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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 Fresh fund benchmarks; the incredible exploding AI budget; how Anthropic's Mythos could impact VC April 9, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and M&A Your edge on gl [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 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;"> Fresh = fund benchmarks; the incredible exploding AI budget; how Anthropic's Mythos= could impact VC </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; 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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 9, 2026 &nb= sp; | <a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUDI9vPAKcRi8= dA-2Fw0JolS4Ig20nWrFS25im-2FIw6ht-2B8Q-3D-3DtuYq_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtn= dIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfA= YkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2= B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KEtVlXDnBDvsG3N2F9FysEE6l-2B698aZXGi= uquaxFG6z5k9pA8kRca75DEdDO4aZ2qIrR5e-2F7FLxdzPB12BujhbfA-2B1skyHsnAwY-2B0NN= S75RmA14dhNGa1VSiQGKOm6yUs4QR-2F3TREVvDj-2FrpPb7r70fOO74m0ezbvePvL0giJ7Mr1C= 6FJgheMsyE2a75iaGBBvArdC1-2Bkkw0aFi1RANrD6GaiCX5o-2BpZ07T-2Fgt2mId3GWCmmN2f= 3y-2Fgns0dwaPE9ptKzgGPw3WMwueOlP742ioY-3D" target=3D"_blank" style=3D"text-= decoration: underline; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUDI9vPAKcRi8dA-2Fw0JolS4JLPyoKqTnGFPe-2BDfjJSI= Eg-3D-3DLbPZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE= 7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxa= bZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNF= cf8KPRtV48eQjpwP9Y1g7Tu5LZHadXAnyOkLtaNuSVL5HQbpC6m6MMQb8Z-2FUtf221bokloSOG= jt0hYtEgbfd4zVlOcjMyKLOZxagUgVNzEjddoMOVBXqfpcmxTddCDBwqHgkMRU8RY9UUQW1V3-2= BzhuUD-2B9uLFooIiqKoJP6K1s9eogQMfiBxgq8JqkJzy9Bq23sjBJw2Cb3z50e6hVUjS9iG6tp= 8XoNrk3r9C-2BYDUotC5XDS-2FG-2FrpUkUL-2FYJje3CIMlU33BjKlW8z3oXWR7nQM5x0Q-3D"= target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'disp= lay:none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pix= el?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emai= lId=3D3DOJG3EIWWRC2WE&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M= 6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZ= BKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn= =3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKV= Gw-2F4I81Eidw88hHONjUVZo7mkH6G4bq3FyE3Byi2Ec0PMPd-2BMH6cGryARC8nwVqHQmenezD= xEqEH7S3Gzm49xtlcqRXF1mKnqfqLvPymf9Nw8mOtQw86-2B0VHmq3ti0jilC6tCkWODBXCwGrz= CcxnHkwjQ88QmnQ1B6cOJ-2Bn96mBV-2BQriaMsgRjW8CnPTXGrLKHR8FsjblBu-2FYhl3jl2ow= gOyP7iuz2-2Fxo70AYm0d4NTT0ipCTDXk7yo5kAXufz9M1QLf68YH2godqtz1T2DRxxrGsHfEUX= 5x1deRnMDWPiJQMgMmPmn8zAiU7HT7aWVjorlDhXE1vn8QXHAFJYnS4ypnVQ-2FopgmVoqukoms= KhJ-2FuFRFvhBbwyRWUHARA1Ltlh8YbsPJ-2BvsmgxXIr-2FYDQD9PjMRYQdWEfu6QxdapK-2Ft= B89f378n7CaJ3ITc2kpA-2B8AGkT1qK52M6-2BORsfzVSsE5NTZ4QRRz4a3yhDAYlRwo-3D" al= t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important= ;width:1px !important;border-width:0 !important;margin-top:0 !important;mar= gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;= padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !impor= tant;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"h= ttps://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt= =3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; 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; 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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxuHXdjdwbpdUv0BVAquMOBg-3D-3DFXK= w_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4= COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPk= F9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9= u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KNYHK88i= -2Ba9Q-2FPqBjh-2FGppWtIAnxLITynk-2BkE9gzGxhYXpmGTVHSg2UrwPSyTFcumqL1GpYMAlE= eqBBN-2F1uNAqjoCtZxEpZ-2BJ4RUf8rrglagQ7hR28TDokmarq3Cu1joo3QybvEPro5jbJFToZ= -2Feyiu9pONwjNMF8Me1gnCFHMWmWa443xGeiNnN-2B6bGWAhv3YPh0Dj1MXAmQ13qfFrzaP40g= iit-2B3S6ySVWaNnEzDbKZ5FxVkiTgKUUmROUDz7cP4YYjtmMxjyFSfU554JV-2BtI-3D"><img= width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4538/SVBAprilHBA2.png= " alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: blo= ck; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F= =AA=9F <b>Fresh fund benchmarks just dropped.</b> Our updated data provides= a snapshot of closed-end fund returns through Q3 2025, with preliminary da= ta through Q4. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZa= OXKx4CwomPpYI5toT457qyba-2BQ-3D-3Ds9DF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7D= U35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yj= dy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pV= jezlu5tUzLZXPqzsWz80MRNbNFcf8KEZBrCShWkbNREU8eXp3JbsJNXJztjo4ZjZ4LCBOha0uqW= Cwgi5M-2B-2FZYMpzDBFyLRT6b1aVK-2FCNvthK-2BLM9e6AwPaumgWyI1g1AS6C-2Bo-2Bqu89= c4PylQwfjHc79UDdmwVZhsFTfXNHjDSEggXI1YCXXHVJB25y2F5gLsWFYAKUKDjGxw06JlMeDtG= Dl59w-2BrrUxQYuvgMRIAr1kOkOKtuCjR9vIukCmhubFsOGzH2w3KQ2CWTs6jpB4ywuuw1c3H7G= -2FJfGMYGRP9qDtlDLYDjdR0-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Get it now.</a></b><br><br> Also, keep reading to dive into our latest E= uropean PE data, sponsored by CIL Strategy Consultants. <b><a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxaeWqImFRIYKMbqfTrLdLxA-3D-3DXp= dc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA= 4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMP= kF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt= 9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KJVFKRv= s-2F3nx0FLdhi88HzUmSTb74TllOXSdbrXUYCUwyAIt3ZiIZw9AajwZBsYnO0lnTBNBLqiD2x6q= 6Ni-2FQcwfVtlhlYRWfQ2bgD2n3G2AtlYB5VZDXMi1aqC0sK-2BkFaqUue1ZIMaaQZULdQ-2B4c= nvTpVS-2BgdZbda4OvsprDMAI6OUCx0JR96rGbg2-2Fe1EhE4WA-2FKTMNEwskvXKRHLQG3ooVA= 5xlLC-2FV7XbSx0xJJUKs8MCLYJx2gEUqEHJNxHFi8m2FIWzCdRGMQe4ArfFFAs-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Read the full Q1 2026 Eur= opean 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" 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_579468" id=3D"n_579468" 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;"> Cautious investors flock to ad= d-ons and club deals in Europe </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 = Emily Lai, Private Equity Reporter</i><br><br> The war in Iran put a halt to European PE's = dealmaking momentum, pushing investors toward club deals and add-ons to man= age risk.