at islands" as far as six miles out from the facilities. [<a href=3D"https:= //url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BSc9d-2BcXjUGQQjLsqv5OelqVA-3D-3D8We= I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVP= rozHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2= BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir= 7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUe= V-2FVRp36UaVRhJXcrhshgI8e-2FHpdXK9qHcEQar3qPiirNIXljjnt7hS-2FCDnlkpiWDbAnpz= cRDjai60HlcHVMpaTC7rcsDPpy59h1r9X4sp7tEUBIDUNB7znzyGcGff8eRE0s00rUgV7Ln9Lw5= o-2BbVSCPXw22WJEEuUnEOAU0-2FwepPcL8WDIvR78cuMrGZo-2BBi6iKwYUXwpAx1xifn-2FCs= Iw5xg0z-2BtGdtjzu2iWGCxY5U1XBlNVaBSMGrymUlpMfXPybGUSK0ssyhwF3x2pTwucYG6MDiq= HQkVLa07-2BWvVZS3C" style=3D"color: #1D5080;" test=3D"">Fortune</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> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 731 </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;"> 2806 </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;"> 1170 </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;"> 98 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BSc6SCc8tgNmtTbja8ogsPxEA-3D-3DD= Omc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpAS= VProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym= -2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxe= ir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCp= UeV-2FVRp36UaVRhJXcrhshgI8fLcVKHUjdlLkDrWONs7cgNBT9CAVes2n9vr0EuIC9CMUuQr-2= F-2B8MhAbX4Tk7mFeuWu-2Fa2N9aGXWVNzrWMWX7OPSiHxGfn4XrZCq1h59l0quKWggIoP-2FJF= T9kMcGWwqy0B1Lh5T8gJePyl3RWyieFbdStiiFrEHz6w5u4S7YrObpBtCuOwJUQydiJZG5l-2FO= T3kdTGfwxzM3sW8-2B-2B5FEGT-2BqPyXlxJ417-2FTCLnR7auZKxVt9-2Fjwc7y7XDFTpkn-2F= ZJKv8jsgqwOps2n37-2FCBBfOZT4" 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_579338" id=3D"n_579338" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2015 Vint= age Global 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: 61.811175337186896%; m= in-width: 61.811175337186896%; max-width: 61.811175337186896%; background-c= olor: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">16.04%</td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Top Quartile IRR </td> </tr> <tr> <td style=3D"padding: 0 0 12px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;= max-width: 100%; background-color: #40C2C9;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">25.95%</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;"> 1.43x </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= swouzUeFUssvqqtRnsFrhQaA-2BSc-2FBIe1-2FclI9uVwbMrFkW-2B3A-3D-3Drsw4_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B= 0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5r= Kzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKL= ADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36= UaVRhJXcrhshgI8fsdocYwjGkmoH-2F0UzzKpBKySDXy6VGrOTWkF3uM5FP85vaUg6MModSeEcq= y3A28vsokdUxz5GOnzZElRImB3Vt7PkMJeOAlNorOW2oNh9SWLR8tO71z-2FUrJXGvE9xa4p3xi= 90uVvDPSIHHKC1AxQjBwadJFAWHMGu0sir45jMuMpVKmJQf-2B-2BdKa53K571ZSdZp71r7koo0= fLXVRXokWDYod4UnOSOMrzoxKWem63OZyqa-2FZDHeCl70rJuxQT9eIs1YZqvCG-2FWDQs-2F-2= Bf3lcEU73" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" un= iversal=3D"true">Siguler Guff Secondary Opportunities Fund </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzUeFUssvqqtRnsFrhQaA-2BScphYihx-2FwIjqk6-2FKfqJeZFw-3D-3DtF4b_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0Y= GbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKz= an-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLAD= Sr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36Ua= VRhJXcrhshgI8eXKKSdk5fzXbChIfpg4MUAIWqMYHiXLxpCYV0iuet-2F4nAVr87RpToqZpMY0-= 