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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Privat= e capital fuels record MLB sale; frontier labs come for biology; themes acr= oss agentic AI; UK AI fund 'a drop in the ocean' </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); 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But the way you consume news and research is changing, and we want t= o change with you.<br><br> We=E2=80=99re investing in new formats, more= targeted coverage by the segments you care about most, and smarter ways to= deliver the insights that actually move your day forward. To get it right,= we need to hear from you. This short survey will take less than two minute= s and will directly shape what The Daily Pitch looks like in the months ahe= ad.<br><br> =F0=9F=91=89 <b><a href=3D"https://url6380.n= ews.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzW11fwzucf6mmscY5TPnuALKiNKOVroTzwFiZkOrLgWZQ-3D-3DbWJS_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1= DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOe= VRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe= 4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gHzy47EhbE5SU= H5pfSeLuwMgtMzxndBfa7lJBFaek4XaR0RkwUJ6j1kmZvBquRN-2B-2FpMeE3QyZyJeZikALBxD= PiyADqlb3h9slstwZscfUCGVPjsyjbKrEVEoQTwCNpdhwHPubtE4-2F-2BZaTl0fPxLVaRN9QsY= wPLOw5iPVx0jqm-2F-2BP7mAtefl3jqshTdzJ7brOQN8dco7TpqZNFUVaMwFpABtb2NRL50zPBj= pBkuE3pTN5lrLgQHEKIEWFBox51zF6E-2FBUj7z79Jn3C5SguCaG2zw-3D" style=3D"color:= #1D5080;" test=3D"">Take the survey here.</a></b><br><br> =E2=80=94<i>Nizar Tarhuni, Executive Vice Pr= esident, Research & Market Intelligence</i></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579482" id=3D"n_579482" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> PE hopes garage door roll-ups = will be the new HVAC </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>By Rod James, Seni= or Private Equity Editor</i> <br><br> At the start of April, Oak Hill Capital boug= ht Guild Garage Group in a deal that got tongues wagging in certain corners= of the private equity market. <br><br> The transaction valued the Orlando business = at $800 million, making it the largest PE-backed acquisition yet of a US ga= rage door supplier. And at a 16x EBITDA multiple, according to PitchBook da= ta, pricing was more in line with an IT or data services business than a ty= pical residential services company. <br><br> Acquisitions of garage door installation and= repair businesses have turned from a trickle to a relative flood in recent= years. There were 26 PE-backed deals in the sector during 2025, including = add-ons, according to PitchBook. This was a touch behind the record year of= 2024, when there were 29, but both years dwarfed what came before.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=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/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuALhQjzYwHid= z4Y-2FFYvgPD0IQ-3D-3D6BZL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZ= vTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva= 7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO= 8jbPPuJElCVklyarB0-2BDU1l8gPRAK9KX5B6Vudahm13ZktbxPMqd0xD9ASqV3ssmnq514C1w3= tv-2B6gln-2FO-2F7uyhemKlro4LrHNFb0qmYldM64SBySX06tvmv4ZP92hXVzpPTU9xQS1UfBD= 4Wf8KGYnDfexPJ8aKJUBbgDFmlxEU38xR6Rak44vbGOoOn3JxdhJUqT3Zs4kDPHAC0i1CFNl2aL= iyxyBN1-2F5btG9uyFT4TDsDurH1-2FQr2t26vShVrfT0wTlTZpB8zLbr0ruh1fe4eCWfWocYUo= zTKrk0UnVQjcjhc-3D" universal=3D"true"> <img src=3D"https://img.pitchbook.= com/news/73832.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></td> </tr> </tbody> </table> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;">A lot of the exciteme= nt around garage doors stems from the market dynamics they share with heati= ng, ventilation and air conditioning businesses, which proved to be an imme= nsely successful rollup play. <br><br> Businesses in the two sectors tend to be cas= hflow-generative, offer services deemed critical to people's homes and busi= nesses, and there are lots of them, making the market ripe for consolidatio= n. <br><br> Garage door investments are no gimme. One of= the things that makes the sector attractive=E2=80=94fragmentation=E2=80=94= also makes it difficult to find good targets, at least of the size and soph= istication that PE firms typically seek in a platform company. <br><br> The market has experienced a surge in compet= ition, participants say, as PE firms that typically focused on other segmen= ts look to the trades for protection against the disruptive threat of AI. <= br><br> "I think some of the historical perspective = on blue collar services and just construction, as being kind of a dirty wor= d in private equity, that=E2=80=99s gone," said Paul Giovannoni, a partner = at investment bank and consultancy IFM.