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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 Is biotech back?; BlackRock CEO pushes back on private credit gloom; Thoma Bravo sees bargain in SaaS-pocalypse April 16, 2026 | Read online | Manage your subscription The Daily Pitch PE, VC and M&A [...] Content analysis details: (3.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] 0.0 RCVD_IN_VALIDITY_CERTIFIED_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-trusted.bondedsender.org] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. 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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= =9B=92 <b>The SaaS-pocalypse has created an opportune time</b> for bargain = hunting, Thoma Bravo founder Orlando Bravo said yesterday at Semafor's Worl= d Economy summit in DC. <a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbO= BNzjcQjE-2BY97Tzh4I1pSJYgLPCIUPj99Bw-3D-3DWVFt_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex= 8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWI= mednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwn= dB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dckN2d-2Bbt3TSZUzRmob1j0IRfEUoo7IzkZomW= kPvEGdSTtQXZ95Aob8HKk33EwcPf2MdelyvfrAcmnvXO9iXaEqzkxX0Yf9Mc8DqeLqI0cZ6JHus= 71ptjgqxZXVoA8S0yCeRTx8Uw5NYi5ubjJsDjXKcS0CWurVezsuF4A-2B1rCTrmneRvxsV-2BKB= Mn7BBE01zMk1KevO7ZimkzkD1-2FT1-2BLxfLc5uusDmLGMk4VlWbgosjXTy-2BnGlCqVn55jFv= O3MBqwZP9Zk8MiHr5FkGOcXV3ORc-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true"><b>Catch up on his comments</b></a><br><br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzW4V4Wn-2BxbOBNzjcQjE-2BY97NWv64ljof6OJcgqmbfa8tA-3D-3DdbWZ_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG= 24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1x= HS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0R= Nue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcgXU6GtCSRbTvj4EslVc3j= OlANcjsLKi5vATFflYjGZJKZ3Y1lmcK9PL2t-2B0v1usztt389NUpfj8r540bkpcc11XQHdV1oG= CE-2B9WjHtr8Jl6LAeN8tJIUG7-2B5j4s2gmLISHVrpk1fVq-2FSMstIKij00hO7ESFJ-2B9714= q7Kz2xW08iA-2FbyAUkhvJw7hbS9TTu-2BRVYqJYQoHz4I6QX31-2FZnocBbXu-2FHV5EhIVG-2= F6S-2FmC77c6KpKY2mIxQR62k-2Bqlm6aLRaclxeh1ALsY9l-2BvbOJIYU-3D" style=3D"col= or: #1D5080;" test=3D"">Sign up for Capital Pool</a></b> to get weekly comm= entary on what's driving LP decision-making.</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_579478" id=3D"n_579478" 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;"> Wealth management land grab dr= ives deal boom amid private market upheaval </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 = Alexander Davis, Head of Enterprise Reporting</i><br><br> Wealth management firms are on the auction b= lock, and they=E2=80=99re selling faster than ever.<br><br> Consider the news that The Carlyle Group rec= ently agreed to become the majority owner of Cleveland-based registered inv= estment adviser MAI Capital Management at a $2.8 billion valuation. It's on= e of the year=E2=80=99s largest transactions that illustrates a rush by ass= et managers and wealth advisers to bulk up on investments powering growth a= mbitions in a fast-changing marketplace.<br><br> Wealth management's buying frenzy has been u= nderway for some time. But that dealmaking has sharply increased in pace an= d volume in the past two years alone.</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-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97rKZGq= we-2FdsIF0lIlf0lZww-3D-3DZ59S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LO= NnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHm= jseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7= RmMYRI5ulEWYYY8KGp6dclUhhwihCxSstwOhEBX0z4vH0w7ZKQrVebKwzlEPoWru0eDPWF741U-= 2BGkDhXY3t2049sMDQuy4PCpZCIngQoR3kvThQoJ45MuWgWn9NTiK64li-2Fl-2FGNk46KkkSbU= 5KQphFd9DDXK2HOJbRp4Uj9xEZyaFuaixi2PJ57gnqsK92xr-2BwNOi2uKV9rP0IWI3Y6OfWlj-= 2BeVIM1Zjol-2FKen9uw3XtCubTYKFqjjy8Sz4jk9GhX-2FQawyjetBtH3-2FIAF2sVa2V3jKx-= 2FzXeXJivP8rwBFLc-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/73790.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">All of= the deals are based in part on the tailwinds being created by the global b= oom in investable capital that's in the hands of wealthy individuals whose = fortunes represent a massive growth opportunity for the broader financial i= ndustry.<br><br> Against that backdrop, a furious land grab i= s underway as wealth advisers, alternatives firms, broker-dealers and finte= ch firms seek to capitalize on the growth of the ultra-high-net-worth marke= t.