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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters VC exit boom left most behind; OpenAI's TBPN deal signals 'going direct' approach; one month in global markets April 3, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and M&A Yo [...] Content analysis details: (0.5 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. 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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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'); 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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 3, 2026 &nb= sp; | <a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWIlOH6eLYtjt= SiCKnVowmF0rMuH-2Fhbc1GINlUX6ktuBQ-3D-3D1wD9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqw= jVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wm= xNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9Bbg= FbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNtS8EbsR7uHLBOE= AC-2BVgHD3Y-2FCo10vhdWoEGb5WyOwMntV0IU4GjcqfwIsFrPGMaVAxqovW0EtATeooZqEMrC1= nNpf82hGyLoQeNqI2nT2N3rr5KJSXg087M8fmrOlIldpunVZ-2B94-2FCBsjl4UQqKR81KHtCqM= otoxDlBzd1VOTjTDUHQvav8EE5S1koh8Nl63V3VO4-2FJ19lR0BtY5V6m0JMecqGNhLz9izKmKD= tnPJFYyhhPuX5lspPGUoCnXVRveI-3D" target=3D"_blank" style=3D"text-decoration= : underline; 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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= Fa8uXoCjcmzJ8jUmy8Lr8Iw-3D-3DqxNu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3= YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1z= v5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuU= Nu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvWXm-2F3ZDZaTi9Htg1KXHCC7= FmVA1q6sM8aRP-2BgllUb0dgy8C1Qu6KB0p2Uoh1HY8RrxF9H58DRkiC74vFT7bE24fI4zNJLXQ= rl-2F7f89wAYaURtaNNCBZZeQXMZexystXNmowr7rm9OBzimo7XFbCFk-2B-2FLnf4CXZDW0FUz= YihB2f-2FjEcplj6gxwOBKv9ZA4DaAreWrgdcw89IIOjvlonqKahz32dxGRZ71SapRkiACzZ66i= hDTOg4GWO-2FgPdfMeUNI-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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFPBkJOUlQwYq= fgIuxnf8EWQ-3D-3DRiS4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrv= S9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50= ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLme= LIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNs7sazmPR6jHyVdtoaXm1irqD3hEuaqHDIZuHE= YlDzwWJeRdidXLrtOE3DMCGD0vbYGRIWfrhbI2dAbLX75iWWBYtI7lSYg6o7jJaBsYCG-2BaIN1= hbFjpUFJ73KxI4XyKb-2BfqXnboIkEGHsDmKgcQeuBSDOh95pQxrrvom-2F0AgKIkSempqfaw5K= 7qhcfVmqe9hzspOYB-2FIuswk7hJTB0CwqHO2eRzGn-2FSzqGhW-2FdlBk042toya0Isvphu0Lf= FS62xk8-3D" 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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFbV-2Fz3Cp= iGuSKI5ifbm8X5A-3D-3Da2WR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3Hj= VdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-= 2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAE= tLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNv-2Btd2cCLsytNSpi5DLLsQmruT2krnub= hN0-2BEuKnN39nIe0LV3F6YpHJgocx19UugMQxr-2F92OsQA4DO42QsT-2BUFPG36YyZOiJVNpB= QKdC13GDTifgzTO8F8507pI4NrXUmWR9mx-2BAA-2BL5dtAeZLsOy2rquhM-2FVgg8OaMPHcGv-= 2BSZ9ZL3dNbLOydRrsiHkrh4W89vhE5xeRTLD7tab40jgyIUtKvaNUkwL8ohGKGjJO6fwtlCZLR= qmFfFQqTRwQmICg-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/73624.