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Envelope-to: vetyl@ponjosonek.com
Delivery-date: Mon, 06 Apr 2026 17:10:02 +0700
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Date: Mon, 06 Apr 2026 10:09:20 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Subject: The liquidity puzzle in interval funds
To: vetyl@ponjosonek.com

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sneak peek at our Q1 PE data; scale wins in healthcare fundraising; VC sees=
 a comeback in agtech </span></td>
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just:70%; -ms-text-size-adjust: 70%; text-align: center;">April 6, 2026 &nb=
sp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.com/l=
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             <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&amp;A</span></td>
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             <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>
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sp;</td>
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F=
=92=A1 <b>Take an early glance at fresh 2026 PE activity.</b> Q1 was marked=
 by steady deal activity but lagging fundraising=E2=80=94leaving the indust=
ry at a crossroads. While awaiting the full report, <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFogTinp3qYFZIsRuul6lS27Q-3D-3DTrkf_P=
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4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeM=
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3o5XQU2cPZH" style=3D"color: #1D5080;" test=3D"" universal=3D"true">get a f=
irst look at the data here</a></b>.<br><br>
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hsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B=
-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELz=
B6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl6O81iWDzvpA4gzFSOBQmIHBAUdqTKvjSN=
F4Zt5ptrTsOi6nF818sRaroABcFEXSLpoVqcrvkUlCpvkxCSnLFbrTJ1gR80aq7xI1Zj8PovdvM=
39Xj759Ja5teDg1bJN6UL8Xgq0tpggpb1BCtAkmG9yEdJU4vOS-2BI2KTFD9sJ2zDZMjK82gYrY=
bJdDma3LaACYNfAVw9xnQc8RwRkVrjJKKDAuTRbjJ3L2sXy3JG9oPBdyGh-2FCxLeF9QqBU6SJ4=
6QdnX9wqHzSYFUEPn1Hf0cVK" style=3D"color: #1D5080;" test=3D"">Sign up here<=
/a></b>.</td>
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                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                <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>
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                     <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_579438" id=3D"n_579438" 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;"> Can't go on forever: Evergreen=
 funds and the redemption reality check </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 =
Juan Mier, Lead Analyst, Fund Strategies</i><br><br>
                               Stein's law says, "If something cannot go on=
 forever, it will stop."<br><br>
                               As we think of evergreen funds today, this i=
s particularly applicable, as inflows, asset growth and performance had bee=
n moving in one direction until a few months ago.<br><br>
                               So, is it surprising that an episode of outf=
lows is causing this corner of financial markets to take a break? Concerns =
around portfolio quality leading to redemptions are absolutely valid, and i=
t would be careless to dismiss them. However, in our opinion, some details =
regarding the mechanics of redemptions are not adequately explained.<br><br=
>
                               For example, redemptions limited to a certai=
n percentage of an evergreen fund's net assets are by design. If a fund off=
ers to redeem 5% at a quarterly cadence, and investor redemption requests e=
xceed this limit but the fund still meets the 5% target, then things are fu=