<br><br> Overall, an estimated =E2=82=AC140 billion (= about $163.8 billion) was transacted in Q1 across 2,187 deals. Deal value s= aw a 22.5% drop from Q4, while deal count declined by 12.4%, according to P= itchBook's <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx= aeWqImFRIYKMbqfTrLdLxA-3D-3DHiWG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiO= KUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6P= ZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5= tUzLZXPqzsWz80MRNbNFcf8KCu6Qh1S2CqETJPHMssxCBinoZ6oJ60fFmr41cjjQXoGByHDIU21= xC0cdL9kTkR6gHma-2FQNmC3AAxzOF8rhbIuwj54JJdGoCfVKCt1oQdbWx-2BiSHlAlUbEgujy8= IUr4Ea7wsUQIaD2xuCiX0y8VXj9ob36i2ORJ2xH5ZU9fjiGtIiCMVtECV-2F9CRf0LGkGxqKdxK= imuZ4sDrreUUhDMy5GJC3E-2BAClhgh9DGKqyX3ohEyWz8ex1dsg-2F93hGKdlnq7kEc6WVbED4= 8OVJQZeS3yu4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 = 2026 European PE Breakdown</a></b>. Both deal value and count are currently= pacing below 2025's run-rate.</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxitNxtEy63= -2BoJpffoVAiDxg-3D-3DBrFT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcE= zalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHd= pnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXP= qzsWz80MRNbNFcf8KGcnoSbVb0Y0WMWHCroMe1lJGquWZrxxpg3-2BkY8X6EkzrghPIoNhkUS6t= nzTQTjpZzpV-2BacGR-2FffleSxRBbw1XTbBj05MxdBNCdUxPxEVErGGulKlf5x-2B5DrOZZ8KX= 6fzZtCXQteVT9DDBYLu1kCH5svb6nOltASe7lKunD9KrdocmWVqtzfCaULv-2BeTCO44ue-2BA1= QSFnAWk0tpzpVU9RGeTO-2BRlvq17cJ90FG1RMIqAQwy1QKuwHnsPHuPmAKzD0tSww8bkuGRGBg= 58N9xzL8U-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt= ps://img.pitchbook.com/news/73666.png" style=3D"border: none; width: 100%; = height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The br= oader contraction in deal value was partly offset by a smaller number of la= rger transactions. In total, 15 mega-deals, worth at least over =E2=82=AC1 = billion each, closed in Q1, amounting to =E2=82=AC44.2 billion, the highest= percentage since Q2 2022.<br><br> Given the size of the deals, they were almos= t certainly already in negotiation before the war broke out and hence refle= ct the strong momentum of H2 2025 rather than the current scene.<br><br> Instead, add-ons' share of dealmaking might = be a better indicator of current market conditions. As a percentage of buyo= ut deal count, add-ons reached a decade-high of 71.4%, up from 67.4% in 202= 5.<br><br> Rather than committing capital to new platfo= rm investments, sponsors are managing their risks by adhering to their exis= ting portfolios. Add-ons are also typically smaller and a lower-risk way to= deliver growth through targeted M&A within the same vertical.<br><br> Some of the largest add-on deals in Q1 inclu= ded the $7 billion buyout of Ireland-based Macquarie Airfinance by Investme= nt Corporation of Dubai through Dubai Aerospace Enterprise in February.<br>= <br> InfraVia Capital Partners also acquired Neto= mnia, a UK broadband network, through Nexfibre for =C2=A32 billion ($2.7 bi= llion) in February.<br><br> Similarly, club deals are also taking a larg= er share of buyout dealmaking. Their share of total deal value rose by near= ly 10 percentage points from the 2025 average, to 43.3%.<br><br> By syndicating across multiple partners, spo= nsors diversify their risks if market conditions deteriorate or the deal un= derperforms, making it an effective risk management tool.</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxitNxtEy63-2BoJpffoVAiDxg-3D-3= DLDQ4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRf= yFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2Bi= eMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3= TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KLUe= el13ISCV9hXZNmGu1p5rnSfpvMjtJnW9eX7G9j2B01b-2BHi4b7aUkdiX4o3rO4-2FhmJ-2FVo6= H6jR6gOPJjuqRT2sklkVWlm2qksWkdd9aA5qK7RwSpMrUPvK6oGiqIEysPnFYEWwrotyDiKkb2K= jhg-2FEGWcmJHCX1Exxq4cy8Dps2svGOwpHdXCisTCXHzNNv29-2Bixf9oB4VhKvp-2B0iGFTf8= f-2BYGub4upEzAEws5gA83XIG0k4cDhAR-2B-2FD3T4zdFDmepO0k4GeyKxI0HNiVjFw-3D" st= yle=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decora= tion: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D= "true">Download the report<img height=3D"24" src=3D"https://fonts.pitchbook= .com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-le= ft: 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 read:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZa= OXKxvHn0uEF3G0sdMnxw3WaPqg-3D-3D7MQ8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU3= 5QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy= 8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVje= zlu5tUzLZXPqzsWz80MRNbNFcf8KFu70QB5Yck9Z5Q2MWeondE9uSqL26rdL-2FMiZcRlX-2BhG= uwcNXG0jnVA7aQ7MaP5hHe7iPCraAfjOK-2FPshiYMJGuYSJQZxF6uH9NN727RGtC8Vk7UpaKPs= qgokvLNvZulox3osCZkH71PEd2Qcva1KpDR1hN5DtSm7pgy3fYzMuirxWFOVfsBPruXipupHeJS= Pj323-2F3ceANPICY1NoJlywpYxPkGB0a9gc-2FZESbYSIog809H9lAo95XNcB-2BKw58Tctk3n= -2B2tt9fTosRhWawcfLs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">How the war in Iran is changing the way PE thinks about energy</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_579612" id=3D"n_579612" 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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxNuP7NvV= tlLkTSE7TbymTXw-3D-3DxRP2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcE= zalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHd= pnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXP= qzsWz80MRNbNFcf8KEvJIdEHcevaWDwqVAZ2BmRglINoAzIEJb2jFzZ9ohw1Q5IOboic-2FXzGt= gfcyt88Z-2Fhndn69RKcX-2F1Rhp5QRwSoUV2rYK1lleDwhjN1Qpg3m6pdqeqCYe0SKcCZ9vtgc= MlJWBNFDdRPr0aYWdZ-2BFCvtDF9qqkfwygwHHmqAKShpr-2BsD-2FJXnr-2F0hbhn2kgbeQYqN= ie2bfojkf-2Fve4xuS-2BUue82Vi6AzAzDC5EbtIS5KAakxmypohzyMTp-2Bonq8OMsT21POzBV= KRp-2FR9kzzgNC88M-3D" style=3D"color: #1D5080;" test=3D"">Explore advertisi= ng and custom research opportunities</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>Anthropic's Mythos Preview model</b>, with its abilities to identify= cybersecurity vulnerabilities, is expected to be a boon for some cybersecu= rity startups and a competitive threat to others. <a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxXrDGWi69b-2BtdyHxmRyhJvg-3D-3DpLDT_Pr96= 6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50B= bcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6h= g44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2Fs= Va-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KDDpFruKggl27X= uFya4B4rN-2FnDkU0B-2FUusRTYfHm2ngOk6wMV8x8-2BkHnJSZdaA5tTpMd9gcr63piYHwiN4o= PI4bpw2CAzNHPynHAYl3e2KUSvls4Xe0dP97HCiPNtaZqX-2BKVFsL3TVuvpf6fGDKCyyfqe74W= pVZwbcjQ1DUgApscAKveAd9m2DAawsrzgHZA4TMfLzwAk4BHv0gxU-2FfFVwHELyVZnsKGkX6nr= e2YGZSD4kV2iyji8oh6CHhbovwIOBEeTRCh07WbM3SHaYLX4NI-3D" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true"><b>Read more</b></a>.<br><br> =E2=80=A2 <b>Bonds and loans backing fuel-th= irsty US airlines led a debt rally yesterday</b> after Iran and the US <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx0CfyvCdmoR6-2FO= CD5RV5t6A-3D-3DmCok_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnP= f677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmP= mWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz8= 0MRNbNFcf8KMM8y1XRtQTJ7GphsUUU0PrAx6njoyAmpsvUb3cNsCGJLYy5344N96-2BAb8F2W9Q= h0wwAl2j7oQvmRY-2FC4rXBAmaAsMAD0FZdeF7hhnJq9TP7Vk-2BCy3LUyPScFGYmCD56tPmSPj= 9bvVC3aq4YZgQ7PGzuUZPkCvKUV-2BizhKcVn-2FJaewwoOKLgIvMIbWug7wgJkL9gHsjIvU5sJ= e8j07Hbd369H9EqqS5n2kDYwM5Kr5nxR-2B5FJ9DjmpEHqGX2MevVFsLbYm1G2kmiM4VcbVK8qC= Y-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">agreed to a tw= o-week ceasefire</a></b>.<br><br> =E2=80=A2 <b>French PE firm Jeito Capital cl= osed its second biopharma fund on $1.2 billion</b>, as investors bet that t= he $180 billion pharma patent cliff will create more attractive opportuniti= es in the space. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaO= XKxBaLwrCvds1POHXJdrYaGTA-3D-3DNALW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35= QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8= Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjez= lu5tUzLZXPqzsWz80MRNbNFcf8KHaoysNJGl2cr7gl1O17R2C2mcy-2B5oy03yebGRQMmU4WZIo= EXOVIs2zZlUYeislHOsoh2V8WnQ0Drsk4kkIsMAIhsE3cZ610Q2v4JIBwoVB-2FZltXcrkc-2BP= hL9gqacBHAetFQtx-2Bd4PNc7gz6acu4dUSSOASln-2FBPVRcPoOAtbJJdc1dfuBnZBHhKiOEuC= EjkYqisjPVUebiToIJHYubmLcyUSPYjNfBvu27bwW9HvbsIGKcR1BdUxtLGOprO5rbBE8rX3LFA= OfxJqsr5yXVZ2As-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= <b>Read more</b></a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579469" id=3D"n_579469" 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;"> AI bills are soaring=E2=80=94t= hese startups help follow the money </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 = Jacob Robbins, Technology Reporter</i><br><br> LLM observability startups, a new crop of co= mpanies helping businesses figure out where all their spending on AI is goi= ng, are gaining prominence. They help enterprises monitor, debug and optimi= ze their AI deployments.<br><br> As AI continues to make its way into workflo= ws and tokens=E2=80=94units of data process by AI models=E2=80=94have becom= e an expression of work, companies are increasingly scrutinizing how their = spending on AI bandwidth is connected to their output.<br><br> "We're going to have to accept that is going= to be a major item of cost in any organization, and it's to be compared to= the cost of people, and not to be compared to the cost of TCP/IP packets o= r compute or anything like that," said Marco Argenti, Goldman Sachs' chief = information officer, on a recent episode of Bloomberg's Odd Lots podcast.<b= r><br> Enterprise AI spending is growing exponentia= lly, tripling from $11.5 billion in 2024 to $37 billion in 2025, according = to research from Menlo Ventures.<br><br> "Most companies have limited visibility into= where their AI spend is going, which models are delivering value, and wher= e they=E2=80=99re burning tokens on low-impact tasks," said PitchBook analy= st Derek Hernandez. "That gap is driving demand for observability tooling, = and it will accelerate as AI usage continues to scale."</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx1U5WUpVTz= Zh1UzEg2RTpAw-3D-3D_8QI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEza= lmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpn= FLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqz= sWz80MRNbNFcf8KJBrJno1q3JoqzKzYk7zsS-2B-2BrS9gQGMiv-2FivkwIfjh6u0ipX-2F-2FL= yF56fSFDkw3id0EIh0GtnNowY9n8yhPEouAeKHv-2BzwTWNk01i4NdrAzEPk6jBb665b-2FzL4I= oleN3nCoJ8ehoMmExjDO758ZR-2BAPmBKtqx0qKY-2Fzi19GvRsFGBT1ArAl5U-2B5HnZ-2FPoe= -2BIezkJeQWS64GnMwx68jlxLt2JdBDwj1yoN67oVSM-2BsBK-2B1pvj-2BRg1OLL6DZx7Hg67b= yYVlzFQIoW39YqxV2HhY0xk-3D" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/73667.png" style=3D"border: non= e; 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">Within= infrastructure SaaS, developer operations startups continue to defy a broa= der slowdown in VC investing.<br><br> Since 2023, deal value has risen to $6.2 bil= lion in capital across 133 pacts, up 55% over 2024's $4 billion in venture = dollars invested into 157 deals, according to PitchBook data. And AI observ= ability startups are leading the pack.<br><br> While token prices have fallen=E2=80=94down = 300x for commodity models and down 12x for frontier models since, according= to Tokencost=E2=80=94spending on AI has gone up.<br><br> With cheaper tokens enabling more use cases = and more complex tasks requiring more tokens, companies' bills have also go= ne up. OpenAI disclosed in its most recent state of enterprise AI research = that the average reasoning token consumption per organization increased 320= x from 2024 to 2025.