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Date: Thu, 16 Apr 2026 11:30:59 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Subject: A race for the wealthy
To: most@ponjosonek.com

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style=3D"color: #78766f; font-size: 1px; display: none !important;"> Is bio=
tech back?; BlackRock CEO pushes back on private credit gloom; Thoma Bravo =
sees bargain in SaaS-pocalypse </span></td>
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orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa=
n></td>
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             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&amp;A</span></td>
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             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p=
rivate capital markets</span></td>
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             <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb=
sp;</td>
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                         <td style=3D"padding: 0 20px 0 20px; ">
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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=
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3gjJeeANPGngLjv80FeqgjzFDq2NpTZU-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=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=
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sRkvzMFLISOCae2kSaHOoB1u2ZvgFTUFG3rW0XOIjeiLBUBW33Y2ZHIryNBB-2FG0m43SHzDPIR=
g3-2FZf6ZN4p11atUMIgTcol2bum70d4SgnCMAgXyrcfILm3E26X9n3IG-2BlLpRYOMPSUJ2VgK=
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Y3Ol3Bh5b-2Fqg2GM1cMFUxsPHSksCOOdY5qqJM5WE7dFI-3D" style=3D"color: #1D5080;=
" test=3D"">Sign up for Capital Pool</a></b> to get weekly commentary on wh=
at's driving LP decision-making.</td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
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" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <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>
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                             <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>
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                        </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%;
 ">
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><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>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97SUEy7=
QNO9n-2FvgvcGhbrpHg-3D-3D0mpk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyq=
JBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN=
6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRc=
UbeZbSzu4RRTK1G-2BF1zH-2F-2BDdtxZ-2F4e0-2F7sX-2FrLGF09HJIX-2FkHnMguuR8jiHwi=
gPZTKR1nv4wOxqKtLAcGADM2hF2NPQlgOhc08rQ1StdBkjnNNtafgRo1QbZ3WqmLUCNIhJ6UWqh=
cs6snrNnwhhO33to6Y3Wr7FE38a84PqhOC-2BSKw1Dnabsm9188t8OZ25a58nuEE-2BYnvxgwA-=
2FZDDLL3JUo-2BtarPZ21Ue5RdkJuNte-2FoBioWeT-2BHsZhsLYHqXes2bchDpN5mywoSFP83w=
5v4QpqsSTaKA-2F8eyKp-2BI4xw-3D" universal=3D"true"> <img align=3D"center" a=
lt=3D"" src=3D"https://img.pitchbook.com/news/73790.png" style=3D"border: n=
one; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></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>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
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ng=3D"0" style=3D"width: 100%; min-width: 100%;
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                              <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-2BY977O1l0GgDzxe9Pbv0M-2FcdxQ-3D-3DZUw7_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2=
B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljw=
o0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5Xtj=
lTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zH4hUy8T-2FUTHB-2FwhFoelz5skcJyMDwMa36u=
9-2BAZ1CkPKGFhQ-2B-2FS13P0nyDe454ay8KwKUjOxhlReZkl-2FJMmSsFp1UR-2BNZF3UrT3b=
6aq1OWEHbwqmRKfYC3v8khBvijCMFMRQ2CQsC3KZ3pqygD-2FJeQiWGsUMBMHN9AiVsalTwmQIl=
vW5sa-2BDPtGpYhbnaAg3JDgph8RKCU4EaYe2UpPtMHmi5HGK1BAtwRxU2dhQWw-2FQR1pOB1Op=
aR7NTIulFf2AbSh5GzDCL5pyHLa2q81rTko-3D" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Private capital chases deals in the booming wealth-mana=
gement sector</a></b></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                     <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>
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                         <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%;=
