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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 OpenAI and Anthropic's ARR row; Apollo co-founder closes $6B debut PE fund; Bezos-backed Slate Auto raises $650M April 14, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and M&A [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. 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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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margin: 0px; borde= r: 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= =92=A1<b>"Idling" is the human skill that will be worth 10x</b> more in the= age of AI, Anthropic co-founder Jack Clark said yesterday at Semafor's Wor= ld Economy summit, where our own Jessica Hamlin is roaming the halls.<br><b= r> Also: Check out our <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TG7A0xw2IZ3-2FDvkyG5t9xBLA-3D-3DnYzP_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbD= pE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxc= vOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2F= f4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j= 6qAYmkS6Y0vMAsczXmj-2F96-2BfDpi3Wmbr1Nfm6Z3L63eK69seKaaNRPvLVmJns9AB6Kl-2Fm= r9PfelcFpT1LN9vb2aKcWF3HtONocU7Zpm3MdlJt4lTE68o05rPntPzKXH-2F2qVup0SUqaI9HX= RXNGPmoPFi1Nd-2FU0f50ZEA4HEsWCi7xJGkdFink8p-2BtGUcbmLwNw7DsMyqRKctBeWewu0YL= GrhvZMwOU6Jm9SRN09H6Uo6egXZmaAW6z-2FqiFcex5TOp90OBWpz0F8lS8rdxOBrgr9X-2BJ2W= uJKCl9PZr" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q1 202= 6 US PE Breakdown</b></a>, sponsored by Grant Thornton Stax.</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_579755" id=3D"n_579755" 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;"> PE stays the course as wider v= olatility tests conviction in Q1 </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Kyle Walters, Private Equity Research Analyst</i><br><br> Similar to the opening months of last year, = the PE ecosystem encountered turbulence in Q1.<br><br> Tariff-related uncertainty resurfaced. It wa= s compounded by growing concerns about the health of private credit=E2=80= =94which trace back, in part, to the looser deployment standards adopted by= PE firms in recent years.<br><br> Layered on top is the Iran war and its impac= t on energy prices. In an April research note, Goldman Sachs put the odds o= f the US economy going into recession over the next 12 months at 45%, up fr= om 35% at the end of March.<br><br> Despite this convergence of headwinds, PE de= livered a healthy first quarter of dealmaking that could lay the foundation= for a strong year ahead, according to our <a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzWGDwq9k18qc4jMrJjTx5TG7A0xw2IZ3-2FDvkyG5t9xBLA-3D-3DtYqF_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0L= XRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vE= SkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq= 6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6= Y0vMAscyUKWO5NgeRcOj5Ohg5GvLE9XCGy4fH84S9yNouhgHm-2BthGKNm4PC7HSFE7T-2BOYk8= tO-2Fy2itU-2FbAvjFPdTlCeascYdNIflxpr-2BUArkwP52YEd3AoSj0viseWOLUm27h3R-2B5w= n1Gf2BbN6EGeG0t9x3JFw3pGbYzfPpSxxWsK64VelTxX4Fl5vMgJcMu6efXoems8kyt028SfgXB= bcvhMOrK1vdEU8Fx2HGUDR1dVfIhMQEfK5dcQ1FJkdIeYP2LNPsteO6wnVaIoI-2BVOMGdZ9a8"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>latest US PE Bre= akdown</b></a>.<br><br> Despite quarter-over-quarter declines in ove= rall deal count and value, the broader picture remains encouraging. Both de= al activity and exits paced above Q2 2025, when uncertainty in the wake of = the "Liberation Day" tariff announcements weighed most heavily on the marke= t.</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-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGznJW7ydfn= JoN8CfUeGl9SA-3D-3DVV8G_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQx= ISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm= 9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zG= q-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAsczK-2FPVaIeX-2FF17AlE7Nj60AjxLNhwU= M2p77luILNr0PCOC0Z6ckBQ0rhygLjEne5TuR2Iwo5sf-2B-2Bhg5GEKg8hkM0ovyzBpgkym47C= ovkFEo0cRDFnxLl4UJigUVKRS3eca4urlnpR6ZQqy6rLT9e0m-2B9srbL7DACwx-2F0HPfHFnEO= psi-2BvfYoRhuaeYks-2FbR1umd6AIWIxGXg3OmhFmHhyPArWD4AHnKIsbkbTemsLE6sGReZuJz= hqGmLKf7xQEuaJxs-2BhVRcPOSTG7ZKfJjqskD" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/73753.png" style=3D"b= order: 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">While = deals and exits remain at healthy levels, fundraising has proved to be far = more challenging. Following what was the weakest year of PE inflows since 2= 020, the start of 2026 has proved to be no different, likely setting the in= dustry up for another challenging year of capital formation.<br><br> Eighty-four PE funds reached a final close i= n the first quarter, collecting a total of $54.2 billion. This puts 2026 be= hind pace compared with last year, when 406 funds raised $286 billion, the = lowest dollar amount since pandemic-disrupted 2020.<br><br> Fears of a steep drop-off in PE activity nev= er fully materialized in Q1. Deal and exit activity held firm, and while th= e pace fell short of last year's highs, with the peak coming in Q3, an unde= rcurrent of optimism is emerging as the market comes to grips with a shifti= ng macro backdrop. If that clarity holds, the back half of the year could s= ee a meaningful pickup in activity.