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">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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFbV-2Fz3CpiGuSKI5ifbm8X5A-3D-3= DvhG-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRF= Mckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-= 2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAX= hxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MV= f3X-2BEOQ1rT-2BaFzRstNvSyCFxwfOp52exQiCIaWgInqzPcgPwxjdGaLt8IhXmw2MTWpawki7= ojlGt1moFC6sgapbLMy-2BWmLl69Mz6CKaH-2FBPpX-2FO0qktQtH-2FZXpYt140Rkt9OJEGSIu= z3pi5Zvgf9zIkTgWRCVt6Mslm-2F3hk08voGJ1Qms024nM8TaZEIE188HMMn15hnLilDi1yl13q= a-2Bmv1-2BZHyqn-2BIQ0-2B3JOwX6z948tsb0hKskIt1N3djKkHX1RreeU9V9ljsJm0F4sQ-3D= " style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de= coration: none; color: black; padding-left: 3px" target=3D"_blank" universa= l=3D"true">Share this story<img height=3D"24" src=3D"https://fonts.pitchboo= k.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-l= eft: 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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSi= CKnVowmFaGDtkuc6TN9CNSIc0ngjuA-3D-3DbjLc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFp= IuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKv= vPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4= zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNuTKo2GWWn9QtQ7bXK7= h3BIQP7lXWz5fq-2BKmGLTlmkIgQkJo42sF4P-2F7Bxx6qTJe7-2BtgdtmkjcMs153ObKpA4SEM= 4LIO1sUbw3HNjqNY-2B6-2FV6fKwly8KOuzGeQxi7DkamnAEZ-2F-2BKBxl4D-2FIYE5xSjIxZi= 74Dm2ruRq5yqkgh9h9zNFaF0oWJd4g-2BVO1oOv5AN01Vpi7HQs-2BuIFi96ptNvTtwUl5BqqWI= 8EhdABAtlT7KLSAOD4AdapipmWiCuoGkV0-3D" 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-2BaqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFrXuFQwE= lbWQHDC7eHOJ5pg-3D-3DJO4d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3Hj= VdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-= 2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAE= tLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvPT-2Bw-2BZ-2B0-2BHXUvfma-2FzNGU2= uKbFC2gUSbMF0E-2BP5e3e9fvYnEB9deu9s5f557Rr9FTgVEuFFJB9tNA-2B2J1e5eDe6GS-2Fo= rJlJDIPk1IXOMM6qfLIx23tYT7Mk5hZqzM-2BYr97ASt-2FaPrz8yvS5HysL0Oe9Azx1sCij8Rm= QQ9af4MWEgt-2FkluOZxhbFubfAErpGD7dpHRS-2B0MGWbCok58Prwi1iJuALCM4WPLrO-2Fi0h= 4Ud1ZNxQTRq1qMMgC2bORgJkc-3D" style=3D"color: #1D5080;" test=3D"">Explore a= dvertising 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= aqM7ONnvsnswouzWIlOH6eLYtjtSiCKnVowmFG8fc-2BFKVE3aJCmfHVYcM6Q-3D-3DneTf_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7Wy= IHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5C= j9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQht= ncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ= 1rT-2BaFzRstNuUFljLPbc2QSWL7xRVQFAUHShsJvPIfQDkXvXHKXRvkk1JzDh6lRjWOzOudZpw= ruGp7Bjk7ekwAoILtFdDW6-2F4fO5aRjqddt2f03sa4L0oadNyAywqBDjBV-2FcZo7qLRcYS5zp= GzRU6Je3HQrarqFjVjP881XVjf2GR0Ex47KK7i2GgALNm-2Bfy3BQ7KLwPqz9QqYHxnFdYACBzZ= sTD5a5FqLBr-2Ft2qyYwClcVBWK26qsYDEpVyyzQr53gAzb9RskBU-3D" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">Find out more</a></b><br><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= snswouzWIlOH6eLYtjtSiCKnVowmFyHcD5qopRmPc0NCtce8lLA-3D-3D7XFv_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthk= nihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLw= dT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmu= KYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzR= stNuHIzSvy-2B6T5CxekXHMA5ToWec7inCSbkkD5-2BJ-2F9QTsGoKU1A0vty-2BR0iceD-2Bc4= rQhXp5LuQPbkDLzUkmwkutnThnlRKlU9bpoPLf0ZZZ50opn-2BkX5COQLfiUpOaPCO-2BiuRovF= eRp89o1gyHBrzxOVBEFVz7edrX2SLfqBSjHlNw8RWtw1lvWUXk8xqc895odfVUY7HQ7V-2Fv34b= 9HCvpib46MPk5sLXOyeb4UUGfCyrA6dgFfGd7DYipVglTEghcz8-3D" style=3D"color: #1D= 5080;" 