</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx1U5WUpVTzZh1UzEg2RTpAw-3D-3Dr= AwW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyF= A4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieM= PkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TU= t9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KOdsQ2= S-2FxxaocXf9-2FTg2qUZJ839NvOMpg1TK9HnLykA1G3pNJL-2BRrZf0iYTa2d9K9w8nmEaZ1cN= QreFPm2fxMUi1OEEVee-2B8FN1bzvebv4HnGylcvFyJCKmz9akP-2FKyrh-2Bm7GX5e-2BCXBnM= zVm1F0EcHAKB7-2BLNYS8sPImmZg6qMBJXWcR76EAYd8kDFG8uyvcfNT-2Ft9APoITB6ubhmpkw= 8merK8ds3SzOAtHj84fIGRGTd-2F-2BQrLbJLfm0gy3FBUlcirgRObzYezdR9yLmKZg3ik-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">Share this article<img height=3D"24" src=3D"https://fonts.pitchbo= ok.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-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2= Fv-2Fjee7a-2FIUfxPsymYLbUMWHAHlADaFw-3D-3DvP7C_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndI= jAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYk= DsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8= rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KDERbS6WsXd8OpWeUEIa6jPSbIjXykGAnO4GLn= vc-2F0vtGrr0wyILtBgP-2FUYZoUatLGGgJpCETx2ZTNvbCZplcNFsvum8lTcUj7LFQNJ8Z6Zto= 0x-2F6tj9TOJERpqTBT8DS9s2YWRG3Xgs874e9JTy5Vqk2orlhBM5hgbANUggeBE3srlwHPXa0c= tKWljfEHlAz3mIWRP9EoC25DsFnWlnEYmihdhRAs-2F9x4E-2F0vPOsP0ztN-2BmHcLsYvNA7ha= saCuTK3-2BlUQvVodDyMMEffk-2Bu0sI-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Q4 2025 Infrastructure SaaS VC Trends</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>A search for the true identity = of Bitcoin's creator.</b> John Carreyrou dug through thousands of decades-o= ld posts across the internet in an attempt to unmask the real Satoshi Nakam= oto. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIZa8OQC= o9q1ASbfppWYDS6w-3D-3DzxT7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIc= EzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfH= dpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZX= PqzsWz80MRNbNFcf8KP6UYwfIO6PSySvT7SATZPaHtvC-2BlHPRL6nscQvPNp5Se5XvZCgFFZpz= aCuauucBZCCeOStLSDDvg3KOw0Qz2tgBMnTBZEeJ1cUyMStuMhrLWwDvDixrEcn09cTjozrlE0f= km7B0a5yIpAhyjUg3cYD9oZHa6OnSkoo5iucRQxBXYfCX-2BC3D62rE4kOhLtm4XiKJTc06eShi= Q1q-2B7t-2BrEaK4nT35DFCVI3C1Q-2Fxn5OhMW1-2BdjM9gmV-2BnRpclmk1gjvUxoQSas05zg= gXvfNBa-2Bw8-3D" style=3D"color: #1D5080;" test=3D"">The New York Times</a>= ]<br><br> =E2=80=A2 <b>Comparing PE to a Ponzi scheme.= </b> A Wall Street investment banker takes a deep dive into how the PE indu= stry has evolved. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fje= e7a-2FIxTBLGTPqulbOxnJ1AzV8Kw-3D-3DlviU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7= DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3y= jdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6p= Vjezlu5tUzLZXPqzsWz80MRNbNFcf8KBL4UZlaaj1nJmIs-2F4gFhcGU6ZA3NgU80qafQn-2BYL= gzivFLpCvf1VS4Csf0oEIiduihhm9JVRcGEM90vsQdm24QQpKudr1Vz69K94VFixBOBDZG3ePfK= DNPxOtDqcqMNMTIsczsTqkrA-2BSWH3Wn1qXwFf-2Fg76eQuySsux8LcWY0277HN22bEwNd8-2F= 5QrXYXWvt9xBDtDQC-2FjsqFM3xfaeQUu8-2BK5pb7o24fDEYZFenPi0PeZpAEPtWqSFTXnyklk= -2Bvv4h7-2BTXbt4ip3S6wCAsEk-3D" style=3D"color: #1D5080;" test=3D"">Scott B= ok</a>]<br><br> =E2=80=A2 <b>The FDA's removal of safety war= nings created a $6.3 billion windfall for hormone therapy drug makers.</b> = Estradiol prescriptions are soaring after cutting strict warning labels fro= m "life-changing treatments" meant to help perimenopausal women. [<a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FI6ik9dGBRp-2FxvAPrfp= DfrXQ-3D-3DqzeQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677= IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoN= yxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRN= bNFcf8KAoj6h9xJ5ZOyC2fR1feRTDp2lUFoVmrSRP0jheKYBQ3U5F0BFH1a8LQhxkX4mCgZvzcJ= nM3kzNjhBmfB1-2FAaZxoHhEgAY8Se7uQNH6-2F8FZjbIkvrutVl4u4TzDUMRynysknmEg78Cpq= Dx4Ppi84RHMy9Dmrg5Y0RxX1AmILVJnPdbxSbgj87pwy8fhFcKGFlyjB02Y7FhWlFoyIQo0RjTN= 4IZ9dXxZMrWhqYzBUZnuS3p2OoS8EiKNjafM2EGS-2BotK9UfgW2CSyZvoRXDTqQLE-3D" styl= e=3D"color: #1D5080;" test=3D"">Bloomberg</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;"> 609 </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;"> 1861 </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;"> 936 </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;"> 32 </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-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FI00-2FtkK-2BP7WSJ-2FuQJCQB= yQQ-3D-3D-YKt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677Ip= E7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyx= abZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbN= Fcf8KK-2B6r1n99QmUFaZO-2FV7-2B6N2NVi7BBsJPJw2K6SXJovfdIR65NEcDCgqCWtKX4QImZ= 3Unk-2FLi6sufXQ13QTvhoFZBbbJVBh5EWMjHmFGrACN2LxinFBvURs-2Fma7s-2Bj2Tt6Y8oCU= 7aq1ob0j7roLf4YfYVGePFI2spMU7y1H3AoqjRY6PPJtJ3sdCpw0166VuZy73m-2ButinAJXJXR= gX3DaBmfQHFfZF242S-2FS3Xttqid9MY0A-2FzLLf0WBrEoxD-2FYyrgR6yJ9jifw4PnTAfxwcJ= OTQ-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_579609" id=3D"n_579609" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2021 Vint= age Global Real Assets 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: 76.3076923076923%; min= -width: 76.3076923076923%; max-width: 76.3076923076923%; background-color: = #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">12.40%</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">16.25%</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;"> 0.08x </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= swouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FI-2Fz2rYm0x3iiS-2FoPvflOynA-3D-3D7sLZ_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bb= csk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg= 44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsV= a-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KPWQFv2ms1vMuUl= WtYxJj28JCJio2ezQznWEPBBK2TCu6FB88yfBr2YCbT-2B95JjLwODPDXs8GDGz5gfh7IIN8ot-= 2Bb933N2CL1CjHo1yZ71kLKTt8sjY3i7AlrG3U9pqP6iSoVOSMMpU37OpPaRTy5mRDbtw-2Bzmm= 6SMd0b7UkvOKoovbUfaj-2Bl8Wc-2FiIRJBLunu8uPPU1yHdAuHt3mpyiM6Vqk5jnoBZGSV5mn5= 2RiKdlWbq9Ynx-2FTjKVjq-2BYtFHRRXasNX5fGKW9A8e5-2FukBzm0-3D" style=3D"font-s= ize: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">The North= Sea Opportunity 