nctioning as designed.<br><br>
                               Also, the oft-cited "5% quarterly" is not a =
hard-and-fast rule. It is determined by the fund, so it could well be space=
d out in semiannual windows.<br><br>
                               These terms should be well understood by inv=
estors and advisers considering investing in these funds. And taking a clue=
 from the world of public open-ended funds, research from our Morningstar c=
olleagues indicates that outflows are inevitable: Nearly 80% of funds with =
a five-year history have experienced over 20% outflows in a given 12-month =
period.</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%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFofvjx5aVM9=
sYFpFC6grjGOA-3D-3Dm8FI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBo=
NWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN0=
6B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbE=
LzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl6MQ40JhUPMujKH-2FkOk4WfiHu5mx73=
di0p0jJ4hDP0roR54ribgs5jvv5fXoHPUrTAD6iBKU7Gl-2Be-2BQ-2FhtFBtPn8u06vidG86rV=
ovW4IlUYNj-2BZCDNUqzqlUQIvbxyqF7LhLjfs2MXGLM7O-2B-2FHrpMn7KwNNXsg8anwB1P8rc=
vfOK5aFC2D2siKgBTNDEJOBwVSbK46QwtFe-2F6bqs7lmSBEskFXVL4OJDgPwP26P-2BjzzZHXC=
8dJLVQ36AERgfLFMVOEd3-2B4gf7T8jJi-2FTmoYpJts" universal=3D"true"> <img alig=
n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73615.png" styl=
e=3D"border: none; width: 100%; height: auto;">  </a></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
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                             <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">This i=
s a good moment to revisit our January analyst note <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFo19oDp4JhN0sZB7EhYG5xfA-3D-3DTZqc_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaY=
pDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W69=
16YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU=
4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeM=
OlPCxXv22vfRcjE5vIl5-2BqoFCc7-2BnaIY4BS52oZlAoW1iZUw-2FK5fOkC92RwHvWSCiNPUH=
UobsfiLB7LDLETKItLW5kp-2BkkdAEcJIYxy50-2FreFS22zil2rE-2Blv4WgrhLVpjiNSU2E-2=
FQg0TwjrQxsvIEtOi0uGH-2BWYWgopD6WJyZutFvImW7nqPmujgYeZ1wEQ-2FJjuGtFUOGerryc=
cNtN8PrjdyluuEyg25GQS1gUYqydI5NByN1XIr1-2FBphWczmH6A6IiBFlJmzOgMx4kQvDyk43L=
21LcoTLyZETaZLQIU" style=3D"color: #1D5080;" test=3D"" universal=3D"true">S=
ink or Swim: Interval Funds Liquidity</a></b>. We focused on interval funds=
 because their liquidity terms are codified as "fundamental policy"=E2=80=
=94more binding than the board discretion governing BDCs and other evergree=
n structures. But the liquidity levers we outline apply across structures: =
cash, publicly traded assets, credit lines and portfolio income.<br><br>
                               We closed the note with a call for better di=
sclosure. Funds already file repurchase data, it just lives across regulato=
ry filings most investors will never open. Performance is front and center =
on every fact sheet. Redemption results should be too.</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%;">
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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
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fta_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMr=
J3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmj=
g2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4Yh=
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group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
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                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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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-2BaqM7ONnvsnswouzWSGETS6y455LV1=