<br><br> "What's new is you're seeing the definition = of wealth management change over time," said Barnaby Audsley, managing dire= ctor of Echelon Partners, a wealth-focused investment bank. "Fast forward t= o now, and it's really moving to more of a holistic model, where it's not j= ust financial planning and investment management, but you're expected to of= fer services that fall outside of that scope."</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-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97rKZGqwe-2FdsIF0lIlf0lZww-= 3D-3D71LS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46Fq= lPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDB= Rn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6d= ct52ETpF986GDfk2vzr-2FamyaOqQLNFtvTfQmrn2NFtbaMwmdBbq5fJE3zMw599wUlP6r40d76= cCAysHnZPStSTDdYXZT5b0fcwUfMQLflcVozqPR3Yuby4Piu7-2BwWn4BxpYUHatVLGk1-2FuBd= s2e-2B5VWxghEa1JgS1vZNhasxUtIiQ-2BKwh9RtBxVvgXVRFKAmE-2BB-2FnBA5JuQMKPRiECW= T7dhex4go5w7QrnAbh9Imoal0kJa2qQqGCGqqts9y-2F1waExoWaQXpO-2BYxJEp7whc1HFk-3D= " style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de= coration: none; color: black; padding-left: 3px" target=3D"_blank" universa= l=3D"true">Read the full story<img height=3D"24" src=3D"https://fonts.pitch= book.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margi= n-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-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNz= jcQjE-2BY970zHLSGdAYmDJv8Aq1oZ0LA-3D-3D18am_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SM= b6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImed= nu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2= IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcjz3m7Tsl-2B-2FQowZy2bTx6DXMRfd85CTEpt3MK= MivXAB9SzC8kNwaNw5ucdNFo9qH-2FZaM6BH8Vc38BN-2Fw8Q0J54okwtt1l-2B-2BDYbYZfHTf= gzkFiGXqdTPV4K9GMc-2F-2FjT1cOaLHY4YPuY6nrKrR2n-2BvS-2FulYhaBcsm7OH1iXRnfRmw= 1M0Rz8mSTBAqFlcYueJUK7EbWHz8qn5-2B4xSBL3ZUkJQoVjqn2oAzwp-2BHhVP7S6BX4YH-2Ba= nb9jMV-2BLiGpj36MQNkxf4KiGKPSGs00sSoYSMtE-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">Private capital chases deals in the booming wealt= h-management sector</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 Pillsbury Winthrop Shaw Pittman</span></t= d> <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_579393" id=3D"n_579393" 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;"> VC investment in new energy te= chnologies hit $16B in 2025, with AI and data centers leading the way </spa= n></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-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97CN-2FV19FB7= sEUHyyagbbvDQ-3D-3Dh146_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRg= uhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4= zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI= 5ulEWYYY8KGp6dcvDNq8sL-2Fngwh7-2BX2b6PSdknvWMe8rmu-2BihdcfrLXkMqipovxzaq4Ks= Uzxhz-2B-2FeUp2lfubx75on-2BxI22FwDgI2oOB5Rg8tEgV24tmJzKoJ22SA1arOegVtyTxP8p= LDE3ONp1k0TARZYVHdT5pbscvxxyvUf-2Fr5u41c8OSn4-2Fc7-2FBcKy7IUfZxo7GEXqv4Ms5j= acEkwQDMNAm4kUqxvtHkdRNxGrFghMdM1-2BhMJryvlg-2BgKT4VvbNGl3zulrSIfo-2BNsse0D= iYWqw6qx47Jh3cpqI-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pi= tchbook.com/news/73785.jpg" style=3D"border: none; width: 100%; height: aut= o;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Global venture activity in energy tec= h reflects the scope of artificial intelligence's impact. Buoyed by stabili= zing macroeconomic conditions and a staggering pace of innovation, 2025 inv= estment in the sector was strong, with AI and data center infrastructure se= rving as key drivers. 2026 is off to a promising start, amid growing relate= d interest in technology-enabled solutions to strengthen grid reliability a= nd diversify the energy mix.<br><br> For more on these and other recent energy te= chnology investment trends=E2=80=94and insight into newly emerging opportun= ities in the space=E2=80=94explore <a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4W= n-2BxbOBNzjcQjE-2BY97CN-2FV19FB7sEUHyyagbbvDQ-3D-3DCkes_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHO= ZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1= OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr= 6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcnTskWsgQz3yQFIQtg0u8u1JsD8AU= nQCE7C-2BgQyLD53N4xg6wX4V7QzFhml14hAlIa86wHd5Zxt9T0VLHED8CZHK7wl7Eaum7Tq7PF= c42wIsYqo47WMMQ-2BQNFSxFSHP0-2FQg9bnT-2FVWEepktRfE2vHpeTDffzsBbraH2EMCJPOQq= Jg3e8thSduVUBGrVJvpNn6tahAzTkBKtsfstI3ZremhUJMbkN9CI6NtXXETe72MVChghsBJ8MhI= XXTW6Lmvd-2FopsbKoPPTB9V8uMyW3M8B8w-3D" style=3D"color: #1D5080;" test=3D""= >Pillsbury's latest New Energy Technology 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>BlackRock CEO Larry Fink pushed back</b> on the recent doom-and-gloo= m headlines about private credit during the firm's Q1 earnings call, saying= , "Institutional demand [for private credit] is