</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-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGznJW7ydfnJoN8CfUeGl9SA-3D-3De= SP5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4o= KHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX= 68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mm= DspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye= 9LZlW6j6qAYmkS6Y0vMAsczZljwk5bFZ1-2FYihGPqcvSN5f5wh0h0ResTskbzF-2FZkGZI608d= -2FXFTH42koEvLtakAbnEUXlTuO8RJJA2uv-2B-2BZud0Lkc2az6qboOhoTo5Pp252HxyhYf-2F= psZJKbpnJlNaU2RDrqBU3mKQbe-2Fvpik-2B-2F1l1vx3o7-2FmJTm-2BklLO9lme-2FZrfJkxe= 9-2BE-2FqKFQgi0KcKCzPWqlM5dit-2ByQL8tLOdKwCa6gLPmJLYSm793IFm9h33qOJVjh5I4T5= 69ev9eqdG4T7EzGjq3n28Rk-2FJaiNWX" 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">Download the report<img height= =3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" styl= e=3D"vertical-align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jM= rJjTx5TGcuB-2FX0QWazmzOnvDCFlJJw-3D-3DY9nP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYc= U-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR= 9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiL= c1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscynMH0db2cNcwu0= NDljj5cIjRmnw609mmiw19QwOMPjid6f1PTmwdvB6I6n72wIy-2FOOT93yDGe51clKzbzxEl28k= QBow3HM1YYrDuPZ1KVmmU4ehiaL2sf0nlNh2-2Fc3aYE5amVRbwt-2B-2FV3Br-2FUpACI-2B6v= HfbYwg0fwViuUS23S1pQg346EdlZAq1kxKEpWPQ56-2BkXIUhBhdrbD-2BXhwzBllgKSCszPQwN= 4uVLPQFbAaJByuEiyTBqsnF7sU5I74ammmOYq6Yh3MSnhdYqoROs8JL" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">2025 Annual Global Private Debt Report= </a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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 Formidium</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_579264" id=3D"n_579264" 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;"> Where AI in fund services actu= ally creates return </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"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGG9fhp3YBHuLSBts= p0Nt75A-3D-3DZGXr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknD= B56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9Xp= O3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQ= nKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscwwbVsMCJLfoDRZfHSGsam2eVBqwMLoTP0oFLVhX= PPbldA5WLLhn3-2BfObtqwou1vMmO4-2BNn5Z3nOulpYm4pvQHNSiYZhal5X3uo2QYdmPCnTOxE= c6BK40YhbLzmelPcP31ZH4YimYgz6lnxsguzttosgHNNtxw-2B5FaTCt-2Bt3K0DCXmG5srEo6d= xAKa8R3wUDv7h0HYjqtLBnzuDeb1ysuXl4-2FYmffqmZs1yeJScunijiNb0ER7gOsoea5bUp8G8= U7KIdcT2DMILzOh0sEVKa8HH"> <img align=3D"center" alt=3D"" src=3D"https://im= g.pitchbook.com/news/73526.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>AI is now foundational in fund admini= stration. The real question isn=E2=80=99t whether AI exists; it=E2=80=99s w= hether it changes the economics.<br><br> At Formidium, durable ROI appears only when = automation is <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGG9fh= p3YBHuLSBtsp0Nt75A-3D-3DzvX7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPq= uqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2br= WQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZ= Sc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscztDThWzBN8lHErSAxE4BC5ojtQIz= Jk-2BD-2B2Ij7IC1bqnDWtB3RWP-2B6bEust8f7V6pBdSYZ2tzHk-2F1WIgZJayWkEd960E61aN= bWpW0nQ6hxl2fQmZJkHMCZY095I4uIHdNQpCUjCbuoi2s95LMkw3X9stOluavKlIy108pp3FREv= DTSqtoWLKk-2BN0t-2BB4pG5pS7Zffd73ObDeIrOKFs7BGaVfDzGU2dVWruLRBeh-2FRFaKx6nP= xczwZvlEdULSvxd9P0TOoQdw1xUBfZ6B1W2Zl5r" style=3D"color: #1D5080;" test=3D"= ">embedded directly into the accounting engine</a>: the ledger, journal log= ic, allocation framework, and reconciliation workflows. That is where opera= tional risk resides and where scalability either compounds or stalls. Close= cycles stabilize, and oversight becomes structured when AI reduces manual = journal construction, validates allocation logic continuously, isolates tru= e reconciliation breaks, and normalizes data at ingestion.<br><br> By contrast, AI layered onto dashboards or c= hat interfaces may enhance presentation, but rarely alters cost structure o= r resilience. Sustainable advantage comes from architecture. Structural int= egration, not surface enhancement, determines who scales with control.<br><= br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGoAKhtIw-2FB-2FT= 6zdAueHzh9Q-3D-3DX1Tr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxIS= yknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9r= j9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-= 2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscxDoIWhoIAG1DfzaQR-2FzC21eh66xEel7Of= pBEGIwbSBkmUUiydQM69WwlTMVWWQTGCf-2FV8inLP3SUeL2wBDcwX5cyzXMYwvgY2-2FrE4cMX= ud3EVr-2FPwroV1bsSC08hcRrYwCQoHmO5y6YujCT6cC4y582ExLBnWx-2FNZadlZo4uNHOYIf8= h7bHlBJvQnaz8jbXYk0D6qKFi2YmdncbbakBvxbwh9K1PYbjjYawG0D-2F48AAiVeGnxPEH8MXb= zwA5buILyB5VxrfdH9DW-2BJhjdOa3bA" style=3D"color: #1D5080;" test=3D"">Downl= oad 2025 Alternative Funds Report</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>Apollo's co-founder closed a $6 billion debut PE fund. </b> The fund= raising fortunes of Josh Harris' 26North stand in stark contrast to those o= f other newer firms. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMr= JjTx5TGYJTZeL8Ce1VCPo6R4B7A-2Bg-3D-3DEKgO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU= -2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9= A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc= 1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAsczjDz5tSZx8deJZ1= 5j-2BwmA6rRCpaemkLLY96Pp6oXOFuvxk8KYao9lusdKmvMUppijqYZX6gpKYYmovfLk-2BIFhQ= pcroDt5Ln-2BpQCZvxlwk1-2BtN2qHy5ict55WIpXphb-2BzQti0CQdL95UILdpbW7ZJc22a2N7= 0FHkwzyti0OLmU52PWZYg4fewE5XTJuUhCHlvOCCIpvVzqzMdgt99cu32rPk2dRvLMH6oRma746= JqmpgZqDV92uC4e-2BR1PudRBLwmJLFaFYByLucfh4X4hm1ist" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true"><b>Read more</b></a><br><br> =E2=80=A2 <b>TPG CEO Jon Winkelried says the= existential risks</b> to private credit are limited to the software sector= . <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQ6wJK-2Bfy3-2= Bvd47yIaRyOYag-3D-3Dctkd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQ= xISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjb= m9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2z= Gq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscxa3CT-2BRYtsbCBUSmkLEBdCasjKGnBJ= huaJ9AswYJNf8gworiaN148ofAE4W-2FYJRATyGm37x-2B6u04ytev9fhJJr-2FIkEF3i3cmSrW= ojVXyi4h-2BhCJBXBVH6emsqUTZarS3MljgBUhEYOvY4MJQwDZ8IvzWhP9sMgEAlQA-2FpL0AGu= 9Z9ntB6tqOxMWtd1PzxINZENOFWjTHjBQC1sibiMDLbtQnprkhRccb5WfiH1EnHPkeaTWNNIBeJ= Ede0WoK1mocgiiYAYDrDY6SHkz4OeIS7n" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true"><b>Find out more</b></a><br><br> =E2=80=A2 <b>Jeff Bezos-backed Slate Auto is= betting radical product simplification</b> can compete with Chinese EV mak= ers on price, raising $650 million ahead of its 2026 production launch. Our= analyst note explores why physical AI may be the only long-term answer to = "China Speed." <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRt= QbqLP6xT-2BjPP3TpGygC-2FMFA-3D-3DD-Ql_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2Fs= nIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47z= yVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8= SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscwivQ4oshKtNDzOJFad5= ZZLwZzG5Wl3yymLYUDSYp31egd-2FBy5RL6ePX0dpsNHhEuAwocymkf-2F2bOGoQ3ymowpKAgte= l5wQ-2FesrdZwPmrpokKlgdVGdiE-2BLmO8hDaMJ7CqkwFfKoZ-2FmoAeoQ3-2BfdESJpOZXOrh= 4-2F4mNP7UrVdC-2F99uwFtoKPRevAMvTfSOAUfnpjbnEE3-2Fj0tiMoEPseN5g9Bj15rd3yfhp= wTkLsmZya9WGeLkoz38lQExrEDOWxhatfun726U8kpZalcCuGWLv" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true"><b>Go deeper</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_579475" id=3D"n_579475" 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;"> OpenAI's ARR attack reveals wh= o's on the defense </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-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-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQ2fQcpUGIX= 7LUsxYyScFB0A-3D-3DPUE4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQx= ISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm= 9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zG= q-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscyXvetcH-2FbZMIHA646ETvWwiSlcJF-2F= ziKJNOqQq4IYkezPLTjIZJfKnFoXfNYuPug7S0IuWbp9tjZkQQi-2BB0BvOdI28a7KLCTV-2Bmw= HWuFML-2FqwEFlVMQkLDQdcWuXHa8cVOZII6nL-2FKAoXp6QxopqCleL-2FBkrD-2FoqObV-2Fw= 4vhwgsW8EglMfzyB9-2F-2BQT17yQJ68a7rF-2B9UOezkxV5aGXie7-2BgEiIAEYYL-2B8ELc7v= KN570GwHwPEFWixREsJARDWFh1L4j5o3eR11MpiXDn9B3CZV" universal=3D"true"> <img = align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73761.png" = style=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Chloe Ladwig/Pi= tchBook News)</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"><i>By = Jacob Robbins, Technology Reporter</i><br><br> The rivalry between Anthropic and OpenAI has= spilled onto a new battleground: their self-reported annual recurring reve= nue, with OpenAI accusing Anthropic of overstating its revenue metric in an= internal memo obtained by The Verge.<br><br> With both companies preparing IPOs for later= this year, their contentious dynamic is ratcheting up, especially when it = comes to public=E2=80=94and investor=E2=80=94perception of their respective= businesses.<br><br> In the memo, OpenAI chief revenue officer De= nise Dresser writes that Anthropic's revenue-share arrangements with Amazon= and Google, both strategic investors and cloud distribution partners, are = allegedly being accounted for in ways that artificially boost the company's= headline numbers.<br><br> Still, despite Dresser's claim that OpenAI's= metrics are much more in line with what =E2=80=9Cwe would be held to as a = public company," it's not quite there.<br><br> "Essentially, both companies are in an ARR a= ccounting arms race ahead of their IPOs, and neither is reporting on a basi= s that would survive a Big Four audit," said Harrison Rolfes, PitchBook's s= enior research analyst focusing on these companies.<br><br> Over the past year or so, both companies hav= e seen astronomical growth, bringing more attention and scrutiny to the nua= nces of their businesses. A year ago, Anthropic reportedly had roughly $1 b= illion in ARR, while OpenAI had $6 billion.<br><br> But things have changed since then. Not only= has Anthropic reached a reported $8 billion in ARR most recently, but it's= widely seen as having built a bigger and more durable enterprise business = than its rival.<br><br> "OpenAI's enterprise sales motion has an Ant= hropic problem, and the Dresser memo is the internal acknowledgment of it, = dressed up as competitive intelligence," said Rolfes.<br><br> It's no surprise the companies are locked in= fierce competition: Their eventual IPOs are expected to be among the large= st ever. Investors will want to justify these numbers somehow.