">
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                             <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>
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                           </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%;
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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                              <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">
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ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <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-2BY97kXuBZq439hr=
brXfN4AqLLA-3D-3DqkKo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47=
Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtG=
SIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu=
4RRTK1G-2BF1zKB6Iu6jg2hph3E6dDmRRKzoTG4w-2F-2BwI0nk0XDwOnaDuo6ugdtyf3ZM-2B9=
FKIlxr9vJg2vVDGRrdW0ybV-2B4AdJMPJGFz-2B-2FJARRfLTZcT7b7tiht8Kzvxvi8K-2FNgB1=
upW23kNpTQhEmlVS2CelDnR3Kl-2Fv9G1lP6iyiFUUS8ueaPyxRCNIeEhxLXGQ-2B0u-2FAV0hE=
1Z9bDeoM9bzmaaooOntbvPkFixghcjtpafhFtwtewC2CG6CwtRmc-2BQL-2BVSmG7-2F28cZZyj=
62tr8ODFJDeGX-2FqHY-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.com/news/73785.jpg" style=3D"border: none; width: 100%; height: a=
uto;">  </a></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</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-2BY97kXuBZq439hrbrXfN4AqLLA-3D-3Da2ID_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYV=
w3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn=
1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop=
3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zCQtrSHU3UmJqmLuO7qeFBnEZmEsT-2=
F5gw3goo3EWfz1WepQyB-2FNgMot-2FHrPqBokVKhCo51DY732nkGND4ond3hRIIweRNXunQu5L=
sFWdk3NYArbZYkYqbBLnRQ1Gdbi1NxMbIrkH6ORap3PUTPnS-2Bjc2gXNhglYZYIqYIMD6pY7uY=
6giKQaotus3D7iT0Xlwfhay2JFSV5quHTgacnon4OP7NTBkMuvViJJMp-2FJ-2FemI0SFv19TZt=
5iUQPRLVFYffU6GfwjSIRlqTN0HSMUF4WLY-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>
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                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                <tr>
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                  <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;=
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                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Catch Up Quick</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
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                  <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%;">
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                    <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%;">
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                         <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>
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                              <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>
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                              <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-2BY97BLjDZfMzB0HGM-2FB4NMHT=
jw-3D-3D_O37_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEo=
Zy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslO=
tPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2=
BF1zDdFAAshO3OwzflkPJj9Fc-2FHHz4AkWrDUF8kW7CV0HEKMjO-2Bgz4ABvx-2F7A-2FmPAUA=
tPOcIDga3xmIxeMOPwUaLAVxLdFL69-2FjbPl2Tp75Cgm7NfV4MqdGPrehvUEZRA2T6WPJzYdjf=
jDObkIFNs-2BLK19zC0C2-2F0j1VCiA5PYJdix4faHNM-2Batp5QYchEWsdMUWb-2BrxAyjHVzl=
wx98OyC4Y6NjPCO0QK4P6qH1B7S1y7GvywrYT4zwOLDwOIKudWu5B3gwSoQ-2FpLM-2F0ZBaJmW=
2sqc-3D" 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-2BY97RHTfixB-2Br1cHTEDh-2BTcV2w-3D-3Djgp=
y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5=
jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrg=
r9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG=
60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zI7ZRggk=
1IW6lEYZmqrwCEi7gNGyJtish0p3Gu-2BqzApt8MBDXIHWEglXrquJldC6Uu68Dy58ViCCv-2Bn=
tCyOQmC3foQY6Up-2F2TocorCnLpED1-2BEbcF0f8cYWhxsC5gs6gmZ7N70764E00ogdu7-2Fti=
8HXWzZ6RyH85UNIXSdvGVi16sPilLRW-2BSCT3w3bLNaG655HCzvtLv7NK9vjM8cmSYE8pBwc9d=
nkTOcrACO2J9fc70z2tUJWsf-2FNOIAfHYC03Du1U7TilB1NETRY6gdWJR2o-3D" style=3D"c=
olor: #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=
Id1K1-2B8jtOyjtkvJhZQriccjDujQf0Buxg-3D-3DXlQ__I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-=