accelerating." <a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97vFq2YPviUAzCveYkNPhCYA= -3D-3DuD-s_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46F= qlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxD= BRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6= dcg4cDUZGyiFlSyVL8TvwQpf9o6kKmo3NmOA-2BSpkHMG6u7h1y3kO2RXp7XHWXlYpK4mg2in5P= TJRy3DEffUDdLQ-2Fu7psY60K8J61hNn1HvwfhEzL02ieL6mChBoxK0G3XCDa6aDt2F2tbbvvPF= H8-2BIKToYfF-2FlNEoORcPRfsWXcSXK35UXipVjg7WRrLYf6eaZ4UqkFXYxhvcX-2Fg-2B4lqL= m4RVy7iZqubhSyRZOurgv9oKhc5igDC5aiaUjnsEk-2Fo9gGIpR-2BdrsEZ0JeuJ-2BsvAtPo-3= D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out more<= /b></a><br><br> =E2=80=A2 <b>Just out: Our Q1 valuations dat= a for public companies</b> in the fintech sector. <a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97Ftx2Z9ng34tyPZcjI-2FWefg-3D-3D3uci_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB= -2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYp= N0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0= xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcm3qWHu81T= 6OGxaLvsPTHwgKwKgIwQkIkrGPAtrKnuL4UeWmCcz-2FfwdOZbRjFz0hl-2F2ZyhXJTShEw6Eu2= pqBcULp8dyML9276wsiZg6gJS627VJ72zuJxrDEHlXXPnKQV2k2nRJmwF7CFSlel0OlbmFiN8DF= tqcWi5hz6D-2FVSkSgThlWII7jM-2BT9yxZ4olkSG45mDqInJ8DWqWTx5w0YLZecfGzLfFNSI4Q= 5Ndw4zXDlnbTJaHfmpRiia9Kvzs2z2gzoO-2B-2Fn4nmE8Pj4zfHjZqA-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true"><b>See the data</b></a><br><br> =E2=80=A2 <b>European VC fundraising was loo= king stronger in Q1</b>, but a decade-high share of funds are closing below= their predecessor sizes. <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6= Id1K1-2B8jtOyjzObDnB9xMJPCtVo2cVcVcQ-3D-3DC6B__Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex= 8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWI= mednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwn= dB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcuYi-2Fi-2Fr88CCpxca1C2hfeAm0-2BoHrcWP= NamcES5EF6DHr0awYG29uDs86DS2fsTADtNmCcMNacsTfIrGgpaZm0esl8XgwxaZTMT5-2F6yFv= ah8Q-2BalM80Hwf3nuPFBLLxT0KhOCtsj94aU3Bz6npNoCqs-2F-2BKA7WHi7flWdBWKbQFskcy= fm-2BeLgtBAfwWASxaXLh0NQF7xhP0Ume287ISPKrtD0wh9PLb8tR-2FX9ZUyuMUIHtN-2BoBiN= U9xyNSoPqqtKtfOVe-2B6xCmoc0ARFLKsh39w4-3D" 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_579479" id=3D"n_579479" 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;"> Biotech IPOs poised for a come= back=E2=80=94but only for some </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 = Rosie Bradbury, Senior Venture Capital Reporter</i><br><br> Biopharma IPOs may be making a tentative rev= ersal after a long drought.<br><br> Just this week, GLP-1 developer Kailera Ther= apeutics and proteomics company Alamar Biosciences launched IPO roadshows s= eeking valuations of $1.9 billion and $1.1 billion, respectively.<br><br> The real driver, according to investors, is = the M&A market.<br><br> "It's been a torrid pace linked to the paten= t cliff," said Nimish Shah, partner at Venrock Healthcare Capital Partners.= <br><br> Large pharmaceutical companies are anticipat= ing many of their most profitable drugs will fall off patent in the coming = years and are taking aggressive acquisitive strategies to backfill their pi= pelines.</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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyj5CHbCpZ= NzUbqmVFecOfFCg-3D-3Dk_IR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxa= RguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseY= b4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMY= RI5ulEWYYY8KGp6dclWl-2Bm5Q3Qvu34mdmX6tTPLnFCguYkizamOnxlt2xYedJh8xCF5v-2BgH= qZ0m9v0wzayvOMHMP00jNJA8q8eVHqH74ZQj-2F9PEPy5tYi0tz-2FhYvwVBFSqjwHZ1gTvvpZ4= 5LddoWERkfFvNLmqsKtDChhC770LUANpzv48dYJ4H4cxvo9QBx0b6LGyr9aAbb9NNUcIP71U5bG= qwKqQoKrQ-2FoswNwwy4XoMmByIbbhSfintHOXmnD1tCArmEdSITU24F5ZBk6nSaws7VYU7zd7d= Qm35Y-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https:/= /img.pitchbook.com/news/73789.png" style=3D"border: none; width: 100%; heig= ht: 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">Later-= stage biotech companies often explore going public while fielding acquisiti= on offers, said Jessica Owens, co-founder of Initiate Ventures. So a boom i= n M&A activity can raise the IPO interest from companies and investors.= <br><br> This is especially true for larger pre-IPO c= ompanies. More biopharma companies have gone public in 2026 at valuations o= f over $500 million than in all of 2025.<br><br> Nineteen biopharma M&A deals of $1 billi= on or more were announced between January 1 and April 7 this year, accordin= g to a Stifel report, putting the industry on pace to hit its second-highes= t total in history.<br><br> Large M&A transactions, like Merck's $6.