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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyavk9Xn7PdmELpd= OH2ep-2Bg1g-3D-3DS35c_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrv= S9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50= ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLme= LIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvLZW3IY2NgunS-2B2CzjemRwbOURylS0gVUX3= jjuTtbiEK7PocJE4kN63-2BaZEH1MpguQPyqk-2BHn0kT7Akud15lFJ-2FfwEKzyTRLWOcfJvas= 2RDgQhDxlEmy1ZCRQXzFecpQkK6WFprIf9aI0yRsvrppT0pjw07o3bhag53JG2kXmYaoH6HpJ9e= DbSiKbLWUb9AthWPFMK78-2F31PifFfxmJpUAzWmOorjQ7iaonzmD3CsMr7TiO6xYK2dD9uur6r= lL3pE-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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyavk9Xn7Pdm= ELpdOH2ep-2Bg1g-3D-3D0k3A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3Hj= VdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-= 2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAE= tLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNtluVD21NFAytXIGeaiNIwhdREDxcr04CI= 90JHvAZ4JLp84WLenHQnDYv0j2iEtX1HKjcg93DPGhPDDmLeL8Kr-2FzvMK-2BkZujxITo146J8= 9PpUYz4CjaG4j25mjN1cidA21ghifxSzZ3wwbqJsMJRuTBxINsvaJJrKuzonWOqOcivz6I3ygPc= GAilt9SMT6NsbVlSa2rVG-2BAXLG3s-2BpqWxUDLpdNursRafwKi5OevKICvSNbugOJcH1oU7A4= 9H0pBI4-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https= ://img.pitchbook.com/news/73609.png" style=3D"border: none; width: 100%; he= ight: 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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyavk9Xn7PdmELpdOH2ep-2Bg1g-3D-3= D_AB6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRF= Mckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-= 2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAX= hxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MV= f3X-2BEOQ1rT-2BaFzRstNuhzohlKfK0g8LqWxNbMPeiSwZ6iU0bxdWfHnAM-2Bh8qUh7dKghS1= ui1mYncLrbPbsd-2BX-2BgsDGcnIsPFEhNQN5ePLUfrJ5IW-2Fy-2BeZWROC1CNTzXVOD8FIxhW= 6mNvCv04WZoJbId1vbt-2Byza63JEvQ6l7cEPuUhPL6XvBLPnVT-2FTAPwVcj4WyWy1qdnW2Q31= vjwneWTEueCUW2y51CoKvpRewIAyLGU-2FpdjuVkroncAb22aCDo37ZhaKAZWK72fXuN4k-3D" = style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco= ration: none; color: black; padding-left: 3px" target=3D"_blank" universal= =3D"true">See the data<img height=3D"24" src=3D"https://fonts.pitchbook.com= /newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: = 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXsTysBt8DZ3fpD= zp3cODyaP9Rbp-2BobUrOqUr2Bb837jg-3D-3DweMW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjV= FpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxN= KvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFb= G4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvwAQGR5jVZRUb0pQ= VThjw1kCiRKMkV8G8rlWZMLm8uXskaJ7mYXdzip-2Fw5M1SZgd2-2B3I3XzX1440buDD3toIKy4= H-2BxoYXxYzf9-2BH3f0ttKa3FW03bnTBQf319OBGv-2FDUAzS3Zb05hGvbRxxLWcpGQ75LQoh8= XQMcEAkt2YJXrTvHqcZdziuH4iaI8fZbu3i0l369X86xOM8E03fiPqVxw5mIF59D-2B9-2Fi8dS= ib-2BQFNGp4HVPuOeQfncFiNGfXQxzKQ-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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyahwZR-2FcUyW7ZjlUfzz9AlGA-3D-3D-ZcD= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvg= s7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2Baxz= cA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1V= qQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2= BEOQ1rT-2BaFzRstNtiyDKxSIqJWN6qudO9Cx1USSNwz-2BD4-2BKLvL6ha3w2FV385U-2FoTOs= ifZvBR5UttNSacF05Ss4G3tp8hRzSk-2BleGZ38LuNE9HssnoJpNK2-2Bi2V0seBCNezOKRnueq= exDXDnl5ekgPCOo5lIUn9UCTtXXtqaIikCQVCwbOxelcBBFCyVJoOoyRHQVrHxvJWDlI09emphM= D0wGkqf1JBQ5MFaE0v1vaRj-2Bci3mVOzG2tRSKsxpjOzUnR7m-2BmYGrBu4d0w-3D" style= =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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyabcCuGRzPwYlzRu0G= qVT4Ig-3D-3DqB76_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqk= xXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOx= epHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrII= KHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNsYfjrqYabjkyRQe-2Bq7jCFE7vv2kk3Zp3hA4-2Bnn= KdTop8V-2Ba48LnW-2BXXptju-2B77igz2x9egum2S2mRDtKv1KzTy-2BPQb-2FTGVDVcL3iIox= 