2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtlj=
wo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5Xt=
jlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zOEndKTBc9UvBvseoNNAEfLRrbDNQ0vKs2V-2F=
58esNIeVfruudl39ROtK4CHXxMealU0sBenTsAiO-2Bg16nT-2Fb-2BBTUDdXEcGWAfse92nMUv=
YJNvxgFjh9LzeYJBLl3P7zxhLEhCkCwbE9PgwxhqMpTFpG72UDPamBOygNoZ0xUJaauKguaNf18=
BXIilOVA5PDY1qdQBQci70uyvo0KLlIK-2BZJa-2FLR3Vk8zJA9Lg1ng3eqYf7PfetVNvZVZGSw=
i2EVtxBwsAPc8FhstIcMD8CPfnXc-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true"><b>Read more</b></a></td>
                              </tr>
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                           </tbody>
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                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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,=
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                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <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&amp;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>
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                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyjWjW6t53=
VZlRUnq02n47Elg-3D-3D3jj__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf=
7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf=
6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZ=
bSzu4RRTK1G-2BF1zPdi-2F2XKpJMgY68xpnJqRt9XryubLjy4UKf1U-2FREjPNQtf3kY6wLcRt=
V4bYcUoI6BLAw7eu3yhiLZ4znz8ASFdxskqiGLS87EZaKS6ekJS-2BOhkXpeHb-2FaUTdYU-2Bl=
rm2lzGPdPOsz6EQVWnTwUnKTVNwtvvUgmJDIftv6DsyEqQAWceJbp-2BjRXNpYxWJ97Xwwulym4=
PZGG-2BeQygC99xq4my8XPUNMCj5ufPIv2ycqE0J8qMFO8uW9Pi638K53HgAXuIM8xxlP0ke5-2=
BepGDxIpw6M-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h=
ttps://img.pitchbook.com/news/73789.png" style=3D"border: none; width: 100%=
; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></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&amp;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&amp;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&amp;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&amp;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%;">
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s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
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                              <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=
1-2B8jtOyjk1hP8yhFyZACwh3M2MfRaQ-3D-3DZjtX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23=
PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0o=
F0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTA=
so51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zA-2FfpJe39dwNsHBC6Yku5RdXCqBiO8JUK-2BFlET=
dDl34dqLrAYAkOU0hnRRjyUJCzolsjiEvSqQzvdgeG9iOj4lHAv303PlAgh3-2FeVm81GhWQkue=
KCufYIyTbd-2FoLGYkHq3WCs2T6eD5a0CelULeQP0-2Bu4d8HCc-2FglxBhRbFMM97AT2yCmv4v=
xJwjMTJvUV86LoJjTEQ8YYz8NKn-2Bbw6uM3V7K3ulxKeDSnNkDH1aG0V-2FSb3Rx2qVwWM-2B3=
Y1EuFS3LDrMBbGmQ40ikc0zxj609yY-3D" style=3D"color: #1D5080;" test=3D"" univ=
ersal=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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Side Letters</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma=
rt reads that caught our eye.</i><br><br>
                               =E2=80=A2 <b>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=
jVTBAmIogQPLuR9ceTSlqGg-3D-3Dbi09_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwU=
vQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoU=
XUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8=
sxRcUbeZbSzu4RRTK1G-2BF1zNJ-2Blq5mjne7JUb1YjEoNJpvM3gIqJbd0gfaRiVUl1ZmUCiBr=
UEh-2FN-2BqPaqp4mkRE-2BJYvljfG6BMBI36b542HIsJ-2FeFnRasKNFW5uGTE1T8BVbcXXmyE=
AMTH6D3ggbYs0I8XBMqQJ-2F7jMXgliLbCNgtLQPiQ-2BIE-2FD0wLfXgKO-2BfNXwKjWDYfiqA=
j0h0-2FE8pHru69LpVIcC-2B0LSkb2w9gly-2FUli4pgaHwtWCf6qy-2FUnhNirF152-2FpVRz9=
UiXZO1-2FUYZTNGJeIV0GmHHNbhhcz4Ew-3D" style=3D"color: #1D5080;" test=3D"">B=
loomberg</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=
yj-2BSPsK9H5m5GbSAryLecydA-3D-3DlmO__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC=
fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iT=
fwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2=
BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX=
1p8sxRcUbeZbSzu4RRTK1G-2BF1zFFrZasCc7K8iQz-2FFOlZdUFE78ZaWP7YVVSkiBEQ6AdfK6=
3sSCKY67NTTQVwNKVPeHqfkIcOMBhQq9o-2Fut2kxXvW5Ut2bf3SSaaM6by5qrSSnuE28HP-2F4=
