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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. [159.183.175.69 listed in sa-accredit.habeas.com] 0.0 RCVD_IN_VALIDITY_RPBL_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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[159.183.175.69 listed in sa-trusted.bondedsender.org] -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; 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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> 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'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUDI9vPAKcRi8dA-2Fw0JolS4V2OCroMAcNiVwskBdmZAng= -3D-3Dab-i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02B= QbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIB= lNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKG= nIdjC-2FAIUvxWFd8b-2BXWInM379SQMonTWLHOjZlx2OBEpy3iU3DGSXLyaWnA4yeUdAOaj7Fy= WA8tqnpFyxGDz7MJq20-2BaSrfKs03op3ojDcNBh41k8eYhAGz9zL3-2Bf-2BIKEHjCBpv7HN-2= FGlT9APHVnbM22foCYkb7ftv-2Fzoqb8QFGylg6go-2FwcmD7lqewL9ZoZx0Z0N2UJGQKYXS326= BNqKq-2BSdykfUS66v9uCluswD2Mh7JcfRgeUG37Vy8QuIYY2589M0Og-2BQpg-3D-3D" targe= t=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'display:no= ne !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?use= rId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D= 3DOJG3EIWWRC2WE&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV= 46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWK= QA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.= 4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8j8KbIAhVFd= SyydbVKkWrD7CANCddpN0RsLiGlp7-2Fu8-2Fywh1B2DgCIB-2Fx3yvSySVhHVd8gNDUorQ5Pb1= gcUTgaac4VhiyJ8Nm9u25eeDE94iSLzhhgDPN4CIC2Ct1ao0n5tGJLwrxUmTPRUO2zqWwg8ZM-2= FuvGWT7FXr47H46cIvs3pENj8i9EfofXIuBjHHAiAjwujS6mXLRyFh-2F9ESYUcrG-2FqYTg3g3= HGAG8GV-2B1E3OyWim9THoMrMeFXxT-2BZaJT-2F3qmR4fFwue9BR6zyhvF7CsHVclyyrbmWjd-= 2F2qRqvFd8I0QLnd-2FNc4A-2BX-2BRfI4jhabXg0JZw80F6325-2B8QAHPs-2BY4Rpv9wWiZS4= VC-2BxBY3UXca-2BzssCLWCspNJC2q2nkbzp0fSphqU9Cart79jacWFZ-2FVoXMGEAJ9MfDfDLW= -2FoPw-2Bc0fp0hC1E5gThHaDRpHvrbsQELBpu3ZJwU4huGWYP5tSdfafD5K4zXAP468GV9s-3D= " alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !impor= tant;width:1px !important;border-width:0 !important;margin-top:0 !important= ;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !import= ant;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !i= mportant;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src= =3D"https://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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxFtR4Y2jaCEKJIvoYyxhIqA-3D-3DaJ4= Q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5Ks= ArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDV= RlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00L= qde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FA= IUvyNfVm26-2Fo1-2FKzqnqvJAtplzBDgqDFFbRUcRpZnkobgeY8NCJ5xS4j9nDyGNmppaxRwII= fdQ7aafflu7STYHiuGHqcvWWQo73gqnctqggWx-2F-2FgKaTbEENPUkb9CENCUhFgQxiFLFbcHE= OWQXj7H2U7FNmrGFrhhk57Cb2RndIutxy9R29NFz-2BxB7ulSa8Q5ruYoue6MDQP2eEdeYqlTlo= fXlbhsV0lU97awvLiUYeEyfPvK2dw82LA73O-2BfH2wsBWQ-3D-3D"><img width=3D"460" s= rc=3D"https://img.pitchbook.com/ads/ad4538/SVBAprilHBA2.png" alt=3D"Ads" st= yle=3D"padding: 0px; margin: 0px; border: 0px; display: block; 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= OXKxbacGnK8OwAtK-2FPxlmGG8iA-3D-3DJxlY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR= FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwW= ACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxom= xgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZ= NGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvyLgn8aSRQnVI0W7DFynH7FIMwyzglhAt-2F= 0XzyQA-2FpcqYdHjAWIxFtDRhy-2BMJbalNs2hhGqwr0lR8VOLkH-2FfQ85VBFO-2BwpoDjZI6x= 9EDVdcVZi-2BQRJ9x4ZRUE-2FUwd605F4gg4VvhXN0VwLmvI0OnA0wJBKwhnVIU8J-2BiuppUeI= lWD33a35IFTWAgp8LtFgpMNA89QW7sxmAg4bDjYKQ8qjfc4-2FWvO60f6b-2FSEU6zXJED-2FLE= jSo2-2Bgcgk0Q9SDNxUgQ-3D-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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx-2BLn6imBHsCOoDvgKif9bKQ-3D-3D= S3OU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu= 5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHch= YDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT= 00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-= 2FAIUv-2FxMf1av4HeBRHb11TLcsX1VjgWbEUayCkqyrHqFfzublq6tylyWzttUC-2Bg4pBYO2V= MrqiOLQBHhRF-2F-2B3EDVTeV2SxUe2JnVH4DF-2FbUwwmcWrgFnHFGkRdb-2F11cliMKAkO4S-= 