CJCYPsFoVa3mkfWPtcbnsusZXGE6eA-3D-3DoPTo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2Bg=
NBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEH=
DRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7=
KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl6a8QN8dE0X-2FZ=
P09OYB9M-2BTt19V8DHZVCfUKpZ5wFr8p-2Fd3wT9UDQ4UfJq56orlHdIWECZ9T5hFawi66d-2F=
4Js4GXUNivnZetYaOc-2FyM17Oj6c2twsDoc2wMxmkX5eOdcSoAQFKKrhUhTdR4-2FZY6wTzscg=
xXd8V-2FUafkTvl6Wqqj1ghPkLggrLVQdRddWiPz7H2bIbS8l33EIZLSzL67cah69B-2FP-2FH-=
2BWJC31SSnYGnWqXoHm5V9Z1VVxhqkLgVtjyteJSyAA3Rf9xEhdO8TsBDst" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Q1 2026 US Evergreen Fund Landscap=
e Report</a></b></td>
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
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0px; font-family: Roboto, Arial, sans-serif;
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ook helps companies reach investors, executives, and dealmakers through hig=
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ments across newsletters, reports, and PitchBook.com.<br><br>
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D6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXG=
WokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-=
2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl6P8hTDfJbRjOvH7Tr-2F9Ei5W=
mLC3MZwc9-2F8N3QiAfjGJH78OCvXKcpfabxTcRefjsxRcwn2GIMkkAfMG6XX1FWd9-2FljsT58=
KQB8K8K5miTftpeudmaLWM5etkLPMmz0PehkFCvcAF9M2QiNn4tDI-2FVHPE0OCIoiQeXXyQEFy=
m6VTC-2B6fy3Qg4SscWTAPrUq6dAe310jgGShpq4D4vEALGqeY7-2FmDuHhSVjDrL5qVq1jvssT=
-2BgM7jJmwg1e8GYKQUJRzBQTvWotBOBFygoeXJVzR" style=3D"color: #1D5080;" test=
=3D"">Explore advertising and custom research opportunities</a></td>
                              </tr>
                              </tbody>
                              </table></td>
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                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
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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">&nbsp;</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;">&nbsp;</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>VC funding for the agtech market is seeing a mild comeback</b>, driv=
en by renewed appetite for dual-use tech and advances in robotics=E2=80=94w=
ith overall deal value reaching $1.5 billion in Q1. <a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFouDZIy-2BNoTdm2ME6KiBtzRQ-3D-3DslTF_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYp=
DOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W691=
6YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4=
Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMO=
lPCxXv22vfRcjE5vIl4J9mR6chtswzdhANjnkGfHfv0t2yi50qhAC0Admoec1ZzmgUCJiE-2BER=
XvM1Vi0IQ-2FQ1a5zeCBwKFAoO5TgS35Kk-2FAEdi-2Bos2hXRxnwgPXQ8E9OvSaXikcQBKtVt9=
cyugcs4Hk5wafU-2BTsoXS8pZm4H6KjR9039Yo9-2Bp8oPGysGLjUKBvVofhC4aZTG7am51caDT=
ZtRDW4DsMYBwuET7B9VH7LL2-2B2pyrrHDLjD-2BA-2B2CKGXxqvA1ZCCGy0P1RvxJjOOwDNEkf=
ys-2Bnk7P0me-2BfKK" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
<b>Read more</b></a><br><br>
                               =E2=80=A2 <b>The 2026 IPO market was suppose=
d to be tech's comeback story.</b> Instead, three companies might swallow t=
he entire pie, according to our recent <a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzXMNICKyxVUA17hQzGmTeunMO73wJzzpgAyZKrzVHsFAA-3D-3DLTav_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK=
94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4=
S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlU=
dWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5=
vIl7GvPEZ4YX1l6Sxs5SMTf6uB3Jg7APzB61oeufnUsjlE1ZTklngPGI1YOLsrTidC8-2BOEhTt=