2Bex6ZwmdCZUG57ce4yr0itUXeSOVHCJ8HuNKBXM-2BGP9mVyqOFAabAr2v-2BxXRQNW-2FZDJz= eJde7AV8OOy-2Bfm04TN0oebwDXPilsMdY0DV2uw0SYTNvzfATDEhYhn-2Fc0VPHqazdQAlrSXP= swlnqxAhif-2FNhaxwJZu3L1rNEH26aMKGV7jutGx1mrwCgAZybBQPo1dFc-2BPPg6lqg8Nj-2B= JJdKr53xvmy" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" = universal=3D"true">SG/NMERB Secondary Fund I </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= swouzVY4T8IpBoByZ4BCThTyrO27hL4dYrOsYGpwxFyVNrfVA-3D-3DSlV__I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9q= bg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FX= KAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0= nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXc= rhshgI8cDXsxl5sk7e0P77U-2FCoGklNcLTUz6vNDLiOYPR-2Bfn-2B5sn8qn3bY4DgtliFpa-2= Fkb-2ByOyGDgXJuHTGqZ3-2Fugqzx9c9-2FC52BCCWvN4HReQw29-2FanhTpZzXnYn2VuPdPpq9= DlVUljWYvd2J-2Boj73j-2BJpptCu462hx939dsdTqi6lfcxSI-2BogGqXe6-2FRYHzptvvYinj= snwyyC69MySWTPq6fT7xe2qtJgahn2N-2FscvvKPnSaJNnxnYGcuodA-2Fvo6hwF-2BbO94Sdmg= oaO5w3vZVvvKbY-2F" style=3D"font-size: 14px; line-height: 24px; color: #1D5= 080;" universal=3D"true">Ion Pacific Phillion I </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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2OyjoL9= i-2BMG9E0Zg-2FqJBDSw-3D-3D2YxO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx= 5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-= 2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKo= lH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8e52FPMhAOpzEQSEQa5w1Wz= IkcfEPXvEUwAKwIHGCyxsIxgnZByz8fvUUsP-2BD-2B3NshFo17zNqQjJsDY8CiUVa2VZqQc-2B= 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uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8Ip= BoByZ4BCThTyrO2Tk6Lch35taeehFJulzacBg-3D-3Df3pi_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU= -2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2= Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9D= vzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8e5aB7= LDCGVdERDONt8vDpzhIq-2Bz3JarayTqqtmPDF5ZqQvci6geZdUA-2F4CIvR-2FLIbJvtN7Mxuh= 6FWMkJuUmXhWa9tsWbKdMKfiDL47TPCEaQK5bCNDQnbWB4IBTvV5WFz7kJHzJe5KTluB4IWLsAX= ulvsKPoMQkKqmxm-2BJJWiXKHYtk7qCjStThu4LH4nMvxuBluMnBpzvml-2FBIXbvSrSWrCEQux= oUB41nV93ifiayaqnRU2IFb5EYzSzWLpfPz9b6lItVHGLjIk63Q-2FgjzCP5" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " 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22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2UT6ttlW-2FrOl0EDD= 5TMHaxg-3D-3D2uU1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f= 7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX0= 4CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHK= clcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cmT1KgqQTXr8kaQQK-2BGZXzt9-2FyHS8x4= 6sfZq6oM9QVmCml14YTnsKK9-2B666LGbB2qWqq7yOHomCAAF17KnxEt5fg6LaX83vbmtiPCXqX= -2B0lEJ1cJ6Bl2djdRWjjDXKrpa14Sb2RjSBhOcPVHjq1EZqPTJZt9Dla-2Ffe586WCjvgGnSYm= hrDj9q7sPa7gVFakhswpq-2BGm0rITWHWDxegE6u8vo9KTax-2B9ecNCYHe3sNCk9RZ5K-2FUnT= ihYUh-2BndKwR38xkfrPHKOhirDyd4aGTpDT" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">EnerVenue</a></b>, which develops non-lithium batteries, = received an additional $300 million as part of its Series B led by <b>Full = Vision Capital</b>.