= 7 billion acquisition of Terns Pharmaceuticals and Eli Lilly's $6.3 billion= upfront payment for Centessa Pharmaceuticals, both announced last month, h= ave a capital-recycling effect, as investors can redeploy capital within th= e ecosystem.<br><br> The Russell 2000 Biotech index is up 9.7% fr= om January and outperforming the S&P 500. But success has been uneven.<= br><br> Notable names, like Enliven Therapeutics and= VeraDermics, have had a spectacular run in the past few months. But most o= f the newly listed biotech companies are underperforming industry benchmark= s.<br><br> Moreover, what hasn't changed is that pre-cl= inical biopharma companies are still nowhere near going public as they did = during the 2020 and 2021 IPO boom.<br><br> That heyday feels like a distant world for b= iotech investors, who are still facing FDA and supply chain uncertainty acr= oss their portfolios.</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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyj5CHbCpZNzUbqmVFecOfFCg-3D-3= D8IeQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRT= J5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg= 8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3J= Qb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dchp6= h0oTASTia1clFbs2N50BU-2B9hdZOwD1-2FvnXzFn7wK-2BJzdVzT1BEHEs-2BTG0HzpSXPS6HW= yinMAEcJKrIXxne7QMCEdEwsIYuAfYPdDE20wpRLyUH5UXEBKmZSYb4pQnp5p3rk55m0RuhkjbZ= 843ZiB-2B-2FJQggtMB6QZxGRXkhYCO3qpzJJXoGd03vkjWPtGVQ77BwSxAuNQSVNcorLGOhNLv= zZqpqE5yFzTQAB5ipWj4C-2FyoJatghuV-2F6FM2f6-2BecJgXoDMgsQGq5-2FuRvEoq6Q-3D" = style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco= ration: none; color: black; padding-left: 3px" target=3D"_blank" universal= =3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com/ne= wsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px= ;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K= 1-2B8jtOyjFJrQxlXtBFKPIuFwcZ4Jgg-3D-3Ddojw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb= 6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImedn= u9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2I= lFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcvRbZcusprau52pKE5bXfNRDDVB0D0KX1dlBqSzC5n= m6p24gshap7lwuBs7dVeIdeQHagx5QHSb9kIsE8UafHP8c61-2FCPPoFc1vcKAnTnHMTMFurNKv= pYgh-2F6nGzLoOayvTld-2By-2BF-2FmHnmQA3AGVbMOoRoGPvKK7KvLBt1koy1N9HF20KOtpbM= 2d-2FJR1qrkrOw2Q4Y0xqcPVFU-2Bz4aeJkbhsSbCOV2MoZOEixg3-2FnFIJTJA9LWsJBC3PT9I= weV72bpXnYdvSNNH8DCgUb6xUf9I-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Q4 2025 Biopharma 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>Allbirds, known for its once-po= pular sneakers, stayed true to its Silicon Valley roots</b> when it announc= ed yesterday a pivot to AI infrastructure, with its stock price jumping by = more than 500%. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOy= jZDn-2BHqArXmnCt4dMUpRQWA-3D-3DDbam_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaI= vDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd= 5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-= 2BUgN7RmMYRI5ulEWYYY8KGp6dcoX-2BIbu15sJCJ108w85Pzncj3qX9vhMvHVzvL2-2FSVz1l-= 2F86OUiJHiRnNQbkb9J3clEt-2FFdOSShLydSq-2BHGA-2F-2FwR3fuxwD3Z2MYPu7TJaBZhApg= VrZwVZ3CM8UAaQ3RX-2B1tqfHu3mAv8TX4KQfAHaECz04fTmavFxZM7cGClQUlN6V3hHfMGyl03= 6ghwIND-2F8flSjy4vZLaVxyI044Cikt98wMxhWS4pP8qJe3UgMU3yTFDH85vDTFo0qRuPyfI26= 1HfGng-2Bh-2Baw0UCDGgirWBQI-3D" style=3D"color: #1D5080;" test=3D"">Bloombe= rg</a>]<br><br> =E2=80=A2 <b>A rural Maryland town is pushin= g for a pause on data center construction,</b> fearing "intolerable levels = of noise" may not be worth the promise of tens of millions of dollars in fr= esh tax revenue. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtO= yjrszZpsurJYkGjFFKSX5xew-3D-3Dlwpq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP= -2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIv= DI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5= dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2= BUgN7RmMYRI5ulEWYYY8KGp6dcl4r2mLSX29-2Byv3FPjiBQZeo43U8wbAF-2BhOSEsWLIkieDf= 7k3LwHqQ6LIWDS3ccqPJPi44LM5MWYfwcbNIoqkaYhNB1pZajbIAP350YU5pVoE1OtT8Q-2F15f= MRPZ-2F4QW-2BJT2ANWOgo5q5UsQ-2Ff7SF1migepYEkg-2F9j9lB4B-2B-2FBii2VSPiVB3iE6= rGNoaIbCVrB24Vwhn-2FYaWVXYsYeYhPRfYdRLFtKP3wV0p4ndbshAznBE5YN-2BD-2Bp0oJm5A= PQPthb5PwmJ-2BUi5TbTgMoEGRxB-2BI-3D" style=3D"color: #1D5080;" test=3D"">Th= e Washington Post</a>]<br><br> =E2=80=A2 <b>Physical AI, including robotics= models</b> that combine visual perception, language understanding and phys= ical action, is seeing an influx of talent, capital and founder