oit3JT4rkBrWwu-2FMrtUBzQOMobPE2OdNSwyqNZb8AfBsO3MjB4lPPe9ne85vUEFSUcMvPT6CN=
YdSE-2BarunTHVjnY8vufP-2FKnaF9Bx2vpDCOCLUR0rDNYzdWe6UEJ2v-2Br5t2SXdBAklClW0=
v9d-2FoyMdoqj3A8-2FEQ995h0XajCFLLQOCVqsdvwxkAcHi4aTQWtT-2B4L5iTmgd9mm8U7" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>analyst note</b></=
a>.<br><br>
                               =E2=80=A2 <b>The 12 most active lenders comp=
leted at least 200 deals each</b> for US PE-backed companies in 2025. See w=
hich firms led the way in our annual <a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zXMNICKyxVUA17hQzGmTeunwe4seV9btB8a5aI0sX4TKw-3D-3DKipE_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94=
suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3=
Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdW=
NpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vI=
l5f0j18OobOqNCZhKaw2pKQdJx8Y2J0GztZzk-2Bf8oBUBm0SeHeFQ9WbnbcTzAA-2BGsBvFJTv=
YyZ5pZA1uedFre9YDAVp6wmv2viYjFleaE1H7BVWZ3IkKQAddjV-2FU5KGstr5WhYj2JYdknOoB=
qtZVYdkoaFwC7uUvBE3uFBT9M2mg-2FK0ZPTim30zBDJFkGedu-2FhvM0NW-2Bu1bmtl-2BTSm4=
iI-2F0uPjvzAfTsCCtB5hCIXEJUwVMI6l9NLeN5DbB5ZwUURE8Ez8nrw-2FKIaqL9lQuVUKB" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>PE Lending League =
Tables</b></a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</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_579444" id=3D"n_579444" 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;"> Proven healthcare managers win=
 the fundraising squeeze </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;"><i>By Ben Riccio, Ana=
lyst, Industry &amp; Technology Research</i> <br><br>
                               In 2025, fundraising activity for healthcare=
 specialist managers matched the broader private markets: a slowdown in vol=
ume, with capital concentrating into fewer, larger vehicles. Capital flowed=
 to established managers at the expense of emerging and smaller funds. <br>=
<br>
                               According to our latest <a test style=3D"col=
or: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunH=
WWykBr12jZc2g8Qg5vveQ-3D-3DmPU5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQ=
wRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wW=
XGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2F=
g-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl40bY8HAq9618KvZsEG1g40u=
I0KXdxfg-2FCVA9MuhitRmWy8vmsivLg20AwFp4qnNFaEYUOsmJ7ujQrlvcqxy21t0gW-2BNz7E=
MdElO4xZyuXhdWYDM7DjugzNbzOKVDbaAnIWk7hPlocxqB5ff3VouDPHkKWfnLZoSds8-2BzXFH=
aTm1xe6YoQuQFP7srd8k8vbtSidD22uzNyBymaiA-2BV5fPSXTAtaAlX1Bxm-2FZdWWodKQwmxj=
-2FncozIz5dayQb9HBLj3fBZYovlTJzKj0DA9bvuRn" universal=3D"true"><b>H2 2025 H=
ealthcare Funds Report</b></a>, which covers 472 specialist managers across=
 PE and VC, top managers in healthcare PE have steadily increased fund size=
s as the strategy matures, with the largest funds now entering upper middle=
-market and mega-fund categories. <br><br>
                               These large raises brought total commitments=
 to $18.3 billion, in line with the elevated figures of the past three year=
s, even as fund count fell 47.6% year-over-year.</td>
                              </tr>
                              </tbody>
                              </table>
                              <table lang=3D"x-content-area-bottom" cellpad=
ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: =
100%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top">
                              <table lang=3D"x-image" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" align=3D"center">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table cellpadding=3D"0" cellspacing=3D"0" bo=
rder=3D"0" align=3D"center" style=3D"float: none;
 ">
                              <tbody>
                              <tr>
