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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> VC exi= t boom left most behind; OpenAI's TBPN deal signals 'going direct' approach= ; one month in global markets </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; 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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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Learn = more in our <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowm= FcmpQtvD-2BzwljsIswk0QcLA-3D-3DkLFI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2= UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJK= IYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR= 4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782JOlMsjQIjdsAz-2Fm-2Fm94GPoBg= sN8MT9WohXbXwAkwPlkRebPfnd83pipkM7sKTM4cQoXvI4IRPlpjLrK5HmsmaUAzHsetl4Nxrf2= 1wAk-2FezN04yZojds9kI7yLyZ7BPAaYQpscvvsLUtfBOv0yJDPyWkf4i-2FkZ0jIsPZ-2Bca-2= BWMoW6cjmsxcaoH4DU3h8J68Y80-2FKQOKjmQ78BQIrunnOMaZQP92Bn2BSn9GOKrzfTCIe7qyi= ORn4e6U9AMToTTfMEyDfLLU-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Global Markets Snapshot.</a></b><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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmF02jaCh6uTqd= Nkpy6tOi2uQ-3D-3DRBBC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4= jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVC= ZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F= 41hGY3QVJIIol6EuPPCtfn28yLxUMSYGDSpGIVmkHTbzNImM3rztNn2PXvN1XiFdWJV-2FE0KFd= fIT8Q1nDfKGWJ1CMWFJe8YhTrImZUFGxCrsckz2agLPy-2BIltoZCI0VshPSLphShuQ4IcBmd-2= BofvwB82HLUsay3pLdab-2BaoGk9OjylOyGLzxet7cQmxHO10zRVLf3zwVNA50Pvx-2FVLqh-2B= jlLnz-2FKmhUfPLMMBofPZdjc54mR9whQbwq9gVkrsbV2w90vyBPG-2FdQOLKCCKZLc5pLJwf7S= PRWkP77A2Lg-3D" style=3D"color: #1D5080;" test=3D"">Sign up here</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_579446" id=3D"n_579446" 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;"> KKR's $23B haul provides light= amid mega-fund gloom </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Rod James, Senior Private Equity Editor</i><br><br> KKR has closed its latest North America-focu= sed buyout fund with $23 billion of investor commitments, a possible sign t= hat the tide is turning after a long period of tough fundraising for manage= rs of mega-sized buyout funds.<br><br> This total makes KKR North America Fund XIV = the largest PE fund focused solely on North America, and gives the New York= -listed investment manager a place among the largest funds ever raised in t= he asset class, according to PitchBook data.</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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFpa-2FXQ0J= 6bHvYj714oXbXAw-3D-3DM0qU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTyko= JTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2= gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0= q-2F41hGY3QVJIIol6EuPK46kBCEyoC6sADS0P9QpuHzks93k5RZw32RCm3Vv-2BGq18B-2BnGu= 2d8cnR0kyqn1zs703YBM2-2BzMPHf-2FDr0lPZRRCywh5XdZTlFmwu9YeHDrLhDaV7Aq2osJhse= ePSLt-2FJ3Ku3lcZADvQ-2FILx5MKrE6X8qff1atIc5N07FrGeMSnxKn2aHB-2B1lNFFk5p1f01= Rt5vMJ1lFESNja8AGbXXBDXD2K9Q9IWGYgvaEG54qZZoqnF9unq79pY6CO9xRSwEHn6iiYRcAEa= ySqijUOzB68rA-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/73624.png" style=3D"border: none; width: 10= 0%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Big in= stitutional backers of the fund include Washington State Investment Board, = New York State Common Retirement Fund and Minnesota State Board of Investme= nt.<br><br> KKR was targeting $20 billion for Fund XIV, = according to documents prepared for the Minnesota public pension plan, a re= peat investor in the firm's buyout vehicles.<br><br> In the documents, the pension's investment s= taff said that Fund XIV would make between 20 and 25 investments, ranging i= n size from roughly $1 billion to $4 billion, across the consumer, healthca= re, financial services, industrials, media, tech-enabled services and softw= are sectors.<br><br> In March, KKR acquired Dallas-based bakery c= hain Nothing Bundt Cakes for more than $2 billion, including debt. The inve= stment was made out of Fund XIV, according to a person with knowledge of th= e matter.<br><br> In the pitch to Minnesota SBI, KKR emphasize= d the value of its 40 operating executives, known collectively as KKR Capst= one. Ninety percent of the investments made to date by the firm's previous = North America fund used Capstone's support to boost revenue, improve busine= ss processes, identify M&A opportunities and upgrade technology, among = other things.