5qQeCnjZPIo9gYrfvKFfWkr41l3-2BFHGxwUlPc6NC7vXAQjzsm7liptGYkxw18nVc9RohLdzCh= 0qq8AZDMXbfx8bFbpB-2Ff1x-2BOxbXedtqYGR2Z6Xv0hR8RByHgOXOyMkXoYTZjkeIPEOsen-2= Bh2YWiQXf9sg-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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyayE-2Fi5mX718RTSA8OljPrcA-3D-3Dn= giM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMc= kvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2B= axzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhx= V1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3= X-2BEOQ1rT-2BaFzRstNuULfxskq3gMPALnAiSKzmTUPSLz0lIh52lMMDSyN0n5kIybhVdioAk0= JdP-2FmEBEZwLy2Jn0Fkljw-2FoA8REqrrnL1c0QpeqNo0ux2ErGBI3I7ShTJeuuOLN68CzuWRR= JSu3pveSxJPet4tNDCR7yMEROG9QLZ9xecGEdHB08tTaXH7-2F0A4nX74yDv-2FfPqp3yVeHAOn= zANhWKIlzkfTTodHkteSWXsAubrF8vMg40cv9Sn3lvN4LU2JQNe7XaIGzwpY-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= swouzXsTysBt8DZ3fpDzp3cODyawLJ9-2B-2BTvJjdedyZ8vdrNKg-3D-3DgaEk_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOt= hknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51h= LwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWic= muKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaF= zRstNuTMp26H-2FouvfkXN42MZTefpvaXl0vkX6CMDzg-2B55Jm7YUsWlxHTiZZArqfZy9b0HOA= FOUDjm9n6UzcceczjUZpQ3Fx5zVeoikrDHH1vhlYLGPD1tcESfd9p7VvlVFWqXMQDk9mK7CZ1nW= obenLclXjTFc3-2BGROc1IV8qFxbODVF8AH5ATPVx4kfYPR4G8XsRgUXNRPZc0-2BacQXaAISDT= 1C-2FghOHfq-2Fa0F48vBPThG1FXugAVDHnU3-2FuBtDn-2BI8Yr0-3D" style=3D"font-siz= e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">SSC Partner= s 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= swouzXsTysBt8DZ3fpDzp3cODyabjE3I0LwZdetg0WrbHqldw-3D-3DpjeZ_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthkni= hetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT= 1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKY= MSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRst= NsnVa5Ix6Q7GVF-2BW2ss9F3WPdg22YumZJwwytQQ-2BpXvkCDbL7h6AxdnMFma3Q5jPXeoEEE1= EFmrQehZb4vig6C9uoeOiA2dym-2Fzgtg9g57xfP774xMTFToSnwW2hH4tDplz8U5Z1FcmrkhA5= 5sFmDvPek3TSagfyrjjlW8huJ5Y5gYfhFILsFX06d4J0RriuIwH2elJLIak359W1R9XN34Dzogd= ihKdTpHFtoM4oU1rylkFB36N1UL9lyhXbJurrjU-3D" style=3D"font-size: 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= swouzXsTysBt8DZ3fpDzp3cODya2Csn19RG9I7q688n-2BQoNFA-3D-3DY7QB_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthk= nihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLw= dT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmu= KYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzR= stNsV5zUBGshcTttTg8D9GFDCTpwTZwhkDaGx8nGOWqIk5PtCoeSdxr1qZd9AWuipkgdxU-2FnK= TqXwb-2BsL-2B91ZQXIeDmGRSn1HKrmnO1QU8sOLxBTRxqboPRSCLcHh6ZKJ-2Fe14ELo3nqFrT= uBe89EN7qTw6903au4pek2fU4-2FTIh-2FJtcHAZ-2BFtRas76V14-2BiKE6WRFTbxrUu4x5QNW= HFVZY-2F4a6cbtCW-2BdPD0Q82Z1-2FAL1WnrDFwcddif5IXx5SYqQS3w-3D" style=3D"font= -size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Graycli= ff Private Equity 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-2BaqM7ONnvsnswouzXsTysBt8DZ3fpDzp3cODyasif9BM= 