activity. [= <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyjOdt1sK-2FjbG1Oil= MF5rXThw-3D-3D3dL7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZm= W5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28R= MwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEW= YYY8KGp6dck4GWyhvdW2RX65uRanP-2FI5JY1TUr0upSSUGShy-2FmLr4GZskfvI0iJKFIY8SDp= YXHc-2F-2FCrq-2FqrVZ1-2B6fKnavzb9fZGXAeEnKGJI-2F1u427fJs3XdGY0S7hiE-2BZAQ3H= CqZ7BUlM035iBYxqiBcSQyQw8ejlDP57E5KhVqBn6PE1simPnv83LZY4Ry7R5vj60KSE7phuLE6= edNlgiNUGlDkQeHVX2HuVZCoqewHQGDNwmJjmrLNZltp2NRQ7M-2FfuuitdPhKM8hSDWceSCljD= K4SFiM-3D" style=3D"color: #1D5080;" test=3D"">Andreessen Horowitz</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;"> 845 </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;"> 2380 </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;"> 1171 </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;"> 37 </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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyjCgovhczO8FoWDqF5BDjeHg-3D-3DS= Atn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5= ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8D= PCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb= 2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcu-2Bh= jc7cLkqsg85V31tpU-2FqfoZkP3qRj54MjeBhsD3bjZCyU9AtIP7QFfPNFBWzZ-2B8LHrm8pXeF= dBdUPPSPZ1ePOwfeNkOl3-2FMDCKZj-2FW0A-2FQbrzSlEvcaDCu1eyEJ7jDxhBUXHncRJ98vNx= DBlSDZhPjmTj0n9R-2BNUf6fWi3QTDuR9uDEu-2F-2FimfDiaiL4VUq9NIHOyp6E8AQMG4RLvko= v7z0thFDCg-2BLlYc2kKO36XKoQRx9n-2F0NHf1S4zcBp89QQ7hU-2F6Q5aLFqrjEkcsCxo0-3D= " 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_579834" id=3D"n_579834" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2016 Vint= age European Real Estate Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 39.95077932731748%; mi= n-width: 39.95077932731748%; max-width: 39.95077932731748%; 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">4.87%</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">12.19%</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;"> 0.75x </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= swouzVvbrFF1zS6Id1K1-2B8jtOyjY-2FS5ol-2FUY6qvWdw3Z7O06g-3D-3Ds-k2_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2= FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2= a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rf= M0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcuzjP5fYw-2B5S8tqJ1= SkdITDVJv4RNZItN-2B19KrjOvuiufcMP8xA77hFny4J6uCbtDMKwinM2BcgR5d7rEILkTk6wO-= 2FwGUb4UFtkM1N5yXGwWeExfWBP8uGRtInqP9meoOHF803YKdYRx1MXPnflb2La2SxXkJpgiP2e= 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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-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZHDMpxo= gXcj38nB7wqwMAIA-3D-3DKY1f_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnx= aRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjse= Yb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmM= YRI5ulEWYYY8KGp6dcue09dE1xCCZFjPbEyf4Bj4DaB4Uy8DZ6tP2hz0XkUX1iOA9EkMK-2F3yX= kpbt-2BxNpLOv0F6yt8aFzzZjJbZGNnYADDGtOGgTyn7uyFVTqsIYdSHlQk5DI9wuhCow-2BXRS= NQifkkGiFgAx8-2FRrhtY3wZO34NdrDaZp-2Bigvcsq0B8dAYOT1KL6Kyh1j1dA5fcntKoQ8pVs= Ii7Vi8lMmqu2nRmQFV5CtjDQy6NjAtdlHJJBntBGx2SsO2lSoPJcmUh-2FagGQb4Ggb05fWA93y= Ty9BcudA-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1D508= 0; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"true= ">72 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-2BaqM7ONnvsnswouzXdRrOvZ= OJ32MOEIuLRgdNZT12ewMJBssrazje6Ccd8AA-3D-3DAdki_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4be= x8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiW= 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=20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZwBSCr21fpHrFZrpWK3Bi1A-3D-3D93s= x_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5Zu= NB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPC= YpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2G= G0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcmhczYli= Tl-2F3Q-2BdUIUf-2BGngBgcJUkHSVjN8fxZ3xq5uVeF5h-2Byv9wKIFf1CTJmoWcPeo6g31m3B= z14jsfOdJsn4MP2nSMjsPopaJ3l9oa8ZOcNyrG4-2B-2FX4PMPa-2FcmhrSG8bjW-2FIajE4l7l= hHjae-2BKfWX-2F72PgdcZrJb2VrDNlch9O4Wg5u-2BSUN54d99r6m5VrTCi-2F7fpVlytQ-2BT= 6HmEUNiuwOPYyDuVfov-2Bl6SrsjXRQ6XLkOwOd8KMQh7f5I28Ejq0lFvk7r0jRzh-2FbYIMKPM= E-3D"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Church= 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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 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">San Fr= ancisco-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRg= dNZXRoJ9RKII41kfTxD3A-2FOUg-3D-3DOTHF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8pl= 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aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-= 2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww= 2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0r= fM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dci8knOiQBzv0sNPJZk= FzWk0v8B-2Fp-2FlEaLc4xbMouUqrl64E4iOhe9urx55bMlUNGszDOtwaksA1B2Vkr8PikVNKkx= BVQcE3Xn2NWfH-2FuDb0-2BSguXBc2QFPinRnYwClBduuVhYZ4SzsNXOOkxoKidt1xYUCJCpz2r= HkndrcbKIIIDylvAvkZyhiMJhKEJI4WrXXqwvMcMbIq-2BklLEJG6DJFqHWwXlQkkqLLI1K8g3k= B54Mjpt9XL-2F2yWlGAt9In9H8bpIMRbAVl3OlWPjCiDXI70-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">Hertha Metals</a></b>, a startup producing= low-carbon steel, is raising $100 million in Series A funding, Axios repor= ted.