<br><br> Mega-sized buyout funds, which once seemed t= o raise with ease, have been hurt in recent years by a lack of available ca= sh among institutional investors. A lack of distributions from their PE por= tfolios, triggered by a sharp rise in interest rates in 2022, forced many t= o write smaller checks or skip fundraising rounds altogether.<br><br> Things don't seem to be improving. In the US= , 2025 marked the year with the fewest PE fund closes in more than a decade= , according to PitchBook's 2025 Annual US PE Breakdown.<br><br> However, last year provided evidence that ve= ry large deals are coming back into fashion, which could facilitate improve= d fundraising at that end of the market.</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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFpa-2FXQ0J6bHvYj714oXbXAw-3D-3= Dlp61_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFV= xI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPU= Zs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff= 2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6Eu= PMnU34J3dOHFX9twRceZ4zVomlsUk9j344gpceF6owTiYThzgqM72rDrrrgi3JDUMJJTl0YPsVL= UDyS8gQYTB31zIVPaQw5GvPu8FF9z9GeRgxGXIjqgjRLG-2BrWmOcMSb11w5tHk5hHm2-2FeotF= 0eamsxEVSvdnjeP8uojJwv7gceCXz6p5j5taLIMMOLDHDF2yM0YZxGNvCX0NCrRXj4mt4OxxnGA= KeOYnmnP0tI-2BWZJ3GwGsf0YsLb8v8I65uQnCSNw4pYWsCW0UOcOl7ktvf4-3D" style=3D"f= ont-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: no= ne; color: black; padding-left: 3px" target=3D"_blank" universal=3D"true">S= hare this story<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsle= tter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" w= idth=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWIlOH6eLYtjtSi= CKnVowmFeTy6IKgQooAX4osVoG2qWw-3D-3DRl1V_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9J= uQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsU= dmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtj= dj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMVPW35iLA6iPvXgfL3axK0sodMLtxVxciPbIpTs= 0NVwroHfoJIiDDfhTmCZnnFFy8pN7WWnt5lN83LE-2FbPplvzDpcFur5PeV9-2FM-2BUB-2B9Hr= S7R2YIoiXLdPADDmlmMee3XRM4QsoDFBwbpUyuIF7ZdAjTBSGY3fulkqq15h6lJ1ZIv5axW9Qiy= p9oXIFKGGwb92gskmUzrRcfgdgmXxuvGpthTE-2BLdqmtoEN0UcUi6iW0APH1omKY91xWqEkrsV= 6gP7BVidibGbwRaOQhidXcyQ-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">2025 Annual US PE Breakdown</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_579443" id=3D"n_579443" 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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFcW51TGA= K2BXeJRLTldv05g-3D-3D1V0G_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTyko= JTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2= gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0= q-2F41hGY3QVJIIol6EuPE6tczJqgWIH2eH-2B4H9utR3UPvQK9LysQDQXruLcvGw5XY-2BJ6JR= qeCF2VwoRiby8hpgC80bXW39CO3WcXkWAcaB30ol969xtibPvfLm6rIBgxf972ZNkUIHWozcl86= ochRBp1C4dumeB-2FMSLMWwXGPUeasDH-2FJv87wkGCYBTlGB4Qq2o6T2Y6Ptap-2FXqIwYDcVU= unvM8QuUvLaj-2FPxFY-2BdpdP79JecdJkYRuwuWzH4IYswHOJFRjEVL-2BgMqeTN-2B5Xtm0Hq= M2W3nnwdgH0iWPC9E-3D" style=3D"color: #1D5080;" test=3D"">Explore advertisi= ng and custom research opportunities</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>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>OpenAI's acquisition of TBPN</b> is the latest sign that more player= s in the venture ecosystem are embracing the "going direct" approach to mar= keting that bypasses traditional press outlets. <b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmF-2FXGGai-2Frj7RAP5BxT06m8Q-3D-3DTy7E_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pn= K78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKi= gv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-= 2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2C= wdE8OkFirPyhdz-2BHk2j3I0aMuzlEyGQx5RBv6lFF9jI8MjTQTPUmr-2F-2F1RxfLiaX65vD2N= PnewTcFPrUZprne6qerHEZm-2BKiD67C4tiyThQo2Frxl8DHCWYuqefHj2-2FFNvWtjkQ4-2FJV= MVnELCkZrBF7LU7yCgrYRQNFnMs1GG-2Fu0fslvW5skMWmq2bzg-2BRdjVNL4J2badZZDq2Tj7z= YlYyAkEt-2FqN8cMMKSSaUid4-2Fim5lgcciGc7r9OLzKTVVjiXc0EEZ8NLPaDGDA9M-3D" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">Find out more</a></b><b= r><br> =E2=80=A2 <b>Blue Owl has held quarterly rep= urchases at 5%</b> in two of its non-traded BDCs, after receiving redemptio= n requests of 41% and 22% in each fund. <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzWIlOH6eLYtjtSiCKnVowmFQoLx-2BZudMZXD5y4fvW1ZaQ-3D-3D4nJf_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeU= zUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2= BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymS= W4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirP= yhdz-2BE2V2JBk7cbMMWyG6vUKiRujOUdjoFZce6rfv73ZtTsIbiIf97lCO1XsGr0BbDwKO4TkL= IY81pKM8rCDk14pkobIQIJn7GK-2B1F417ZZmzgP9hig2Dk0HkWPFzpMj-2Flmc-2F5qlhcWo0p= vxzofib8lWSD4-2BNqmdhqJH8rT-2F81Hev7Bqc9D-2FBXGvZ2fsvC6PpYKN9SfKR2bMUvmYEgq= zwKCpLvm9M8FRVovpEXr5MVZLR-2BT-2BiSu6RKOySdtp4nfZdFgx4M-3D" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Read