<br><br> London-based debt market intelligence compan= y <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO23E4I9xLce= UKaVDHJ44-2B5Uw-3D-3DYIDC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME= Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ= rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B= zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8fdRikxMbH-2B6U7kNT2UpjUhgYZ= jpVluMu7qOf8RZ7op9EwCQLnW1ub3bPvTE0lBbZ1kiFFR6LemZC5-2BbIcl9sP30LRWbACDKmm-= 2Bt8gqXJC64b2cO-2FRVMSGZ9FvtyVunie6CumvDUWM4D6aqSfXZT-2F-2FWjol-2Bsdjxcg6cs= b39KuxYkaneX9NtXd4vaTuFJdE5JBtbkEUe9pmw3WPdr8OiFozZkCrCloHKgUzhMn9RzfdCmj29= LC9RhjYn3ON2mvYGDwToyHFXXFtt7-2FUHcLor1-2FVe" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">9fin</a></b> raised a $170 million Series C led b= y <b>HarbourVest</b> at a $1.3 billion valuation.<br><br><b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2-2FxTat-2B0ypjrEFHQkjpVFBw-3D= -3DMaEb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7= h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2= Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q= 0UCpUeV-2FVRp36UaVRhJXcrhshgI8cDPrmZC7PzDuPn2Om2fSHiOmCM-2BvKhotn5fgBituvHm= Yq5i-2BPRohQ7jT4vXo4ht7n1M3iZEzFbtpaNxuxCO0TXhvFjwandQBJxeljP5Zufvo8WMbEuKd= vhYGsRPn9nxdM-2B4XgkkLfREUqJkLfgUvyruf3ds6gyF0UdWM3UE23eCdiNqVtmT5f9dPPPR4J= DV461Vbn3kZyV-2BW-2FEsCdEq2pAEyM2NOpOaSV4xgj2MWpdxSQ95hiejhBd1uH8sQYSgbmJcO= PJFZZkejqFxRpgkKeQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= OpenRouter</a></b>, a startup developing an interface to help developers ac= cess different AI models, is in talks to raise a $120 million round led by = a VC arm of <b>Alphabet</b> at a $1.3 billion valuation, The Information re= ported.<br><br> Semiconductor design AI startup <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2RSNLgx7SkOQL2x-2FSv2P= azA-3D-3D-fhP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsD= xsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZ= wsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcr= urSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eHi1pHeYv-2BoCDmwV-2FqHSkLN9M0iR1QnItu2= 0DB7Ej0KRnQ7P6ZZar2WovMiWwlofU7Sd0HS2xUgEuD1ufZJb-2B6OJY1UVneFxG6VTKrPhkOak= RhVSaxvmwg31CsfvX-2FriT6VSB2unNXx-2Fu3soIDE-2BenaRApHKJhy3DirrmdnUKDx0kzvyV= ZzH5CEe7-2BIcZKZW2IMNubeakni8dP5E-2B2d234Jk3Hj8fPliyvK-2Fdva-2BOH-2Bj1KL3nS= DMq2t4U3vCIX1mOICOVC9UMq6bL5sQshXneN" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Cognichip</a></b> secured a $60 million round led by <b>S= eligman Ventures</b>.<br><br> Brussels-based crypto investment startup <b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2XiOrRQbLLWIJai= MM6Ap38A-3D-3Dks1e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9= f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX= 04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKH= KclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f8BCIpoXFfhdVCSves0AExjkAJ9-2BKgZG= cLNtQBfTPssXO1PuCVw8eYmynHv1zLO5XdCOsAQQLFYTPN2Dx-2BUqbaz7ET5NRE7xSjW-2FkUU= RKzgnRPIColx-2FrVEbvIhgBexYtZct4JXuN3uIJepRtmkPelaCrdSgUwsc3PO7XpCMJypIkZUu= 2QU998IL8cHhu7A6GeGkpPInTewbiwCf2m7lRMf30fHWChQmY-2BKaqeafdpb24OmTMykQk8iuy= JHxOmDGozpKKAGuYFo1WTUj4qTmzs" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Keyrock</a></b> raised a Series C led by <b>SC Ventures</b> at a= $1.1 billion valuation.<br><br> Cybersecurity company <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2tPOxXbKENrWnccJrYuoK2Q-3D-3DVgfY_= I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVPro= zHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BR= m3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7s= wxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-= 2FVRp36UaVRhJXcrhshgI8c1s5czhoM6ktOYKmeXOj2nESxXkJ8NcilzHekZu9HkSfHUAv-2FLC= cpMm1tj6HMeheI3EwYhaatwykYC5TD2fKI8s1bY-2F-2F8QngU-2FM1oLrsbq8J5pI94Q0euE6a= LT6xPwHoDv4PkiBAUtknkFiFPmDvfC87ryrvtCGExgZK9v4lFsQWWsHKdDPk8h34Blw6cJnzNuA= kNMHkz7MuEob-2BzmvE3BL3tX-2BdbJxFYlMIvud-2Fz8d7jnQNwgivL0o8B59N1ya5o9WIvBo5= ZNFn0wuBEXE25I" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Linx= Security</a></b> received