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= swouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIoEiwUmyL2B70w1aLtbcamg-3D-3DdCLF_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3= VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8= -2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2F= rbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KF-2Bqo-2BT12Oz7RHB= h1ijgez8wVSB6p68P6OJ02kn5ShhpOuS4lh5VZAZF3SCdI7OYqK8w2cqAn5yDwmkQ1Y8qeIShwI= hxcWoZJMFP9Uzbs91d163xBX-2BDXPNz8o9L2fzeAo7VsuBlw4K3HxS9UWJuPSZFNaU3rdyjNlN= X1Ush0-2FKABnZQ-2BoTlREss9cBt-2F7VyvX8vTaGlJJlAOTu75xiYbPJPBvWi89Wyl6woTXxp= kI8GdWr-2FJ7jcG1O54HL2LmBSHjdzpqoTylFiAgHW1FFIF2c-3D" style=3D"font-size: 1= 4px; line-height: 24px; color: #1D5080;" universal=3D"true">Tembo Capital M= ining Fund 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= swouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIJ7j9D-2BDkpN9-2F-2BvKdi88wUA-3D-3DBWL1_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50= Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6= hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2F= sVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KC-2Bt0E6bu3C= uQUPqFew-2FJ6yuFqMALI80BmoFAnh6YnGfCnV95mqZO7asiUFZPVoUg2sXlMnemoWfBN7yP4Om= athmD1oi09tjOtjaUd2OiZa-2FtP0VZY78-2B4PONuO2TuXLAKgRLwvIoYaFjfpb2wZ9QLvvLGj= TvTvl0XCB3hNc55IPs1Hgpagv8fYTXwL6FA92y-2BrVVYKhJtb9i-2Fj2NLaAz04R1GVLWElPWz= 4eEVXM5capWXDhVqiOHkGPYEXyb-2FMuAXk9dCVy-2FStavu0-2FiNL2U-2Fs-3D" style=3D"= font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Bla= ck Bay Energy II </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-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FI= JK4drNIoiWFObTsvCBfNww-3D-3DxdlA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiO= KUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6P= ZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5= tUzLZXPqzsWz80MRNbNFcf8KHn1ShFNKa2zxrJGaYkow16lm8KVNDkxEqG-2BnrgUNRGHboZwtt= pnY049q2raepChHVXKwe-2Fca1hblK-2BGBD-2BPbV5LMYu5YeFRFtZ14ZAEyuNr3h32ijhT6PT= YKY6HEY3Os2xP0c1jHNDl1iYe8ZerBb67PcDTTeAPBARygtkbjYvcIGKQPkN4HUfzs9Uftf8y1v= swV7DtGCfPy-2BIBgfLue-2BY-2BPSBTuiRyTOSsBmRE4i2-2BdjHHyxnECVUy0r5GyKxe-2BU3= iSYhvVVIVZl205fC1xJ0-3D" style=3D"font-family: Roboto, Arial, sans-serif; c= olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive= rsal=3D"true">45 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-2BaqM7ONnvsnswouzWVVhv6z= XYZtK-2Fv-2Fjee7a-2FIrZB03qkxSQjefEoz0lG0Xw-3D-3DB5U1_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb= 5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAh= GZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbk= fx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KBdfmM-2BUpVt-2FIyXJOsY9OxZLpKH= -2BNp-2BeJhmQJ9NP7bq65-2Fh7ymBq37lpaNB8Is5ksfGnfqiCSuZTvYYcP1xKXyJpJEVRyXuX= mOzZHNNUYk9JiwHu0kgEjhqjVFV4sjvQ2WMc5CeYohgHOJlNPctZpe50IkPl0H-2Fs1bbw6TPBi= -2BO-2Fv1KEKy-2FZKRIYrQ4x5zyfzdn90YRP9wW6rZpQihLKVF2vNK85-2FOsLRjJ80Z1zGNxY= QTIylPA9LxsSPLO1tCA8B7x8uH1DVryTkHhneqX75Cg-3D" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " 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 class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; 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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;">Cancer-focused biopha= rma startup <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzV9zVvECEHJ9g7NsAe2VOiBMzLnhOzU04wo58olMuQc3g-3D-3DSOFO_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3V= kHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-= 2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2Fr= bWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KHVd06-2FChJAp-2Fb-2= BWcoGjsaIy7Aa1H8GVQoIKJ8nKhx7Hh5A1PViG3DSovf3gR1-2FNOkZNDwPZE34bwtRr6peN6YX= 4PK5Fxusr2FJ81DtYq43Eq3XzCdHJhJZcY239rmCoLmEquVBOhVIHOumdG9e8py3CsOHL2nwuWz= aHv1MMTn8zA0IT75kzd1wrs65wB-2FN6Jr3Xj7TiZxl4Ku2m-2FDodFlgqEpyDescQmus-2BXQz= -2FEFT9VskjhFnovUSi2bbAC7-2FBuPFXJoFVyZaJ04cp2u2Hpug-3D" universal=3D"true"= >Sidewinder Therapeutics</a></b> raised a $137 million Series B led by <b>F= razier Life Sciences</b> and <b>Novartis Venture Fund</b>. <br><br> AI networking infrastructure startup <b><a t= est style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEH= J9g7NsAe2VOiBimooWgjguC8YMD4xwWr79Q-3D-3DyZ22_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIj= As4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkD= sCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8r= E3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KIewMdARcXnej-2Fx1hxezdsuh-2FPWto1blF6-= 2BPv2BebkLKSjmeDe6clk4OMqaZqseO3t-2FVmek5o-2FCN3H1tWw38kEuVNQyu8x2R02lFek3H= IjEvI7Vc70XY78MSqe1CpC-2FfvnXZXtvuKdLlOyM0wsXYIVcdk3dJFhTRB8skJlRnT7U-2B7-2= BaCN4Hz91FiSAuRVte5IuGAJEXJKXq85c6MaZRbryRVUdVFsfXV-2BHjLHZcqCAICFxGDaAz1AA= o8PMb-2FUVu3B6eNr4yFnzZMk8fq1oRs1b0-3D" universal=3D"true">Aria Networks</a= ></b> secured a $125 million Series A. <br><br><b><a test style=3D"color: #= 1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBsHGJibAJ= V1J-2Fm2rMQ0uS-2BQ-3D-3DSHpt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMz= IcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3s= fHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzL= ZXPqzsWz80MRNbNFcf8KG72o8X2BiihYXbz7NFRNTOuBP-2FN1Rt0KwHAg1UhsmmJz9uEXg-2B3= nX6-2Br-2FYTVsU-2FkStxXhqrOzSo88ar-2FvQPXxtfQrymZUjVlLQhQNphiPYzXUR8iB7putd= b5R90p9trtrKjz1jGLLZoBNIyFR8Le8YNuKVt6b8D-2BfBprnItEm0Sm2CEWmuSFO6xZBY5YVs5= mp2wYKsiwygnc3VtNEPwM9ZRRFq6-2FvQ32SH-2BuVEqPK-2B-2BQRFX4Wx9F9a6mot-2BOnadu= M1KO3m2WwwxpzW3oOaT1M8-3D" universal=3D"true">Polygon Labs</a></b>, which i= s building a stablecoin-powered payments platform, is in talks to raise bet= ween $50 million and $100 million, The Information reported. <br><br> India-based digital bank <b><a test style=3D= "color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOi= Bz-2Bp-2FJls50jSkqWNh2xHP2g-3D-3DYJ0Z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU= 35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjd= y8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVj= ezlu5tUzLZXPqzsWz80MRNbNFcf8KD6TMFE3Gmq-2BG-2BK-2B-2BCjy1BbUAnt47SK42Zkukoi= Hn49l-2Bt2GQEy5PQGLwhD-2Bh-2BOewvAOV375mdLPVpXbMLjAM6IKrTJeKgiZ85kitqnj9YzE= 