2BVaec32A8pCWLMCnl5xc5uvTC9Wy-2BpHzOMEJy7D3HFzPueUH9D1flnWfbtK7nhOSuTszLGpH= fdm0L7cJCm-2FlILZexjq0rXjp-2BRxVzv5EtetoQwUzkvLlA-2BIeGGp6Bg-3D-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= -2BLn6imBHsCOoDvgKif9bKQ-3D-3DWaC6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXX= O4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqV= ZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQ= LNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv0bVu9-2BfQSb2lGMceY8aZdz90Nf3t-2FO4NnPq= jMtwd9c89CqGWnBE1t-2F9QpPukxLMQb1-2F84DClyMjJfLNkqOXGINsg4ZtnAXTf1EbJl1QEGQ= 5JL-2FCRCHHVP96zU6EEGqCiuiioU-2B6TF-2Bj-2FGHgjaxZxduWFmo5mWxkATZBIUYC-2Bbl5= nFdA-2B8Rscm-2FYxLTRO3r-2BhjyYPUByoa52SKPVpwySUGvlBi5vqmDd3iYoL3j8BZIanfNLP= 8K0Wr8A4L-2BmZ8hs-2Fw-3D-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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxMMKcj-2FE= Urnt7IC57-2Bullxg-3D-3DpADL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKy= XcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-= 2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0E= tpJ7-2FLdJWuWyrKGnIdjC-2FAIUv4JbzpR6iijSKBjb7fhpQbRV0yREQY2MZOpYfTfMIddKLsn= mWGmKb46fCkt0khqZkBxPfeN8nmLuGcOQDWAJn54h-2B89ab0Cr5xyxUWDnCqGQkq3ofikOx99T= 8vWA6RUq6pUDykQ-2FHEBv-2FyWspCBnoKhFBSXQA3Th2kneuqX4eTktX-2BYMrCXxeD20EcGAb= I-2BmlE7LR1tHu83zz5FA0X6UF9c2cVWrD3NhGq4sC-2BKVe4RU2h-2B073hbNGEph9zWXxVDvA= -3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://i= mg.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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxMMKcj-2FEUrnt7IC57-2Bullxg-3D= -3DdfDx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= Flu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbq= HchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNW= ZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnId= jC-2FAIUv4Hrd07-2B1jmYvMCFJgM2SjoWWIz5QVj0y7sAY5F3iAXw1QLpkG-2BJg7-2BKwqoMl= l8j4nWQz7ZzbtWUqGYr9O4-2B-2F97jdrbefFqnWVnyeTThK42w1qztzWSr1CH-2BMz4Jcrkyhr= kC1HuMGV8-2FJVW7fWBoZNExXQfA0g-2BKyy3YbxQvpcebqIFFL6WSV31ON8-2FztzFuj6hLpgi= NrtyYu24Bnb1TvZU6RoU8vJPo2zF-2FOt-2FXsooFzA6Uf79RQEF7EtzBTozyCw-3D-3D" styl= e=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decorati= on: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"t= rue">Download the report<img height=3D"24" src=3D"https://fonts.pitchbook.c= om/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 read:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZa= OXKxTZ7150heNagJGwY7ZErEMg-3D-3DAEc7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC= fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWAC= XXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxg= qVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNG= JQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FDp1MNglfudXHvcE3Vt0l2xywKM-2FF1oDD= kQ1aNrzZ89ABbwDlfzE6HUuo6MGZ8V6lec2UhkIwRvzn5Bu0-2FAXMNT5ul2nWMRpcZjrLFUXvm= sX14Oag08Tm4HpZBYVZgVv-2Bty-2B-2FPfL-2FfCqP-2FTA2toWe7HcMg5y5yLt-2B5SJDsdYE= B3-2BQnrXhNT-2F4BXrPeLe8e-2BMcxMEagmtIbYtyxGl6SAOW4G3RvA2Eymi8rGyq9n3wtdgaf= 3u7xfJpVmXB9a4W-2FQjQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxuoNiBqM= j9HqNo-2FbCZbrbOA-3D-3DWtFe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKy= XcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-= 2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0E= tpJ7-2FLdJWuWyrKGnIdjC-2FAIUv78kTt2FV2BqTrispQgZ-2BlUM67dAlmUX-2BzlB3GjYcGU= iax78VSf-2BDZvnzucMDCLPJ2-2Fa6Hv459mi8PooGil2-2Fs-2FOrLbSbTJwSyDhO2GklZC78V= ci2MBDyRDuO1PbuYApPCV3PNslvxhzGEQO90pRXpBh8bmm3yswQ-2BeVL2HqELn2WDI1ZqiiLHo= MnS3Znc76nRsLuWa5UZvsFzJuWX1daxEnST38QCudf8VPk9Q5VLWslJbvP6V-2BH9gLGYTIhS9Q= ng-3D-3D" style=3D"color: #1D5080;" test=3D"">Explore advertising and custo= m 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= qM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxqyMpnPEKEcwfrPSs0FRtjA-3D-3DmdT9_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhw= Y0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHR= N7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb= 6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6F0q4= VrShloA5FSahuQwykwZViUr2dVQgLiHfogxPH3Uzf7YF7aYiw3cUBSfA9uPaxbhZFIacCZUk5aA= zDyPkrViq5DHJuD2tHrckqI-2B5ADKvfqfCM7wsJDaeslsV909UXwYg0bCr-2FV9b3nyFjzHklK= 8OCUuKk2frJE1va9zrJP3QohKzVwT7jGUHnfTwkvz2s6DyEIHOGgnVKI0sQJO130zmCv0uZvRPg= DJ5iJSbo6nfYJXX6EFQzB56UG1dEFbw-3D-3D" style=3D"color: #1D5080;" 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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxceG7hmWj-2FcFpt= 3LjFg6RWw-3D-3DGwN4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd= 