a $50 million Series B led by <b>Insight Partner= s</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0= Ol7FCTZzVR6osBLieSNPnNJ3g-3D-3DBXvO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4Ai= E-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4Hsw= glM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6= lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8d7v6jtXuej-2FQ7-2= F-2F-2F7oHvtmFDqdd4Au-2Flw-2B1dqsOB7IuxkuPX-2FrTxKrneqBtarb82c33Qk2vL27rDET= e7P-2BRZ16f-2BpM-2B-2BS027hGz58TrmVyyJQLCOfd2EqLLQgFIofMP-2FllZlRI4d5Y9jZcu= 6pTZr-2BmKt6Fd8MeQ-2B-2Buapat5oUFLm7oPo7geCK9DJOnD3Yra9e-2BdQzw3WjGv3Vby1F8= sVUlRQjwfWAdc0jaf2kEn-2BuTebZvLIwINKbrkdxDb7SXghD9-2F18h5jYxc9lMbJU1SAhT" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Via Separations</a></= b>, the developer of a platform for industrial separations, raised a $36 mi= llion round led by <b>Climate Investment</b>, <b>Aramco Ventures</b> and <b= >Marathon Petroleum Corporation</b>.<br><br> IT operating system developer <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7MkYN-2B52CUjzu46xkT54xfA-= 3D-3D-olC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2= N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr= -2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ= 4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cXnfPmHKU50ZehlTGYlhOnBAqkmeUcg-2FzXjZdhrX4= RMN-2FAjIXvoVgCN53xWDdYU4hwm6o0kKR8q-2F8C7DDV5sxyxCny-2BEUtvbTpqe8raUa8igGD= UGlqYt35f2-2FhWC5EtLwOYzgsEQpv48XUH3yUJvLWzja-2FKXLvK1Q4gvckjhz4a-2B18EARdt= dR4pZeSy6CjoT498Ugep-2Fiw3-2Ffs03n8WLQGIk21kBL-2BO2q84esoUVE3-2F8obTELrDxia= kC5ZPbvXSLSBSN1l-2FM5lCn4KrEd0Qrnb" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Treeline</a></b> secured a $25 million Series A led by <b>A= ndreessen Horowitz</b>.<br><br> Open-source orchestration platform developer= <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7dkljJmkpik= 1LdcRNbwYOwQ-3D-3DU8h0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6= jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnW= CAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2Bzvt= 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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_579091" id=3D"n_579091" 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-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7Z6-2Fio-2FLjA= eIIzhHJPBq52g-3D-3DMWRW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc= 6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrn= WCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2Bzv= 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private credit are headed in 2026= . 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-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7Z= 6-2Fio-2FLjAeIIzhHJPBq52g-3D-3Dk0b2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4Ai= E-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4Hsw= glM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6= lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8dDiCCoy0WFxYv1bIY= NiW1ohYFqChlyD4d3sbt3z3-2FexRQam-2BNA2V-2FJRqwgYM2FfTbGisM6cwEAYWZnzxNkNzeZ= oIUNj8jRRlzmQCQucsmSxjLvIMqFg5VKaerwzFL4szXYyFZVtAdvlt9uzzhN5zOAEh-2FTkOGB5= 2csbnwS-2BIH1sXCxcKjDay9AnhQhgqBTSq-2BxT3lWPp-2BUAKRNcJ-2BNnGqHd-2FKEjbds6R= drTh1PA7Y6RE-2BQy6-2Bh9kwUeqixjAgrsFUWdeaVeIrA9t-2FNL5uIvJmP" style=3D"colo= r: #1D5080;" 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"><b>KKR= </b> is planning a 500 billion yen ($3.2 billion) take-private deal for che= mical