47I9H9iV7-2FEVoCeUlTngfzQ2GnuBrSHu3kGjpixr-2BVZ5IiY9Ic4FM0pBrVfstknMUVSeWZh= mpnyptFAASOZxgjXcxmXD9pkpM31m3SC7kUOK09RsDTIMKqLV3zMsflxnQXUt73cXDMA-2BWR35= U8vZyLbHvRvAKeYHokvL3rC67uw-3D" universal=3D"true">Slice</a></b> is in talk= s to raise between $50 million and $100 million in a down round, The Econom= ic Times reported. <br><br> Biotech startup <b><a test style=3D"color: #= 1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBlKzGk5hM= WPrcMR3UumXgUQ-3D-3DzWph_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEz= almnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdp= nFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPq= zsWz80MRNbNFcf8KI4bV5CWJ16jKQJg8Oyvk3TW3PfFRDi-2FXcvkBRetNa1rpOAykKMi3kKtE6= GKBkpwr04YfYTbH11NkpvdbLl8kbMV-2B4XlXmYqNSGXc9h3OipT9LrtZ3IHYrYQ-2FeTspC4iv= OfVwjGflX20pJljZEGDAz4OCstutsWXKHO-2FLNARuJpF-2F4OKkC-2BPJf9XvWYqQtk6bSspjl= Z5UHeryQe2wLJauJ3rhtsJwPoDS-2BcG8Y6CaVt5lpvZ9Kto2n3LYLJsBqBp-2BNTAB70GnP3WD= 2THVQTweTY-3D" universal=3D"true">Life Biosciences</a></b>, which focuses o= n aging, raised an $80 million Series D. <br><br><b><a test style=3D"color:= #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBlnBlSU= 3jugJyzsQOqYAPWw-3D-3DUk1P_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIc= EzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfH= dpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZX= PqzsWz80MRNbNFcf8KMepumhZ4oT9CGujerIVJZ8-2B5hBdeTgNt-2BPXniSyGtfvktGaK6pW9z= p1CTE2VIKQ3CzyM3qClCufeeBRt865DkZR3cV67aLKhFcfSRJe52TpLel6yVO6hHWdLkfOnvj0-= 2BpMSbz7nW-2FYekSj9FUUQ7SgZ6FoshThdaZS-2BDw0Gv6wPkdl2hTnRQusYdiGZADTh6N5FHC= mGfugx1E94-2FP3YMDatNPl736QnXc07fijDSuo6QyzA9HWJ457AIYMAgMnmsJjMzPM9eE0dh5y= J0KJ3-2FaA-3D" universal=3D"true">Patlytics</a></b>, a startup developing a= n AI platform for patent workflows, received a $40 million Series B led by = <b>SignalFire</b>. <br><br><b><a test style=3D"color: #1D5080;" href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiB9HTEfx7zH5Q0C8GQ0rlBmw-3D-3D= kkPD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfy= FA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2Bie= MPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3T= Ut9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KKeq5= vtEjCEnqa5WdJL4rWRcxeOWZrtbyk-2F-2Be-2FVSeZmm-2FHgKl-2FE0SvKHbn5x3ikuDMp1IV= wkW8-2Fp5nh1vLf0UwBLFuBjarey6PT71bZMWCBAmCO0Jt6NSjTpB0CwfXufhz22vdQCfUyr76a= Ei0yTGbSmNECwnB7hL-2BCejPB-2BVjJYsRd7NYTTtQwk4-2F5Es7hkex-2B2r4hZvyAK4QOArF= RWpX4KDSG0EP12ZcK08r3QM4kX1lqFHFI42ita2nKzb-2FimgJU84PmgNf41P47nfPyj2VQ-3D"= universal=3D"true">ReAlta Life Sciences</a></b>, a biopharma startup focus= ed on inflammatory disease treatments, secured a $40 million round. <br><br= ><b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV= 9zVvECEHJ9g7NsAe2VOiBG0QPSNxFaLTxtVmcS1aj4Q-3D-3DPJBQ_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb= 5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAh= GZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbk= fx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KPOKS-2FgC-2Bw-2FNNIuF1UXQnCPAi= EqLvuAtTkIgvkebWz6xT4tHj-2FEUEVhNOKNUktieobMyh-2FHYml17qReag7AxB6letaafP1iP= iFQCy5NlB-2F24JZA-2BrFRUswS7ruiIt0ex4Jgr9rftIxnSE-2BN2FGlDvI2H0BS7PjVsDL1VE= MbnptnAZW7RyrFltTNnBIDcePWTWBoSAONO9hB1AfW0lBQqw0L0w4MG8qCn2Fixp7rJxUFSOR6r= 1AExYi14v7cV6FsrUwGhUEkKV1IEV-2F5MFMZ1-2FBw-3D" universal=3D"true">Narwhal = Labs</a></b>, a UK-based developer of autonomous AI communication infrastru= cture, raised =C2=A320 million from investors including <b>Jonathan Swann</= b>. <br><br> London-based agentic AI security startup <b>= <a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVv= ECEHJ9g7NsAe2VOiBZMXMoMsWvOzU0O1fMZXy4Q-3D-3DawKb_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOt= ndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCf= AYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-= 2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KHdH1Hpy0fNaThydr2cj0uKPBFWnieMxZlL= hu-2F9PwyWWrZSuzIQ71A2yEXdh30-2BN-2FXKeZSBLF8aRdNmZWqgL2cqYTws21RdEnxWRMPfz= ycHjLikiUfwfxBJwZ1gCbl7P3oehcBlEctRptytWJvdIauqzzGC1wVVixDshehaBaHXERKDCU2u= OG1sl8w8a6Zh54m5f0ueg9RNSQuvhd5pAihBlWn6ND7U7-2BwuAjfycY3T4DqQqPGHoFQ9gjuoE= a0IW8NnOyMq0aO92x07UkJ8DKaQ-3D" universal=3D"true">Trent AI</a></b> raised = a $13 million seed investment led by <b>LocalGlobe</b> and <b>Cambridge Inn= ovation Capital</b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>KKR= </b>, <b>Global Infrastructure Partners</b> and <b>Brookfield Asset Managem= ent</b> are among PE firms interested in acquiring a majority stake in UK p= ort terminal operator <b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif= 8ZeOxg4-2BE4k-2BV9OZOcx221vBMOw5az-2FyA-3D-3DxQj8_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOt= ndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCf= AYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-= 2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KK5xFdSOB3Adj8ADbQxTGMa4glOot1BqZ5D= YJeeJzKRTiKZTLkzoZHCuRmEFJJcoukknMRnog0fRu2WIuByVig-2F6eKRlUxW9l0rtDQ4i7sDO= suk5zlU-2F2JLn163i3CZb-2BQUZGqiU1UoAG-2FHl5dIm-2F7zzEdxbTZiAXzyyWYg59kRrN0b= pOPkAiqszlVUZ59KdbeAs5PrFmAISsa54GPHYfBk7tOcQX2o1KFaIOsViSOPe7aLN3YqzixAX6H= zccTUdyEIR41T1M7iQXxHOxgas3dY-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Associated British Ports</a></b>, Bloomberg reported.<br><br>= <b>KKR</b>, <b>DigitalBridge Group</b> and <b>Brookfield Asset Management</= b> are among firms selected to enter the next round of bidding for France-b= ased fiber optic company <b><a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8F= Aif8ZeOxg4-2BE4kEYzrqgZ4chyD1NGfrVorsw-3D-3D0obC_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtn= dIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfA= YkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2= B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KBupT8TqClonRFoAioOFJ5O0GcbqRwjg9-2F= og-2BNFu4qmQ4ZUzpulNzauwNNGlNOw7UJaq6WbRCVo3sThRc4T4Vv7fnsCLEp3zxM-2FxIiawL= TRfonY2WSGil5GVcUg0laOUfYEnCiPD93hVUULo7Ovb5KHGFw-2FWQ1RxVkf9FIXIYBqi0M5B2z= NuCbBbYnXBmSOs-2B9-2BR7yWnpUOi-2Bv6dX5WwJ-2Btl-2BkYwZF8CL2C1VdgjEvTGMWmtJk3= Oy6mt1xM-2FrqUBG9Pv6D-2FEsBMMUGAUK3m3EnE-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">XpFibre</a></b>, which could be valued at around = =E2=82=AC8 billion in a deal, Bloomberg reported.