more</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_579437" id=3D"n_579437" 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;"> A wave of liquidity, a desert = of distributions </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 = Kyle Stanford, Director of US Venture Research</i><br><br> While the first quarter was nearly record-br= eaking for VC exits and SpaceX has now signaled a likely monster listing in= Q2, the reality for the broader market remains different, according to our= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaZ5DK0Ito0D2w1= 8trmMVQBw-3D-3Dc4rM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jj= aUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZn= Q-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41= hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BGCctXvKilWhlx6RimPXUUfTTrejFGNaXS4T5Y= DblWipooQsndjgtsCr0YmGuLsYEK9zgGHp0vdCbiAgVHCXRSTpTP4lHUMdnpEunjkpRJgtXba6O= nUeZBlt8PwUY2UJpSaJyKUwBSol47dhKctQCDBUFFfo35bmmSSjqB2Mz9Thq1FYr1sAG0RLNEDE= apsGYw0U7ZAxEyaaXbZucSEtnabnNypIEiO2vBJ5Ttk7mRid8KfM-2FZewmt59vZIPiDFEDo-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Global VC First= Look data</b></a>.<br><br> The headline number=E2=80=94$413 billion=E2= =80=94obscures a market that has stratified sharply, and a thin layer of ge= nerational outcomes sits atop a much larger base of companies still waiting= for the distribution cycle to turn.</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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaZ5DK0Ito0= D2w18trmMVQBw-3D-3DFdA9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJT= Q4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZ= VCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-= 2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BGIZGx17TovbtCo9Qx-2FUGzT7lve6VreB= -2B3lxHnBEbQlQmtJO6C-2FjdAntlDf35vOVH42bcq-2BYsn2-2FooXBAXkz9r2WAx4s7Wa09mC= 74j70BacJGkP4-2Bz-2FNfW06bhsw8laV-2B0SBlH43xf34TiM6sr-2FIubjKAY15sH25hjDhuB= okuIcqGF-2BRgYYTER7-2FF-2FG9Ufm7Xg0VGGxIFzoCLUqZwdT0LJVdwZA-2Bo3UDTgkdFIUb6= M-2BunRvia6Kb2TY70D4w-2BsEwwg-3D" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/73609.png" style=3D"border:= none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The co= ncentration within that $413 billion is stark. XAI's merger with SpaceX acc= ounted for $250 billion of that, and the completed acquisition of Wiz added= another $32 billion.<br><br> Together, those exits represent 68% of all e= xit value for the quarter. Strip those out, and the remaining $131 billion = tells a more cautionary story. That figure trails the prior two quarters, w= hich were themselves only a modest recovery from the sustained contraction = of 2023 and 2024.<br><br> The truer exit baseline for Q1 is not a cris= is, but it's not a recovery either. For the companies, investors and LPs wh= ose portfolios are not named xAI or Wiz, the wait for meaningful liquidity = continues.<br><br> The concentration in exit value also extends= to geography. In Q1, nearly 85% was generated in North America, making it = the highest regional share recorded in the past decade.<br><br> Asia's venture markets produced $42 billion,= and Europe contributed $18.7 billion. Annualized, both figures are roughly= in line with 2025 levels, but remain less than half of the record values e= ach region generated at the 2021 market peak. The gap hasn't closed, and th= ere are no near-term catalysts suggesting it will.<br><br> The anticipated IPOs of SpaceX, OpenAI and A= nthropic will, when they arrive, generate genuinely historic returns for th= eir investors. The venture market at large is closer to those outcomes than= it has been at any prior point.<br><br> But the returns from those listings will be = concentrated, and the noise they produce will crowd out the needs of the ot= herwise constrained IPO market.<br><br> The defining dynamic of this VC market is no= longer cycle timing=E2=80=94it's position. An investor's proximity to the = concentration is producing vastly different realities: career-making distri= butions for those at the top, and an extended liquidity drought for the res= t.<br><br> Until a broader share of companies below the= mega-deal tier begin to exit, that divergence will define the VC market's = character more than any headline exit figure.