5QsuYvXzoQYYzgIA-3D-3DFFqp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3H= jVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6= -2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXA= EtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvwJzY-2FfyeP1pL0A1UEYfSRrbDo9m4P= 1VMOckDrU9xeP30hWY2aZxlqxlEsdEZAlrkGO10aiyhDptzZQDMx-2BTBAxfLNVKzo25FGT1UVU= 3GQnIBw9YosAyR-2FQG8dlj4zYolcNy4Lqjv0vHPZ5TaQiL1gd47eeMZbs4X7q-2FU-2ByEUYMd= dV4Yy76b9hBDGYbe7ZMiLxNWf-2BaMMXKodyhhjtWjesiGUYjOVXFHh7v92T66BhBKQrXh1Uzcs= ik38vIeWyV-2BE-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: = #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" universal= =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= 8DZ3fpDzp3cODyaJu9IFVAGmKjMN5ElPEK-2B-2BQ-3D-3DTz8L_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6t= oQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58pu= 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=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-2FjpJCcVr0-2FzV4ckho9V13FF1g-3D-3= DvLNV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRF= Mckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-= 2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAX= hxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MV= f3X-2BEOQ1rT-2BaFzRstNuaMm7ErToWDT9lqSdMlF66eT0vZHnD7bSzheOg11NIJ-2FztbMCN5= aYFDRGyBDlL39lc1A3LSrOZMOH-2BhG0eUrBWSwP3N4rx7w-2F7a56HVf0S9nqpC6-2F4r4nv6f= m4DgqYWNtAz8807aXgTOKiPWTuKG5Dc1UrFgNYvb4m0zx4E9UDjJLZZ4gdWD6xXv87UZ3rCUboF= DhVWgIkRzGSQ4kjnU6jZ9784l2KEFacOl9OB3dPiUlJPl6rN8TyaGzAKkiRtqY-3D"><img wid= th=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillmarchhba.pn= g" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: bl= ock; 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-2Fjp5x= 3k1X13FsD-2FHUhpLHHT5g-3D-3DiMMz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3Y= 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</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-2Fjp7YsISHsRjngnIqWPINN7Aw-3D-3DAm= Bj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMck= 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by-2FjpDwO1ywLb8Z-2BamOltLoTbKQ-3D-3DBxNx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVF= pIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNK= vvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG= 4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNu4Q0VLA0ZgqIQE7xJ= BpR-2Fc7KpVHao3Q7HBkbTvOiweRV9rWzK2z2VvzjBAeLoe8EtcAOtrdnn5pxDeP-2BVr8-2BwD= vhwY78Hig9uIEjEXV7OtLP3iO1ekFk1rnxV3dIEVz5i8LUbMlxehGJczQ5eDCT4uTw2OHdAM1-2= F2BQXjWNXjInB3sjzKG9c-2FMqBzyD49RcMsRWhvYB-2FFrixhourbvgRaODyZwJPQUUtO78OJb= JDKYx7mzJGHWZgIZWJZWMzi9rew-3D" universal=3D"true">SBA Communications</a></= b> is considering a sale after receiving interest from infrastructure firms= , Bloomberg reported. <br><br><b>Franklin Templeton</b> agreed to acquire <= b>250 Digital</b>, a crypto investment business spun out of <b><a test styl= e=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jh= by-2Fjp75X8821OJX1Gd-2FD4alE-2FwQ-3D-3DMEHW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwj= VFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmx= NKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgF= bG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNukrFwO-2FLLN3NK= L1kKMiHe3qqe1W3x5-2F-2BZMiCPyzNosKhxnx-2BeFiVyP3rgp42482s1lEc8nGhdSTGb3fz4J= P98y-2FaiVgnacQ-2BXeuzp-2FHDCmfZ-2Fmxbp6I1B3CMLUw4rZ5s5LAZPnCa38cB5SrItEAyL= Y2DuAoBfzdZgHsOXgEXwIU4DcnLg20YLpey09m7Yio2QrXCdEh6kLd1qjbiDYx6iIHWl1ZlUsyd= cB-2FUD2chcW6JPartAEv4H128A2ELzUDRM-3D" universal=3D"true">CoinFund</a></b>= . <br><br><b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzWqwCXFYkV2KNFX4Jhby-2Fjpk-2FPHuK8mWjvik-2BDvPoelog-3D-3DHoSF_