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdN= ZdaXpWaggWDjXduINnFa-2B6g-3D-3Dr0gX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaI= vDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd= 5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-= 2BUgN7RmMYRI5ulEWYYY8KGp6dcg1njGs3I-2FavBe48lBQkgSDfPLFb977YRKgigZ5IZW-2Fok= rWaOciCQs4599eg8NdNHAPNyC8huOFJGKjQs1IP88qr5yocTA1qkHWjidnWtRQExBxPft3bDoei= -2BQ469Dw9vBsHpTsV9bkduYp87tI-2FYOk6ImVK2mZxfo4YHJ4kYodLz8ocIuAqQaIdQg9-2Fd= ehA1m2pSOlazqtJPSZjEfdTzafyue9oOxbmZHd1gMK-2BVvF-2Fm9rQ7Ls1HVydsC8SOGg-2Bw0= 4t6ATzCQgORYX2ADPL0c0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Turion Space</a></b>, a California-based space-tech infrastructure co= mpany, secured a $75 million Series B led by<b> Washington Harbour Partners= </b>.<br><br> San Francisco-based <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZF9Dr-2FR8iQaftwR77orWyTg-3D-3D3vtf_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB= -2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYp= N0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0= xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dckMRDpryWn= -2Bc-2BNH5SARofE4xGL4KRz0V2Ehs11ClfQno0j0LGA81UE4YdpUcxNvUAXq3J6Z8qiW2nTzv4= rNeVmCas-2FUCG4bDDuNoyP43M1-2B5rFkCQXPtUSJ3lXB2-2BanSN2wHDigx-2FZf3VZ9SC9Om= x7qdzravOguvqR5lP8FS-2BUSXLRA71rNJlbZwiwia3kprBkheksQ24nrHJC4XB-2FpDE6hlD3c= VsyF-2BgymiGh-2BMJxPb79l-2B0cYSaA6IQeqHnnbaAzVAmHumPboDv3ZvqsbSgHQ-3D" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">HockeyStack</a></b>, a s= tartup developing AI agents for the enterprise, raised $50 million in fundi= ng from <b>Bessemer Venture Partners</b>, <b>Y Combinator</b> and <b>Uncorr= elated Ventures.</b><br><br> French crop protection startup <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZpfPDCGw4Ghz0qCl-2FZmAkgw= -3D-3DSVNV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46F= qlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxD= BRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6= dcg7ycdrrhTj4ZJncRbaxgmLB7xJwKyoUZWp-2Flu7zdGgEVeMj6KgKQoVb3poz3dPBmX7yMQ87= p9Jjb-2Bdang7mLNTnWBcwSxNj3WSTJr7K-2BVhT7hk3LcOY-2Flvyf80NkB5TfvlVleiRbIFb1= XJUXNzHcJ3gwFSN1nVYLUqcWrMIWUcSjC7kkIzVE5EbshQEB0HnYEa2iiFzJAPTjirhmx1svAe8= unBcfqhXFXR1iG6idTP08EXdcOgjm7sL-2BTVzVRa9fE5Qb3zk4Rn-2FmwL4-2FBqtYvE-3D" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Agriodor</a></b> rece= ived a =E2=82=AC15 million Series A led by <b>Cr=C3=A9dit Mutuel Impact</b>= 's Environmental and Solidarity Revolution Fund.<br><br><b><a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZi0K4p0NNOnjJOXsuRwPafQ-3D-3D_H= I__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5Z= uNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DP= CYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2= GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcsjhziX= XXhuLqAKsiu5xhoC-2FZTXLDbLGcJiX0gwcHCIZ9EkBV9Qf-2FNFNhZnu5bsxSSD95wcbCwSnng= -2FN62vzbHN6rYB36DoVzh0UM-2F-2FmTj4D6t1-2B5dSs-2BzcdW5ibA-2F-2Fiv-2Ba7dN72H= HU-2B0x5RLoktzg8FX1c7tg0NZZj7eohaN52RMTWWA6FYbJtq10nxy2hm-2BGqbvIdkC4xQHTaW= S-2B31NJHF02st10mpb3EtMANOSVFMH8U9wFuCajO5J3obN6VqtMeBh-2FjxPzuI3R5kpQbS5XY= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Donecle</a></b>= , a French AI-based aviation inspection specialist, secured =E2=82=AC10 mil= lion in a round led by <b>IRDI Capital Investissement</b> and <b>SWEN Capit= al Partners</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ= 32MOEIuLRgdNZr2iyYh4TziDemzuIpbeOAQ-3D-3Dtmka_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8= SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWIm= ednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwnd= B2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcmPnvWvutjCclLpGf0gEEMekAX-2B8Kfbc0AQfJ= FLdvcPjYK1slxRquSGbQhm07zTR-2B-2FoPgMVWP8jWXYW-2FtkQycGjYyUO7306jh7TiHmePi1= uJdnC5PWRBe0I5yhx7sDtl2oEGcFc5eO9mSiUwbOkFgmwST0p-2FTxKrurmSBqRwLlsNXrKryMF= cAwyT5YXo7YezqvQgc7Dz8DAg6byMJ5iPfEU73XOD2-2FEBv1GUyTtrLAU-2Bdfcpp2BMven2xS= j1h5wWE569NmAmXkXWfy1J4-2BC2LqY-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Helical</a></b>, a Luxembourg-based virtual