                              <td style=3D"text-align: center" align=3D"cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunaqD6VXOSP=
AbLVoqngFYBzA-3D-3Dtg58_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBo=
NWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN0=
6B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbE=
LzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl4-2FDn97EWtpWJl37yUFj0qT-2Fk-2B=
tGWTiG84ZG2byisjcfn4NrylWWrNqsCoqgWoXBmO6hbif0WWdoJFXxsqfrTlUMIl0IPpz1EIS-2=
BwY-2F7K3DGjAypACkWWvlgqOrRjOoCpZV4ggV-2BxviIx2KYn0J06wvJhKDoASPhiy0W-2Fyk7=
-2BbpXU20-2BgODKOm24yl1J-2Bx11a69MdbwAGAH1uNcwPBfcoWJFdvXfNTkTc0Vb6H11cvF7w=
HAAZAsGBCeJKpUqqUwBgG4NeWVkdO0Yy0Zkir-2FRyHc" universal=3D"true">  <img src=
=3D"https://img.pitchbook.com/news/73618.png" align=3D"center" alt=3D"" sty=
le=3D"border: none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;">Despite the slowdown,=
 healthcare continues to capture a growing share of total PE commitments=E2=
=80=94and over the past two years, healthcare funds have exceeded their tar=
get sizes more frequently than other middle-market funds. <br><br>
                               For life sciences VC, 2025 was one of the we=
akest years on record, as a largely shut IPO window and limited distributio=
ns left LPs with little incentive to re-up. Just 33 funds closed, a third o=
f the prior five-year average. <br><br>
                               Still, life science specialists' share of to=
tal venture dollars held steady in 2025, suggesting the pullback is market-=
wide rather than strategy-specific. As in PE, LPs favored managers with pro=
ven ability to navigate biotech's cycle, with four funds accounting for two=
-thirds of the $10.6 billion committed. <br><br>
                               Healthtech VC remains a relatively minor par=
t of the healthcare fundraising ecosystem. Despite significant attention ar=
ound AI in healthcare, the strategy raised just $2 billion across 19 funds =
in 2025. Pandemic-era digital health startups have struggled to exit, limit=
ing distributions and dampening LP appetite for new commitments.</td>
                              </tr>
                              </tbody>
                              </table>
                              <table lang=3D"x-content-area-bottom" cellpad=
ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: =
100%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top">
                              <table lang=3D"x-content-btn" cellpadding=3D"=
0" cellspacing=3D"0" border=3D"0">
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                              <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=
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BKS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMr=
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g2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4Yh=
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                         <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-2BaqM7ONnvsnswouzXMNICKyxVUA17h=
QzGmTeunlIjC3Cw3QZhKYfXKkYkBJA-3D-3D1TYT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2Bg=
NBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEH=
DRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7=
KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl67Q6sw20s3jhQ-=
2BF2WGfn2l70JX8uef0n3fAFZQr0lsI-2FF-2Bg5XUOws5BtXIUrGdg2-2FupLIjncqNhwYwoHJ=
-2Bd7RTJ-2FLt1GzUzQcFp9LH6HS7G7rKU7LUhilWo5lH50cQYbR1Yl2JjRT1DycbnkupZx9Hl6=
WFtEgnMMwx7kUtgTpH3rrz9LkED3ZqwU9-2F9k6AwHBJQgJxtBYBSyVAvdVbUUnCLiqSj-2FGxv=
Yf-2FpyZaZRmzYwAZTScnjpPQLMIWdoaAW4QBTzpRiQeMu15y7GLQvm-2Fd" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Healthcare Services Report=
</a></b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</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;">&nbsp;</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>How a 194-year-old tortoise bec=