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=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-content-btn" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuALhQjzYwHidz4Y-2FFYvgPD0IQ-3D-3= DPN9p_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8= CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJ= dnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjU= soEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2= BDU1l8gG-2BpW-2BkS-2B-2BiTYCjMIO2ye39E2NfpqHWjUcqsjqybiZ-2FKwyMuHnX5CMwuSOo= I6xUIRybSJVMSHMklPG4ZHeDnEnmnr4cCv70lAq5RkXDQoyrck1fVg6dnqjKpU1Qcp03NODvwZd= R7MTQv0MJO7S0bnFV9crYRH3AP4fAsUowweAuCWtgXoP2PlF6vapEodTYE3K0rIZyDv1HcyT5jI= M2fSey6wN-2FJX26jVy-2F6HAgti3-2B53rEtBL1wBOc7tgdw7uMDDvpkDfmiwIiAzFK-2BlUXu= QGg-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; t= ext-decoration: none; color: black; padding-left: 3px" target=3D"_blank" un= iversal=3D"true"> Read more<img src=3D"https://fonts.pitchbook.com/newslett= er/arrow-right.png" width=3D"24" height=3D"24" style=3D"vertical-align: mid= dle; margin-left: 8px;"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmsc= Y5TPnuALrsO99-2FJFfcTSLP5mCKETDw-3D-3DUlAV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI85= 70KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfV= Imabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di= -2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gCnL2585-2BwMFgH7J-2FprAwc9GG7Aj= WiYusgcgm-2BRORJ-2FGpqZ7N7ruUsx72-2FtqMwMxQ-2Fw773Sj6Hl6BliA6TTEQIIoYnLLyKr= z-2BijZoLQCeO8UJM8HC4ctlc39bZy92JP8hKTNkIi67lWlrJ9-2FW7hJUFXbDRs-2FgXn2vdTa= mzd6Odz-2BCaZv8D9GHg3ibYh6PQ9BI5qBpXfzvO5k2JWfkLS8t0WiIoDGdqYebRVuS7O0zaop4= XZpifZHXzQlkyNfV-2FJaTwg3M9pki-2B4qNuGAEvPWvj0-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Q1 2026 US PE Breakdown </a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>The San Diego Padres are in talks</b> to sell to PE billionaire Jose= E. Feliciano and his wife, Kwanza Jones, for around $3.9 billion, The Wall= Street Journal reported. See our data on <a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzW11fwzucf6mmscY5TPnuALGbgwNEDKUK4-2BOyoemLrkcQ-3D-3DAgKJ_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B= 1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaO= eVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUO= e4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gJ2WPsG49Au0= kosn77EV0jnb8vI5CdbfGbiTvLpI-2FeQevCns4JsHOIULE-2FuVCAvKh762P6eUwGpiW3fh3dH= Vgg27o3ZSjm6e0Ov-2FLJ-2F8h7ZkpihcPBgZA2czB71z891F2Y-2ByAkdxOp7zKmXwd8w8ZhhO= F66D-2BUlDOy5mz14C8lBLTYHoelviBXx-2FHG4QXmJAl3mmQ6x6bWTixPTKE3Y6ZxBiqmcFRj-= 2FH9CB6RdChJdqkDAblwTegGExSetl-2FPfX6YI-2FdEinNKoDatLXCBLK3Fr0-3D" style=3D= "color: #1D5080;" test=3D"" universal=3D"true"><b> PE-owned pro sports team= s</b></a>.<br><br> =E2=80=A2 <b>Agentic AI adoption is making s= trides</b> in IT, customer support and go-to-market functions, but remains = more limited in areas requiring high-stakes judgment. <a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuAL-2Be0a5k-2FzWyIgezPOyTdJFg-3D-3DbTI= L_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIb= A0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8= ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEK= NmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1= l8gMG2UlkxYGS6BmozEvnYtVYB4SYpcruLNMbVOanSAnTRjbcN3uup9u5T6l4HNqkY3omQR3XVz= LcZN8cVr5OuRkaZKTJTMx6831zVcMe-2B18-2F15QpTHhKOwrhltzHjbkioQEUWWjIt-2B93Kwk= ythdCXhSUh9ryuBu1RWgqOQEmscLpCvk-2BDmMx-2BJGa2i8yNyOs-2Blk6roGrxBR9t-2FnKbx= UJb3CWPqdEynjVUZ6yNt2gDOL833wiQWNjqtAFvgZykD1z-2Bsp76ObXs5XFUezlDTHBIhGU-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the