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaZ5DK0Ito0D2w18trmMVQBw-3D-3Dh= zdd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI= 4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs= 5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2G= CCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJ= TgB2CwdE8OkFirPyhdz-2BG2zMe0lix2HM7QzJACp34OIQP2yxVF3MFlbqqe3IpgqUQ0ewuFWKL= JwLR7womizkqkxvUaTqPnAN0J9rxYkkZx63lqcKu8akAfyPVV2-2FLut5v8SPqPzshqz6LCxLrO= DLJ2eWXCgYy322pdILbT3dHUxcK9drXs2MHOhkszrpWxKsvR-2BAp0b6KpkeYOjE-2BquF459JQ= MkR3Qempdt-2Ftk64dmz1n28StbHx8Tyyg2upNj2cnLmKGwwe9X37IsUhKT-2BIM-3D" style= =3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoratio= n: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"tr= ue">See the data<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsl= etter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" = width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpD= zp3cODyaA7U-2BA25yROq3IuratjS0ow-3D-3D3pgc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh= 9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJp= sUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASW= tjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BEZLZeTtE-2B1LU= 5Q3Ytu6F-2Fjrtj8ofjIaHLXTNm355JYMKcw2r-2BkdnKLHjQrkTGvkk0ekJoS1bvUmw6MfF6G9= Q-2FmZD9dK-2FzP6-2FlBZCMDZBNpp7c6Hj2DYDbe63MxlXqK06OAXGinsLlcHTsqieYx4lS4ch= y3Xq44sx0xEfsd3lbxQTia0l6c-2B4v81ewp5eBoK3frN6IykOLGWB5PqyovAgCouGCwZ1z3FRf= kSxICc6o6bFVRSmeaymvubUFvTyi8jDI-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Q1 2026 Quantitative Perspectives: The Magnificent Few</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>After entering orbit, Artemis I= I astronauts reported a problem: a malfunctioning toilet.</b> The waste dis= posal system on the rocket creates a "more dignified" system than 50 years = ago, but presented one of the new crew's first struggles. [<a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaTPKnuqlvGl4av-2Fw74FDIRA-3D-3DpAt7= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5= pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZU= Kigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCw= p-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB= 2CwdE8OkFirPyhdz-2BHe9mRFJmeFZmJZZX-2FxuD2PsFQ7k2d-2FNo2eLXNigVyRNWnIZXkzk3= 52ApaRh1xvFAaCCzbeFjB4pgnqXj-2FMt4lxsngRAJJPMny8sheszlnPLl2IU6unwUp8Wt33v-2= B8HCv1snrIi1rLjcFaJk760dJQODDbJwvGS9yEBWHQ08O3hjH1lRgWmDOTgynBjOj-2BlhjjXxR= -2FLVjnWGdeRX6Nrsyx7DSZ2RPIaaoI-2BLoJWwo7ua7dLA-2BNSvjRD6gqeewYnMR4-3D" sty= le=3D"color: #1D5080;" test=3D"">The New York Times</a>]<br><br> =E2=80=A2 <b>A focus on affordability hasn't= helped Tesla.</b> The EV maker's latest data shows one of its worst quarte= rs on record, and the release of more affordable models did little to help.= [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaMYvhOU-2F-2FXgvf= TiQZN4KwGQ-3D-3DZ6cs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4j= jaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZ= nQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F4= 1hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz-2BEdw8nJoJ9kXb-2FhDW5tft8vNbT-2Byb-2Bt= vL0P52Fx-2BqiXZXx8Pn0tXEhOGmyL4MaTvNN23x1Vwaqyi4IIwy2elbZ2SUJvEOLD47tlWzyWt= ZFkVodccTEFfM8OqpC0viYxmnqPigJqfl8uMFy2IcvuUqn6oT8-2FSaaWrVLxiFzsqKg6d1gJ3R= UQD8sDd-2FJg0oibAnCWNCfbJdFyZleMkR61bRJav9OMCi5GomQgwvG-2BtB2cXRfvJTNkkP0-2= BaPIqfg34dVk-3D" style=3D"color: #1D5080;" test=3D"">TechCrunch</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;"> 947 </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;"> 2056 </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;"> 1050 </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;"> 43 </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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaCX9yr4toZxA-2FKuUBAiy4Qg-3D-3D1= JOm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI= 4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs= 5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2G= CCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJ= TgB2CwdE8OkFirPyhdz-2BHJ3dd8vfAnO9-2FrgMtkGYhs5S5ZnhMw-2BFHDg0XbvdfjsCv4h8k= OrsEPc1scj1MFPSWliIV2RNIA63aAXOqoUa8w163kdGsnS4oIWutxXboHE49t4XxJC-2FYcfLVH= we7DpEiw-2BGH9IlWj7pYAO7-2BlNazVj254gIT8c23MWy2T4haFQyEMkKCi3RQ0vf5JEd-2BRr= bD1BkNkM8-2FoaKGKdbuysLwSVtI9fB2pjhBO3BZYAqj6j4Eid2V-2BEqNMNPb9mE4-2F9Vo-3D= " target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579406" id=3D"n_579406" 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: 2020 Vint= age Global PE 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: 70.43010752688171%; mi= n-width: 70.43010752688171%; max-width: 70.43010752688171%; 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">13.10%</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">18.60%</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;"> 0.20x </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= swouzXsTysBt8DZ3fpDzp3cODyaUfIzL4Z8P1QePJTA0PEBsA-3D-3DI28g_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTl= e8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDe= jySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR= 