</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> </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-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQ2fQcpUGIX7LUsxYyScFB0A-3D-3Dz= edl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4o= KHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX= 68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mm= DspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye= 9LZlW6j6qAYmkS6Y0vMAscxjK0jEoVXVin3YYNgOPxAH91uJw6DdZ8-2F0BTSoBP3rkxXtY5JfE= HpCS-2B2Luj8btOInOR0IKy0BG400Au-2F0aok-2BhixCDKTuvo7ZZDTBa7o4Wc9IMUC2b0xpdD= rSeAu8hn6IrwRR5ZsQwTrKhb7jPDYKJSlFFfwLmSl5kaAu139qCMyi1HwYX-2FJeJZBU3BLTNwE= qEiAYeIcKmRY3DrqrWjD79tGmb2MK5GxPflxOuvK6wDU8xyVbFOcl5C25gi7J17I-2Fj2nUEu4Q= oSJDK4mQ26vJ" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 1= 8px; text-decoration: none; color: black; padding-left: 3px" target=3D"_bla= nk" universal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pit= chbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; mar= gin-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 article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYI= c4GiRtQj-2B2wzOgKjyNzlQDx5Uns9A-3D-3DPjLK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU= -2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9= A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc= 1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscynMaqcB29Ze3M9f= bhD1JqQDnaAItAmQjLm7Uv55MUnwoU0XHsC5ExcVepnkaQtx-2BdGyszVQtxXpocmBEPPgPRabr= P785p6SI-2BrdvBFWpRbkBQse5tMoo3zghDSj-2Bba-2BYI4rCHQ3odzEA3sNdWc13b4x1uj6Hp= zWeCTeIXpJpCiB7KF6GqS5Q83ngNclIxau9KlPpiMASZc0v2UmH5E3NpFHiYUxqD8Sg3w8JysXh= mTJw5WjeB2JEia4ezqRVlZo4oXj72PQuZ-2BH9G3Jogyx5oE" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">AI=E2=80=99s hottest metric is getting harder= to trust </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"><b>Mus= ic superfans are embracing prediction markets</b> to bet on Billboard chart= s and album sales, and industry execs want in on the action. One Ariana Gra= nde obsessive turned digital snooping into $100,000. [<a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQjR1w4T2oOZMuXHR2UW3iUw-3D-3DjIzU_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-= 2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOU= iK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4k= t-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qA= YmkS6Y0vMAscx-2FjdQzkZ3ElzB2m5xpsBNA4EYlHc6-2FcHota7Dp4X5KCuFMtuzDnshqGCqNj= TWFTuN-2FpzTX4qxuGEXcf4esvOwYJK5z-2F4LpYw8NczTm4vOnz-2Bcb2aTP0vnxVr-2Bj3GtX= NoObTuVgGCZq6w7Cqs5troNZMdfoVAyX9twcn8JBaAAQmZ-2FiQqm4Lb8f8Rq6Sf7mUuMHhch6C= VW-2BQO7a38I24CHXXIV9iINrQzSHRAuYR3JdjBWANwDvCfA1zyXZ74saZoVKq2PE64-2Bfvz8q= AwyxC06f" style=3D"color: #1D5080;" test=3D"">Rolling Stone</a>]<br><br><b>= Mark Zuckerberg is building an AI avatar of himself</b> to interact with Me= ta employees. The 3D-animated Zuck comes amid Meta's push to develop "perso= nal superintelligence." [<a href=3D"https://url6380.news.pitchbook.com/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYI= c4GiRtQduW8ErLFulu5Ro90YcZ7tw-3D-3D0RGZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2= FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A4= 7zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1p= q8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscwWjik1ArnjApHlwbr= ffCCijpkkfre9UY74fp1WsWqwVY5s-2B4K2V0QEW1qjMtRI1WAzZnKEd1rFrWeDjAPEoIcPo6fp= rfYZQBZkKxTHCpi5buRcs7JZRcEmE4QitvRV9kloBqX4yrU-2Bo1sAApaU2q5heWCm5aqVHlqkO= 7Ue0VnqsnclO24yATEJk4PZTggnxgboVkqEEQbweqxXhmmUsUH7lrgAlsAWRYsWxBhU-2FnRw9G= xsaU97tpvTDm0YVb7DvxPou8Q1EwjN15a22jwgqa-2BD" style=3D"color: #1D5080;" tes= t=3D"">Financial Times</a>]<br><br><b>AI holdouts have declared their top r= eason for avoiding the tech: They don't see the point.</b> A new Gallup sur= vey of 23,000 employees finds the biggest barriers to adoption are skeptici= sm about usefulness and moral objections, not a lack of tools. [<a href=3D"= https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQqctZpVwIETD247gVhS5spA-3D-3Dy= TVa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4o= KHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX= 68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mm= DspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye= 9LZlW6j6qAYmkS6Y0vMAsczI34rMHdP8JNaUVI-2BTIPbo71VlGaQeybqBl5qVGwArlwNiPSze1= EskIPKZt7JGfY8RSBfAnWNUSfmUUdonrWqgbOQXB5r3Vq7f4FQzc72auhFczmdk8GyQ4GRk13L6= e3nqO1lrml-2BvDScW6WQ7Gj88rsOp4EKViwEeA-2FUWufr3zCp8KLX93HOrhvlnnbuCAWG41id= uDv7i6XWJHrrUAeCGqMXJjqmIUFyqh7ZZ-2BwDhH9loHPsCBiwllogU-2BUaWd15Qcgfj90x4Lr= hh8RGnqAJI" style=3D"color: #1D5080;" test=3D"">Gallup</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;"> 792 </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;"> 2777 </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;"> 1425 </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;"> 26 </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-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQO-2FK3jQGJxct0TXirrpLZuA-3D-3DB= GQo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4o= KHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX= 68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mm= DspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye= 9LZlW6j6qAYmkS6Y0vMAscx4SOzi1iCgha9VYjBDCiEKh9Hpp72qD9wfyk-2Fg3kU5V9I09QA4l= TzlA3sTCOkOZq3e33hn4HmRFarwYnUEScjOMSnLXtfc0Is2KXKChE2uUVkymk3QlrQ-2BNDwLuT= CQ5Dzm9pTnsg6PBaxwFFmFXUoVLD6mySPOs-2FrlxpIPD7FUUBm4s9812oz280wBpfLrDvVfALu= NxWuvNLjQTbU2AH3RhVMYPsmtk3nhqTo9egsi8y10NHn8aHWobaI6DNUW9JyGwF7YXzU8NMess8= rLlqzX" 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_579751" id=3D"n_579751" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2020 Vint= age Global Debt 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: 87.37511353315168%; mi= n-width: 87.37511353315168%; max-width: 87.37511353315168%; background-colo= r: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">9.62%</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">11.01%</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;"> 0.56x </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= swouzV4P8Rt1UrES1CYIc4GiRtQTm675MYd624nuyenAHVq-2BA-3D-3DqLLg_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXR= ACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESk= YvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6u= w7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0= vMAscyEDbUhOYtfLVlSy4Lw0h58OuQBVttCtUDsV791ub55T-2F9rvtdiX8NU4c-2FlKaSnh6I2= -2FacsmfYZwRG2g3IV4tDJ7iC-2BBrC3FDROgq6XmlImO7Le-2BwAXjbVJZ9tkzPSYcdMwNx2Qr= 