<br><br><b>General Atlanti= c</b> acquired home healthcare provider <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzU8SZxl8FAif8ZeOxg4-2BE4kKUcrJ6plmSNWELZWF5jAIA-3D-3Dpr3-_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3Vk= HQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2= Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2Frb= WeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KE0I-2FSZaoB-2Fwz7xaS= LI34ADWAZd2LsZUizoGPe85SCfm1myMI1mMIuyK-2FZk1wvudL15WpqeJXh7DJU-2BI5djup-2B= V4EtewjkJlyBi5W10IgS3yFe0dNmPMaKJY3ZyyDNT8n2pXEsNJzX2S33QGQ-2FhtIMMVLacLPye= p6zplPzKX-2FcxLGR0jKJwSnwV-2BrLrKmI5dO9GOckJpBoFgorwl-2BYbGiuEP07Y4d3bMOGeN= UPRVJV927-2BVHiZ4FuCQv5X0su8krrNTEaO-2FFSBDyI39hIn2eaUk-3D" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Team Services</a></b> in a $3 billi= on deal, Bloomberg reported.<br><br><b>Francisco Partners</b> agreed to acq= uire Calgary-based connected safety company <b><a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kJxCWuOuFgoRvbzNgoS8c6A-3D-3DGk_w_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcs= k3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44= o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-= 2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KLdKYjFu-2BVd-2FG= 2DD32-2BL17iSCaPZG1H-2BsM-2FqXs8eMl-2BulTfspJxk-2FUmgip85N9749I16rdlT88bioy= 23iXRaaNSNP0DNyq4GUT-2BWQu6J8J7Q4pYjyVPlIP4HHv1lXLjFIKhU-2ByYINsZ5bI9O3XrvT= yoa1AM6NjLkzMDjwlRG3kjkCa3bq2RfF4-2BghkymTXQ1dazY1yXfZ4AtUWz8BfS-2FaANUNUQF= 32P2NczWwTEuC4vYALQnXxkjvfH3MKWahM6WBnsRyQTRIlyeoBarMz5Iuic-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Blackline Safety</a></b> in a t= ake-private deal valuing the company up to $850 million.<br><br><b>Agilitas= Private Equity</b> agreed to sell <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzU8SZxl8FAif8ZeOxg4-2BE4knGdSfefHzsero-2BZne9UHaw-3D-3DiiAR_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9= F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp= 6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeS= KfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KEmZpddcxxZQSKMFeIfLIv6P= -2FhoEX2q4zDQITbPuVPTUzuGLd8jraELQqaHC9z8gQpyZAbD2c85PPuYTrCSqdDklb8Cpiqjag= 8LQC65qT2cgcEyR0ZnyNuTnMpvHAHRrkuri9Geq0Rbpr19qNObrxACfkIPlXadSFSeUq1az-2FZ= TW0AN0Yk9WRLtJ4fgUu-2BmjQ1mXESCoudnrvv89LG7ZkUD3UHAimSu8CUk3-2FsfFt5nrE5ro2= J2Z3q4OzSFvSc-2FyActKdODiirk0EtAX1Tzaldw-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Integris Composites</a></b>, a Netherlands-based m= aker of survivability composite products, to <b>Triton Partners</b>.<br><br= ><b>Frontenac</b> acquired <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl= 8FAif8ZeOxg4-2BE4kPRfIn-2BrSmhTNjfLfVsslFA-3D-3D_SiN_Pr966knuaHmaw6c7pKvB-2= BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5= UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhG= ZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkf= x1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KFGIH1hCArAr4qpdtch56Spc6UVMka9n= iHj5Iiz4fJr3w1pGSYKkwMag1WYFrzTlSF5MKRT9spy2cINnk5NT8hdR2FUdi9HWp-2FMzGISXn= 9Q6lWPmrMt0JzYI6keXt0zEMZjN5cpcCYiCqHkt4bumfLEAJsB7tjzkG1LAoWswg0e0tQSprj-2= FBF6od8P-2Fl8OXqlAxzacxyP9plVYVXFiOPDL-2Bs5wtGpmbrhqDc-2F40E9tCH-2FiKiGFXJq= 2paYKnGbu7Jl8LOpFnccfHgM-2BCDfhsRZ1M-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Honk Technologies</a></b>, a roadside assistance compa= ny, and combined the business with <b>CurbsideSOS</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><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kOW0atygspCvm6QB= s34Uy3Q-3D-3Daml-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf6= 77IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmW= oNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80M= RNbNFcf8KH7FmTM6ONVet5tv6jwl3EiNJ8QGn0qO1E1cPcdKe0QNKQtIKpDjRJmCyFMN-2FxTgm= RafTIW1Egewcf0itrMRkO-2FLnQJ-2FjmPp5iiDG7X33VHLZvBnc4p90e1XGJWbiZczKy24WrLf= HFm-2FpKPOd01AxbvDU9jjVQ3mLWilob2bmM-2BORplNEi-2FMsOWO5wlzQ4VPxuSqCWvrZM9r0= owDbqngGQjqR16oLt6DVg5bvQSZZ8ALWyu1V5-2FjKhQgClCm03uLwtiFOSuAxbJBJXS6Ed76Ds= c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Arxis</a></b>,= an <b>Arcline Investment Management</b>-backed aerospace and defense parts= manufacturer, is seeking to raise about $1.06 billion in its US IPO.<br><b= r><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kkAyYfbG= wRXLkY0lHy3W0uw-3D-3DUvfu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcE= zalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHd= pnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXP= qzsWz80MRNbNFcf8KO2FarB6oVjC19UWx4fQp6FAnnmKWqCo60Hwfc8Zhmoim5FAc1mf6ZmI5ki= UbcB6RFvhio489I-2FcncfSyYSRcf6EXQrSUdoX1qaYK6GgLCf9HlOzKChi1to-2BQTm89jCgA2= yaBkYABotO2A3OKS0MqdSeP49JJ-2Bf-2FVAeJ2j2vuL7-2FRAldyxT-2FdTKIaCZOGQ1MLKvL4= F-2FB6O1wWvGBPbmUoFj4U4LN7fsSSqcdYyH-2Fghi7lTnD9RdvaevV9C1NY5LGheTb20ihBIui= Z6QChsDukj8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Svat= antra Microfin</a></b>, an India-based microfinance company backed by <b>Ad= vent International</b>, is planning an IPO that could raise up to $250 mill= ion, Bloomberg reported.<br><br><b>Nordic Capital</b> is considering a sale= of <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4ky0yyY= mN50qmsJMtaEs6OrA-3D-3DHIPu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzI= cEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sf= HdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZ= XPqzsWz80MRNbNFcf8KJXP45WRCVB60yM43waIJet1-2B-2FKKLXNuoIfA6a-2F-2Fw0ZtTp4na= 8wvge1u82eLF4zRvDPS-2FzHbGODv-2BDIFBKwJ9JOxOK6xHUr6m41XB16bwQJiqjzwMNUODeCP= XTjusVSrQZh8K9KE24Vdh1eJtosB4Ar-2FH7Zr5iG-2FgUhyYmmXMWv-2FCaGdkqWaeh4aJ-2Be= XxoxKGpCCSDgct3-2FBDLoMuWVEsLuVr4egQf4qAxafZRQOdo89BVYBkMg1EqCcycsiiZTga4hm= fPbjEmJfh4TzYvEHj4g-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">Ole & Steen</a></b>, a Denmark-based bakery chain, Bloomberg report= ed.