561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJTgB2CwdE8OkFirPyhdz= -2BESXV1uFd0g8FldYASkVuMB2PVbEtx8sCBM2f1uSEe0kJywq7jyBpB900Fe-2BjIeyf6t78va= t-2FrG0-2Bc7b4ABd-2Bc3B5BqwgiOlMT65V1pqrMNyN2oGmoVX2DNe8Rc0tddM5eoEhDxTej52= HI4w5LP-2F4YOG4ycwglR-2B7HJnvdkv-2FCT8ajvAvKWvunYChs3kyXiAIJ0Qboea-2FPeE7rJ= TIh1qeJHpyzdYIl-2BBJ5x1ImGRjtKYDPS9xMdT-2BvXCiFhO2LG2pA-3D" style=3D"font-s= ize: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">SSC Partn= ers II </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXsTysBt8DZ3fpDzp3cODyaBHmekKoPmfjJ-2FhjK8SGUrQ-3D-3Dz7s__I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzU= Tle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2Bz= DejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4= nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzz= HaN5dqZd6bQpQmxWU-2FDjCLX-2Fr7wMZo6HI5bU9Ow3Jcndi6leJ-2Bm-2Bv1-2BgWE7P1KnpK= JZBcyNLUscSWZMYCw6urcEas8tuqj0XXMtBu2dKT5fQWGRAKfgDVYlZkZZEWmlMlESM5WfSCnu7= fYtBX4jL5tNq0gzfWq6TO9MdAZd-2FYJ79uoLYmwKc8a8-2BPo6JEoRudimCLPMtt8-2BFaMh4b= x3LsmKyx46NB7YDT-2BJUtPtScmtDgho8T2OpvGQVPtpl0Zgwad2o-3D" style=3D"font-siz= e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Systematic = Growth III </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXsTysBt8DZ3fpDzp3cODyaF1VOrWPhqbAseZEerDn0yQ-3D-3DVYlG_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTl= e8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDe= jySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR= 561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzzHa= N6HAQgB9ufb02QJD68z50FVPSf0Ed4VSAT4oBcZPL-2FAfzVuTmKiphRHKn2YITICru6XYgnld4= 7tje8pVJKMF4-2FNBepFuH-2Bp-2BIYsv7sGEndAwqvT0rc6PRTLz7TmEJCZ3jnO72xeIP7S4Ec= 0IoAID2zhdtY1p77DyL0Un8VL98xxMD8ehtF3YSsTDCYIgEe4eo4gvoj5XQdzX5ADbgsJ-2FxJ4= w5HSKUXO4mHyqcJ7IJXKQfIXRqyRTXY5-2Fzf9IfyznUg-3D" style=3D"font-size: 14px;= line-height: 24px; color: #1D5080;" universal=3D"true">Graycliff Private E= quity Partners 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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyaABlN6j= P44-2F-2F5CtDnFj-2FK5A-3D-3DNzAZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuL= iZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYz= ZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rL= SCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgKrTtwXIGzzHaN6VEh62TgGgKCSn80LD0BOvpYP6= n1kmW-2B-2BHG89yavT0EUncun2liqdaXoyfXP6hsZMPnVde-2BW6vQ-2FL-2F8qIhhnbpo1WLv= 0Mx-2FTzR6dNkwm9CG9yb0COpWSr0Mz7mt45-2FAusdNXZKCRptCjub4hOymZLfge5BupkI3YBa= X9P6GZ5eqt8cp13t0bVJNma0Yq6SWZMuGSqGdeF5JJVxmGqsFxZgW6G0j0F-2BVYYUvchB1Ufsp= kpIIRbHcTKdRxAIWVrdcs0-3D" style=3D"font-family: Roboto, Arial, sans-serif;= color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" uni= versal=3D"true">153 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-2BaqM7ONnvsnswouzXsTysBt= 8DZ3fpDzp3cODyae8YVL1T1cZReX7btWqz3-2FQ-3D-3DUmVa_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0m= xhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9= 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min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2Fjp3Gc2DQ91DFzFIpuJftFD0w-3D-3Dc= LP1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI= 4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs= 5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2G= CCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJ= lz633YgKrTtwXIGzzHaN5HKEsbtfffdYkHMRs-2BZ8Pn9stpMzQ-2BYVaf1jqyssSTbIpk-2BZu= HpTe9uCuV-2BA2wmz8RK4C9aDRD44hCWlDESe7RoYvA3R9K2T4ZwjmTqNEj7ScqvXjgn6T-2BJL= IHoaHa8vR2VYIkSRXcUq1GoiDwuImCsY9ZO-2BlqHscjO3gYMOIKYU-2F0JEHmlsxOJJmEeSC1C= Hpt83nKtZ-2BDcU-2FDF9oJ-2Fmli10WYjahgt0k39MJflClWIkBNO44dp9Ypg9bQbb9ZIqk-3D= "><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillm= archhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; d= isplay: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>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">Coffee= chain <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpjW= vtLLrrsgFlNNotFO-2B0KA-3D-3DYaH-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuL= 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-3DEFKf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BP= PUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2= Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6= EuPJlz633YgKrTtwXIGzzHaN4cwnyRyhFowbS4jsoQ-2BJEuLOA028PBjcvVndWBIO3-2FfddID= NIFqJgkTTn62fewTmFwRuntj0G5p8HOxQGd8cez1Z9SI3gPHlJdvdDB3nJj3p2VnUShR6Y53FEz= 2-2B7EQUD5Yn6sFPzJO-2BjBW23-2FwwjoTDq4n683Hd-2BJUMt-2BuF2HOLVQ47Z1FvSk0PCmx= 2Zy9cFGYYQ3D7dPq-2Bhz5WNR6p-2BonVdQWtgSV4cM3hbn48hZ-2BYD1lRjOUHP9BWBnBR8gPM= 4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Generare</a></= b> secured a =E2=82=AC20 million Series A led by <b>Alven</b> and <b>Daphni= </b>.