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs= -2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9l= vH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncF= ekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT= -2BaFzRstNuklLHVssgDS2zNO43n0q-2FjX-2F8Aux5v6Xib-2BavibLxkX-2FMb3-2BJ1oV4OC= HwHohmhRE7Cxg3IxpgTOkYB0GRcppg0Q1kekQ9A2nANHkoNQsdF6M8IuQ6Gs0XgoKnBZao5NRmd= qryTu8mojNU5xYxiOnguP6eu5ATXwEyRFzwW0OKUR6ZI-2B9zcJawFYP0BkQB1slxCMWR2O1VxI= I-2FWQZGlyLqlDe-2FYtpnibbCt2eJwrff-2BJ51Uk-2FEkZ7fdEXJcIAel2iM-3D" universa= l=3D"true">Dane Street</a></b>, a provider of medical evaluation and review= services for insurance and healthcare markets, received an investment 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://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWqwCXFYkV2KNFX4Jhby-2FjpOL5i6-2BjDw1aPDc8PChfHQA-3D-3D57Q4= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvg= s7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2Baxz= cA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1V= qQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2= BEOQ1rT-2BaFzRstNumphg0OKdDmdoGdFwbcusAeD3rH6G0lBnl8xO-2FKksKBF0oovnFB5Ad6Y= -2F4tDICjNNJc-2FHNq3NGpXV2m-2FvGgWYjM6fLVNV3c-2FBC7jmVMqRBe4rnYd3CchcCCqVqa= plYF26CeDkADNyaHDA-2BnOsxik8QJZqrdOp13B45cO9EQp03Ws-2BaCdgQwj5AUzjDJBx3n5I-= 2BKMNQ2D2Wd9kTt4vo4e1Rh0Ie9r9Yu8Z8xwa-2FG9iioJR7HKe1-2F5qfFfGvJvPsr68-3D" u= niversal=3D"true">The Opus Group</a></b> from <b>Growth Catalyst Partners</= b>. <br><br><b>Omni Partners</b>-backed <b>Infoshare</b> acquired <b><a tes= t style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtD= IjdamKyk8qZxfS9zFMd9Otqpaj-2Fb5DjHpkA-3D-3DH0eG_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuq= YqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya= 8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9= BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNv4hlB88WP0r= pi15Ta0u-2FIfGTzpZ5u8er1dy1PmfY-2BegJSNILXQkkmP-2FrevqZM7TI8xB7-2Ft1GrbC9WJ= s0zFHxq5wIRmHwBPDDjZi534nOvFfgGnYNwwYqudoebRqo-2Bvzf5bU9QgMq-2BXRAhvkUh3hK7= LB0tvMFomTh1UIdxc65yw5-2BFWn3iS7q8gUrzIcO3rFEPS8Jh2sMiipbB8buAem8SpRYKWTG87= yMv4TIT51s-2FOU3uwgHubKCknPv8-2FlL1D760-3D" universal=3D"true">Barbour Logi= c</a></b>, a UK-based provider of AI-first communications software for loca= l authorities. <br><br><b>Keensight Capital</b> has acquired HR software sp= ecialist <b>Centric Germany</b>, the German unit of <b><a test style=3D"col= or: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdamKyk8qZx= fcYuzqQmunstFl-2F8ilsPh0Q-3D-3D5M8R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4w= n3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg= 1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUW= uUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNuEPr1GYA-2B7BvpmmdzPy52= KbN19AZVELOCmZdEKoocWj5-2F2cZ0YtzxlZ4oqy3TJLREszE42dAZuR8fkhLrNgkVzQaSHUIkb= RuGrkC-2B9S2XpJA0mADhaxK7qzSkAiagtsaK0cxGfqa5Agc5LzxmUKRZxga5H1DeCjH-2FFW3Q= s9naJHsCwvHJltpxANadDyfuhc9tWDl64hKyiaC9KURNYmJ8d2DOamzGjNYgeY4g8q0aAtAcYM6= N-2Fdc2rQPWw-2FCfCufY-3D" universal=3D"true">Centric Group</a></b>, via its= portfolio company <b>Aconso</b>, which specializes in HR document manageme= nt. <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= mKyk8qZxf-2FzX29jk8jZnE4bwRPwtsvw-3D-3DKdsg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwj= VFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmx= NKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgF= bG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvURO2KHV5mBBKSA= DKwCH2F9WkztKLRqcU2jaZ7mplX69rah8Pi0Dc1kImrBqx4cTQ2ZebecnoNHNQ6v0SPaGUs0WYd= epXsmfw0bgbet1-2Fd6T-2FT6le1MQiFXmz0vP-2F6Gft5Fz9SnoYuPRyGEq03Dq7KYYDNF-2BK= uat8-2Bb6jKu5iYAexKUfG8urO-2FvBsZZ6AlPs6rWFAs-2FMtyShZQtfOcDB051v-2BBF1zAdZ= ydhQW1HUshchcNHnQKwPnXj1qNgqtgikQ-3D" universal=3D"true">Clean