6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5x= SAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FL= dJWuWyrKGnIdjC-2FAIUv0ll3o7QV1-2B10A9vVb-2B4rDgg5ds8pH9Rqm6sGZ0M7TrN-2FylGe= -2FN-2FD0JWiPxBIgNMu1wMQPqjyw4vPDSPHFuMxjguDfojKF6XjE1EJdcuRb7BNbrvXa9uzrHy= BDEH9k4yuPp0S6cgUhP7ckeVIdO986B-2F2pSeco-2FQWSKLk2Z2RLxoHf4HcyGKPrQmt8fvDtq= La8B0Fj8GdemWVAFp2gEb40H-2B-2Bzd9n94ZU3K8-2Fq3sQkc4tbOR6mgXVDDr-2BAPeB6K8tA= -3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">agreed to a = two-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= XKxxmiFReDXezyeOMtUTAGzlw-3D-3D6FC3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACX= XO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgq= VZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJ= QLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvw-2BOoo9zgaGCPXTenytWUOfQOGXkY-2Fb6jo8= 0fWM4Hqk1-2BrjomhEmxKkMiWBNrw73mxrpquyaWxeTiYrrl8c-2FpHNnEqf5WFpZ4GTqkREa-2= BGCh8jgdthvDSMKLkm-2FAw3Icug90rBPC4nxQvqgrsCyVGiMDMRNMntBm-2FWiFrMm4eQcQmom= QwR-2BPcBh4G8DAYhV3veRYyodeN-2FZKO0YYzkKVcjxRMqiCR7xKUJUm4RiPBk0MhvDHfIrGWN= lUF5HfaZWg7A-3D-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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxAVBkr8b6T= Fbkpg95B6BOLQ-3D-3Dm8JC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNN= Nukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2Bci= gX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7= -2FLdJWuWyrKGnIdjC-2FAIUv0OQ7ZZC3jhs1BraAZm4QWc28-2Fg8PEKedBJFa4UBRduCQNfy0= OUBrIHD3DJoA3TyTY5MMPcznZsiJCkPBdICAnNJfPPUKM43W2Y6QMoXA7A00Wc3k0YUgEeM4mXU= NwWPypnuMKCxov6VHhwLqEyrXdC3LFpGdSxviN9SuqaMShWeo96t5txmBIze10J0g05bs8jfsNN= l5WaGrx46380qaRrcRDgEcGr0K9gRqk6Z-2F8oS5Su-2FgljHwLXmQqHoiXcC6A-3D-3D" univ= ersal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook= .com/news/73667.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">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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxAVBkr8b6TFbkpg95B6BOLQ-3D-3Dh= w7d_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5= KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchY= DVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT0= 0Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2= FAIUv2d4upK-2BrSZvueSvGJNFxU1f8HmKp1-2F2ESIpdgClu3KFRvxqTRaLYeavZyF0vI7pckY= ymrp7FN5ZwdaK9MjX-2BUm5kAQPg49K098bHir2ZFtLatz8UTwXgOhGMT5v0cvGCP530qyElK7d= KnyRlfrtzNAbgKyMqnnaFnu4lKCxETVQDVqB7PEh-2F2ASEAmeKxpyl-2BSfuCJL1UvJ4R9vREX= -2B2xPxQUAjB1raPT-2FTMG9yio15-2FdF3K1a6SnasU1E6lM479A-3D-3D" style=3D"font-= family: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; = color: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Share= this article<img height=3D"24" src=3D"https://fonts.pitchbook.com/newslett= er/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" wid= th=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-2FIQN3uoSdRYhQV9NWWezw0QA-3D-3DbPjH_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-= 2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2F= OPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2= FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv2ptIEeDIh0VttYBEpClpW4WoEHM= 7NmlN9WzqDQc1eDTot6AFQkS-2BQPCPb0oZ9vVwIwJ2cMBi3z-2FZzmlIsF4vbBFkHDvIDNSB1t= 9M3cwsURZ9eF3g7vPrXBbP2kDgdsWfnUIHBZj5lW3FEPPwOQ97FnnYzMrO6D8cjtaAC4SjHyfmJ= njM7c4T8xxFzJiwXxlIQ6dJ-2B8Tp3iPoWfeYFvCmB22fP9NfRPEPEx6rel6nSvkx157NKfa9Hm= 8VVeNz7PEmg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q= 4 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-2FIEy52PT= FacgN1TvAziz3Duw-3D-3DsN9s_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyX= cNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2= BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Et= pJ7-2FLdJWuWyrKGnIdjC-2FAIUvxdQvwKp33Aq6JIxVS3n1dkybqho6-2Ffaetb3b4Ew7OaMhi= x19TleIyYVPeawmye2VjFZLXuhlVZKitezT1N-2BwoJckcmCM1YiF-2FDqtCMFqUVz7ymAvnI23= 6-2BfzmSPi639mhbS9l5EO4LbylGtOXti8L6UwiNb7PuvUfpPLzgBp8pnBJYJSzkV62kUVxrswC= uWsFvJsjgxDmsOc66NLQ1jGa6HC-2BmVs-2B3uUk2GNcZQ94XNTG1qV-2BOkqxhU6XUZnFocLA-= 3D-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-2FIzuriMfuQePcZL1vyh83CYA-3D-3Dhi_A_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCw= WACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxo= mxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2B= ZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvx398ZfpVnPDg2dMmDPyh59PaO9wyoEHbBu= I1MDnULCZHfxOjrDxd9Azq1WKcORzYQtaCQ-2Bi34iuav9EezOh5NjvowyrHqxDLaHZ2gxbqloy= od6EBW9MSM2iiJchYMc1c7pXCUht4xlBLmcpM3BAaEa-2BkX2vgQYHENbM8FDuIXiFh9cZX1pOW= rLQSSb9jucZvnreKPGr9fN-2FnC-2BbAbWVeLVYKSyCRH0EEU3dLJDEfg-2FnnGhyhiY1gCeqIS= jmxKRq1w-3D-3D" style=3D"color: #1D5080;" test=3D"">Scott Bok</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-2FIlqEtoj46SOeqT6TmS4a= wQQ-3D-3Dsv5I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw= 02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7= gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWy= rKGnIdjC-2FAIUv-2BF-2BcG8AlGg8T-2Be-2BO1dDLV97jB7-2FGjoqyDgDe9o-2FZYaJqc1jM= 5WOKmdmErMunbLzzbFtrKj50B-2FdsP3VJw1wLAP37nCGj2bnl-2BB7tpe02Mf04v6lgO0IAlb9= wKzvkkOe0d2bsONLI4JTZBqFck6VLXhHhrx-2FddY9C1ftJk2wE8EvH-2BmThfPJ2nr2Cy2zP2z= EZpaSQEpaDhJw71BMgjT-2B9nLx39b-2FI4a8DAossCO9bgbl9C4X5ofSVBKCZ6jvPVClPw-3D-= 3D" style=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-2FI1commysZyBvBI9D-2BrtBFoQ-= 3D-3D8jG3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQ= bqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBl= NWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGn= IdjC-2FAIUvzJ7aRRpB5ZgnAt9QQ8hmtTpufjI0rdH-2FkVgsM9sEI977OfcVS09KPuaGFlNRcV= PxhIxhGl-2FhZJVO7DKSrWRtD70GTiwjYgqZxwhRtdClt56nmxS-2FXKh34iDYm3O9lEtdO7lsI= 9aCVeic-2FKRJZw3OeOF2KJcHgwqNeAEnr6cAZeaYfjJrgMgYGAQnP5W0IV83LiRHaadvv8mJTZ= -2FD-2B49W8YLdw5V-2F5m-2FcI2DEthgtgLRqJ7UKIbg-2BAbtHUGjsp9Cvw-3D-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-2FInZnqcpRrjr1dFx6nASvRsw-3D-3DsD_F_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0b= t7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7B= veILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ci= MTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6MqZ33-2= FZXOTAfDoSiEF87QLmdCAXFXvnYOuAIfFnqpwnAlVvljKNf34arGrmNEjvGf2rQv-2B-2BAkyaR= pjdQIDSc0PlZ1XnyC1pgZA1nkMQmA1qHCz1mF9J9GOQomAAoyADOme-2ByOZ2uDyv-2BwVQ3k6e= ErmoEHJumGjUaVPSjyy-2BJQFv7HbtxDDCq8nA0m0uDJyOBp2DinciVzApSNqy-2BLsVPMgeQxT= sb7z9v1D4FBg80gdCDFSrK1WmoeIbLZZ8b7PwA-3D-3D" style=3D"font-size: 14px; lin= e-height: 24px; color: #1D5080;" universal=3D"true">The North Sea Opportuni= ty 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-2FIq3BqjnMPoAPKPONNfOIzHw-3D-3DN94t_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0b= t7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7B= veILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ci= MTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv5p90QM12= -2BDWNrOd0-2BUHUO6lt74OsWWyBQwBpZ29OME3AgRZMSbcFwgMLjyNzSssWmR9aEAQdLnOcWlm= Jj5t32LAm4ZnVye3ZwChqbplJjRTy-2FXwYeiUnrU8ULAiGKkVpsHqbcf0ZRA8Y-2FlRwbdh00z= rMjX4AWyavIbWiTWeNpLhh8wp6tDXF947usDvuKIKHzJR5tjp8hD8V-2BYOhoRtsU-2F-2FEmZU= AeadJ-2FiGkd9-2BfVnYPwQ-2Bp-2BXO-2FEIa4roQ-2F30uMA-3D-3D" style=3D"font-siz= e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Tembo Capit= al Mining 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-2FIaG-2BJS1mwI-2FVl-2BkJqdAHXgQ-3D-3D2kby_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXws= EhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7f= hHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-= 2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvwa= -2BBT01TmPARXtmLVe-2FgaAKpre-2Fu5rXMVpWSsc70HZkV-2BYNO78VWQr3bzjOL2iKh3wxQF= TlV5f4lIT5oYdbO7PaTzeT8e-2FqJH7xARYkPO7dgEaifxr-2BASm9LSGSdHX9xvpZesBNRywQD= 7OxL7t9FQwh8LFFjGtNMZflYGBOCWf5TVG4Hm8aB0UVrIRcR7-2FoDBnETJ4533UDJGBwd6fIO6= j-2FLuhEcAfQv-2BSUJlQdgJVToG5RBMxD8hz8NTCe5WzE9w-3D-3D" style=3D"font-size:= 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Black Bay Ene= rgy 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= pT56se7GMAz3VGc-2BzzwXVg-3D-3DCVJp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXX= O4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqV= ZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQ= LNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv2I8gbgk480-2B4AkXon5jFr4oICbbcr-2FPCceF= IB9qd2a28NOqZAD7vukHUyFEb-2FL4FdVJAAYfM3iNAQoMXfMz6mD6ADQTm-2BZzdbAogRT-2FO= 90xUwFFR5x17Z6wi3Xc4bRLHFCYeT0fIsysac-2Fiaxdym8TSYaAV4Nun-2B6YQX0dFkn1DkWod= LnhuYnXMUBl4fL12IjW-2Bag7kYvsw8ENJMZDa7vTkqedUAyg92TLnCEvE2tNTx3BpC1jJUOKf4= eeIIEXm6w-3D-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1= D5080; font-size: 14px; font-weight: 700; line-height: 24px;" universal=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-2FIGqoyWwXMyxHwm5PqEI0Dww-3D-3D_rk6_I3w5d9c01gkD8gLzFEofZ= R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzf= sjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQb= KiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI= 8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv4tCPI2YVvJZtIzz7xtHT= keangsk3tY8S3KBnRq3PkSS2zgZtcNd4w1M8sNNfe9n9Rjeh4EWI27-2FgsmBfWJs2uNe2ktHSq= 