expert= analysis</b></a><br><br> =E2=80=A2 <b>A new UK sovereign AI fund offe= rs startups a boost</b>, but funding constraints, high electricity prices a= nd talent shortages limit British ambitions, Leah Hodgson writes. <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuALUvS3Mb4c9tQQwKXti6YMU= Q-3D-3DCkt9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCU= jjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6= h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVkly= arB0-2BDU1l8gFLhOmSVux0hM6yfNj9l-2FUTwPNf93tO-2FSkIAkDeN5CNWKh89CPh4hoTg-2F= bPs6gpRJ6Mb4ddlmfqEuCDsPYu3ApidwUESGjkuAbrqznPMtCiKisPyW5FUqPzmm1SAS9MZZZda= KtVlgGH-2BIdGGOGk8a1BhBBD2oRo0RfNb2P6FniH6TSmNmfbqSLkTan5rsl75P7qGAMac1JfNL= eoL4GP8LuzOal9OD3bnBwbIcabux-2BuPs7PNVsZX6ZVORhE5TYngtyrIbOXyeF5IylzlCexCvO= Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out mo= re</b></a><br><br> =E2=80=A2 <b>AI chipmaker Cerebras</b>, a ri= val to Nvidia, has filed to go public. <a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzUkZzBoC0HPCPY8RnPn5iS0BOEdpVKSU6rx3pkB-2F9JSiA-3D-3Dz6gn_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1Dm= OAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVR= wLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-= 2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gCf-2FTPcMHDKSk= Kdjn1h5CtNtc6Jzbr1OPuJRVqJrzhrl32ozpinKR2VFF8Gwhl0dc2Y9RkxCfabET4E280mUGt4n= -2FuqDat6weLmH4fxSewcj3hyDv19grXQfQ9lhjFH5jvVWjNBQZx3-2F5aWKTTjsmajUSL1pF6b= lyZtkq7qHtZ4hgG6tg7LjEfkAZ5vv2YPqV0fyBm0723VUvjUtzQKNTqYeZR7x1L7yuwMxZWoXdw= s0tQDKyGoaZMr176unutE7sUXut88VcuUSDrugWNwm3yQ-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true"><b>Read more</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579910" id=3D"n_579910" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> OpenAI=E2=80=99s life sciences= push energizes VCs </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0hU3tvkkfw= wJVpUl516cnQw-3D-3DfXZy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvT= rJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7k= iu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8j= bPPuJElCVklyarB0-2BDU1l8gMUv9Dba1SLe3gviQZSOQDH011KJimPkOIrMAR5slRLNc8gj5c6= FmBhBX7h5Na67iqol9-2FOStGCIugW-2FGMHVXXsSmHEXHuhurJUuzPMdioWNlUn8wgHO2iPPci= 3FLD4O2oA-2BLDg6otIvahgdTpTYKBzNjgnekl0hLwO5BJ2c1NpiqAZUXEdryhYExnGtQLR9pLO= IxHBIsuwIaJd9cjGyjrCpl1t9Pmi8xGhjyMa2SXeisjObmdc6pNy9czITUpTqYQZo94eXBwPlvN= iTZVh2qgE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt= ps://img.pitchbook.com/news/73840.png" style=3D"border: none; width: 100%; = height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Josie Doan/Pitc= hBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Rosie Bradbury and Jacob Robbins, PitchBook News</i><br><br> With its newly unveiled GPT-Rosalind model, = OpenAI is moving into a corner of AI that VCs long bet the frontier labs wo= uld leave alone: life sciences.<br><br> VCs have poured millions of dollars into AI = life sciences startups under the assumption that their applications=E2=80= =94like drug discovery=E2=80=94require proprietary data and specialized mod= el architectures that frontier labs wouldn't bother to build. Although inve= stors agree that this assumption is now out the window, they see the news a= s a positive.<br><br> "Life sciences have moved from being a side = interest to a top priority for leading AI labs," said Simon Turner, a partn= er at Sofinnova Partners.<br><br> Most of the large foundational model provide= rs have, up until recently, opted to focus on ubiquitous models, with a few= notable exceptions.<br><br> "DeepMind remains the competitor worth watch= ing most closely, with a multi-year head start on domain-specific biologica= l reasoning," according to Dimitri Zabelin, PitchBook's senior AI analyst. = "Rosalind is OpenAI entering a race Google is already running."<br><br> GPT-Rosalind is likely to light more fire un= der the competition. A number of AI startups and pharmaceutical companies a= re building biology-native models to solve complex scientific tasks, such a= s Periodic Labs, which raised $300 million.