pSPXkHiQQOCf-2BMGJK0sZrh8FW5O2cnlrl5wuAB2Isxx85NKiqFuCC17bBWeGitiKVDv2rZS86=
SN1rxCpIlDyjgvVnsZKpgWXOyR4j82gEYVWsZJAvr-2FwizXZJ2L-2FUAJ-2BxwvSoGZVu0ITfb=
l4UE0KzcPFMmWHaEsEa8-3D" style=3D"color: #1D5080;" test=3D"">The 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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyjtKhJvX4-2FjBhHzx=
xWzyCB-2FA-3D-3D6X5C_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47T=
f7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGS=
IIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4=
RRTK1G-2BF1zDeczOiTSS0e-2BKFSK9syN132gnwJWHFuENkB1yp7bH0xO53CDtEnBgYbdpgv7y=
5AjlpTtHmTYBpfBkvnaox8g5neC3py-2BP6fk1-2Bqjftew2RSGu9uI131brI1Rp2jvAHzfZ3JI=
YstfCQ-2F-2FX-2Fq2LwVRK6abjJN5m711QgR-2BrrbPJNlRyX5mRFJjGaO-2FCWVWXaOlbdwxA=
jyGymgJL2GDRen3KO3SkwaQA3zIMRJ3dkiFXTHGtc1B3tXdrbaJJ9UMu4okuXrskNKN5tbeGhqH=
1M0eEg-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">&nbsp;</td>
                </tr>
                <tr>
                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 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;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyjj4V2dcBl8tIEGb44N0d6Nw-3D-3D7=
3ay_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpg=
w5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHD=
rgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FU=
QG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zEUEFS=
NS7yfbbTwBVQRm4e5JuMbJQv28s4wV7LF3ZzJg2dL-2BeT8HCH2envlYJUAnsmpGtuFHejGVGzR=
iwnIQBwpc9NqcKLy-2BMjwa1nfLNuyLd2eT2-2FY0nipJ597HnQd5mP-2BHhwj8w6q1oFz3qzsQ=
Z58e1NUQONe91YgPyeaUENrRAJUE6dsl-2F0ggScfFnnKg47UouSWdcy0IQ9slYMlHbBRITebkG=
k7zjq-2BT5vl86Vkwvv37BTT2-2F7ZbZxPpciZOJDKuUQLuvtozqtZagaDO-2Ffg-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;">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_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&nbsp;</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=
swouzVvbrFF1zS6Id1K1-2B8jtOyjXzKMvPZpy0DwiaxNtIzrSw-3D-3DB6M4_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASo=
lX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv=
4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ=
1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zDZhj9QOIn84obETg1NFV0z=
pSM2YwBXWVBb-2Bdb6VgMCgbU4aWQG7jDyS4TWzrZxNaBpgdxcQ6alCnNALiGDQ3P0tS5xOXSiu=
ZTePqCPl-2FsTigkUjSnuLvosRwuu20YQ1g6mi3hqmygHCyoeIWpiOut8X0AswuMR4ye5NT-2B7=
UvaeRFoTc7oXqjUmdJIOD63oHalklxcGYYzCUir9Um775LJD2AuztO2OJcPc4P9qrPSGOp4fx0o=
T5GZrrPLE7X0T6vFUzjVrkhubzRFYhhu-2BEe68-3D" style=3D"font-size: 14px; line-=
height: 24px; color: #1D5080;" universal=3D"true">Och Ziff Real Estate RE F=
und </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=
swouzVvbrFF1zS6Id1K1-2B8jtOyjKdY2IlxNQxVDRJRZnI6FEg-3D-3D8K5k_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASo=
lX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv=
4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ=
1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zFr-2FWeUJLT0i9M-2FDwsx=
JjjlO0Qr8qGcDSfVBJindpkGrmWN7DdOosV8u9dPdngnXXwewTG6n78xoKlHxHo4bhHib1bxfx1=
k9EdDEW7wSUbbgYAIiUkEtVHJHPGhsStAVd65zG60KxR1vo5oJh8roJ5GSZwBnbu4-2FHeWJn0E=
jvtUnkf3yFNY8GOfkAbtxcjpb62lYsY3nCo4KXFA-2FW2FL-2FvRh5Dk8lET37avSpjzm-2BVte=
F9UgB1dyA-2FKHyHYuWdj0Y6PtFePN0ZJhBgL4WkCYwy8-3D" style=3D"font-size: 14px;=
 line-height: 24px; color: #1D5080;" universal=3D"true">Blackstone Edison M=
anaged Partners </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVvbrFF1zS6Id1K1-2B8jtOyjG8Zj55Relv21FaIOqhVZKQ-3D-3DvVcC_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASo=
lX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv=
4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ=
1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zC3RvYdlw1kiYLlevdgNkut=
8n3wgvlFznWxgQquHUsB25OFLUnrTQSmHrDBbvO-2FEFUkS5D1MV9OI3rxKn22GUpxXcVgDvA1D=
drEB-2FuQHxj85wtuBW1aunwbpTOuWPDY6CuBCyJ-2F7-2BDQIjkGcH7k-2BAVd4-2Bwo3c0q-2=
BoUftPY4xdfzOezW8cmuNmWn0doXSEmvdiRkGx4vqfx-2Bi1K7NigWn4g-2FzBXkZDhxRPwSyaH=
q6RVV633qjM2EUbfBmYCpfwjoBzboZT0IOwMVItGUc4MgcV6I-3D" style=3D"font-size: 1=
4px; line-height: 24px; color: #1D5080;" universal=3D"true">Bensell Host US=
 Fund </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                            <tr>
                             <td style=3D"font-size: 14px; color: #78766F; =
padding: 25px 0 5px 5px;
 font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td>
                            </tr>
                            <tr>
                             <td style=3D"color: #1D5080; padding: 25px 0 2=