6YA-2FK1gpyjsfcbF7m7Ts-2BWEB26y3bJfjDtLJjMhD2BsTqEZ34Vkok5WyntwzYTvt83jtlx4= K3h43qx9YnViSkVq8SJcHo-2FLKhG9Lsoj-2FFSgk5qBLi7ENSpf-2FuGYUVrZ3S5LXvmcQdTTj= cD1zsQDCLFhHun04whLeZ9cQ-3D-3D" style=3D"color: #1D5080;" test=3D"" univers= al=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%; min-width: 100%; =20 "> 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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= NnvsnswouzV9zVvECEHJ9g7NsAe2VOiBgqQxv025crKyF6qeB-2FI2Lg-3D-3DwBYn_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0= 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arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2= FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FO= PIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2F= Vcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv5Qk7YcFIaMRFanqq6Xn784wMF0cb= qEuFLylvkdeWGMstjF5pQgI0SfSmdHIwOFWGBTgN4gttD8P0pvzTLDZJwNdIL9XN7qTQ-2FqhO6= UHnrCyHqvklcF-2BMiEj6LkbiQcdnpoLzKQ-2BrSr1MVac0ms1qvQS6i-2FsL4uIT3ddhtzWa0D= Gbjp1wZjIrMDCRQYqnq3P5XDsVUUb9zBlaTbwCdKyHecFCewybyCMWMBWu-2BheIl7nSNEVxG13= GQHQNT6YEh996w-3D-3D" universal=3D"true">Aria Networks</a></b> secured a $1= 25 million Series A. <br><br><b><a test style=3D"color: #1D5080;" href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiB6I6OgWoFFsI23AOKsal1YA-3D-= 3DSX1m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= lu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqH= 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XO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgq= VZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJ= QLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv3Py9o8xHLQBKWlEXy4VVewtuFDR-2B23UxQERa= 3NIL8DFhiHIMIkINc4KGZ7T-2FAA9gMs-2Ft2EnkD0tP1hUvn4KFK4MDCYz3yMKAoA3U1SoXlTJ= RxvpDS8GzBO2W5v-2FUvck0CMDyDSo33XKGLBqtsipL2EyQQzV9l8ZLTxcSTiuhGH5brE-2FflX= 8EGP6eVxyvYGKuQr4zU14QwL3eR2EDG2hh6ZhmcDGItnlTnsB581KAQ5PLJ1XEeWp5vmB8twM27= UCCA-3D-3D" universal=3D"true">Slice</a></b> is in talks to raise between $= 50 million and $100 million in a down round, The Economic 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-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBNp8mfgGS= Jhb71eWxt-2FGjpA-3D-3D80DI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyX= cNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2= BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Et= pJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FiEqJuild-2B7sxl8s3lhibjqldKACdAbbpeIt-2BuHB6= rF9oBTJE4nUozo52k0G2h4YHpQTFaSVffEb-2BXdKQ5TbzshFxqsqfMIn4OFY-2BAipnjkFU3MX= ATg0MITE9WIalgoernjVT0-2B0PY0ODxXzEJZWzeqsiG0dTmnmq7LrDxQ9wSBy7rA5TYE99RDOW= 9A0bafVfSLJvOleXpFvMv-2F9PRUYWykfxqiLUIi-2FQEh-2BrRCAcbRvtLpZYUjhCsGMj4Pzpc= xHA-3D-3D" universal=3D"true">Life Biosciences</a></b>, which focuses on ag= ing, raised an $80 million Series D. <br><br><b><a test style=3D"color: #1D= 5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBjfTJrRw6IT= AU6ccTY4vXrA-3D-3D1uQ__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNN= ukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2Bcig= X5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-= 2FLdJWuWyrKGnIdjC-2FAIUvzsVwO168oq6rbBeJX7lfzMyUMqKQSwmSkDRo8ZYxDlQGh5QEdau= lQGtHZjWSoIlO7ksmRwkYkLAb8NMKDEerZdpmKWcv3CbiQL3-2BxngUczqtoV78-2Fuc-2Fqaii= KgiW8MMaPmIKGjiGe94TmYnSNxBMOJCwlOLkRfx-2FfQDbU2WbpFlNOdeuIS6qipycB31be-2Bo= US7aDUAaOfXb2D2RYjcDaOePiyc3SbxFZVB-2BDFzbVV9sCL2nPQ46AM-2FRM7kHflYJ5A-3D-3= D" universal=3D"true">Patlytics</a></b>, a startup developing an AI platfor= m for patent workflows, received a $40 million Series B led by <b>SignalFir= e</b>. <br><br><b><a test style=3D"color: #1D5080;" href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBcMJ-2F3IfQbVGaOajb-2FaQVVA-3D-3DhO3q_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXws= EhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7f= hHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-= 2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2= FlDq2TPqoyToyWlw6iOGmvzUzorJsUMK-2FM-2F-2Bp9yeqe1Dzzn9NjFwZfJpv73J12Uq24nID= KFWB4gZSoGzDVA7r0cnIkmvP405ToA7bocUDtvVhsVKMNffTGPJMI87HmnENRXduK-2BMSG-2FO= Qx2J8MjVpkLpjBRAuhROuXHpy1QWaqfBn1xV3DvYKO3OQ825KDR3nW940yO3mCLCWY8nXImS7QV= FKWMd0p5AFh9VNSo-2Bi3q3H6ZzuGXohMgbYpGVkU7YQ-3D-3D" universal=3D"true">ReAl= ta Life Sciences</a></b>, a biopharma startup focused on inflammatory disea= se treatments, secured a $40 million round. <br><br><b><a test