<br><br> Currently, GPT-Rosalind's capabilities are m= uted. The model can help scientists synthesize reasoning, come up with expe= rimentation plans and compile research, OpenAI said on Thursday. Autonomous= scientific progress is still several technical milestones away.<br><br> "If the drug does not exist yet, Chat-GPT ca= nnot invent," said Duxin Sun, associate dean of research at the University = of Michigan's College of Pharmacy.<br><br> Indeed, investors expect that no generalist = model will single-handedly solve biology on its own. One reason is that muc= h of the crucial experimental data in the pharmaceutical sciences is propri= etary and owned by large pharmaceutical laboratories. Even once a drug cand= idate is identified, there's a lengthy and often unsuccessful path to clini= cal approval.<br><br> "We are still always going to have gaps in w= hat we need in the world, to actually test, develop and do more clinical re= search," said Alex Morgan, a partner at Khosla Ventures.</td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0hU3tvkkfwwJVpUl516cnQw-3D-3Dj= sjU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CP= IbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdn= k8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUso= EKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BD= U1l8gLLdh-2BmTv4CEddObrEqi7iXglOnqZMhujhdKBypre6y68vf-2FLUB28ymxxb4jXdiyq-2= F8JhtVKpf2JqFb67CbpJoxEwClhOTT5WnunVmftfjquX4MJHKS8jShl5RU4RfnDGoyPYNMkFkuY= 7qFgsR5XDwU-2BLub77OP7K4mvT-2BMPSBcJRo7cGkLRU40-2BLJmZ9jI-2FfM7wo1IXVQ-2B9M= YV4D6wmSfvPIMYcCpu3fLSSbGHjsBmIf0m1hnrQXmNCK7lvDBQxLqRnD-2BkdjC453xsvpfS26l= U-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; tex= t-decoration: none; color: black; padding-left: 3px" target=3D"_blank" univ= ersal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.c= om/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left= : 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8= RnPn5iS0ZELvqL4qTvl0sc-2B4CYMUOw-3D-3DE9uN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI85= 70KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfV= Imabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di= -2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gIekzirusCBulrmguw4K5r-2B2bHTxXD= B80wCF1OPICD8VMP6hCdGGv97gsD2YBC7TYowVLWES-2BsE0QpNdVnk8FfckSD47mBy9VmzSnPr= qZsauAAm5uYeQ99FZG8pBFD0v-2FK1tO3LJcYH6hWMtCVVqn3VsWoZUa9NlJNyLK3dUj6forSRY= Tdo3S-2BZkrFrA2VOfnY1mlkR0k2zqzfUyVtb0PgfOwwQa76LGoSmZypZt0U4KYO0ZjLlbixJgN= uZ5EEyD-2F9mNed3G54FMeudbLD3alcw-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Q4 2025 Biopharma VC Trends</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>The line between investing and = gambling is getting blurrier.</b> Markets are going crazy, and there's more= overlap between exchange-traded funds and prediction markets than ever. [<= a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0ReXMQqtkJZ208OV42M2= 7Rw-3D-3D9o1c_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQ= CUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xy= b6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVk= lyarB0-2BDU1l8gP0uCq9glovMAXb6C-2BiJ3I-2BYKgPqlesdaNC7Vxt5bm9mdRg4cwbBeXHeL= BJnE4nsEWZ6cUkd6O0ibE8wqg4PB6b538FA8M3-2F-2Fb-2FGmc776MxZ-2BgdWfA7LoI2wmGWH= 4Z310-2BLpeTTvdy28pe7bz7PNbQUwIHFyBCzZpXVBRDw5Lh73qLtyy59uhbKNqGKpTOEcSg5q5= UJC2wH-2Bnp-2BWxoG0K5tXzKHKS1tomZ5S2ig011Dezafa1WEz2qHiy-2FOdZjo-2Bqft-2Byl= jq-2FBF3KI1oPw2cqRA-3D" style=3D"color: #1D5080;" test=3D"">The Wall Street= Journal</a>]<br><br> =E2=80=A2 <b>See the breakdown of America's = sentiments toward AI.</b> The general public has a growing resentment and f= ear of AI, driven by employment and regulation concerns. [<a href=3D"https:= //url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0OfzS3SUreABNlsqWH4Rs0A-3D-3DQh_U_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho= -2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZU= haNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-= 2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gI= q8T4-2FXQsGSQ1yulqzk2mTkqbRk4w9BmiOCOya-2FLK5muZyd1nPRyHumMclQwMgEeK-2F6Rqk= MxcuSNct9aF7wKoz2D5ePQXLzPzjXn5Q4eUrGlZa8Eaq0LaML6wKq6Q5qgbRmFkuNNyrR5FYFQW= SAnt2Pe9fPooiSG0-2BrUnWheEx-2FRSNsgIFoixglv2zJ9jJ19SN7NH5-2B6jFVEnOckjQJHzl= rP8MFBc2ViiqqvIf76lzFmmWAxfCtMNRwc5LPXUt0rVZfNTZ4pejyt41GTZG85gY-3D" style= =3D"color: #1D5080;" test=3D"">Newcomer</a>]<br><br> =E2=80=A2 <b>With $100 billion in assets und= er management,</b> Iconiq Capital, a multi-family office whose clientele ha= s grown beyond Silicon Valley execs to include royals and celebrities, is d= oubling down on backing AI startups. [<a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUk= ZzBoC0HPCPY8RnPn5iS00tNEWKwvQZLuU5Codjo0IQ-3D-3DoBUB_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviH= i2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmy= m-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2Uok= Mq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gHZidWgMNCSeXLMEaAU1Sb= aFWo-2Bzx7SSowaWLqSvROMzSZdrUcIz58-2BzsfkKLIn9KmInxCpG6o11LPaAc65j-2Brz82Yo= -2B9KLvbSMh2r8dl4s4OcUSjkbyMtnN2p7zQPTEcAmFqrpCq7ryXwybOjnM39gM57IBBRNfi1sj= m2OyBg4nGOFhJkyCJPSTYlUHNKHm6rsij7Uh0oAeBPS4-2BLcMKJPZfFRzyOcdESpVKMtl1vVhH= Xlswk9CjiTAbKkOWlMqaYf2LaAoEg77ssQ9-2FOXEZs4-3D" style=3D"color: #1D5080;" = test=3D"">Bloomberg</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 65 </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;"> 225 </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;"> 209 </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;"> 4 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0ppfUqOhQhJgHn89zXlt-2Bsg-3D-3Dy= w9E_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CP= IbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdn= k8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUso= EKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BD= U1l8gEp3pecX4f81quTBnDn55dZwtIgb4PXZXFaFjpJhLM6IZPMwz3OE3W-2Bz8FY3gYrB63eBE= HULCmxs2NtqkI5IzvxSN3M3JFN5dMedeS7iVsaKRcLTDHg-2Fd0Bj4JAobxuzyNEJbO9fNP9-2F= ERBQOTdsMGKkwviLedAL5HmtpwTwMl8jije-2F1PAivakRXQgXgkQdOs-2BIDmtaNFcEHVzXZGd= wvQt3YFC8BvwTYr5P6EqI9aCSBeChyPZZ0QoAiTw8XJal6bhF7k2NUYF0frgLI8lojAk-3D" ta= rget=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579921" id=3D"n_579921" 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: 2018 Vint= age North American VC 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: 68.23394495412843%; mi= n-width: 68.23394495412843%; max-width: 68.23394495412843%; 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">11.90%</td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Top Quartile IRR</td> </tr> <tr> <td style=3D"padding: 0 0 12px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;= max-width: 100%; background-color: #40C2C9;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">17.44%</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;"> 0.15x </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= swouzUkZzBoC0HPCPY8RnPn5iS03B-2BY0f4vwaNMrbR8uXNwbQ-3D-3DwWRY_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1= DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOe= VRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe= 4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gMzkRuWc1-2B0= PhQFFK92lWz7AUhk88BbxAvNB9LFAseS8hmtXQ-2FIQnnT9VmoewY17d4HAbiKNs-2B2w502yF0= 4jYBIVn07tkrY59NQHwxnN3HbY-2FlxJEEEKt71crXAfxl6JX8lNXnSRXbjTEMR149dGDimwbTs= 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tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzUkZzBoC0HPCPY8RnPn5iS08MlcTfd-2BXWB6NAYL4tmgUw-3D-3D42Gx_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1= DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOe= VRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe= 4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gEqJUKNNKtKNC= llXkpCcveemz7ApTkvdGLtj6mddiqh8yEsBnX1hZm-2FYeFHaYMleTpZscTWqB9uwx2MJ-2FWJ9= LfDEZioZ-2B3MJ9xnI2vm-2FDWrSZTpBPbk0-2Fd9GbWSVs-2F7JKlCqbDFPHyoeDGOCaRpZ81D= HMI3jCclpKB4heNUiH-2FEWYSZHSN-2Bwv5Ey3-2B-2Bv7-2Fz1FR3Zmq7vP5SOpTlzKITdMhNP= fjc8fihkrCSGWz2pxsfQ6B5WcOPCOPb4vNLA9B3NQQ8O0YI4tj0GVoSj1ScKtGU-3D" style= =3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"= >Communitas Capital Partners Fund I </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-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67JQuR0T= sh1uBc3X3Ma-2BhbIg-3D-3D1qjP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1V= eGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6= xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDF= iqO8jbPPuJElCVklyarB0-2BDU1l8gET6HBY80xf01RTSbpou6lok71ohUnUM5p07FS2AxgeXgm= u207M24gK11bD-2BJtUX142CgB9vY60NlkMAeDpvxcRXuHyT-2BnxYTlW7KxZpuuWd2M3wxKVbx= peceye9-2BZdnlGzyV9V7v-2BUTs3-2B4OQyXLTxdp6Yp38U3v1arjBpZ0TRne1y8w2e4pbpv4o= yxslQ5NgxZCGv9jPmZDarjoDDTLKHEt6i-2BGXpuxz9NRzUkTPQD15WnfsYnQAFZq9KTQXwIsHe= 3pFhkoMY0C1bbPgCcWgY-3D" style=3D"font-family: Roboto, Arial, sans-serif; c= olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive= rsal=3D"true">57 Funds in Benchmark =C2=BB </a></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0Iw= ZJjJRZ38cef9v67usLhwOyo27rgOt2FXvWtOg-3D-3DPgZY_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3= 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style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Califo= rnia-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67= 8fGixO2Cfxo0CZcp2V2hTg-3D-3D5Eos_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaV= qJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2B= W9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGw= pyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gD7q7eaj2nYX6hK8jmlxusZtuVxQX-2Ft9VDYpA2mB= HeEWDZvSJC924WGPS13CrJP2Tito0opFf0VV0rkoDrzZzoOLV5XESdLsrFlzjnaZ-2BqVrHKNTc= 3da2iPb3ZL5vPmEO16wLkBfq-2BWtb7qKApmoUndBnU1xcHsiKUNsryRTqpoV282MLY1g6X5R7j= ARG-2B17OMDkkNW8kRepISzAmXWIrMl6a1RsCRvygFdNEuh9MVGigUExj4Z-2FykxZXhCHwJWXQ= TeuxzqCPjbRQCctVT4HfuU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Upscale AI</a></b> is in talks to raise a new funding round that wou= ld value the startup at about $2 billion, Bloomberg reported.<br><br><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67z6unBxU2j3cnIT-2B= niK-2B-2BQw-3D-3DZcm__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJ= UvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu= 5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbP= PuJElCVklyarB0-2BDU1l8gN9ZNimOLWH5KgFQtxEMHSQnt46eSsiArBNJ7fByig3dUrgQqQB-2= Fa9vZ-2FXzqZkTtg5BzQzRpis2QMhIKgVeX8PRk6UDDhqONOzTUmN-2FHQHcRjIFAk3pZQR8bf-= 2BWkq1y1SRo3hlSWo3Y0b2Q8012ll-2Fq4blyOvGIsEejAkQIFfL885ni2-2FzPu-2FMigdSePj= -2F6Fh7jhtrZENMS6n-2FcoTj7IaLsLRECSx7ZG3xChpgmLQ9-2FAUsHvRtW-2FhyL4qvU9OfJE= WoWY6UoLrS28PkLNxrg4mkc-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Factory</a></b>, a startup developing AI agents for software engi= neering, secured a $150 million Series C led by <b>Khosla Ventures</b> at a= $1.5 billion valuation.<br><br> Logistics platform developer <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67SLJLYyPGLIpRl-2BaKWvYUKw-3= D-3DWjar_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjx= ZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2e= LjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB= 0-2BDU1l8gI6eDlyz7NicSVgALfb4B-2BFV4ckUTHox-2BOu5UN82nmrpNRoqRg955KadEU-2FS= TJU5G6p10u4uFldiCzFBghGqjsUhnWY8gzQxfL3KGZUeBF4TwJ-2FAwnNczwy7DNFZ-2Fnv1zwQ= pitnFQdMsOAiuEFCWjoa2x7EMtCsfqwubc1JnkOZUh6GlC-2Fo3-2FnELPaoSP3K64QWpsDA-2F= p7kWOD2XFYRI8CkxCygpVk2OWYloVTBR69KBGvymrNoQD-2Baha-2BqWvSalfa0-2BOFx5rQt3r= bsFmrpnEak-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Loop<= /a></b> received a $95 million Series C led by <b>Valor Equity Partners</b>= and the <b>Valor Atreides AI Fund</b>.<br><br><b><a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67Z0uc3gKH3bH1D5Hyne2sOg-3D-3DZBZP_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2Ff= byD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNi= TcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZe= CuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gAzNd2= bQikCrlqnEHTRTFiGB3T0qcRpnlWfWo3t9y6p60xrr7kDeRdBiFsPTd0vebfO-2BsDGU0lN5UYV= -2FQeR088aH0U-2BP-2FNTABcJtKMQcDQqAd-2FqdRw5w1h0cLuV6mbCb8WFeQsM01OOuG6bjC0= vWLjH2nW5o0ABM8QHEiHtZHD9T9kLkcLKVB0Wq3yfTDWk-2BBFEyKtcm1UEKbJ3zMZaO5ygmFE5= ErCNDqLjdkIzx8gt-2FHBx0VUwT-2FMYS9lMfL7nSEeQy2YpMXLe3Awfv1jcQxK4-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Ulysses</a></b>, a startu= p developing autonomous underwater robots to help restore marine habitats, = raised a $38 million Series A led by <b>Andreessen Horowitz</b>.<br><br> Digital business management platform develop= er <b>Nas.com</b> secured a $27 million Series A led by <b>Khosla Ventures<= /b>.