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SkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq= 6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6= Y0vMAscx4m6MWAOFKvqmS6GOcBSg9sRN51-2FvoOokMj1KnooHR4AOfpSJs66tuqrRCGgY89vL1= huJXseS4HQMAHuV5YFbSEyCILmFAYkkBSXDUbT7BwoW8E3c311i-2F-2F4Hx9kTtZvOLIs1RNLl= jMEIfC1XW-2F2KeDRvPmWE0m5lY5rGkqz9oJhhSMX5HNZPtYtyGRopN78oIXCT0gxoC4wanZa-2= ByHNvAXclPX-2BmHApByguGZHhWI6do-2FUZ0G4uXhqwxHtA8UBELTU3VrZQJYtKXTErnKrOGR"= style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D= "true">WhiteHawk 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= swouzWm5hm-2BLRCclB42gW6jzLR0PtKmFrb8Of2RQ4P0hYfgJA-3D-3DjhFQ_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXR= ACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESk= YvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6u= w7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0= vMAscxUGVvF5TND-2FPMmBudRFSp1w8G5qqVhMzRN-2FIm6E95a0yvjwzB5hupnd7ocCXWXW4oG= Lk2KS97-2FkNeip1hk8xYoraXDnPoDBxouK722JQsW73CDizGEGqbWS9UtiTRWgMhdCsN1BJ7t7= Pl6wlqr0xOgqv7mKQ1GtLbrmBmewEEEtu4oQ22M5CF-2FCQ9OHRzgjF3YbhcL-2FcO1yDR6yABR= toz-2FGdevwXllWaHlLqKn8xsiP2sceRVjQdGsZplq8RPyyzosv5bBqqenlO244tRA7lzF" sty= le=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"tru= e">EnTrust Blue Ocean Fund </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 14px; color: #78766F; = padding: 25px 0 5px 5px; font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td> </tr> <tr> <td style=3D"color: #1D5080; padding: 25px 0 2= 0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR00ngP= RBcES3-2BvY0TMWzpUhQ-3D-3DjGUr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9s= PquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2= brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSW= MZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscwqRalFm11NJM-2BxJ3wnlN6boh= V296BfSK3e5AC1bOT60JMZ-2BAYDdTl-2BQUG0IM6w2vGC3ZVe2TfIWVariIxHfxChOXWPt85Ch= rDfcf83htzv79iyAPR407EPxWknRk0LAmwy2SkE0U10TlRVHaBkqsMSUkUGsGKH-2BkdHPCz50p= EnUdqodjHHt3dhtI4PhflRaN4IV2hdOLtLGCvbofqlacuBHd2rXljWCd09e90fFcMLK7jtCT4gu= oWaGTlCpZqB65EZGFydvSJdiLXSi0VOUuib" style=3D"font-family: Roboto, Arial, s= ans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height: = 24px;" universal=3D"true">94 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-2BaqM7ONnvsnswouzWm5hm-2= BLRCclB42gW6jzLR0TqjLuDQdFZW2KVd8w8G0nA-3D-3DP0k8_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR= 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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-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0sHKna8J58hUOjuDJiJDXdw-3D-3Do= B9C_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4o= KHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX= 68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mm= DspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye= 9LZlW6j6qAYmkS6Y0vMAsczMT6MWffPOOaATyRSC1fegtM9rOeIo7hYPDZUWMEDhXHT0O-2Btan= SGuOmeW0mGAsr7dCUP7cAIzuVaYZJnXyCXcxyuTXHDCiox5S6npbRXAkKNFr1Bfe6ofs5Y8v7-2= BczKVCpN43p8D-2FqHpvO8-2FLrvl8Z6cqFd17fZOxdQuX6IrY75fkvel-2FXkSHwqRD-2BZiPN= 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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-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0AMGR4dkELrNeRL4= -2ByKkzFQ-3D-3D360f_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyk= nDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9= XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2B= YQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscyfLUn5bJaYJV-2FpqpJZxDbsonOyitk-2FAFd= QtqetRDy3ka06KovzP5cgWSfe-2B7Ozgo8z20u7a10-2FEnw0fsyLfP3wlSf5Cojx-2FsrzR86Y= XfT6zkYBw-2F5RvE8yJAHfDUGMEVEOMDS58GWTIW1tVSLV-2BLp-2FcR5WpLJ3Zi7c2CdR43rqy= FKrE7nmQU04fEmvCmoJwBADCDvWwCTzBaS7gQYfIw23E7pW6KW2qmQOwSj274rK6kLeOetEUJ3h= hte1RPrYNTy70qJ9b2AiFXpcNG-2BaRtLP" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Neomorph</a></b>, a biotech startup focused on developing m= olecular glue degraders, raised a $100 million Series B led by <b>Deerfield= Management</b>.<br><br> Vancouver, Canada-based <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0UUnWoynswilC5UQ6gfJryg-3D-3Dw= mmS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4o= KHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX= 68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mm= DspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye= 9LZlW6j6qAYmkS6Y0vMAscxpNVNLMAmnFG9srr5KwnWtX9CE9-2BX1vj-2FV6ktg-2Bkpl2rOTV= XGU7d54N68otIoOj1YxA2q0UILRyOYR3vdrSHx1xaXrp20v4WJ4FsewS067yzrkBiPgwItlLCJT= Qr3HgXMtezhQczA3pxC-2FWHEZ239dOJfySP0OxO5XdQfQQkOOC4TVL867aGAxYugE5aeHox-2F= 3uwj2ElwD0Ouqpl-2BapHcdowkCghX4rueogZFRAQsMKMpkZEtc6EX85WC0eCzZxJWy9tq5oV4x= pZOgwNf992CX" style=3D"color: #1D5080;" test=3D"" universal=3D"true">pH7 Te= chnologies</a></b>, a startup developing mineral extraction technologies, r= eceived a $32 million Series B led by <b>Fine Structure Ventures</b>.<br><b= r><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0oLDNlNo= Nay7vJGIS4soRfg-3D-3D_Mwq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqj= QxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQj= bm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2= zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscxJTu8hmdDYE4jnw0Ax6eSCWKhZzbXyj= DaiY1zARfUDq9ZmvnpEufXtWXOP8ydIsjmZ-2B3rWugzrzfd1W-2BkhqYaVbYrMo6RCOVXaIaWF= q2uQqdiFaeJnUaCAwMLN7hW4TMTmdDw7rYwjjedjnU0mwJZqZcahrBpz2KubCDTmPcGB20SzLd5= IbjI9lrC5vGlL4pMdvH214bzzmcGxhxoYry3lgBThz9cV4UsG8yxmLceFemBVJf4fn8Cr-2FlvX= XyZdmRePA9wgJW93fI7ChTNVnnDw" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Nesto</a></b>, a German provider of AI-driven workforce managemen= t software for restaurants, raised =E2=82=AC11 million from <b>Expedition G= rowth Capital</b>.