style=3D"col= or: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBF= VbkPAWDqnDiYKe2kPInog-3D-3DRdD5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4a= lOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPp= M4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNS= lM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvwERidhACiTsCz56jG9H0FWMYcEVwgv6WUIzceE53IB= Ssb03qYbUSQ-2F3U9eXT0sTWMnkoZ3xfSrjvuREX6dW6hkez4HVpAURU-2F76cqRwygcqs0HB4p= Ge2gBmBq3b8sjBkol6GbYDsByACnrgIG3FLq-2BqO2wD6II-2F94HZcjf7hYIOQG78qGIDYpa5e= 9o-2BkNFAc6ZUMuYk9GazP02wr8-2FzlyiMFQ7nvTjU-2BGJkbGMT7luSyhvSedcVS0c4TmczXY= xrTA-3D-3D" universal=3D"true">Narwhal Labs</a></b>, a UK-based developer o= f autonomous AI communication infrastructure, 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= ECEHJ9g7NsAe2VOiBx8wIroAHGIKVSs8VVAetJA-3D-3D-TCr_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYP= L4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR= -2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2= W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvx1V43rcWuN63-2Bk8upEbFzY= lD9pgCv2woOzCPeey0SEobxxorvzAsihx9CnRTB7ObZvPi7U2s0mTBqkhi11UeqLshmRt5JyjXM= cznIxDLo5385zBkO01bYH4jCwT2l8sEcQD2aD47iXPW-2Ff2uoQVCTgnkycvqBbSJWvP1yyVGAP= 5z9PQX-2Fe4StRslSKw6tP05-2FvSoF58e9bKHqPSGM5qeZ19W-2FvFROg-2BfxicKpaFFEI6uW= wGoCoT1k-2BJqezLpnZyvA-3D-3D" universal=3D"true">Trent AI</a></b> raised a = $13 million seed investment led by <b>LocalGlobe</b> and <b>Cambridge Innov= ation 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= 8ZeOxg4-2BE4kfEDzL2iNs6XC4Fh42SCQGQ-3D-3DpbsC_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2= FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FO= PIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2F= Vcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvwvXJoSu6P9-2BHepjZWJVFvesW4X= uxwn2TRdyJnuQGWrfv-2BRamAHRxGcsgeIrDonqZHpwzUQNpKRtvQ-2FTgLi4fyDxP77JN2XHdJ= Ry7GzLaEgeBsEA7LacT-2BMZYFZ6NihLA-2FAgnmHQ5RClQ-2BzoOpm-2FDlvNsSy1aI-2BvrEl= ZPyyuPFyrDMzKJ21D6S2CF8uGwjTbYqN8pNDLXbPnT8qOTsHUIGo0UMZMJXyrzWib6w41VwXWAc= xMLnmyjn4T3Gq-2BnHMvaA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Associated British Ports</a></b>, Bloomberg reported.<br><br><b>K= KR</b>, <b>DigitalBridge Group</b> and <b>Brookfield Asset Management</b> a= re among firms selected to enter the next round of bidding for France-based= fiber optic company <b><a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8= ZeOxg4-2BE4kmNfP13jPD8igDPLjhNOFbA-3D-3DXx8x_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa= rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2F= nIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOP= IXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FV= cc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv5bihF7AoBe0CElfhEMW4j4m0hDVZt= -2FoPOW5m5tNslgLXK9pS7NCjMnsEjDwJ5kWlbbdnEuI6EJMCvoa3HLPHxUpo1DJ2F9CCNEdjbs= 6T4nxd-2FhjOZGLWGGQPmieMqtMEgExqjr5qGRAeMsWnam-2BtObk6WfXNG09YDvI1oqKldtRTB= EpOUMmRG-2ByaprnTcxs8kAg3VQsxxzF714s0NMg-2BiPQPV8nFMfAxJ2kUWJYg0x-2BX5W7Z0s= RO2tDE-2F1iNq1r-2Bg-3D-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 Atlantic</b> acquired home= healthcare provider <b><a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8= ZeOxg4-2BE4k9gfNSCA-2ByDUjU5BybGdSKA-3D-3DFVBd_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-= 2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2F= OPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2= FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv4q-2FheETTJ2xnjGlxOyIsRXZux= -2FURUlbeucV0JxVMNByj0Y3WBrv0vidIcOqQrcdcQN1UVPNcZIn-2F74Rx1xzJs48LkRkOS-2B= lvXxdjOtvLjsxm350c9svo4fjQD5z8xY7eDoaUEdE1Wfw5ndc15XZW-2Fbw7M1MkK8YIKINB9UX= hd-2BRoIj1HblIWhrdBdlrDmrNjE-2FXmS6mOeOGNisGE0UGk8wBWxWhXoOD-2FViQrnMQPYBVv= zRqNKmEmPx7F-2BDu4Twjxw-3D-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Team Services</a></b> in a $3 billion deal, Bloomberg reported.<= br><br><b>Francisco Partners</b> agreed to acquire Calgary-based connected = safety company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4= -2BE4kT1MnMe0PRyxy-2FmwLVvdbDg-3D-3DRMXX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdC= wWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqx= omxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2= BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv9EO-2F7GM-2Bgsox3pg9-2BG5f0zXjs5B= zkbh2-2Bu7cCod0-2FkctKC265bHLAMJPOTLd8-2Ftn74-2FidGS-2B2X9Q2W05uNDdZ3HOtGlm= GFq9-2B7szHIb7IqztBl7qw-2B7T5JVjf-2Biq0dY3We0l5JTtq-2FSnwiVAik00UY4eNgmflvr= 2lCegXfYtDC18v0sZ4Hp-2Bt4wpubXcJTpNC5tMlObYmoV6oP7wwq0JF63SysDHZtxh0OktLiCB= koozDAKck1ICjw44m6QVbsbvA-3D-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Blackline Safety</a></b> in a take-private deal valuing the co= mpany up to $850 million.