0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZ8VTFwv=
iC5Yegl4xkwqHBeg-3D-3D6VL3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBR=
f7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tc=
f6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbe=
ZbSzu4RRTK1G-2BF1zD0wxASxWg1UK-2FianrNpCANcUWrAs1QYxyb-2BakaR1ObPtnhCl9jZre=
rZoemUO9YI7HYzcYWg-2BmU628GexvzH7OM2LFDph-2BSMFsUB3VPbhrQus1EoRDTTpn88mTqC8=
Y9ceIFwvKlMOySt9yE-2B6NRZsCtGSgOBLI4NfFyvV8wzHuA8fDzu5gAvBfltVbKpjqrx-2B9Xq=
-2FIdJPGsnAQ3vZJEZDSr291o4hOuAw3Iq6l1Y3Mth5z-2FC3MXSMYpiNO9Gt50dfAkoZLmpiWJ=
5ydogT5BFots-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1=
D5080; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"=
true">72 Funds in Benchmark&nbsp;=C2=BB </a></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check =
out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZ=
OJ32MOEIuLRgdNZ-2FG-2BzoLZYi-2FhO0s1tAMQZvQ-3D-3DCKmW_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYV=
w3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn=
1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop=
3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zAxnBOS3iydVJpzMWIINrf1ka27Y1ll=
lCSIp5g7KuKC6mSBuZ53MkTQ9gX-2FPeOB2WFAAEodFIch943TLBtZt5SsZwZSxdFpKlIcULkYl=
qTwzSi3vGu-2BVA399yl5sKpyFrPUVvgbQgBJkwiz9SCZD-2FgPcimItdtmA9j33hBJysxqzW-2=
FvS5sfNymdeGNGCMoquxpGJQ6TbOHfcPar1Bcufan-2BUAN4tl1ure-2FFcsCG-2FldRVTav-2B=
0JkICS2tNOMWreJG7MdvXjLZ9eGZ5-2BANh3J7sDc-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
                               &nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                   <tbody>
                    <tr>
                     <td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZA8LvjK7UKYUY-2F5iMdh0keQ-3D-3DC=
Is0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpg=
w5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHD=
rgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FU=
QG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zKubxM=
c1hsAJqAUehWBMLmmesNUsfCYDg-2BtkQ3pPbpa6zSlv44HMeKkYiiopVWFpDozW5ta4hRxj623=
CYG6prarezfYwQ9SfgYSvmozdD7eGfXno4lMSrICm5n4MSPs0cRohQGOwwzg4oEmmMwGXhTpXIZ=
nKg0PMRnv2IuHlAhQEZ2VkITOINuV1vlasIv8NpBFru8yMktR5c8E7GEPxVNFgX6BAv3H5gHju9=
3SzR1iVtxxL-2BVUXt9T3LachQtnngBy07gSrgxlYDkJP6StTTuQ-3D"><img width=3D"460"=
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                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
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lign: left;"><span>VC Deals</span></td>
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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">San Fr=
ancisco-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRg=
dNZnGD2FUQ5dQgRhOIjfOoiMQ-3D-3DFTwT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTf=
wUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2B=
oUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1=
p8sxRcUbeZbSzu4RRTK1G-2BF1zIcTQbWT-2BBoF3zDS0c7wuM0Z-2Fwk6weaZi72MWbbWVY2zp=
rxy255bgAZNbNUkZZqEbq-2FBFvv1IuwAsAHRbb-2BNTDxbuBwfU973P4KI9uj4PqbTk9kwDYGA=
sQoD9chVxYzjXEDZXOsHIatdXogjcsExO6eGrebCoZbJzc9ABXjGFTMZHAlDNFbuohNyOelvgkf=
elTk7x8IVueJ-2FbKEUB-2FP6aDRI7nsbuzA6cWJCbWR-2F0I8o3vIuTFhbAXXJbPaTJZk261O9=
tyh5xilr8Y7aQOZfb2U-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">Terremoto Biosciences</a></b>, which develops small molecule medicines,=
 received a $108 million Series C from <b>RA Capital Management, OrbiMed, T=
hird Rock Ventures</b> and others.<br><br>
                               Texas-based <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzXdRrOvZOJ32MOEIuLRgdNZYG-2BBFJfirXGoGBr1e9RcgQ-3D-3DFx8C_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk7=
6QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmj=
abcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTu=
zt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zKBVK9NWIrIIPLpxYj=
cBfwGhE5AVIpN28bw8sGt-2B-2FZsvU-2BjkNC8gr-2BxgIGmMzlmaMGNfbnQCVARjS-2BL926p=
ryJZyPAWEspgwXXpn-2FZdR1fegNyRiufaaM30OTtG6OKDpKaPYbAWpeEN-2Bd5YgWBn3Iop-2F=
EpiqanqQ78py2Puzr8Q4m8p8KP77LhsZ-2FBPBOUr8wbtpjPtDGaQfHZt9A1mZlgKWzD-2FG3tE=
Q4n7Oak7uPpPTGO7ZwExeKTu7RBNgAukV8DDz5azA55Q2-2BqwGT4sCpRs-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Hertha Metals</a></b>, a startup=
 producing low-carbon steel, is raising $100 million in Series A funding, A=
xios reported.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32=
MOEIuLRgdNZjBBgk1ATCUz0RZNvHPy2kg-3D-3D6kUt_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B2=
3PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0=
oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlT=
Aso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zF6zV7h9I1EC1DpuSpDNzoZjlYeDPtfrdsZ77rTyY=
-2BXpjq45CYKCzWIGu-2BSE2YEL0-2BWYQeUQQJxhuSGn6IrWnDEpVqQwRQKWLdNZkBiGqmMr-2=
Bl45W3EoRYuqdZPsuATPkYf-2FLvVHfOUz-2BOsbFPOX65e-2FOfNdCNQjKz6QKs2XlPCvxLzD7=
SLFvxAf3B5wOXyXldhErKISnzLAbX92e48KINr2XZoLn1nELzj02UiudLSCzQtt-2FrGdoyoq2n=
1tgBNKTldaLG8bp0xxvvIw-2BZqoAV4-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Turion Space</a></b>, a California-based space-tech infrast=
ructure company, secured a $75 million Series B led by<b> Washington Harbou=
r Partners</b>.<br><br>
                               San Francisco-based <b><a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZE-2BovPv14iAxvuk3r2qoasw-3D-3DlYky_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jc=
Zwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9=
eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60=
hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zEgN-2F2oL=
P5cIYqpNi27Ae72EPLkJm4HMgHqrTiTr6rP43utcgM2mYi9ZFDxaka-2BDNa-2FITnlApnE0JZ5=
98TKUP1Ctyw9klFQ-2BVM-2FiWd93cqNA2VSS1kXejR953OY-2FIcFrZtq5Mt7SXNWjfoFYvPXA=
J6mugMVfx2cFVoJ0n9xyUj4BjCNRdhKwCssXwxMHycKfST0-2BL8Rgb7tEAhVRqAySKhgl0KsVi=
5m6uZZ6dOLpeq20I2PZ5xW6PcppQ1HXeu147pyELCdotrWHqFVGDjJ8nlk-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">HockeyStack</a></b>, a startup d=
eveloping AI agents for the enterprise, raised $50 million in funding from =
<b>Bessemer Venture Partners</b>, <b>Y Combinator</b> and <b>Uncorrelated V=
entures.</b><br><br>
                               French crop protection startup <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZdgVcAfTugMamV1EueQZGlA-3=
D-3DkGj__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7L=
DkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMG=
B-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1z=
MyiauSHNBv9qBGnwSZ2X4jYJQL6OsPEkh3Uxa4iZOo7-2FzVLM9NA9A-2FkdBEEpjVLX5web3Mn=
jN1-2Bp2ccq25Kq6BPNPmkBKWNXq2YcH0i-2B9Lw-2BkQjnyWII5I7zMYIAPKfyqu9MUv9nSZJn=
48Ku1OzSpMDWBRc9n8JStDK9Yc7PX-2FSMDaENgQpRnYrU8U1CO8kyYm8kdumEDYBzftUvGUoJP=
yI6JZ-2FfFr-2B-2BHc0tS2-2FYbsznbmRKdHQk4p7O8zk2wd5R-2FicZeQ2Q21FOHX1DAqOR94=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Agriodor</a></b=
> received a =E2=82=AC15 million Series A led by <b>Cr=C3=A9dit Mutuel Impa=
ct</b>'s Environmental and Solidarity Revolution Fund.<br><br><b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZfDFLfaY1Y1-2FNbT2WWFbw0Q=
-3D-3D5bN9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy=
7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtP=
MGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF=
1zL0GvUaFJq-2B2KCWELW80NRQs36zf1E5B5Qj90nbGLdZtsDlHTdEeAUww-2F2q4hlBelTD6ns=
2CVOmmEmKcyrOXqvaRt27ncwvGNfttsUmVWwogF7QaREUqC7xyzf9HO0l1Ye6gDoQkK3PNNjy2a=
r0zKjqi3v6jy-2F4c8iIsF7oJ5UO1K7JjAEEh1E-2BLZqhKrrAXlndOLUkFlqKbN1ZaBt9qAOpP=
NkJ55wJgTCtCY5Mzy7L0Rnsu1E2ZBPCIyWYf8pkEIP-2BAACgdgQYvVo2ltij8gOA-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Donecle</a></b>, a French=
 AI-based aviation inspection specialist, secured =E2=82=AC10 million in a =
round led by <b>IRDI Capital Investissement</b> and <b>SWEN Capital Partner=
s</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRg=
dNZq1ldzQDYP0XmrvnVe-2F9vqw-3D-3DmAoP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5i=
TfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-=
2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51T=
X1p8sxRcUbeZbSzu4RRTK1G-2BF1zAsVJAhhFCJEBlqMHBaEjda56Qqr1-2BNXv-2F6AX8GJajK=
UsxhG-2FAAMQq-2FZq6GA3-2FPhjGWCbt0gH-2F-2FhGFnk-2FsavYVqf76hd-2BlvbN3-2Btm2=
5e5RocfNbDP-2F99NTFEAgsiMaAXOlxwE8wJ1t-2FQLyEm3yJx-2B16gcvu9MTo4LAKTNI0prSk=
ezL8mDJkAXiBd4OvhVZ-2BmCP0PigGQZ7mAhasdlkN-2BnLOT1HgH27yNFe3EZ4PjORvhYDzso2=
b9L6tbY0-2Bs3QS3Og6n3lQADJp8Ru-2F45IrkWwk-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Helical</a></b>, a Luxembourg-based virtual AI la=
b for pharma research, raised a $10 million seed investment led by <b>Redal=
pine</b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">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-2FM2G1dEZawPnfbvNfwbOlF1BkVGxDFw-3D-3DOwS-_I3w5d9c01gkD8gLzFEofZR-2Bh=
6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMN=
b-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHt=
ljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5=
XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zOzIyat3So431Okd35fDQsFBtkqwNC2Xy8-2=
F10jboKIr-2BHgyItuxRzYVlZJ4vHHHCw-2BEa-2Bad4k6YXYzzjWzO1UoQU-2BRkhGe9T-2Fvy=