ame the face of a crypto scam.</b> Jonathan the giant tortoise's falsely re=
ported death came with a call for crypto donations, which The Guardian iden=
tified as a scam. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeu=
nepVCawfjWJt1Gfo-2F5Gud8A-3D-3DlnTo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPO=
PewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4K=
Q1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9P=
w-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl5RQnEpB-2BqmRqDW-2F=
yxFxL-2BHFqYZdJIXl0x1TqYXOk84E3Ku3zS7-2BEEMOJpKuI30ukhTVQObCi-2FPHf9-2B0l8b=
qGZgeSOorITMQjXp3bcXHfT0noKPcs0cIpWQGNW0273tIibPq63jDPtAEi2Bj2o7WwbqJNUJ1Pt=
EId2Ug-2BIjBA4GGDZ3CwnB2kuUH5yItZOAGqlH-2BsKhYIoTZw2IkngBHXgysloguJMU0XhiXA=
0rhjs2qGwUn0n6TRjxdQFTSxQv3RJlHb-2FY6h8vXUUP6CYj-2B6CU" style=3D"color: #1D=
5080;" test=3D"">The Guardian</a>]<br><br>
                               =E2=80=A2 <b>NHS workers don't want to use P=
alantir's data platform.</b> A =C2=A3330 million contract means the NHS use=
s the company's system, but workers have ethical concerns and are refusing =
to use the software. [<a href=3D"https://url6380.news.pitchbook.com/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGm=
TeunKUkp5gzd-2Bf81hKTxrFdlmw-3D-3DaYuU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNB=
rPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDR=
h4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KT=
Z9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl7QnwgWkQfvrLBkaD=
3FhV-2BmPTJ7qdsPevnTPoRRA2Y7HayrZch1cyMJQFOnASTO4YWXxl31M2U4wZEMAjzl4tWdHuU=
V3LZTeEJVm1gImynMrtZN7nbECdBRxuLj5NHcdPuPqvRnPaQ9539MW9qv89QaqTUKqTHIewI6h0=
SQ1h4ZC-2BCpoAo1XdnfnDpRZc6FXAvzN7QBATnbOFTVbOhtXR7HrbKyKEgTBUWAPfLSOh1mza0=
DGjAFPOTIZg3g2XCfHy32jZ4scRx1qT5ePFR5WdOb" style=3D"color: #1D5080;" test=
=3D"">Financial Times</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</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: 33.=
3%; min-width: 33.3%;
                                                    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;">
                              1
                              </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:=
 33.3%;
                                                    width: 33.3%; text-alig=
n: 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;">
                              53
                              </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: 33.=
3%;
                                                    min-width: 33.3%; 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;">
                              40
                              </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>
                            </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;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunF0Lhd2kGwClUAv3pbZAWHw-3D-3D6fu=
M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3=
BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2=
W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMO=
iRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JH=
peMOlPCxXv22vfRcjE5vIl6Z46NXs-2B1n0lkrEsOgIBoHXdvH-2FF7I1cR23rf0z7WeqHOETKM=
c2P868cXw5QSKSKFddDRXx9bNxmRVGY7Kn2OXH-2FzE9qq4yXUeVR4kQYAgxtOndWAQfuMkVEe9=
YILXVHNnwtdeIYHUxl3XAORybG03g3Np87oViP8GnV449Dx3jWNSWLsnXrQBMgIgtHMWGmwDrHv=
3C1X6wi6HYVHfglub6fWW7MUlsYxHL6YiioZT3npnzI433B3WrAgI7z5RMCe4Wvjkpd5t2tU6SZ=
6pTQtj" 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;">&nbsp;</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_579407" id=3D"n_579407" 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: 2016 Vint=
age Global Real Estate 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: 65.99250936329588%; mi=