AI lab for phar= ma research, raised a $10 million seed investment led by <b>Redalpine</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">Saudi = Arabia's <b>Public Investment Fund</b> is considering cutting its support f= or golf events organizer <b><a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta= 2YtZZ-2FM2G1dEZa-2FDeFx6qkFEjw-2FxlvYXfU7w-3D-3DJUth_Pr966knuaHmaw6c7pKvB-2= BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7= kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWy= evHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQ= OIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dckBP-2B2zgqerDmETjJcmb-2BO6J8J56= kI1yu9i6L8XUJWEBtHQx2jE7Q12RPtsTbM5qlUB3qAgg98SUAno2YQ6mDYjZaGTjds6aW-2B7kY= tQ06CiCzISzE-2BFo0hHV6x15XAPZlabeJHAi2IqebZH92eF7d4EVcptTy8gf14uGtQCrgwYWXy= wQXPuk9BTpNPlFC0fffu7sWcFiGBU9NUbmJ-2Br9oGHEaiimbt9CGdI3ByT0Q21y-2B1DCvVxxw= mlZT7dqmNul7d9bdZxURBVdee7jgYLTI1g-3D" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">LIV Golf</a></b> after heavy financial losses, the Finan= cial Times reported.<br><br><b>Suma Capital</b> invested in <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZa6iFClDtsalbc8A8WIyIMeQ-3= 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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-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZaA1UtQV1A7dnAwTI= hqHkKTQ-3D-3DrXjs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW= 5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RM= wVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWY= YY8KGp6dcnDNM6Du7m2Po3JrB5i2TGnQk-2BgJtEgBB2PJFFrQx5ue7k5gtdvOj1IDxjnxwQjtt= e1CVx0CkyG3fQHkLJ9eJ5Z9CUHXgIPuHZB3a6FjLizWsWQgWy7A7FscXL-2F9pSAQ6Qa7y9Ls8l= G9oeiFXUnFEl8yhgziEQh6VIhWdtkzlb4uTeSKoGQ7NFVLp1Ra5Fhjz4QtxYNFe60JbG5KqLVvA= JwLSIWnP-2FgkJ6p-2Bp-2FX6SUirOz-2F82ShcOUEmE6mqWQymDPWxErMttrvJ6N43YrSCOaY-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Zengo</a></b>, a= Tel Aviv-based crypto wallet provider startup backed by <b>Insight Partner= s</b>, is being purchased for $70 million by fintech trading specialist <b>= eToro</b>.<br><br> Luxury women's clothes and accessories retai= ler <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZajb3Uf= Rvpn8lWAb3QajePoQ-3D-3DK3VH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONn= xaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjs= eYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7Rm= MYRI5ulEWYYY8KGp6dcqAsG5Uv-2Bye4-2FJx0qf7NnRxDeOvZmj5R5AeQS-2BJYTOkHq55iHou= 2Re1JpzgL-2B4IMloSbXhALjq5J6Tf9SQvcqPt8q524zkMF4KLS96Um3RNjg2SJ17z2vLcYG3-2= BSEuzqgps18KWjNllsNhBEdwwmWn2Bajm7CMXcFhbYwFUwljW4G9Z9gqwQf46buaq73f0q11-2B= MjO5QAeTrUqyrfh6o0CGCEIKF4Lmbx-2Bw4-2BUgz337HTGT0eLt8UrzF-2FtP9nRyrZY8Mze5L= PZI7jQ-2FVT-2F-2BYA1A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Tory Burch</a></b> will spend $346 million to repurchase <b>General A= tlantic</b>'s interest in the company, Bloomberg reported.<br><br><b><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZazt3NQa-2FqFdFiL619= fCgmqQ-3D-3DIosI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5= jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMw= VN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYY= Y8KGp6dcgK8L8rr9NVr-2Fs81YcXIg4OwmNmd1ke7zMbvRqTaYguCBi3-2BSXFoacuGlzfBEVmz= IhkCTkymoFvkqi76uzSRh5kqxAS8mungygXwa5N7Q3D17pBiBEsB3P-2BSw3VR2Tk4fqxAhZMdc= idfUP-2FymmAGelRacbfTsJYJYrjuLIe2Hfj4UZe7AC4ARjHMwERAOwb782aeZsqthMlGoy7XHl= D17K3FwkX2ZzAL2Yl40xN4Drx-2FQQbm-2BXB1dORDFfuuwaLNfdzrPKdz7HRVVfkGMpeJ7j0-3= D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Aavrani</a></b>, = a <b"> Skara Ventures and=20 <b>Gaingels</b>-backed beauty brand, has been= acquired by=20 <b>Nivora Group</b>.=20 <br> <br> London-based payments startup=20 <b><a href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGm= I66ta2YtZZ-2FM2G1dEZaX-2FPEP8A-2B-2BPPx6BJoo5ZqLA-3D-3Dl618_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24Y= uQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-= 2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue= 1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcgb7yW7Ifhiev9uhzLhhh4awY= 4w21eYxIh5YH9NQv-2BM96qVRrScT-2F1-2FQMjtVsBWeJiO6QPGYdRCKl6lA0mcA2bICfwkGUd= a7JaVojnFgiKVYWiA2GRo6rjnCqkA-2BlykJ9qE7zeYYIMSxJeFdPnK3-2BERY0siRKMTKe3ZS2= NnjiogeY6c3b91F77g2bFYWCkyHB6G05npPCmQksgidhQgJrVa4OAx7BbD4FgwmcI2u9hZhwDme= 5PA6X745YO3TA4KAvmiE3-2FQzEJEabcp4GtKq7Ys-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">SumUp</a></b> is lining up banks ahead of a poten= tial IPO, Bloomberg reported. </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">Consum= er-focused PE firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-= 2FM2G1dEZaPb7tLJZTyiaQIwNEwzHlhA-3D-3DUfUk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb= 6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImedn= u9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2I= lFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dculIU1sVCptZGbxUg6zPugXKZ34pdKAaMBtnva99Z1= LwcDZi4h-2BocBqiowT53-2BRdy4tUiHZI3LGkszvutGMHSD1tcMmQ9BsJazJesismzA-2FMOkg= pZCbw5snf7ONN37q1q63Aj4WMT7EPuG2NV79JGuZ-2BQz3dVPn3S4KMJddZiC202dkIVtEEg60m= WWHxnFuK-2B-2Fh1YUdjELyxmITzmbVGsjjFZH-2BClNiXHoI23EaqCeN4TbemsdxnQYKDPf3ln= P-2Bu9CjqUoqVe20NYLHXN9GLth0-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Topspin Consumer Partners</a></b> has closed its third fund on= $328 million.