<br><br> Calgary-based <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpvgPyIf-2B3T1quyAweO2Pb8g-3D-3DD6fA_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78= MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9= hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2Bu= TBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPJlz633YgK= rTtwXIGzzHaN7vFybJHop9QI2aWYTEj1U99KmbgG-2BXy1-2BhfhPla6UWfMPwK1eUqNpIjxDh0= GlXf842Wegq2kDoJ7QsX3VBPrfdAba2i-2Bk389OYxXN2xTo5MaQrAn-2BzkCNoJ-2FZH171tTd= wuVogVEwIAmv-2FNMzl3Ix-2BGCJrzy8uLvYWkrp8dG-2FSu0hRh3xahpvXeR5h04cqJMUXlX22= 9cwIV6J98zkCyP48IyPZsIGxKcD6iiFG8yf-2FTH7TLJYjYZf5rpqQTS21guA0-3D" style=3D= "color: #1D5080;" test=3D"" universal=3D"true">Carbon Upcycling Technologie= s</a></b>, a provider of low-carbon cement materials, raised $10 million in= a round led by <b>ATEL Ventures</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>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 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>EQT</b> is conside= ring an acquisition of <b><a test style=3D"color: #1D5080;" href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpEj3NSk-2B1m6Y4tEOA8n4unw-3D-3D= HliE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVx= 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by-2Fjpj2eAIG-2FNWMrWL5eitp-2FdyQ-3D-3D6qfo_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIb= h9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJ= psUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65AS= Wtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2XXczu6e7vzvNnZD= -2FoStNBiKWxpOyZrg7W1JknV5gEMyNKqmsFJ8urjYhxhSVSO-2FPlKaOa2brNx-2BZs-2FPUjA= v0dYha5Ys6ySqnJfnH-2ByG53qn8EodXWQ-2FkprKMypjWSp3BBTgqhyIRSp8O0fvwRF-2FIzeI= ReTXjL2sKDnjqBNmZOE2pUjOpZXJFbiPUr7Sapw5wVNt0RmeTga9CDlff8cAaNwoLBkZSPIv-2F= MwpzpNc1kg8nfWnf-2B-2BWoM9a-2BNuCHhs-2BHo-3D" universal=3D"true">CoinFund</= a></b>. <br><br><b><a test style=3D"color: #1D5080;" href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpVI0h1UQetwONgUHlPbY9mA-3D-3DD21N_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78= MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9= hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2Bu= TBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7St= AnetWuY03gJ2VxO7rdkr4m40eLG0D-2FyxJrhWEoR9i4HoeQyySd-2BI-2BRVCJQudbnqhPpAzS= RWW9bXEIl56PR7wSYbrb9qej6RQ4Fx5VD0VzgYiEukqRUxY0J0JPuA9iKl6wuJdFUU6JFQIGY-2= BWAaao-2FDr-2F7M-2B5pEOl-2F4MxBWuTgyfCURA86dZrdTjsSH6ntAM-2F1sgoTJgnyRwCDmf= -2FRVluxJEtUbDLpJF-2Fb0vHAzxhID5HLpkqRRfNM7z8Ns1-2B4rXeWnx6Kky9fOJmg-3D" un= iversal=3D"true">Dane Street</a></b>, a provider of medical evaluation and = review services for insurance and healthcare markets, received an investmen= t from <b>Quad-C Management</b>. <br><br><b>EagleTree Capital</b> acquired = brand marketing business <b><a test style=3D"color: #1D5080;" href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpPTa2-2FR-2FO7UonN-2BEBF00a7Q= -3D-3D8U1m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-= 2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQ= w-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJII= ol6EuPOlFtXK7StAnetWuY03gJ2WyRunvtezo-2B7oOcyCU6UjwtojEt5EbjiN9BAyBcbTq1JGT= eSV-2F7uQO-2BECuJLwKUawUIydaVSbTM4uSPHQKaTxFyRGpMoLkP4GGh9KM0uGNSSWX2eD4EjP= ycUsb3abFQ9iQF43Yp5VMBIprt5YGpJ-2FgV6-2FbQa9bMHAeH1PxC6FNFtLXsNLnp-2Fje9gkQ= qzcO5Wnpc-2BpjMgCE0S5OgNNLB6H0CSiT57nlYogtkjYtC9Ogl5ejEIjKNDof-2FU-2F1avlDn= ME-3D" universal=3D"true">The Opus Group</a></b> from <b>Growth Catalyst Pa= rtners</b>. <br><br><b>Omni Partners</b>-backed <b>Infoshare</b> acquired <= b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUig= DRO-2FtDIjdamKyk8qZxfXibUXJKrIusUryk4OkzFPQ-3D-3Dbdu9_I3w5d9c01gkD8gLzFEofZ= R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g= 5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9T= usZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2B= BPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2Xt-2B= D6VMmopUc6td0hkhU0xk-2B-2FtT2s1BZrqqM7LoMPbutgbb3ws5FAi9adtFCcK7zPMT2eTXA5j= -2FTDIOsZ6D-2FSPTjxIbFXox6Es-2FKv1Z8r0bFHX40bJX4LvhxkyesaIOqemWG7A1kaGO9y5i= aMfkifHyiU-2BDwXLSUFjv-2FVbwuSYfhDV1G-2FiQcKc8LwDYIu1efotgk8kT8n-2FQcflGHbM= jmJX5Edf9ljF4-2Fp50IQ2mJDA-2BkD6NEeGtbYTbYjlXHIloMo-3D" universal=3D"true">= Barbour Logic</a></b>, a UK-based provider of AI-first communications softw= are for local authorities. <br><br><b>Keensight Capital</b> has acquired HR= software specialist <b>Centric Germany</b>, the German unit of <b><a test = style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIj= damKyk8qZxfGxv4nLUCgRM3wVBNw96xpQ-3D-3D-ZiO_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIb= h9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJ= psUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65AS= Wtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2UUtQ0ZuypkdrNoJ= OYdcRY-2B-2FjlokMpP0zd4cO-2BAfxhzl94kiMXYr2Jk2LSvX14eZc6foewHTXyOGqPvavO3mG= pN38ie7HIxjc4nVm38PBmf6qwKrxGIbFBxJ7WpvPZ1HOw8XJw0jiiuFuFvpyizESXqXqe3Mi1ZJ= tnwX4vLkxhUTpWDQk0dtHgzNpA84p9BwCIj9Do2hhZwIZtwgiYBeMxOQISbPlJm8rC4-2Fl5lOo= rCk2m7p8iNuEVrjfZuw7CstQU-3D" universal=3D"true">Centric