<br><br><b>Agilitas Private Equity</b> agreed to s= ell <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kQmwnz= t-2FIDfiDs3qtiIMJrA-3D-3DTs78_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alO= KyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4= z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM= 0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6WnfJ6ETDUORySBOCCn8GpW3L2egN0VQlTb9TxCVQbuu= xTnhyKMXuPFEKTFmDPx1NhMTql15ibrSe3h5fLWQoZ4HqRaIGHaUIRSNLeCZk6kGWZ6x1gfPaen= cjODZIZ9NssCcmf4Zuo1VhU4h5XHznIF4lv0-2FervVKD5J1opC7zYLNW-2BeZDzX-2Fj8d4uj4= 9aOHzX9kcCLTLCN-2FxVYhGRMYwvVQbVMBDNi0nJ-2B1S-2BVt2WAfiGkZDT0NTqKM5vtvqurLQ= -3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Integris Com= posites</a></b>, a Netherlands-based maker of survivability composite produ= cts, 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.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kJt4-2FkbLizcZKOH18O= pOqsg-3D-3DujXy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2= Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZE= a7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWu= WyrKGnIdjC-2FAIUv9mXmFOL5lW2Kg1AIr7kgmSY-2BdjFHgRBUUvzcPQhTiAh1dHueCk8zEfqU= pllES2rClIWYaTCeDvqe4APd3YpkH96Yrt3hPSuyZaqI1hjFRbtEazVWe7KipBHD1EozO44SNw6= TM9aCaYNdo1kAkQbu1FLWT7-2BfOwX37-2FlAJXJkW9qLB4aRfKlNixVN6nGlH9Iq8guKgtajQg= kGmngTzAVKOn-2FgcILXQmJnQRXT6CfQX-2BQtjS0V0fn2v2b-2BUx9DRf7oA-3D-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Honk Technologies</a></b>= , a roadside assistance company, and combined the business with <b>Curbside= SOS</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-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4klLOhIbvrpF4R2Ic= TNx8IiQ-3D-3DfCIi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L= -2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSA= ZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJ= WuWyrKGnIdjC-2FAIUv2s1L52aYoII6sV-2FzWx6E-2FcslrDDQLfoIFHoigpBdIBpOlm572eyR= iwGWSZ1DY912WxWIjYvp27-2FtAurZEdTC5HcWGwf-2BJTf3j6OWg-2F7eOpmXnIflg25x-2FIV= IO25EVje59sOFzBOHdm4R8nJGmKwCOB-2B-2FFFGcy6ioiuykhrJ8hd-2Bg-2F3Pbi72lDgw2Mk= sJbaIPT-2BvLD3pi6AP-2Ffl-2Brfx1z5vmejDzFFUDdLO8innPgGUZDbyr7vXcVgzgjuOQ9a4m= -2Fg-3D-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><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4= kpQF8hjwWFzUjShnfM1OxNw-3D-3DyzMg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO= 4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZ= PpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQL= NSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvzxal0-2FsRnUDI4ZS2-2Fjm2-2BYMoF1WnQC-2BV= C3UQL1RCZnnTbZkCqRrpqcpLMT8NSjtBwWUBoTJmw7msSH1RZ4uMPAB4jynZPky7M9j69jm7jMN= l9CKdabUhQ7SO2x2HJbt97NEHBkd8XvHrKFYvmCA88lH1bpGxmG0VSo8ZHmVqHLWoFpETawLPR6= gvRD4tz3Q-2Byaq2LPxiIutr6LVU2teygYmd4f-2FPZl1U8czmJFdNV-2FrC1JU9CkZ0PoRRPNV= Hb5gyg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Svatan= tra Microfin</a></b>, an India-based microfinance company backed by <b>Adve= nt International</b>, is planning an IPO that could raise up to $250 millio= n, Bloomberg reported.<br><br><b>Nordic Capital</b> is considering a sale o= f <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4keJneDBh= dPC3cXOBu6e5CkA-3D-3DBkqW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXc= NNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2B= cigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Etp= J7-2FLdJWuWyrKGnIdjC-2FAIUv8ho2gcUgL6M-2FTIXRJwAF5vXIRdO4KA55PqCayP7dFt6XSG= BJ9SHPnWRsWnNNlJgeAEd2LcaOfmCeswYcPoUYr0UUHD5-2BYtkqG7Bse6grLNonoJ7H0cE2KUM= 2aRaozzUgLim4ejA7uh2yGbTcx9vC6gmSbuZ281wVGfCEU-2BwS2EUBK4wg-2BFpv00zgskLqLF= JymI8Td06I4xyZN1TWhi2fzN2cvsCjjWx21nSa2SDMcteXaXwmB7eq9-2FJm8GL7qVtug-3D-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ole & Steen</a= ></b>, a Denmark-based bakery chain, Bloomberg reported.<br><br><b>Upfront = Ventures</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8Z= eOxg4-2BE4kLLKsK-2Bd2saqhiYhaESGROQ-3D-3D_5JE_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2= FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FO= PIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2F= Vcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FnWUxQXDf3La0xKBeVH5Ywax1e= PIPb6h9igLtLc968fi0h3GuFxo43GTZt3ak0foMIiXQfKiAMcVkH-2FI8DYRzk4-2FwtRJcyRch= 1wXK-2BC-2FPXZ-2Ft-2FYPuw2n5g-2B5da7cvUCtP4P7nc6Xa5qwz0H4LCmZgPMsm4gDRSYh68= QhPwxPimqksSZh30iYZLv25KZ0LUBIMrtk2kYyIIvui8mIm6P5qV1eYD9MzrvdTFeYRJEr-2B9x= NyWaIlVCISaEdI7B56T7Ow-3D-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Modern Animal</a></b>, a veterinary clinic operator, agreed to be= acquired by NYSE-listed <b>Chewy</b>.