<br><br> Geneva-based <b><a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZaRl5boLF3e-2BtC-2B9mlxEsYhg-3D-3DWle__Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2F= wu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D= 0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-= 2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcozDUFf6O0xJB= Zuu9BoZuh1pU4lCdK3F-2BvNjnAsXnKw-2FM5Zp30t0VTdIzjwIaerqUZEj1QFP-2Bl-2FboObc= DJXj-2BaaetaILLqgcjg-2FghfFPNszVuj4fgrVtfWjyGLy0vsgaeOH6SMfqlc-2FTvbSeRWacu= v2HXFZqrp-2BtsbM1G0ILrEXIugews2r-2FLgPhGQSqFsvtw-2BojxUMiAKd-2Fm3p4MMcGrDzl= rjmci3jmr-2FiujNO4AH4jsxpTm-2Bfi-2FCK1qydr6qku9IOpa-2BKJ7wmjbw8tcBY9te0-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ace & Company</= a></b> held an $85 million final close for its latest secondary investment = fund, and a $143 million first close for Ace Independent Sponsors IV, which= invests in lower-middle-market companies.</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>Corporate M&A</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>Sta= ndard Life</b> agreed to buy the UK arm of Dutch insurer <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZatniIvSJ3CYeyUH9MaBuEwQ-3D-3= DtlIE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRT= J5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg= 8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3J= Qb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcqoF= bvSKaJAv2vDItoG0C9EVfbMOrXyNdG9D4FR1lj07PiKq5R0Gc12Jg-2FORiTjgfoh1S43jnB7fI= 3at4NNYbYk3XjRsdCOZBx2w63M8X5An39ZzBQy-2FPJT56sjRqevA67ctpWFDQehPQcD0XpLv6b= agBPIMeiGFO8wwY6zfCaJfqzUxeBHLWPYs457Ilt-2B0Q2wVAjf37MEd3BpNbtRrIj2hKROf5Nb= 2NKmbdsNKEE9AJ7cyVFB7anr8JOcW0SaLze2cGpXKrPJozZQFYBLAiMs-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Aegon</a></b> for =C2=A32 billion.= </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 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-top" cellpaddin= g=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-image" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td align=3D"center"> <table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" align=3D"center" style=3D"float: none; "> <tbody> <tr> <td style=3D"text-align: center" align=3D"cen= ter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUVWQYjJxZlNg7UhEcVsQXTvHOGrilWgfxNG= 2f4Uxuhog-3D-3DgMUH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZ= mW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28= RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulE= WYYY8KGp6dcrn4N70wtC99BK-2F-2B2LBialA-2BlpbdNDaJC9xho9pAjwQq8SiBSAJhYNzQOG9= LXLzimg-2FTq1eHOjmM0h0Mw5eLv4f0RWcFBeLQclGyWVvMTADpcqLGHbryWq2g6MwgA6vxNo-2= FKenTEt7S5h4TuHu2GaAtGl1ERfa6BZU-2FZztCKi1PClSiexLJ7JyKpbvnYemId-2BT6JQQ5cP= 4y5nj7GGTdoG638qc-2Fj59IetOm6M22zWRSpgZB2-2FRoslyrB2w-2FsVz74BLe3SbRb98jHwV= Ibq1JvOWI-3D"> <img src=3D"https://img.pitchbook.com/news/73787.png" align= =3D"center" alt=3D"" style=3D"border: none; width: 100%; height: auto;"> <= /a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table 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;">Energy transition inf= rastructure funds raised their largest sum of capital ever in 2025, with ge= neralist funds receiving $124.2 billion in commitments and specialist funds= garnering $47.3 billion. <br><br> Source: <b><a test style=3D"color: #1D5080;"= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUVWQYjJxZlNg7UhEcVsQXT2Tnekfr5JOrNSx1i= uT6jnA-3D-3D-9GU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5= jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMw= VN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYY= Y8KGp6dcn3tk2wdUf-2BgGZB3hmYgz4DDMKv2qIjTvvdQbMISY0PDAIr85QZx55CHnrwX-2Fn-2= Bww2nE52pwok0VC-2BBrWAUWK4cMM6msfOMjQjGc9-2FyLNceLtId9AcNcVxmRul3R2dvBpxb45= Lav-2FP56Ui8EWiN-2Fy5h5zGtY-2Bx7eyl4mTseY6mtIGPezOlH1LCkdXVgriIOkTKZxL6qVeQ= tuYdM4pOWc-2Fy73kA5Hj0Yd9EVaCQrXteG0ickRKfvyhG-2BixYiUBVj6X0YmrR-2FG6ZybHa7= anuMjdyU-3D" universal=3D"true">The State of Sustainable Investing in the P= rivate Markets</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 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