Energy Servi= ces</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-2FtDIjdamKyk8qZxf5MNtBYAK2VCwbQt2EgOOHA-3D-3DInHJ_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOt= hknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51h= LwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWic= muKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaF= zRstNujbn4WDSGYdNOb8fxRQTwWmDR8B3QL9clc8s8GpOhwiezgznkM5-2BZs7TQgCwIAxvUOM9= irgSSabMHAuKzS4SbkIertqico2eq9JfYf0ux0-2FIwOztAvL-2BsHKut0zcNek7-2BokevfCig= X1hT9NIIkR7LuVCJKWfsoE3InI72H74tG40U2K-2BlfMEYV-2BrtpJ8ITv0Bv5IrD5Na1Bbr8hp= Is9q0BwNJ-2BEcW7Rw-2F00Hq-2BFt4-2BOBOaMmj0vJwwRrWw6gx6GNA-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">AirTrunk</a></b> selected banks f= or an REIT 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/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUigDRO-2FtDIjdam= Kyk8qZxf2ESNws30eQlgZRkF4ZR-2FDQ-3D-3DM54b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjV= FpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxN= KvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFb= G4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNtMHuw4Eznp49YXma= kuGA-2FNMsl-2BLbvq4ApaC30aHB3Ctvfc0iGX7eYIMrwQFjschWL0Xlar95yVGHyxCoMHPsDPz= qx6fX0JiE81Xh9V-2BaSDwSe3KMwb1UvlNW4h553uq35bTXxppscTG4RvWfmJ2yY6S67f7JeVUs= yycAmsBTzIdiOZtVVnteAxBPOJnGUCZXc0-2FRWtVYgsjq0TzofYeG6EQb5Ths9JoFzbawn-2FP= YLulPw0FWZ7iX3YPaAedxX0a4M-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">AGS Health</a></b> an administrative healthcare services provide= r backed by <b>Blackstone</b>, could raise up to $500 million in its Mumbai= IPO, Bloomberg reported.<br><br><b>Anthropic</b> acquired <b>Coefficient B= io</b>, a startup developing AI models for biological research, in an all-s= tock 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-2FtDIjdamKyk8qZxf26xo5LQM8wvlMX2= 967r0TA-3D-3DCufM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tq= kxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjO= xepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrI= IKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvDSEZUnlS0kjfpGaMaRC1T2Pugcbz1sLlx9I8gvAK= 1GaWIbvXqvrtvzAibDxlZoKZgwiJNcNqwPkMSZA1DdLzjl4Ol0dXeu3P2Ge-2ByBXrj539KS588= cZMcvBN86vUnnx6FVx-2BgXxNVWqX8EvIsVbRVi1tXn5Bs7t8B5gcSfglpThVdhgmYws3Tvic1b= oXPEsmZvK6Z1irhSh9C-2F5PB9i4v7Xi9-2FdK-2BGsfGX2HB3Ni95uvft017NK2dcgs6j-2FLk= I-2FI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">OceanSound= Partners</a></b> closed on $3.4 billion for its third flagship fund and re= lated vehicles, which will focus on investment in government technology inc= luding defense companies.<br><br><b><a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= UigDRO-2FtDIjdamKyk8qZxf44kcwjvzZAyWoJjtlZVI1Q-3D-3DSVz5_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihet= S1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BI= K58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSw= XbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNvn= JvjM0vjZeM5TkOWMl24YGe4BTJYywldxFe-2BhiPAko1dBCazspcTKKVeZNFB0p-2BardN01S6l= VpRk9p1HlubKxoa9olMIm3NMvWu3b91x2-2FrAfaCjNGbh9E-2FTMhRyO2-2Bng5ML9vnn11lP6= mKYpr66Nav8YzCLqj6jVM7GEHYc7nJE9KHnysiGi3OpOIvsw1ig1Y7-2FNoON3ysKFC79jt1SOB= GBlkHb8X3vT2w-2Bi4Owj7UoaEJDMrDLAsSpRDmyUnwU-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-2FtDIjdamKyk8qZxf0E0dGYGXjTUOJk-2F-2B2huKvA-3D-3DNjQ5_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-= 