<br><br> Warsaw-based crypto payment infrastructure s= tartup <b>INXY</b> secured $7 million in a round led by <b>Flashpoint</b>.<= br><br> London-based AI-powered finance automation s= tartup <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0KO= NmnLEo6Z4EPeGJ7G4HwQ-3D-3D4YlQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9s= PquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2= brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSW= MZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAsczv4IDDqohPZ1l72f4mHl86wXT-= 2FhayIQAU-2BJJthe7TryKkxeq7QM4U9DnEKzWBiowpylef1U1hvg183pLWNFXBr4jcV-2F4gSu= bW5qjXWTtEH4pFAlniwiyP9PgsVbsHetBWcXvZSaaGJJdQVTn21bC00RxP12UKZ4d0DWeDvM1BZ= xOVk1XrTmrkoqneufEvci7e9-2Bb9KA6ExeVsbHo3EImbAwPbiyp0yglMj-2BnLMCwwWcgw6Rvl= ocOHURY-2BkvNuVxfx88Ypctw-2BY43EHXsOlZUVn" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Round</a></b> raised a $6 million seed round led b= y <b>Alstin 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>Leo= nard Green & Partners</b> is finalizing a deal to buy <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0IxG4Dp9r0Cfs-2BoRzHzF6XA-3= D-3DjJvz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxA= gbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1= ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5v= CXlye9LZlW6j6qAYmkS6Y0vMAsczXFLncyiY4uZ2XYSswaykfQqgtG34jqJmMQvY9D3drC-2FvO= gW01T56mZMq56RjYLIXin2AqMozqGNlkvJmVQbOg6kTYw9jyMaczlWFWlntTCddPACdan3j8vA-= 2FSo0hwQ8P-2BWpaiaUuZ-2FM-2B8ZIpfg4YvyGVIfY6OEEMiRSYvfAgqMMew3SxN58XIeqcRJq= YK80Ij3AGxqpBpKpG5PXnOdJfFCtiOJGFGiebYgA5tLo-2FYND3sUT6seUxEc4OmURT2Q2rn3Sp= MiEkaUqXS09drKLn-2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Cumming Group</a></b>, a construction project consultancy firm, for $3 bil= lion from <b>New Mountain Capital</b>, the Financial Times reported.<br><br= ><b>Tiger Global</b> agreed to invest in <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzWm5hm-2BLRCclB42gW6jzLR0mvWZamDQwakq1W-2F6arAwhA-3D-3DEmQm_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2B= b0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK= 4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-= 2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYm= kS6Y0vMAscy7i-2BV4ZJ3dXiUrfGsPiVbpUxtkF-2BLTpP389C-2FSZrtQRo0ioXtS4jz368pLH= Q9mzvC-2Fpz9CUwqRmEK3l6TPomuDE96kjWkYEKwn2wlFHfXGCI-2FrhwP9lNbhkyug6NG-2Bqz= v7e0TXFUpYJsOook4DiSBgqMzuPpuyF1TiArbW0SgC6e-2B-2Fa0zKzJfx8jEqWUv7jk3hJDOLt= QT6RkrSCQBNWJRHcxKeg4ho2SH0SIDCcxLFC9jrsoLBAV3B2yfwDeLm3MDArZf5y-2BdHKF9DKF= ZnUZQD" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PopUp Bagels= </a></b>, a restaurant chain with about 30 locations across the US, at a $3= 00 million valuation, Bloomberg reported.<br><br><b>Palo Alto Networks</b> = founder <b>Nir Zuk</b> is seeking regulatory approval to buy a majority sta= ke in California lender <b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-= 2BcSV8cfuNGGRHVjMGFtoB9AxmDamAnriUjtw-3D-3DQOEj_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1n= PGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7E= F-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6T= ILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAsczNFOs-2Ff= v6UKUw6Oab9Zn4kfv1iZiwFfCSQITe2I7SdQ5Z5RNJCt7REHthiH-2B6jDyDuRgegVeorzwketr= MsZFYi-2B8TZq3vlUVyvv-2BRbWkPiN3216J5klpW0i7CQWZirvkY1yHRkCXWukPRvd96-2BWR6= 9iDsWodzlrZ9cL4dLi4j29Qof2fXZgS7JSwZWNp2S3Bf6D2NUvEOrxPi0TgEMr7Q-2BrajsUmR4= taQrriHWdPsgIpJ-2FRuv4hlRARbChWN2-2BEFmGndURylHEJr7fdmajA69U" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">Liberty Bank</a></b> from <b>Ston= e Point Capital</b> and <b>Reverence Capital Partners</b>.<br><br><b>The St= erling Group</b> acquired Illinois-based <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzUJHrtYMf-2BcSV8cfuNGGRHVYCFtHF4JDb7N4YZFYxXABQ-3D-3DV9pt_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0= LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4v= ESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2B= q6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS= 6Y0vMAsczIcL9aV1X2TJCa14GwUEfqU7jFdz2k1g2FDYU8EEFcInl674FCyalUC-2BwxUBjsgyl= n23XrPs2lNOwUXlfoZYnUZpqIGPty37qNdIR25zSCzuunDjcUzHAXX1gA8D2y09ER46LQEAu9Z-= 2BZngR-2BqPh7A0Iq8G29BkK7iPV6SAWv-2FSxdVquMo-2BeKhA1Dy-2BnN0-2F13ryUBiXku-2= F8RV3CDtFw7qqbphdZYrVr3s8ptUrI6UAYLowOKNXeISX14g47c1mmWTEf5C2lAzc1MMZTVaPJ2= P7" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Healthcare Linen= Services Group</a></b> from <b>York Capital Management</b>.<br><br><b>Stap= le Investments</b> has taken a stake in <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzUJHrtYMf-2BcSV8cfuNGGRHV05R1fIyI5cTWjJbcRfPZ9A-3D-3DgSjq_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0L= XRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vE= SkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq= 6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6= Y0vMAscx-2FqL7pLOP9FntTt070mTX8Q0sqihwXqhz52IWkujEGm4no1RNnax2KPrzetdj090gD= 6A3sP7vRfem0f2eAZLoLOqw-2F70aCEVRnMRsse7NYt84e8hw5nn6-2Bmbv-2B09-2FfhQQRrWr= 9Nb8no-2BBebPTqZKJk9LGg25JLkeDxstuOeA5MFtZdwbh4MxKUxQwDxbmh78CY7xLGJt3laU6P= X50tNQOXOEnGCdLuGTndTOC3Vpfpuh-2BHRvTvKwtEHJVZqbdtnEKm-2BOYYPCLaZQW1NEEjvkb= -2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Corporate Trave= l Service</a></b>, a Michigan-based travel agency.