manufacturing company <b><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLak= qgTPOdMSsY5JU0Ol7hKGBndOEctgCOFiY4xr14w-3D-3DYJG0_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSE= aU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm= -2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD= 9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eya= -2B9-2FaffWHfIGvu4YD65z-2B0ilO3Nh0M4ZraR2nEg8GP5UFf4d13xyX1QbbuT5is0kKAfssE= lZKgmGYNWVw3sGslS6AJ4LD9B7-2FByMa6Nyo7-2BXoEqpsRHRcOM54GA1aERVtsWQcpdLdYng3= 3DPpq1FO9PZm17gTEThqE6AClZZrRlY7Hv7TCTQuVM33OnPwYHSbe27niIEIQ3s7SUgnE2QLbac= gVbjPgU0nJK95qzy3-2BkRKHy10dMu-2BVG6oycs8MbeSXm440MGSZnFc9VHyguc" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Taiyo Holdings</a></b>.<br><b= r><b>Blackstone</b> and <b>Colony Investment Management</b> agreed to acqui= re <b>Accor</b>'s stake in Luxembourg-based hotel operator <b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7-2BrkpMOY5Ses2lcv9mxrypQ-3D= -3DPrGq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7= h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2= Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q= 0UCpUeV-2FVRp36UaVRhJXcrhshgI8frUZdF36XiNMh-2BAB2maNNaJsKaK0T-2FZxpWrwO8Kvb= iQeAF75TBzDvgHPP5xt3cTBeIlcyewtXx-2FEGA-2BJaD2RFK7fltcpeUOSNvH-2FSbE3dfvhGu= OwiP9OmmSbUrrpb9LRVtwzRgfvfumL08o4pNaVF-2BclJU0ykI4d0f2Q9qP3I6R9K3wRVrA3YGd= JzbYfPEB6AiG4Fl6T-2FxCnb4l-2BUNjU2BF40vc0k6pGn94XOO3u-2F-2B4ZKR6nOkRo-2F3JV= luNw5q75PNc2RpxR2PWfhT1fBpFkKF" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true">Essendi</a></b> in a deal valuing the stake around =E2=82=AC975= million.<br><br><b>Godspeed Capital Management</b> invested in airborne-sy= stems-focused defense company <b><a href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjL= akqgTPOdMSsY5JU0Ol7MwHyzeOldiK16OusWBvrGA-3D-3D9rkD_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMr= SEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9= Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJ= YD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8d= t-2FFLKMu6gWdfp8SkFA2OoJgLzRccKG-2BdkvHd3JUlnhQ2QfBdfbKoc-2BiCWaq-2BdlaNesc= 7UNwBZqghYSaywc6VLIAa7IYeq6MofKgsGkBbUb7tgIWDX37HdceO28QtQKXvOcL54tDMLoOqTh= JjYqBG8r26fSyQ7bXAnywJ3kjhjaCUDQ4wyMuAFEfale8Gsm2hm2XWhIBLp6h2sjwOgqVyrcWBU= lyXqvHGWKF5ZzsLcYT-2FD-2B83Qfy4MUCHqf5wI2If3sX6PDpZWsv3WXAArPSk2" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">GALT Aerospace</a></b>.<br><b= r><b>Inflexion</b> agreed to buy Finnish fire protection company <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7GNvOAnwuCe-2FpxKVEk49= UHQ-3D-3Dzz15_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsD= xsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZ= wsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcr= urSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cAY1BjkmjLdLTD6cIdG-2BYuFavKeW2eBch56a3= J0fThmQG-2B72gaUmhB12KZfX4wMFu3D6GvJf8vspj9JyLNpC-2BZyNmy2WRa-2FmxhO-2FzIrB= aHWoeXmeohZJqmdktowRwHogwImxhKHfsI1lWBGQMLx84YBvgCutq6Sm6ngkvKAo-2B15qiG5bJ= Zvp3UeS6ykmJ2-2Fa4q-2BVxTTou84M7H857WHkwyXfKo40TwdybX84DPOrCD6GpNqjh6QYlP-2= BV3jmlrNlIp5AlZOaBWr2-2BfXUuXR2Q09" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Marioff</a></b> from <b>Sentinel Capital Partners</b>.