Group</a></b>, via= its portfolio company <b>Aconso</b>, which specializes in HR document mana= gement. <br><br> Battery energy storage company <b><a test st= yle=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjda= mKyk8qZxf3O7zGPgziMhqtetMJMVCdA-3D-3DjQ8E_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9= JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJps= UdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWt= jdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2WU5b-2Bhe3XkvUjt4= EkaNOOlZz44WhQFDQqoSjajFt6vxdIQUBxcj7I-2B1Dc2OlZbkJ7hoefm0DqVRCOAN1ruc1s2aU= l1jmP1HtJ7xSOX2Fz9iNvmd8gvGDzk11heOa-2F5DW2r4oH864yg5vZllU69XKwz65NoSkHpfen= HTUaf-2F2iz-2B-2BJvvKqVU6r0HcZ39D7WCfkdeTGOMuGvFBWaEuK3z5nMxUxqA1EK6hBuUyCv= A8Uu0Pft-2BHtQstETCQFQaNAn6zg-3D" universal=3D"true">Clean Energy Services<= /a></b> agreed to be acquired by <b>Apollo Global Management</b>-backed <b>= FlexGen Power Systems</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>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>Bla= ckstone</b>-backed data center operator <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzUigDRO-2FtDIjdamKyk8qZxf9fcOXhovk8cs-2BdTEBMkM-2Fg-3D-3D4RXL_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQN= NdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOy= Fh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBG= RymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAne= tWuY03gJ2W8RzrjSHPZN9Lsgzi83yN87TWD6CG2XCzfrvYgAjjKQIbk7Imdt2VCIPzwbG4m-2Bj= iqkkThfTZiYjp3I3ESlcFex8ZI9OVBxdys7EBEVDAYw1XwQtX6OYUHJ3WoPsx6CU9p-2BFO9nCo= NeSKIGThuQFZuP1yAXZmq-2FZfmWNvKDmmdhq3v3jwzG5216ND7RfjitTGKReU0KlcVH3MvsLgZ= iSiHZFuzlYaEWd1cm-2FzZhoqEXujiWYqbAjmLbsSivkltlHM-3D" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">AirTrunk</a></b> selected banks for an RE= IT IPO in Singapore that could raise about $1.5 billion, Bloomberg reported= .<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZx= fA07YD3zmSdnyYpsf3gihig-3D-3D2oUf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2Uu= LiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIY= zZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4r= LSCf78E0q-2F41hGY3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2X-2BFswtoPW3t-2BGGeLfi7G1= lYwymyE8aH2BKarUYXf-2BwDxbDiI0a9t-2FwD7WNofq-2B1hNjvOXwRdJqD7vY4-2FQIfDr0fq= BBiWlZ8gBu2dsMDWuNnyL8vR8id5sZ-2F-2BiyUG5L44rsfef9QUWwRdDQvo4x38A-2BaJwLPxB= ZlMgYJ85R-2BVHxRBYUXcYJc70LBG-2B1r-2F4WrKSsySIKVl7nxALq4ieErrLNwhAOuR-2BK5Y= auNVYbqOlPA0MwmMX31wI9TYPvLtUNHMU-3D" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">AGS Health</a></b> an administrative healthcare services = provider backed by <b>Blackstone</b>, could raise up to $500 million in its= Mumbai IPO, Bloomberg reported.<br><br><b>Anthropic</b> acquired <b>Coeffi= cient Bio</b>, a startup developing AI models for biological research, in a= n all-stock deal with more than $400 million, Newcomer 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>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-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZxfxYftTnNWm6OEHPX= l8hZjzg-3D-3DoaK3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaU= dLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-= 2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hG= Y3QVJIIol6EuPOlFtXK7StAnetWuY03gJ2W14IL9PcX4JwCSxPkUIcr3kN5fL-2FQX8PLRhDZU1= UwXyQRfgmvcPH-2FS856vTH0mF0Bg01vvTBHUvft4JC3RPz4G3PcBYYks-2BBhXHg6cWjXMa-2B= GFmBNS508-2FYseHqqOGCjP-2Fsvxi9wBphJrsCzk-2Bw-2BrRYJ3TicChbFBze69hoz87HVLYN= -2BgOdtRgGr0iSVuplt-2F6JIAnuRHWOFDCUDj9vMR4P-2F-2FE10dqXXLFnVyaJcZsZ-2Bz7Fd= tP6Ms-2FHC0bI57861I-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">OceanSound Partners</a></b> closed on $3.4 billion for its third flagsh= ip fund and related vehicles, which will focus on investment in government = technology including defense companies.<br><br><b><a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZxfhAxJmaLs27sZ-2F2JKofHA6Q-3D-3DlMiw_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK= 78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKig= v9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2= BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3t= P3hg0A782JOlMsjVgvTEvAFxz5bpRbFuvbcN0Sfn3-2FB2i0jNW7pIka1P41F9RDr4SAuuVODne= 3eknctO2oO4VCXXJOuin69efs0eOeGqwBinAZzIDtV4lYPWLsq-2F06D9SvdYGBkeb4UIzYBSHQ= crELeROnvW8lc0m-2FV10u0tLk7qF36l4RoAaYKnhlg2UjrMOJodZ-2FSjs4DA000zC98858SO8= qDSBd7uQXxCbBPFkZ1gi-2BelRV-2BC-2FvLN1o-2BHRQqdx4QrX0yXmlrHyNQ-3D" style=3D= "color: #1D5080;" test=3D"" universal=3D"true">L Squared Capital Partners</= a></b> closed its fifth PE fund on $2 billion.