<br><br><b>Upfront Ventures</b>-backed <b><a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kqYCxwWrshJlGXhF-2BKSmgAg-3D-3DJHaY_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcs= k3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44= o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-= 2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KIqosffvKNmk3lpPm= Ofi0xQLCVhRqAyXhlzs-2BuiOeY8IyiHt5aVvMHP9txH5HWmlAAP6Xnt3caSfrMRhZ0bpbxJA2T= JkM3bfAJXv89QPupZYSzDz0tWalce-2FDOAZrx7fAc8n5s5YcKUa-2B-2Fc5iPzIIrx51A3FT-2= Bop62Xu7bhe3lXx-2BMxxOTY0C0gvH2E8BRgH9Uk6qtgaOqxPkInA6VuKR57l5uLy8n417q3Jxg= X-2BlVXEJSOXa4Ks0XJZViwarYlkPK0f670l6z6BYVdHlP0vCVY-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Modern Animal</a></b>, a veterinary cli= nic operator, agreed to be acquired by NYSE-listed <b>Chewy</b>.<br><br><b>= FFL Partners</b> is considering a sale of infusion therapy clinic <b><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhyXXG1VGxTTAUCUgV5NN= 2iGw-3D-3DoJPr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677I= pE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNy= xabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNb= NFcf8KF-2FYbeAjMt6BmLUyQA2bGxAMN6xlUIuxKwbYG106qIYolOXup-2F8-2Fm-2Fb615f-2F= P6-2BgdZhzpjxQ3ydZX6FFMPt2o01pC2qxWQlfHOUO7O-2BdljWzzfLWEN7R5wW54iJQZQC8-2B= rTOPJAQwYuLWVTx4l0fz4aC6VdG39NO-2F-2Fu673Si3nvcu3n95wT64rseaJLgSUzdmQWiDaqb= WLBQl-2FO0YmvmO28G-2BXNcbwArPK5I-2FyisPqSosqO8V35-2F2EuPCsu1X2nvH0ecjoIRtfg= -2FYtqZqmswz4o-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">A= pex Infusion</a></b>, Axios 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 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>AMP</b>, a VC firm= founded by former <b>Andreessen Horowitz</b> partner <b><a test style=3D"c= olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyh= y-2B2AY9yLAq2zj4UWeWVb-2BxQ-3D-3DyNqh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU= 35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjd= y8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVj= ezlu5tUzLZXPqzsWz80MRNbNFcf8KJkwO6i9uwKUUtYgZbfDhsI0ZRydGmdaCsYUk8REq6LJ4r-= 2Br8Md8b9ORiZwr-2B3YmLcan37VPUc9ow-2F0woBmGXkUiQunJffyU-2BVED5LWObAufkj8S9q= TWpbN-2FL5n1fWddBMf0E-2BHiYUlMOY2hNq7NWZi7n-2FnW6bQJGOiWEh0MM8UM0ckGwqMNvmW= 1A2QojDl1EeSYQo-2FkglvAfFpLKq5AllAa6ZDw42MW-2F77SJ8-2BPF5OSb4cUBB432TEd-2Bb= v3uINEJR75OR7Affs0AHGJxwKclOU-3D" universal=3D"true">Anjney Midha</a></b>, = raised $1.3 billion for its first fund, The Information reported. <br><br><= b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSU= XOrQaJuZ-2BjcxjjuAyhyv-2BYAbg8pUoyM71poNmOLbg-3D-3DPpMQ_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqi= vb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5Y= AhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOS= bkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KB-2BABadePSTTO7eJueHUte2zKMG= UWpqoV-2Fed5kLWo2ZImH7uii89adM-2BNKX2MEB-2BYYxKv8aNF0SOicHX55bGu-2FQAr3eOzo= eGOizqKzvtqG89L9ItiNsSVekUdJ1a08zAVVWawequSNcuEtMDQlYkFTwkWNBApn7whc09a-2BI= dpLBvhC5DZL-2FnO8fsyhIhuQ-2BUN3BFYe1Uu2MVpYrBzRU-2BMWpWPCzcjsQgzblR36VizJIi= MoJuiY3uvuyzTINTsYyM-2BRy2rU6VgCzfISRGg-2Frl774-3D" universal=3D"true">Muba= dala Capital</a></b> raised almost $1 billion for its third fund targeting = investments in Brazil. <br><br><b><a test style=3D"color: #1D5080;" href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhyBfnPiMWzyzeqKvpj22vLtw= -3D-3Dcrry_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7V= Z-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ= 6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf= 8KLu85B7Pb-2Bi19rFr5onQ-2FGrm-2FnmbLTfGhTb4iOqUyxFnDtOUHhPYJqGcNe3DSN4kiZMM= r0BEX9nmCAeUUnXvGsN5X1rtBZ8EykAPw-2FrTwTevR6tNzTmVLeD4egJktqA-2BvN9dpKGAM42= N71NKqGg8q07EGlZ-2BPD6dnolnoIGwPVJPWotxMwFOjrIR3KJGHL8podHKEW5OVloEBaDBvIME= kSHJiVqV1HF8mBNzVHmF9rc-2BmrjOTgOsr-2F-2BROR294zGw4OghhEde-2B6dVctsczMQfw4s= -3D" universal=3D"true">154 Partners</a></b>, a sports-focused PE firm, clo= sed its debut fund on $400 million.</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-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhyPOFo9y6= 24MmHm8A1pEk8bQ-3D-3D243b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkHQ9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcE= zalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2Fnp6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHd= pnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbWeSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXP= qzsWz80MRNbNFcf8KOKjpU5KgBOO3EaV-2BTaXwcbeViQLSBAi0fFbFHhwFlISMe5LIGLA3wyJ1= QtdJ5Hw-2Bg0WguzE-2FgGW5H2MorMbks43NNnBJej8iLcOCnj5qnFSph8qiNO-2B5lnjIRVIlr= 5oA2TAHRwJpYvm6BaVe-2FzL8IUG-2Bn8G60e8Egy-2FWyLKed8F-2FK4NYxIyHPQO66x-2BsZ-= 2FMT0g-2BYmsGIB9pJybGAG3F-2FMdzPZ3WsGJFk-2FpfCQ0pLxoWXgQyxrhjFQyCvhLfVOq8yt= KwH2swXmo-2F1nhHhKnW2FY-3D" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/73659.png" style=3D"border: non= e; 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">Startu= ps with at least one female founder have had their best quarter ever, garne= ring more than $166 billion in the first three months of 2026. This was pow= ered by massive rounds for AI companies like OpenAI and Anthropic.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzWSUXOrQaJuZ-2BjcxjjuAyhyPOFo9y624MmHm8A1pEk8bQ-3D-3DJxLr_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRfyFA4COm50Bbcsk3VkH= Q9F0Mqivb5UOtndIjAs4Wp7DU35QiOKUMzIcEzalmnPf677IpE7VZ-2BieMPkF9VR6hg44o8-2F= np6Sd5YAhGZCfAYkDsCut3yjdy8Z6PZE3sfHdpnFLmPmWoNyxabZ6h2A3TUt9u6-2FsVa-2FrbW= eSKfBOSbkfx1-2B8rE3vA6pVjezlu5tUzLZXPqzsWz80MRNbNFcf8KKAEwuBDEXQmZzzXUQgCvO= qQVgH080kBwWzH4X-2FZFw2PTirWIiArKfH-2Fm0OEq3o7fABwZK5hbH57CdWWiCW-2Bpi8HwBN= NkOI3SCt9tyojhIrRZf4dUGRh-2BupMWrvrEqY35EBVfpCuDfkzpvC2lSQWEXApXVywCd7-2F6i= hpRetG8yV9DE8OBxVMQF6aV-2BLU-2BulHYLJwicsL0ykMhs6i3GDfq35-2BmQI-2BzVWMthm5Z= j3ccqdBX36SCjrCm4anBRa9J0bFIP-2FOsvTgkdWtVIAmnoGXSz8-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">US VC female founders dashboard</a></b= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"> <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding: 0;"></td> </tr> <tr> <td style=3D"padding: 0; height: 20px; line-height= : 20px;"> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; 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