cX0-2BiJkdyoYoVMfbH5s0vZzAY0CCl6te1eCXWY-2BYhl7b97OIJIzhvygsT03QGWKDvTCHQ9e=
Dx1c9usnWzygrTso2T7P6m2hhT8qYiEXRrz7Z6MrQSyKQ-2BaozWk5oytVTuM2m5Htv2-2FTsM0=
-2BRRsDGyXvoc5GudyJxRfFOV6MWTQLoNEajOgSU-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">LIV Golf</a></b> after heavy financial losses, the=
 Financial Times reported.<br><br><b>Suma Capital</b> invested in <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZa9cJFyv2DstfmaMK5w-=
2FjDfA-3D-3Df67E_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg=
FVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJ=
xwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIql=
fslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK=
1G-2BF1zJc-2BlKFIlSH8zwPC0RhPItlqtNDsHycWVtRTvVGgde8uKrs76fOPDUuCpqMY-2BuSx=
x4nP-2F3-2B-2FwJCswaM9h-2FHKhJu3DMvuh5UUo7QkBvpxcwaCUkW5hFVKVTWC5xjsfJJa4P3=
v-2FRoPSkXJsgO8SfRMtbtJKY-2B-2FYans54-2FJ3xq4H7dzQbcVMbZoXclk7Dcdq2cm-2FLEa=
MLFxtznxoR-2BF388VbotLYZtyea2bVaM-2FgclFfQSV12JdWgy6AJo2LDptZj6Vt48jrCAdxdu=
cpoKN1I098Ws-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">ECO=
cero</a></b>, a Spanish manufacturer of sustainable acoustic panel products=
.<br><br><b>Kingswood Capital Management</b> invested in <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZaru-2B-2FsLYZtettqEiRROZcbg-=
3D-3DYLQV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7=
LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPM=
GB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1=
zEe7kpjjF-2Bem-2Bjgv46m4QKLnZCmEvfGBS1rbwavA5VHIVBNnLe5bhMnl-2FDHn1H5iIFPOg=
lw-2BJvO986paEhcehXbQAG3OA8hwJi8w4BhDRvkPHTI3xqBedy-2BX2Iosbs-2Fy129BCHalro=
KbhV9rZaHtKYS4GdAYWfZYp3gT0fLPBVe9f9HHjBb72NmJvrM9sk8v18kVikOqlUvg3EDmRtjTS=
UrRXUWBWP1Cl3jXGHSi3Y89ibhu-2B6irhuGBbzgs4dKOZALCZLVe9YSbwraZo9OcMV8-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Soulshine Farms</a></b=
>, a Georgia-based poultry processing company.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZa3gNFAhdmAylResc=
6f2HWDA-3D-3DR67o_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7U=
JxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIq=
lfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRT=
K1G-2BF1zGk3ztxXGUxuBK-2BZS3-2BMm-2BQ2zqEfm9iKYUMqGwUi2xwqinhUpJa9d3sOAbdNp=
EP2f2yoJuPFutLRYqum-2BiHp7Q45UqzBEz-2FzS75fvEwXP-2Bx-2FTPlaHYNxPtooY5rqmPYX=
7Im4AeC2xjvkM19GqNtVPO7Y0ae9hL1SZTaEgNejIdwiYYLp3DD5OTLu0Ixo2MzqXrujEIb47G3=
-2FGC2f1L5gz1zHf5C3Kv9hLAfkP61HLvaJA9-2F5rUQsOoDlxpJZprZ107rvFGU86CAHPCach-=
2BwAPqE-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=
 Partners</b>, is being purchased for $70 million by fintech trading specia=
list <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-2FM2G1dEZaZwHNH=
Qh-2Bc9EDxKG5uL7bkg-3D-3DQ6Ok_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyq=
JBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN=
6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRc=
UbeZbSzu4RRTK1G-2BF1zEe8m81Z38k13fw1pHR8-2FfSci3gID6lXPRNNobzkCM1iNWe6-2BrZ=
9WvIZzF7WVX6Epy15N8S0iHHww2sJVdU1SEmQNqQo6s3i8QOoiMS3MYnJWY0kkSYBudQdFSnIz9=
Zhc6J-2FeVD6z7-2BygpidWKCmrfoHHqB1IuozJL4BorxyhsJPeQzfreDEy0uDewmYyGuYcsBpX=
FDGsfY4HjLDw4UbrefayS6B1YC4fP0gnNFWaQVJ-2B80B-2Bu5Wbs7i01AkjoHhmV4me9ZPpdfK=
Hpp8xUWmjow-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tory=
 Burch</a></b> will spend $346 million to repurchase <b>General Atlantic</b=
>'s interest in the company, Bloomberg reported.<br><br><b><a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZaNy5MHmoCuocHBuCbB2-2F0KA-3D-=
3Dd-WF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
Bpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDk=
vHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-=
2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zHt=
NklxEl03j-2FyNYl-2BOXDvFSkxq7t2IbF94Hw5bFgBer6wvnMP1ZVDxWn37oVVTc-2Fsfg8PM9=
ZDLd0ceZSMAmSWW33-2F8vlCckntjwM61kA2gEH3-2BF1T1rmZN2OC6tCB0x3LeeeE-2BLoqyoN=
GOb1ffFqKcsyH2xjrLUzqg1giG6G9afAQwFKI7WfHrbiJbq4Tb078amvbmTkzgR7h3KMws3NGpg=
heHHt0xPKvyVKgE8RwyDnxT4UbJmdVIM6gMXQToziHcFr37-2FSed-2BTvgft-2BF4iyM-3D" s=
tyle=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-2FM2G1dEZacpbXBwGiL7dIJdcBCkqugg-3D-3DV8QI_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYV=
w3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn=
1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop=
3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zE-2Bj4SzM4m7b2MxgP5FkXld45WySv=
6WU74Kd8noZNK8F4oMua6vLCDIw7woY6nsDC33Mnu1pZNH5w8JPx9bwU67qUzS-2BWeAYUyKtU1=
wkiYDr5VBE0XEj20NpC9SsSNxvqiCW1nUO-2FOdtXTFqnEsqlYi1DpG0NH4fcdpGsnEXRrD-2Fo=