<br><br><b>Eurazeo</b> ag= reed to buy a majority stake in <b><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU= JHrtYMf-2BcSV8cfuNGGRHV-2FSi6tsZcFFp34yip1-2BxfZw-3D-3DdMNc_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRAC= t-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYv= vzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7= jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vM= AscxIIh5d6XdxZKUsTx6r6rW0W3SDK6RwwYuMYSd-2BRjj6lNeNBtHmIQibg-2BnOW5YPrfZx8-= 2F3qS2s-2BWeq3AMYnfDbmjz1WMzAhG5GOrWsJTNg9u45a6gAqCcCeWUbmJ-2FJ1f6VqHxOe5c4= yBEgJb2lmBHZxEkHnDtQiOU38HGSMgXHCDersOZee1o-2F9FIfg-2Fya9NgtPPVwg79EtoLeOOl= rfYl1AtBedj5-2FP4QVgUuTvmsF-2BThTnptNDLvgI7vY7-2BRBFSEz932vfxArNtiH0v6O-2FV= Pwo" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Netco Group</a>= </b>, a French conveyor belts maker, from <b>Ardian</b>.<br><br><b>EQT</b>,= <b>KKR</b> and <b>Advent International</b> are among suitors for a potenti= al acquisition of <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8= cfuNGGRHVQ219UugBQvY6c3GN6NVesg-3D-3DxSkJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU= -2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9= A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc= 1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscwkkcjBaPl4-2BgR= LPUPcpc52l0VRzLn-2F12gDSPKHE7TsaXIXRgX-2BVsOrqqCP73xgFGQ3FNFR41PwepFW4v96lC= fLgFrmKE0f6ubVrQ-2FVXlIJgnuhfxeuFGLVcVwVGz5czScORTOCkisPqfcGe6EJFMel-2BoSeG= uin4pN9hsFB8RQSDBFAKy-2Fg4ToAZiYN1fd1uWC5cGuPrk-2BR7-2FN0sPhP6-2FuJ7zj-2B-2= FAByzHy30UJMTbsWT-2BvOV0MIHUtr6Jyv3Q6FEVjogU3Racw6mZlsZiM-2F-2F9Jh" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">PolyPeptide</a></b>, a Sw= iss contract drugmaker focused on peptides and oligonucleotides, Bloomberg = 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>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-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVXrHYsRAe1scnnAR= wuXTNMw-3D-3D2pFX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknD= B56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9Xp= O3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQ= nKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscwtGhasvSjtSZzFKaZceQBQHmMFbNPjIIwCwtYrv= 9a-2BjRw5gSIRT0sS6V6TNFA1jKZEXvvJtbSGIK1x98I86tO96CZF7jGq0CIEc7g-2BkcQ2P0W6= tCDN014gm9Xo4UpHobN6Z377rGPHA9kNPgA6aacFbcx5iDzU-2FsPyQ-2FgbqdREm3Xnjw48luV= tvvp-2BcDpUoshwi7-2BXHP6dsf49YVqeKZnG9aOQ6EVuUSGBkvl-2BhDalINownVnZZ7wi-2BJ= xMJplm-2F7Y-2B-2BFE6HVAdjUCmIzdwOieL" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Alamar Biosciences</a></b>, a biotech startup backed by i= nvestors including <b>Qiming Venture Partners</b>, <b>Illumina Ventures</b>= and <b>Sands Capital</b>, filed for a US IPO.<br><br><b><a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVaWAl-2BkBZzrBEE0dgriDqYw-3D-3D= R3vn_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4= oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEU= X68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1m= mDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXly= e9LZlW6j6qAYmkS6Y0vMAscz8cz3az8P-2B1p2LBieOseWRkGWQSRuKIukRVllYUpxwPk7hkZQ9= 1UQI8qO-2BgK4Ex1jtFyINi4y-2BRZy9OUCQGZQGslnNaQEFx5gCxqSNAwolv3Gt8Rc7J0YBJdr= TmZAIjiuQ6LE2WvHN2AfqTFZ0JU6wuy-2FvCp6FQr7bjtbU6Gox3AJk5T6eTjVzAO2Y745aM4cM= kTCys8K2t6UhUYjOBW39nC3iNk4PHWBxeNB3Ei2c2zwZJkZ33Ww6q6Fnr-2FOaEKC-2FMaqcyUu= oW96IJ-2BHa5RnX" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Kov= r.AI</a></b>, a startup that helps large companies with cyber compliance, i= s being acquired by <b>Fortreum</b> for an undisclosed amount.<br><br><b>RA= Capital Management</b>-backed <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ= HrtYMf-2BcSV8cfuNGGRHVH8QhZrYz5jc1sF-2FW9t0NXA-3D-3D9Vrw_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2= BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzc= ljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJ= pPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAsc= wJu-2BEpvSh-2BMhH2q5rhtd-2B6E0ZFXrKdq9gN3xl9GktWvon9-2Brulkk50nzK6LIREuskGU= IZqMMI6xCcdyVrTElM0f6LA63iBq96lUy4sPT21h-2FpqsloqHNv0kABINqD4HRiZS1VXMV6-2F= oGQO5xeYw4tBJBfFKxRipfhvhQeOy2Ai6g4ihjAKtsDUNGcsBpt5zPhMgq6p-2BwyUPd2XOHkxd= hs6HOVciObAthb5NPT6fb6fH8yMdQxYKWKne-2BjgebmG37e3WRHMRxXh9NrsjAMkqZ9z" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">Hemab Therapeutics</a></= b>, a biotech startup focused on blood disorders, filed to go public.<br><b= r><b>Janus Henderson</b>-backed <b><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU= JHrtYMf-2BcSV8cfuNGGRHVS4KafLbOq-2B2jVQMH9RppGg-3D-3D7GXn_I3w5d9c01gkD8gLzF= EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-= 2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvz= cljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jL= JpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAs= cyFueKvBetqf-2FyD-2BjLkw2UfAJGxkk-2FprWyZvB3lZIVQY8AdjebK-2FMrFTAKjLHCGCvbC= CW9e7RctGouEwLkjuc9EM74Z0NbYzekkP7fh6-2FDjumaZPCyq9mqgl7dHqzADhEsKFV33VOGrQ= eUijv2I5Vo3X-2FrhCtFh3rcVW0JhDoawErUH9m505MX6KvkpYxJ9AyOaHVwpDGenfqP3WExcAg= ERdKF8RxCVC53nVSDeNouS7AU4b4A4yFfntUk2qnvS-2BZi9gNrMWm2mTf4hCPDEijSh" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Kailera Therapeutics</a><= /b>, a biotech startup developing GLP-1 drugs, filed for an IPO.<br><br><b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVL21G-2BdtPTw= C69Ys-2Fzqa3lA-3D-3Dbm9y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQ= xISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjb= m9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2z= Gq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscxkt5t7BHIu31-2B7QhjuYBahwFe-2BkF= rJf0ljOJ-2FiQae1bVB5BeQttv4wGdZXDRowq-2FJ9TB7Em5LLqNSwjEP1kYhOJbZinR7Yi5kJS= uDWE8QRnnXcp2i8MpqUUbCD1dbr-2BueS66gp9HISn9eeYOSFUtk9QL1AhG5HfRKXXcv-2Ff10q= KP2BL1QvHcVAwt2XqOMEuXK-2Bh4ygkwcKiD-2BV4hyI5jehwOlRvtwDMZ-2BTl-2BHFcb6CTmh= otjr7RvptHW7aqzsnrFBmLf7Hp0-2FuNoMnDwEmxk5I" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Seaport Therapeutics</a></b>, a biotech startup de= veloping psychiatric medications, is raising $100 million in an IPO. The st= artup's investors include <b>Arch Ventures</b>, <b>Sofinnova</b>, <b>Third = Rock Ventures</b> and others.