<br><= br><b>Synova</b> sold its stake in <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzUjLakqgTPOdMSsY5JU0Ol7JzqF1-2FwdvaHNYBhjfRFdMw-3D-3D0yZ1_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qb= g-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXK= AbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0n= XEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcr= hshgI8dIxTPuVfvujI68-2BWbJBSxVaIkkpeycjRta4lshKWSOjzYTomMf8fTy54fGI4J0YZ-2F= 1pEINg1MLEa5WRXFCwJfhQR1oOyRfGumtqMOaxDX2dfui3UTc5zl5XI24i7xdUuWDsWCgIAZ9fL= z5070c80pSAi7CHFkXV-2BOCKhMUJrMyUmn9Sfp4aN9J-2Br17xu9Vb9p9XPo06IPSPsdDXRD5H= uUmRLhykRHH2JCRXooQsD6pzeLAR43DYIeB9S-2FoojSkLw-2Fe9SBCNPivFUobvnKh-2Bez9" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Orbis</a></b>, a UK-= based provider of security infrastructure, to <b>Tiger Infrastructure Partn= ers</b>.<br><br><b>The Equity Club</b> invested in <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7y60MKN7Og8TrfcdldI4ccQ-3D-3DQYc6_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzH= qKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3= x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swx= FGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2F= VRp36UaVRhJXcrhshgI8exxO8DhAOPAi5x6dYFYhGS08WgnWvckEnSAU9xsmh4oyXkVxhzBu5z7= K6DY3zjhUzzglLRkDTAw7TlZ7BYi1c51NGLL-2Bm3g-2B8CNwToNu1VVOp8JuZKFEv7a41arxK0= LH9dX8kPpHrrQdP-2BUUp05NUSaJsLwFnLUg0j-2BLyQ3oqZMqg9Y58cyKq9dvxMMamJFNamW-2= BQ82monp9Z3Xrju3Pd2o1sCK4B0ytgBmYYkIpjJd4mM9RD-2FEkRhlmM9UHS2BADczmk6m35Dmo= KsvOX6Zs5V" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Lux Ente= rtainment</a></b>, an Italian producer of large-scale events.</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>Portfolio Companies</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-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5skaBN0nU-2BXyY41= O0WLNsQcQ-3D-3Dwre2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy= 9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAe= X04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfK= HKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eLq-2BwVOcKooXfWCENORGR0A7eFRuRBf= 7uu5k6vh9AgSt70JRQd-2BQcF0lTx2vqJC9PtS3Hk-2F7ESKiAWGRn9KlgiRk50cie2BE66AI6j= jBkGe0yOrunIZ-2FyUXMUzsFTxGuQ-2BIP8hgqaVdfcpEcq4JzuB9jmdNb4fNDXWslNTKTTZ9NH= Br49XrB5a2frhSKwa-2BQes9f-2Bea7lVJRwyZILHn2ZZl0DhEk-2BXyyHbt0nrPN49PV0gb1-2= FAiSI65g-2FKBzHWji8KaICo6sCteredceb81NP7" style=3D"color: #1D5080;" test=3D= "" universal=3D"true">Monzo</a></b>, a UK-based digital bank operator backe= d by investors including <b>Hedosophia</b> and <b>CapitalG</b>, is closing = its US business.<br><br> AI model-evaluation startup <b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5sEtS0JzsQP3U20mUD4bp2ZA-3D= -3Dna-X_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7= h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2= Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q= 0UCpUeV-2FVRp36UaVRhJXcrhshgI8eRDaEg7uX8d597xLErDW7U1WVkRixBa2sHyexYl0SXpg9= CV830ibURU0UoXlXtVHQdgr4VDxXvRCRyLWMDfYrZz3eCYh-2FrgJI3nrqIFf7JtfS91Mgbq6hn= VR2WoGlPHyGe6TVwaHe5PO1osFUzi7mEzMBhiBaRXzd5InID4OXllc80nCXFlxMZ-2FlNtZtSoO= 0IMV21U3Aj5v-2B6KfxJ2O-2FS74OO9E9QaGcD-2F5VOOrccNLEWRaaTUKZf-2FmWVSIAbH3rNm= z3bOmWZSGWdSktZBwt4e" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Yupp</a></b>, which is backed by <b>Andreessen Horowitz</b>, is shutting = down.</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>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"><b>Con= centric Equity Partners</b>-backed <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzVZeh5V2FAIB-2FG5msa8cN5sTGx-2BPhOrmkPB4-2FFtJDXwEA-3D-3DMAQr_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbH= 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001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5scbH= SJAq88ECU0qtuxw1m3w-3D-3DzfB-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5= QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2= FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKol= H-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8d9bwxfCrl19IRMfxSbBiKgN= SJs-2FoLmedUp9cChrMeKRmdduLYh6V2TdjsJaG0fmvrffX7kjJAKw40Kgij8q5Kk6bF-2BgXRs= RwGEd91OGMrWsZgXYn3RzTqMfLa-2BfIJhBmmKF9wAhUaF-2BFvYDlsuXtvGvkZUrYdcSdB-2F4= bSLzAxI-2FTjJol1NIX8plEm0xkQmM7Su8nHAzBvwk9-2F865ACeGtKL8Pq0yuZj2w169YhAIcT= dSWHbMDTTSuLAnomr9Msep-2BfYCnrw89wDtkzpj3Jb80g" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">Daybreak Foods</a></b>.