<br><br> AI analytics startup <b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67jQauB0RLpNpCnHhFmmYGnA-3D-3Dskt5_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0H= o-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZ= UhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL= -2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8g= FY-2Btsq1gsPE6KhjWQQyKfgURKNJa0GlAYWAgRlUsyACfTwThLtqa1ifDKwCNo1exIo-2Buzu6= xbAOtiGBKzeJJAZ5UF88hlGQbQU8kpmaFMtbQ717TCEwIMrpQRRm8LkEDoqMDIGckxcPo-2FZBW= ywLm-2BK5AN3dm1xESJYBJ85kwmnqg-2FHU7faXs-2FDbg3VASoTosZkwbJKD0AAzUXaTx-2FNJ= 99OaSIFXvl4tD-2FvxeaiMtoxAUt3OLN0-2FsRVZXUESDt1P4e2V9YZNsKb-2F4Z7DYlkz4rg-3= D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">TextQL</a></b> ra= ised a $17 million round led by <b>Blackstone Innovations Investments</b>, = Fortune reported.<br><br> Swedish semiconductor startup <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67YV137CYvk71d3IloToCoMw-3D= -3DMuck_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= F8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZ= wJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eL= jUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0= -2BDU1l8gBoKxdEgG7ktZO-2FirqwFXx7OZxWA3p7KI7u8yliAImjSzpc-2BrqylrtiQRf7Xa1v= A205LryhGSEBzitviQSxKf6HuI5gMCWXhfGiJs9mbVKZv9CNSdkZphoCmf-2FnVsLfJDdOiGOFN= HnRedG8fVTXOkQ0XdiZjcEUmJlh2UqPSkaspz4YcpDTtjgZ5ix8UZ9NIgYVlJFOb4tW9F-2FPKi= j8WFEeD9WWq4Rf8T2tf8AzTZsgjnOd1DlxSOlrowlnxIdDn2LO-2Buye2ydGpI5j5YXQq6sk-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">AlixLabs</a></b> r= aised a =E2=82=AC15 million Series A from investors including <b>Stephen In= dustries</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJR= Z38cef9v67ryeAVViujCIRtGRTh6jIOg-3D-3DQh05_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI85= 70KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfV= Imabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di= -2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gPkJc4dpJFpHyZ69D0cDsQAlSw2VKOq1= fFUyRFR-2FftlPv2nZWgqFB6wEiybWna75XhPSZ3mO7Cei01rwqbQDzg2zL7GR3-2FLm9vGQdYX= 7PqSjH9We9SzI0KE50cfkz7ATx3NQly6DRTmJuY2XcFR9Zy1pjWDPLacFDzdYx59xk9m0OXuzQU= pwAsWtm6P81ecuNcQn0cho4N5Xhw2BZBdIwJAZkYlESWkJST-2BYRwpztu2qfx35KdTp15ewf31= ZENo94iOnm5A7vGXLfVCnJA9cZDQ-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Zenskar</a></b>, the developer of a billing and revenue automa= tion platform, raised a $15 million Series A led by investors including <b>= Susquehanna Venture Capital</b>, <b>Bessemer Venture Partners</b> and <b>Sh= ine Capital</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc= -2FvXpocBtfRxKqtv3KfRXY3LbEaIYViMRH0w-3D-3DZreR_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3= WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2Fi= XbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2B= aG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gDGx5ZYI3EU2dFdgWSMbNdBrkEu= 5Ww1zlVio-2B7Ulqoz0YSn0GATXleBbGxrACpFJOLkO-2BewWf-2FKZd7Ey-2Bo6u6Et-2FvkK-= 2BikXLp7MhWA9S7wiZrHSNDj6i9pm-2FOkznDn5N0NfNpEqLTg4M5Iw2ld8vzEzpNirm-2BUjsg= NxPT4TfPxSvzBQlEjiy3LODa-2BaVxsBq8GyiGo7sK6H4L-2F-2BDkud8CYQSzilfEPxJpsOBya= lDOLyKJvANBSVPyoc1UtepM3rG0GgE4F5Ok5-2BmHRkWhFITOUo-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Eigen</a></b>, the developer of an AI c= ompanion platform, secured a $15 million seed round from <b>Benchmark</b>.<= /td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Arc= hitect Capital</b> is in talks to acquire a minority stake in <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKqBkbj1iEEhNPREuKyxPuZBg= -3D-3DfkNL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUj= jxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h= 2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklya= rB0-2BDU1l8gIyVX0yl4JQulKZfS1asN7S8HfA6pHVKbVdRJGsR1ULSevGloOlk8VjKUJ7XowI4= a0sEZfBKR2AzuTCliDuPQ2sVtwUlQIPjXgugzSC9GgU3YDzUqiyabgsPnVKApQH3z3baFSp8EnC= l3Yx63gmZ8-2FUvq1J9ISVQzRcX-2BJhDPXJUzEB8M1OrnznNpMMJe40Na31iWJtYbJH2CqfcZU= lSaAVT1-2FxJ7argu01Rbf7-2BPK4JLoLM-2Fq6BeaEUH9YpoB8V9L6kcxuLU6SSiobaINdIfZU= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">OnlyFans</a></b= > in a deal that would value the adult content platform operator at over $3= billion, Bloomberg reported.