<br><br><b>FFL Partners</b> is consid= ering a sale of infusion therapy clinic <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzWSUXOrQaJuZ-2BjcxjjuAyhyp9rWPm0oQotvNAYIhy-2B4vA-3D-3DkS0O_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0b= t7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7B= veILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ci= MTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvzJDqslyx= AME7p5fzBZeRNZvRMUh01f3Jx1UxaHZ3s-2FNcMfq1zPLselIWV9Hhye9QIVxIHb3uJsrXk8ZLl= vw2PYmj4H6FwvPYBMnI2fzxlqEDE-2BPWHZgqtUFxLMdQO1FXnBVhFoil71TveVhZmqUzh2ZTLa= m9-2BX8ib3Y-2BvGy9khGqlKro5uAwE7I1yM12XwX6GIzgFlA8Gg8ITr2wbXFzawboeugn0U3LG= jJAtKrE6epAL0Cso2AEgtzobULTFljIA-3D-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Apex 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= yv6k3YBlVPBbQIIcT0u2ZMQ-3D-3DIIOM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO= 4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZ= PpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQL= NSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2BUBj3F1yEX7XpIup-2BVyw117TUo5ygKgtUmHy= 1uRjre0v-2BaQmOpLiVLgRToD1wBu-2FZ9g3jE3dVIj2TTEsGZtVn8vUjTrCsnRgQyGbCNXFlXq= gQeESoC7g3wUzku6d5DjjRXZAehc7LVjLXkZAvKXdZ8TcjNTnt5kTZHssIpsBpUBBqhLuyRN3lD= YvCEkI02yDWShV6lbs20yf8o-2Fl9YngCt7hQ094INfQUwOK93WA0wphHGw8JX4LI15O6yZS1bV= eQ-3D-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=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhy9GK= QPKsF6NLgRh03fizuDw-3D-3DlcDl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alO= KyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4= z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM= 0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvyTat4X0gjN-2BfU0MD7mx1AoJrvenpzoPyNUhexd5Q3b= QvPcqFSMDyPesCzIcKwi23N0Hl0YzttH5pH-2FQdGmKHKT1nYnAwX6FvGGNaZyT-2BTgsKXMcOt= ePj0YcE5EXjV94DfHAG3AeUeq92b3UDxb7f9bRAaHDwn82MJ5duY57DcjD8qmNmF27JzQenjmUX= Aqf7y-2FewzuQQgsGcyrPFOxvGQ7VDDseCnTQ1ZqOKVmsugUW39ViFWOR8Np96Xp1kN0Rhw-3D-= 3D" universal=3D"true">Mubadala Capital</a></b> raised almost $1 billion fo= r 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/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2Bjcxj= juAyhybAk0hflRBhBdQnB3mHxs3A-3D-3D8Qoj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR= FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwW= ACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxom= xgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZ= NGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvyZPz-2BoDXWxlp2vnE3FfeLCCRbFLHaU4cM= t1gDZeInPZVcEyPimzeqjavh9QNDrY1m7-2Bfzyu-2BLGQeerepvoYlyc53pfDZ-2Bol4-2B9nL= AreAoUMalK0RCEG0RZ1cHQcu5QYvyz2shuElI4q-2B64bvPStcInxsQaJPC-2BNeT2OLIJN-2F-= 2Br8dIILYLyrarKncX2-2B4DyWRXm75doWEZtYx2M1t1nd5h8ssnkYnTUTImJ35RE3CVUq5Zzqz= pihda8ggYzPKR9pxg-3D-3D" universal=3D"true">154 Partners</a></b>, a sports-= focused PE firm, closed 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-2BjcxjjuAyhy-2BLWbd= L2AmFngjZAxAG5rOw-3D-3DDt6N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKy= XcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-= 2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0E= tpJ7-2FLdJWuWyrKGnIdjC-2FAIUvxD5p8PzacLjWhrIi3Arqtlz3WKX-2BtlH7qE88WBlLf21o= gyZbx4pV1TvTBZx3G3T9CygaYP2K8M4vImviWJvBCAfoLjboOA6-2BQ8bCfzXYRwv2LxDUenU7H= mlouGamqGKR6WLstsdQ9ENkmN9QPN1DGl-2F-2Fyhps4gPXepKV4iBjkIGufs8aRhZJN-2Fn0Mq= 8gvXVEOGwNWn0sepLBGwnARMnDiVXRXSbx2EzG4ZvXPWM9tIzWEyOv38tU9EoEbFbhAjS6Q-3D-= 3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.p= itchbook.com/news/73659.png" style=3D"border: none; width: 100%; height: au= to;"> </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-2BjcxjjuAyhy-2BLWbdL2AmFngjZAxAG5rOw-3D-3D1CAv_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt= 7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7Bv= eILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciM= TEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv8ABLp97sp= hhZr8WBOIBTX1xpw-2FVUFktRxrv8kKNFuyxM0M-2BvyZ4Wh2g-2FbUvACgzelxSyOaMaVfZsP0= QBOqlcKWCbf3kKlu7j0nQiuUHwzV-2FiXqxwwmbDLSYTkon7ZBKiREiwd039SF0dV-2FE9lOjL5= 7Zi6XuAvvtktDY8bAc6pkt69k7ic0mL5uaiCZFf2kfIg3ns4ycVfvTWMikYqBz5QHtPoutg10nw= KtrikaODOD5yxQm6aOEb8Zpa6-2BgziBtOg-3D-3D" style=3D"color: #1D5080;" 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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