<br><br><b>Warner Music = Group</b> agreed to acquire <b><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5= V2FAIB-2FG5msa8cN5sEa0vLG3FW7FzzFmhCA0QJA-3D-3DJMZM_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMr= SEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9= Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJ= YD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8c= tER7rQlXmh-2FtE2Cr2fz1BdTU2OwEfi0qagSPOdDgE31kMzzZ7X-2BSDGnn1fxlReBwmPm5TQE= eEuM4vzMjq1YG1TfHDKMB79OfiYhImeRwWOoXp6wxkvcSajEQhU5k6NdVtDL0ddAIqvbWeBy-2B= UR9CpBhyya3Y84OjKnah92XQF-2BX2CdFCjNzvLAJYubuQADkLncoVD-2BMAwyqMErKc-2BJCcS= qKvuV2dJftTcAUPhgyaYWpTudIMMhfWg75M-2BlB0BLKYSGpR4lUiiiNlqdKnkYQSr" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Revelator</a></b>, a musi= c distribution company backed by <b>Afford Capital</b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table 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;"><b><a test style=3D"c= olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5= saH8f9lx4JknKesr-2Fa5cBsQ-3D-3DEyD6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4Ai= E-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4Hsw= glM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6= lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f-2BN8vmNQhs8BY8P= Gs06RvShNUGITqUvz0Aa8UPtgEgP0TkRWE8p2RJenbppMLQ-2F-2BVtLMVsfxJpgXaDUj3VitWA= DpTO6c3jAsFj3c6qlCmFfhme7zUwLH7ilaHvHIyB2qUg9bncD3IV5p6mjpqOdGRc1zOXOD1bKEs= 5PRpamehpFma-2FRkfAUjTTxb3E0GpLSMClABnxnyc7An4B-2FCxkmTl-2BAiYLcb4JaoBBA1Ka= FD8v0Ugorx7hgUCjxO8xtEUdiXwrx3XQR6Ht-2FIatYxd9zlQs" universal=3D"true">Blue= Owl Capital</a></b> closed its latest asset-backed fund, Asset Special Opp= ortunities Fund IX, on $2.9 billion.</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-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5shgjzJV4= mfZrFh5IQqAXsXA-3D-3Dsz08_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME= Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ= 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font-size: 14px; line-height: 22px;" valign=3D"top">About = 56 deals have closed in the industrials sector in Europe so far this year, = totaling =E2=82=AC9.1 billion (about $10.5 billion), and the continent has = several major deals in the pipeline.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzVZeh5V2FAIB-2FG5msa8cN5shgjzJV4mfZrFh5IQqAXsXA-3D-3DwD7x_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbH= W9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-= 2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9= dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRh= JXcrhshgI8d1Yy5hLHRP0dLYgUSrjfO-2FbGOKhY-2FKBtSuoDCDW2buQ9GdTIQoAmF5xhdG2Tl= lX9Tgp4lgddsSRjNojjQVIEWGB-2BEMh3-2BCLpKF9kbiAa7EFQrgYqZJq8eWDwGDxKSlaxCsH2= QOh-2BX2ofgDBtb86QHD8oyq83C5QTeAUPRL-2BFEKGfbQDK1Vq2kO8VCg5oF3MxvdfgiWo8iXM= rkeYu1poy7b-2BZoV-2Bvo0TGxmcCAwiA1gYT9j7Qnv20AWkj7k-2BCMy9ee-2F9hXFBxl6XpG-= 2BMJkRh3-2B-2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Euro= pean PE refocuses on tangible assets amid AI uncertainty</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 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