n-width: 65.99250936329588%; max-width: 65.99250936329588%; 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">8.81%</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">13.35%</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;">
                              0.89x
                              </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=
swouzXMNICKyxVUA17hQzGmTeunLX3LP5uE9wCxnKy-2BCHUK1A-3D-3DWGa-_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-=
2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNI=
bek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2Fdy=
aHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfR=
cjE5vIl4YtOf6ZUzRX-2Brqix8S8lDGndV97cE3-2BXNVV3BEr49ZCnsU4Gzj40JsYyRm4iiH-2=
FVLStDlVjDLOG-2FHONAs0WibjiCGHR1SyMG7dxIa0IYu7rk4wixuejNZ-2FFXsCv-2F9B3DaZm=
0HBpPH9pGQteZPlncd-2BJWwtcJOWQjkdf9h4kadIdzxPgEllnTs8NR7LMH4m-2BktfOF6rdC8g=
8VwB7eTJaqPkrCSrpxDIooPqwaE1nebhVdUeVq8znRPKdxWHf1lsrhpG4yUnzcFM3UjwuR2hlRF=
J" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=
=3D"true">Och Ziff Real Estate RE Fund </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzXMNICKyxVUA17hQzGmTeun5djjSf3FWM2nSSs8xIyNHg-3D-3DqnHK_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2B=
wK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbe=
k4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaH=
lUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcj=
E5vIl6BKmTm9teLUeYqkS817dsH755I-2BUNR9XmuUXmhaannzbAHKHnhNaR9VX9poLNrCixTfv=
DLC6djXoWmLWVtT4yGwoXKUiBAJu-2Bv8UYiEcW4SV5jgw6VXyom5ww81S1ArjH5yS81goc8-2F=
zv5k4aqXHLdN7Xm5qZpUqYVfyYAQo7DYaq12EHFPup6wJPPHQQGtNn1YZy0sZ1F1u6sMoDxP3t7=
5r5yg-2FNpFfSAYUQ1sekq9V-2FLymccpl12wkOSCwYXuuz-2Br7V5H3ySEcq8d30W13TC" sty=
le=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"tru=
e">Blackstone Edison Managed Partners </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=
swouzUIxwOY5W6Ipd0YYChhxgnTmYno-2FDtyVH7H9sehZajM-2FQ-3D-3DueZV_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7Xc=
G-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qX=
NIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2F=
dyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22v=
fRcjE5vIl7nYbFKnxScpgQCffjLo-2FFnB1bj1a1FceFO0S8JI8-2Bm1j4cBaO7ljQ9cBx-2FYB=
c5C4JU8BBBgyMddKXhYp48tpPC-2BKT0Yl-2Bwmg0sIM8K06Vuj3I9MPe8ORZj8L6OsJ6kutgVD=
qYcjTdzF-2FYzUtv4jW4xipIcrCKjG5eEdc3QzbNR5CHRkZ-2BCmfDO4FdzofOlnhXmB3xdVJqN=
kL5HadYhGpnwN0dY3DtFZqUwFOP65zNjs5HNa8EqhX2AuF6FU-2FjL5vl7-2Ff4LuSZSnkCxve1=
9xdet" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univer=
sal=3D"true">Bensell Host US Fund </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-2BaqM7ONnvsnswouzUIxwOY5W6Ipd0YYChhxgnTl8KXc0=
wXyMDkgIocifp8eA-3D-3DC7I3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6k=
CBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWok=
AN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BY=
vbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl4IHQfemrl1DHjSuvoiXQcioqirr9=
vkgsw7DFRd8V-2FvdrTL0u-2BZDEaZ-2BIFdhFqCKJ91XNrX3AeJNgbCcP6-2F4R4Yejo7-2FLK=
sU8RQsyfJ8dRv7FuNpXlJj3Ps95eB-2FFiTjKEsuo6fra0FYIoSIvSc3bC6-2BaPfCJf7L1WFgV=
zj2Lu9AmIPksCH9AIlcsHtg7lJg-2BW0LmLl4MV5ZDxh-2BoPAFNieYCNAorxQyct1jgXqrigcC=
Mn1WsZEQirKYe4UFESPqxHCtY-2BGZB2-2BF7Qydjn434tn" style=3D"font-family: Robo=
to, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; l=
ine-height: 24px;" universal=3D"true">72 Funds in Benchmark&nbsp;=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-2BaqM7ONnvsnswouzUIxwOY5=
W6Ipd0YYChhxgnThD3AEMABYt-2BaiuldQQhTjw-3D-3DXVge_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9T=
VAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu=
8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQW=
TJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl6e4xd=