8gBC4AX-2B9fdJxrAwdvKdIcuu5UfwaIz-2F1-2Bh2ikD2SdyZQByIwmXfkUYq1FXOTnvz4Nv7F=
KK-2FyVoiPKiUSXXoUPKDWIkNl476pOWQlqQvg4-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">SumUp</a></b> is lining up banks ahead of a potent=
ial 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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Consum=
er-focused PE firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-=
2FM2G1dEZalDvgKlWBUtwj6qFcAftHEg-3D-3D1tsU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23=
PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0o=
F0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTA=
so51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zF-2FmMDxs0Wy5KXq7AqpkIlUBgvccGoEgp1DbdSBZ=
JYgYVFwV7YpZ9vatDuHQMrOcUgOy5QFuH6XzqzN0z4LNIi4srGaKbuL5vFuMg184hc1OjWJ1Qo5=
GXQtWhOtXDcq3WERGQFppwgrKcF19p7wKNI-2Bmg0TlW915eoNYhsXBladPepG2CcS-2Br3qdQT=
o-2BL-2F4OICV5xva7StGrDNlAT3XaE72Vp9bq3Dt9AgqoiynZ92blvskmrWsq4b-2BoMiaZLLX=
qlYK2rgEs6KCW6T9qSE24XBo-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Topspin Consumer Partners</a></b> has closed its third fund on $3=
28 million.<br><br>
                               Geneva-based <b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZadUx-2FqY8-2BuC7Ur5hyhBwgbw-3D-3Ddkf__I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBpgw5jcZwl=
2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LDkvHDrgr9eZW=
CEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB-2FUQG60hGJ=
7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zIyFWlLl6Y457=
wKWHyNk1GkKjdwPaP5oJOa0nS4QnHK6KGF7YK3sE-2B1Av0nKJbOsnN6w2bhAdmjFkIeGpowpeH=
jXcZkaJdOsSczstnAzex1DEul92o-2FNt1LkPfAIifLPbsWy6eaPSPobjXTjuUfhs-2Ff65VWzr=
I03t-2B0EQyfISb-2FOkvq00mNFLEt3TBhxMx6hCXuvqAvLJvA-2FHB5KKmijaqgU8Pi1qjexqV=
6S83oWWVzXJE0Jt0DSTM2xIIr5-2FMqF8v-2BZl-2FzlQgg7yMAjwEFcwuI-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Ace &amp; 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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Corporate M&amp;A</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><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-2FM2G1dEZazM5rteTDkYcM-2Fku8kto7Bg-3D=
-3Dbimk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7UJxwEoZy7LD=
kvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSIIqlfslOtPMGB=
-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RRTK1G-2BF1zK=
veuQjF20W9LZGlJ6ngszw-2FViSFfRflAnT7BH4xuGSr6d-2FO4PPittriozhodLtKCx0txE6cq=
xML1US-2BxiwIBXYxYDCZNszlxwxSDPmeOSRjsAlxQjG4UUIIGQhHymtRKYx725LuTnIBuTAnLA=
xtLIseFaQTq84BC-2BPPyiaRBD-2F7XAXn7agI-2FLYygN7SARvE0Q-2Bvc9-2BmNLHpfVXrvEp=
86WQYLudT5QLFVuIT7-2B44IawAzE9sR3mZGESApFlo4WsA5yRA4OZVe7LELQyZYKmLecs-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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table 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-2BaqM7ONnvsnswouzUVWQYjJxZlNg7UhEcVsQXTRd18oTF7BYNsZ=
fyu1XN5LA-3D-3Db9xw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf=
7UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSI=
IqlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4R=
RTK1G-2BF1zCZnzmYrnrSz0vFvRiQaKDIxPeAqbP-2BJdNDQkBYtrcebVGqfSB4hfntquOmjJoj=
Hd6VvrZo3k3ZSBNnDrA6ZwCpj7lGGyQ4RTaV498gnrwPFXnismJBrsrCHdr-2Bba762L3OVrvvH=
XUz5AnGlQD-2B1foGXte7hWkQhZMA8D3Q9Oltyq34iyXWMV2mlhnfzY17wPYLUeDA8Hpbr0RNdj=
QzPS6tako0Mp9AgzYb73z-2BRKtMILVxolMmf-2BkhiDt8Z5GkRrnsHobRnu8Yl2CEzYjKyqSs-=
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-2BaqM7ONnvsnswouzUVWQYjJxZlNg7UhEcVsQXTeTsDsEn44hu-2BoA=
HzIrRuHw-3D-3D3IEc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFBpgw5jcZwl2mUk76QASolX7g6GYVw3pMNb-2B23PRk5iTfwUvQyqJBRf7a47Tf7=
UJxwEoZy7LDkvHDrgr9eZWCEEmjabcAv4NV150mn1iWHtljwo0oF0Na-2BoUXUKN6Tcf6QtGSII=
qlfslOtPMGB-2FUQG60hGJ7APTuzt6QZ1z-2FLop3wgU5XtjlTAso51TX1p8sxRcUbeZbSzu4RR=
TK1G-2BF1zO2oV2kInjFmlIVXNt1zLnJEej1OKqHN1tV2aN3UdHiT0sgnuDA7Ye-2FLP1chIRWt=
l6EgxppN-2BtJCGnvvJ-2FqEVTHTGDcWilG31QQi5KFD7dVqJuY-2BuhCoEYtNlkUjeJltyM2FU=
3wNH5g7tgv8DOp810hiSQnipM3NdOr6-2F6Qt6KWgdhtclpguqHMAYyns8Q5ieRJwwoFdctO-2B=
m1sj-2Fdb5PfgQbFX56a0fA5qH8TPCRaiqeyHPLhA1sb4fWfsXRo5zThgSkvWu95-2BU3Jmu5km=
eBks-3D" universal=3D"true">The State of Sustainable Investing in the Priva=
te Markets</a></b></td>
                              </tr>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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              </table></td>=20
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        </tr> =20
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