<br><br> Chinese insurance group <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVXdT8gk8TLxY21X5zAsAXrA-3D-3Dc0_= y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKH= ZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68= XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDs= pI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9L= ZlW6j6qAYmkS6Y0vMAscw1oEisMgUuf2lHXBPasQbFo-2BM5fMFzA4A3iyQlvjL-2BwFpDm1uhC= GWdQLK-2F0imwGmSKalCGQ1aUzQJy2BKaUROvYcjHfFxk54jhIzFo64kLrOuiwxOA2EROD5HLAj= -2FOJW6x07pGg0NRwdPNMK9sCToUjVe6GXRMced8wT0MTdW-2B8jH-2Bc623DyBQZI26V7qisux= W8udopknFTMyLyxxxwjZXglBckOgsepFnx7uxAQWEyxSifvPUtnY8u5Ph-2BNV43R8-2B52uVjZ= suFH3DRk1BCBLY" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ping= An</a></b> has tapped <b>Campbell Lutyens</b> to manage a secondary sale o= f $1 billion in software-focused private equity stakes, Bloomberg reported.= <br><br><b>Paine Schwartz Partners</b>-backed juice company <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVcb5qad8qcH8I5y-2F1SjTFPQ-3= D-3DCF4K_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxA= gbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1= ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5v= CXlye9LZlW6j6qAYmkS6Y0vMAscyuOZQdpHYYrPjacRUN7DhR08aInw23pXO1Sb0jtu29zzbdEY= K5IR5mC0ABPW4QVc-2FdDREXQ7Ad8jIdyqBrm22lfXHZRUNnOhNhvKpXqt52DFk1eEUheaKlNpz= HvAhC00Tkm2mLvngSi2D3Qtvb3CjoBq-2BLzcaVmeirqYvgyTg35esT2t3NQw5QIwBL0eGm8T66= gFB-2BxW3gIkIeM9TfmZ7qugJdNtCCCJ2Ap29uVcNjVMi4nZGJ5I7kvNPccX-2FgXcbgPG36KQx= Weea27XSJH34m" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Suja = Life</a></b> filed for an IPO.<br><br> Convenience store operator <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVGrin2CVnTrIezTjwcNvo6g-3D-3D= xPHO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4= oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEU= X68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1m= mDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXly= e9LZlW6j6qAYmkS6Y0vMAscxu0EUsey33hsFqllVpu3LUw7QClcoPeqUmvRppOPCOEMCV2EaQ7H= SJrbp-2FE4uH-2F9HWXyL-2FDYi5NM3pAjqH-2BC-2Ba5DIskrEYdPZQur81eA2H5DuZH2qGFBI= TlsRS3aytwnhruh-2BXMXOcu8vGa87V8RoQlAHD2-2BccwWE-2BbV4-2F4Tc6se-2BGoErWP9Fi= LToGs9CRxCQnPXEVirD7Q8cUCF83JNdZ6ulCvRJwVNVx1eoebK3MANyz9BqcBqZ-2Fk6kjo28wQ= RdPSZgc1Q7rh4oJ14qPYsv4" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Yesway</a></b> plans to raise $300 million in its IPO. Yesway is backe= d by investors including <b>HPS Investment Partners</b> and <b>Brookwood Fi= nancial Partners</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>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">London= -based early-stage impact VC <b><a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV763= mNd4v6FUfY0UeYc1HVKjA9-2FJTKqQfeEeOeBVNiew-3D-3DGye1_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUj= QZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj= 9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7= urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAsczz5F= cy0t0yzFkCQj-2FiNzXdTsaKotiSPbI-2BnCcqXfwFZE8ZFBaTKrG-2B9ESOClb7tKybXz2u3eV= JS3Diqv8d5bXqjUEGjppeNZvIEcgWYpoGpw4ONWtVO84orFCOMX7Lxm74aLAJANt28S24dLpFbx= oX3FbqVdlDugxvUhClw-2BiIb1-2FJtbrH3GmRvAW8eivp0ZWeNfCpiwuaEnPgaf-2F1wigR4KP= FhYXCuTLIso0wh8IiN1u-2F5QzM8-2BVeWFhTboGNyu5L7JO2cGd1JMfZS-2BlKIYjA" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Eka Ventures</a></b> clos= ed its second fund on $107 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-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVZ5-2By8ZY= RWmF2xD-2BRSbnDvw-3D-3DTyJH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPqu= qjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4vESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brW= Qjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2Bq6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZS= c2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS6Y0vMAscyUa-2BekgNZF-2BCTExjANvNliuA7= UNyJAXqRWHUIiK6ddY7dUN6udY8ut4AeYND326SIl7cXxK9T0VEm-2FIlkJ-2BZR0tYspQ0-2Bx= jrwmO8-2BLWlwXQDBiXoBHdIDmKUBQJZDYZyXgynZu6z4W1I19UR-2F-2B-2FRg9iQ8Eznl4p5-= 2FSIyI9UWEnI6VRQYUPCFk2ANciRH38tWq1UABlKLhjAZSOGfjdSkQdAYCH-2FhIB4eQIr14ztz= DgDs50ploaMgevyI9ULLoEucquE3jRlcX5xdVnJAXNozYD" universal=3D"true"> <img al= ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73759.png" st= yle=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">In abs= olute terms, the number of AI startups by country follows the pattern of co= nventional venture ecosystems, with the UK, Germany, and France holding top= positions.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzV763mNd4v6FUfY0UeYc1HVLYus3Rm-2Fq-2F54yKcqisTIyQ-3D-3DluI1_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG4oKHZGgbDpE-2Bb0= LXRACt-2BLUjQZR1nPGiYcU-2FsnIbLZ9sPquqjQxISyknDB56y0UkxAgbEUX68XUbxcvOUiK4v= ESkYvvzcljUj9OC7EF-2FR9A47zyVMsNy2brWQjbm9rj9XpO3Kya-2B1ui1mmDspI-2Ff4kt-2B= q6uw7jLJpPS7urD6TILfiLc1pq8SZn0DSWMZSc2zGq-2BYQnKkjLRg5vCXlye9LZlW6j6qAYmkS= 6Y0vMAscwvgRGxyFZuUfsAGribW-2BA-2BJRaPI43zeJXcNGIr0GCYjtKIn785upTXnSEROdo8m= vmB-2FvweVZfjM0nIPgFxoFTYdAqgKwmmvcuJOeyDJggDWbKItK2PVTMxKY3xSpYYXRmydHwxpB= Hin6HucEoDSNFUGFKjLcQZQUcXIqBpnAPKq1VQeA-2BtzeI8lH-2B0o7HrK9vx7ezTEWyZje1DF= 4wrYtXmeEejY0eIgtkMnDNug-2BlWMgUJg3pat0PkLzIAdxTzXnu-2FjM-2BnLCqrYG2RA0PQI8= 5n" style=3D"color: #1D5080;" test=3D"" universal=3D"true">The State of Eur= opean AI</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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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