sYWXVkJuHVukQavP7Dt8SVVWqETtDTDRHhxmOlfyyQvB016WHKy0zcH2FLPagGloPOiY6EmlznG=
5wK7XdBQqZkxjN-2FpOapK9TPLHWy2BuJT3mpRoTmZuVVpFYTUx6PBrZJG1rXXUB3SvnWO-2FpS=
Tc1PDl9hYm-2Fw2WOomGkoEkHT0C0YQTkzJnU6B17cDfp5ZK1SiTiMHyOKkQIrYTP5zltO5HPeJ=
ZnWf5TlV5OmglOAvWHGbI0T30gJ91PF7q8PWSCj60J9ymCK85zXhL3" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
                               &nbsp;</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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                   <tbody>
                    <tr>
                     <td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUIxwOY5W6Ipd0YYChhxgnTea9yMnaj06EwjWETXRJC8Q-3D-3DyO3=
5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3=
BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2=
W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMO=
iRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JH=
peMOlPCxXv22vfRcjE5vIl6XaBA5S2tZlB7dCFDeJ-2BhcB4WaZe8o-2Fx7MEZnjlPNeLmuwthp=
c-2BKHdd1ql4mecxeOncpnXlXm44vzghpdom2UddVSC0C6gTx-2Bh4fcQK-2BDbZx62Mg3y3oZ9=
X9YLzJxdipl54BQ7GW1IPmi-2BIkrKn1gx7dxaGTlCeIzzamprfFOUh-2FVx6vnVsXuBPtgWRvL=
Z8EtER7fs9qM-2FE5Ub6MZDb5oNTcZ0zJFzeDzUFXf8HdW6qiHH6Nk9o9cno-2Baodzf1yLvA80=
JkzqI1qy23ypcGNnDm"><img width=3D"460" src=3D"https://img.pitchbook.com/ads=
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                  </table></td>
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                <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;
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lign: left;"><span>Chart of the Day</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
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                 <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-2BaqM7ONnvsnswouzUIxwOY5W6Ipd0YYChhxgnTZbdWhLXbW=
XlCemTJ8JeWwg-3D-3Dgsuq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBo=
NWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIbek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN0=
6B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2FdyaHlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbE=
LzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRcjE5vIl55G8VLzT4HOSSGCSiL-2FNtnc7jBTy4=
cGkhaR5UjlBtCcl9BxMk6uV9IjEpMFz5uV6T7x4Q-2BlkZFv6-2BmzYui-2FYQevC8QQ81a0uxO=
R0j5ogZxLTedHPskrRfRz6PmR336uTQEkgGKg1csKG67QN9UTIMq-2BMjfayjXeQ-2FM-2BEmnY=
ncaW6c3I9ealQFLYH6lFGiE44Kagu2QN0S4rrNTqAlsoON-2BPvk2LlC53HYHXjfAcu0ha5iL9l=
3-2Ba6PQNHbkask6ynMxffSw4f1IAxMcU24OMHnZ" universal=3D"true"> <img align=3D=
"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73590.png" style=3D=
"border: none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</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">There =
are almost 11,000 AI startups in Europe, nearly twice as many as five years=
 ago.<br><br>
                               Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzUIxwOY5W6Ipd0YYChhxgnT7BPOWhQu5YSKX625ItoUAA-3D-3DB61t_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSMrJ3BaYpDOTZJj7XcG-2=
BwK94suXS9TVAjGT-2BgNBrPOPewQwRD6kCBoNWhsI1oXqqM-2B2QHDmjg2W6916YZZlN0qXNIb=
ek4S3Os9Dyu8rpHNCHEHDRh4KQ1wWXGWokAN06B-2BDDfCDSd9vb1X4YhMOiRU4Q-2FuF-2Fdya=
HlUdWNpxkQWTJk4CLtx7KTZ9Pw-2Fg-2BYvbELzB6ggI6KzZNgZVp-2B8JHpeMOlPCxXv22vfRc=
jE5vIl4AueZA9-2F1KghXNeK79zW2MEjc7qoRw15zy7g5WS3f3WVXQxCqEF4zRfxNdDHU9Ap1q3=
Tcrse8JGXN4bM5ETjKJmo8PULMSjojWdyLIp1cRl9rf74FAfZnSh17uJ-2FsOx2vN-2BclaIyUw=
TYCFv3TNBYMOQwSSxeb7nC7WCYyM19INTcaTYljC2puCg3dtw1iEo-2F01NYMFq7053oZvLGjv-=
2F7TOfPKHfNYNcKcCE1W1N-2B7Okr3KEi0y2c-2BJRjoWlzBPlvu5CLwe1l0xZXURdOOEiEtJ" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Analyst No=
te: The State of European AI</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">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
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