2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lv= H51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFe= kWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-= 2BaFzRstNvxnbmXXOabjvKuGuMvFZRFtdxE-2BZPnflU-2BAOolD-2FrWnV4S-2FpVqIp-2BSuw= mH4SOkyhfK8j-2BfzPoYLYMucHGcKycm-2BcQLfqxzIGkxG6FOAlmIZmSGezDejBfA8IRYd186x= 1qqUuwWEBdb3HlNow1U2D5CwpjQ4-2B1xEBxfKiVu-2BaO40xYmgFApbqCIGdXQQQFuBGjQwtK9= 2W9XWgHPlYFFQ9PGMZDWvaXEThA9Ol50VL3n5e3ExfzxfIFxDCdSxggsB1I-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Bootstrap4F</a></b> raised =C2= =A3130 million in the first close for its "Women backing Women" fund-of-fun= ds.</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-2FtDIjdamKyk8qZxfJxYGvnzg0CGA5IJbJTyjpg-3D-3DBspb_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthkni= hetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT= 1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKY= MSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRst= NsTgSzdStpGTCk1Ty9iZa96GoL1FIFutSVEJXIoICB7lGuEfZqPK5cde6Hrx3iQ47gPZZWEt1zD= QPOBo89JYN0pQ-2BTLjU24SvpBlU0uxaEAYGpN4p5WmOG5zFmvL6h-2Bbq4MZlck-2FEgVMlW4h= j1IkMpeen9poeFwXWrnjr80MQ0H4ioMYWoY03pvM1zo7SZsSubewKHeacvyQv4vjrvdWqJrZGX7= QpHpTVXo-2Ff4dgGqRn0Usfr41eNA8-2BE8HoowntIA-3D" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">Hillhouse Investment</a></b> opened a new offic= e 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-2FtDIjdamKyk8qZxfKsr8OxmRMCZ9IdK4euG= P0g-3D-3DU18P_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs= 9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepH= xG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHC= qy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNsm-2B9LZUR-2B1yPZpKOilmiESZEN08SaGnUIo73gx1Vq= OnyrXp2amhWtWDpUMwO0HPlAiF4xP6UVdfq3D-2FwCaGJaP9pLrBRS-2BrPXxIgbpx0ab86zMod= CuxO4-2Ff03hDguNDdJaJhJhls6I87egZhyt7ESAqxgcTesyGFXKEUTjyT-2BkmJnrpI6ElGevn= 1bDjJUJMdiIUwsbAWYTO9ctfoqY-2FU7g59NlzuVyeZUtCvvtcrXmKHnDyGCLQplySfl8C-2BYE= giw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tikehau Amov= a Investment Management</a></b>, to offer PE decarbonization strategies 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-2F2Cm4vakK607AkP= VEXZSLRWL7rJVxw-3D-3Dvssi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3Hj= VdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-= 2F50ajjOxepHxG-2FcAXhxV1VqQhtncFekWicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAE= tLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2BaFzRstNujxfQL18KiPhIV7YvzoLsetotSW-2BvEE= KDyU1xIo42Yq-2BMp6-2FjEwXG7ZDQi0SHK7W1LADEpkrlgR8kQXZMagDnX2f9Ku8Er9H4Km4-2= FcuNYf2muPRDNJctOL2e-2BHX3TAE4k1XpfsmOlc4RdgYWzVc4m6FIhUHNp56dYXJCw8HG70LHK= OLUMpytzGfOUU1pjdfE0DhFxzAyLRDsR8r2w16fuZbHMyMUhNmFRoyvLAphf7uCUQmVP8l2bF-2= BXKLfP6CYo4-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://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-2F2Cm4vak7ueg3qY-2FnroKp8to-2BSux4w-3D-3DOKpI_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRFMckvgs7WyIHs-2= BOthknihetS1B6toQuqYqwjVFpIuK4wn3YnJGx3HjVdrvS9tqkxXs9TTKb91-2BaxzcA5Cj9lvH= 51hLwdT1BIK58puA2ya8wmxNKvvPRNg1zv5EEUI6-2F50ajjOxepHxG-2FcAXhxV1VqQhtncFek= WicmuKYMSwXbU5UHCq9BbgFbG4zSQUWuUNu-2BXAEtLmeLIrIIKHCqy0Hv2MVf3X-2BEOQ1rT-2= BaFzRstNvqSV6eiNPzEDAZKck-2FR73DeFefc92ILQuBlBu1FHRzGQ6JQh-2Ft8X-2FvlUx7C6S= 78D-2Bt-2FMzG6JRmuKANPL0HJyQqWA-2FkGloMVNgqLh5HkOk4GLBC2uXvJ8XpLjJ9GY2t4uee= L7OXjZr4beJKeCqABkI6riosf1WMTV0mCJ9rgBRmOdKJLd0-2FbgeqvrGhW5zD8jGNPa7Cfrp5o= Gjq-2BzFvTEEcQ9P-2Bzr5R-2F2D4X-2FTxgqFHjfJoM3f-2BbmczucHX7bdDmk8-3D" style= =3D"color: #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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