<br><br> UK-based <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzUigDRO-2FtDIjdamKyk8qZxfpXGEPv2WBh5d6spC8uigGA-3D-3D-JL7_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeU= zUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2= BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymS= W4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782= JOlMsgZRZ-2BG4dgmDXFItk-2BUqa9WvBqdiYmWJjYnBJrrbrQztt8zYvqgfR2vHtlSmceQPWd7= H7XVhHvG4Am8jmCF9jLLqQPnn9oLSmU-2Bk7RdcDwL1-2BwDIICCi8eE2e6GtWNou7xHCw1805X= 9ORjGwB0nzSABpmr0aXRN9kvsAjfpw1tqtGBErmP4XNTLCHWPIvLFr3ELg3m3dVXhMofs4ELcmd= O55W2vKqVyowZrsTBMbjN7uAU2KacTpQRLSwZQYQS7JWk-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">Bootstrap4F</a></b> raised =C2=A3130 million = in the first close for its "Women backing Women" fund-of-funds.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Investors</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Singap= ore-based alternative asset manager <b><a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzUigDRO-2FtDIjdamKyk8qZxfbo7g4e-2Bn19xZSNZ-2FvxRizA-3D-3DDTlk_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeU= zUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2= BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymS= W4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782= JOlMsg-2BeCiTxQDcLy11RIfZWEgZZakNHVo-2BYdEI148z5MPYmLhVeEzGjPKDbGoUlTRq52bO= 3D5BmCxcRJCqTvlO70ycC-2FgiXgXIbKFe38tZUzVoRuyL7GFNTG5u0iUV-2FQNSXg-2BVtRs3L= 8l-2BQcU7JB0Vg1lTNBh41T4SBAaors0vUWVlz1UCz-2BBkfZMz38xoEMbb-2BTvXjfjaFnh-2B= GEcYckGid6elo38XbSQnFNmvWPxCPPAJsUECNLm3Uf4gH0c8oPoWe-2B8-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">Hillhouse Investment</a></b> open= ed a new office in Abu Dhabi.<br><br> Paris-based <b>Tikehau Capital</b> and Tokyo= -based <b>Amova Asset Management</b> launched a joint venture, <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZxfTGw2OCAFBinmRWpPJyw= vBw-3D-3DsQ_5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLyw= c5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeF= iDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QV= JIIol6EuPMoN7b3tP3hg0A782JOlMsiN8at4ycKuz2Z15IawWdZyxN7y8nNCZi-2FootgBPXk-2= F4W50GW3Dpszlva0auAJ293gHi4j0-2FbVjWgdkUgA60DiiGDWLSI3FpsZw0INfqYqzgXncIdOH= 5Lmx-2BS8u8cSLdtyhN2XQJh-2FZLObdtfWf0XPrNuH-2FPAg37-2Bl5J4yFm5bBW-2BK7TrrFx= lfG3c7zz8yd8ULOkRl2ocpE0J-2F1AbQiRzbfeHmiS-2Bt8HjfrcEjaDt4DnLfhQge-2F3Pe3B1= tevrKZXhs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tikeha= u Amova Investment Management</a></b>, to offer PE decarbonization strategi= es in Asia.</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-2BaqM7ONnvsnswouzULj5p2jQe6iiRH-2F2Cm4vakBpxA5Bm= Nqhmn692ed1XJGg-3D-3DrDhB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNdeUzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTyko= JTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2= gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRymSW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0= q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A782JOlMsjXfA4baBgKYHPwWoYDL0vSMD0QebSv3m0= -2FsQ2ZskGiz3RmVGv67XQAIhgr74zZPQK6Io-2B1CCaDm4F2nnwn2xnSR4Y-2BxwSDB5SIjLyh= t9JLM6-2FEtSq1zg0O-2B6IU-2BuGOw7W1UZHMOjFDBx2IKEzZFaEkTcPEi9WUibGzJoTtgId5g= 8G0Nq9vPXyWth95-2B25noBbOHq0Lmnj-2Fo7gmHDMIxpXa0KZAid7gKlk6nTaQtlunB3zYqqB1= bCGsSSkNrOteWi8-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/73568.png" style=3D"border: none; width:= 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <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">Despit= e the supportive public market environment, Korea's private capital markets= did not experience a comparable recovery in 2025. Total private capital de= al value across PE and VC declined to $16 billion from $24 billion in the p= revious year.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzULj5p2jQe6iiRH-2F2Cm4vakeso-2BEB6X0fNSTILtHDkt7w-3D-3DFgjW_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFVxI4n5pnK78MQNNde= UzUTle8af5g5c0mxhsIIbh9JuQxN2UuLiZcTykoJTQ4jjaUdLywc5-2BPPUZs5ZUKigv9hOyFh-= 2BzDejySk9TusZ9yTBgAJpsUdmUJKIYzZTO88T2gZVCZnQ-2FeFiDQw-2Ff2GCCwp-2BuTBGRym= SW4nR561-2BBPRi5T65ASWtjdj5gR4rLSCf78E0q-2F41hGY3QVJIIol6EuPMoN7b3tP3hg0A78= 2JOlMsjJhakyBEiJmUpq0y61uW2HQa28-2FGv4N1l8M-2FXx3wFdgKe8yVDVTfHJgHjzQm3OWH4= aLMwrW7QP87WbjQGYXatOUGN3GrogF-2BBlJAc-2BUuXCcxpEDGyCv5zBS0Kz-2Fk9Jhnsfw195= WGP2yevbFqBVaA4XhJB-2FeaO6uKTMsmjiIM9hSMzyQzw3MU4buoz4erssvoxx2nfZtRVZXEXB3= -2F6bvOUeWpVg3Jq-2F4wbZxrH6jkCI-2BkTr0frCMtcKhNF4-2BRGOqaU-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">2026 South Korea Private Capital= Breakdown</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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