<br><br><b>TPG</b> invested $100 million in <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKqMCuIUrKE2OI= omHkQ7o9jQA-3D-3DMLR7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJ= UvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu= 5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbP= PuJElCVklyarB0-2BDU1l8gPu1XaocGF5FjIFyyqjztaFbcd0BuFbA0ljU0-2Fle5NexhnxNoq6= IIe9XvQ6eafClqroJnc1PzYH-2FxDq8W998tAarCWozrfrJKYCCWD-2FC5AJrt3gZoU7U5xa9y-= 2FxvT7F5GYBqzLhtXPhfHuXoS18uxzHt2RuVrBUJ3gWbRD9LqY1ctFEtIpMuy1JyOou9f-2FFjT= 1b0UrMCv6Tj4mgpuxDdGhD4hswkzoxW-2FtWfdAk-2FawXzbAHrjyEyBmWDu36L16SWnbEKZRJx= AicZZcLXTzXVeic-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Zum</a></b>, the developer of a student transportation platform, which is v= alued at around $1.7 billion.<br><br> Abu Dhabi-based <b>Axight Capital</b> bought= a minority stake in <b><a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2F= vXpocBtfRxKqm3n-2B5O4aHaBS-2FhranD-2B7iw-3D-3DqEZn_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2= UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-= 2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq= -2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gOeyD2mBIz7PD48ourmChqn-= 2BOndyfn5zK7KKFq-2F4H0bwhkzULStBOM8-2FCaWa-2FyYviA8PvXhuiOwyajDWSUNv2L-2BzI= gQlFw8tiUK04UUUJz1XNNfXAbPaLuIWmwJdt8gkSSATNuW89-2FehGhvgAF3NcntXnUf2CyJz1x= rTt31HEfgXr7R1HTJNEr2bESXW6HwNYNIyvKdrFh2JDYbS7okj314ScHy-2B5jKgmjp1XS5dTUr= E6V1dsNLQ-2Bn0Ctsfov7x-2B3HVTPW4k8GIi5x8U8ZjHDQs-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">La Trobe Financial</a></b>, a Melbourne-ba= sed alternative asset manager, from <b>Brookfield</b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>CD&= amp;R</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpo= cBtfRxKq5vrh0viTsW9upeoCS6MqsA-3D-3DkF59_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570= KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVIm= abn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2= Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gOBhbyxkFcud8J28V-2BPH0Nslcaj4lo7-= 2B5sYdplO9hxLXQkn7gn4u8-2Bfbod-2B4NPx66X8a4z5KHiR8OBhqdM5anyudMlPr6ARh4UJP6= Ed-2Fdkm92DKcvl352BRhoZ-2FlvTHGEW8YnRQ6y37eJUhffiO7qXAq3NTk-2B4x8BPdZFqUL4f= KVzFkkjj8prmDyovxGWLhqaMsB4n01UGGoza-2FFXwOm9xtxBuIT-2FY8Ae10FTh4eD-2Foyc-2= FCk2JoL6QiFADlsQgsyQ58-2FgYlbkd7s2FF0MOR0FB4-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Belron</a></b>, a car windshield repair busine= ss whose brands include Safelite, is preparing for a =E2=82=AC30 billion IP= O in Amsterdam, the Financial Times reported.<br><br> Lithium-ion battery manufacturer <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKq-2Ba2BEaHV2Kd-2Fmzm= 6gWzyYg-3D-3DaOrC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8= -2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87= J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJE= lCVklyarB0-2BDU1l8gIHIQQHVB4WEKxygH3ySsBvSK9IvIvYR2FM0EOjAdRbYyRpWd5MHUfbHf= a97Zhg2eUlSalM3FBrkY5yqefVYjtGModAs5FN3y0c7pzUHnOqx-2B9Z6Er0eEder7HR-2BKfQy= -2FmSYJm8qmOzPc4BHnYrHNvWtZu9iHtl-2BaILDM7OYJ0jmAV-2BoiuBApzOyD38Sah22LZWZB= xFU7XKvPF-2BHUC3W3tOTqyWE1vdaFmwuCFMmZbirvvmskTpAT-2Fc-2FV-2Fz0sGiDawed8Glx= c3yomALauN3CUSs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Envision AESC</a></b>, which is backed by <b>HSG</b> and Singapore's sovere= ign wealth fund <b>GIC</b>, is in talks to raise $1 billion to $2 billion i= n a Hong Kong IPO, Bloomberg reported.<br><br><b>Investissement Qu=C3=A9bec= </b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfR= xKqGFU7eMzSHwcE-2BmakgCmH4A-3D-3Dsg8h_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570Kas= MwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn= 0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0= fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gFyTgCNI3kHG14bPvKE9RMY0yy7u1P2GUifBE= CsU-2F8OFI1llP0O8wBxnjLp9Ni8IIQyiX1QM99TtrZ3c7HxQllURAXCUeGt28MxZJPjlbZA-2B= xDpzep2z6C0RPJ7JR1TXSWMyarkIPvlIa8jBDrlDsatUTivoA-2FX4RSfg8G9Fx7QPvJ4jFVk8Q= EUWM9wm7vgKW6aJy1tr9lHf-2F4R-2FpSQTdfB1umZjZGEvVSpwwTw5o4Lj9S2igVpVaBXw-2BG= KecOyo3b0CjKtECKnQDYahQTezAKc-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Metro Supply Chain Group</a></b> agreed to be acquired by <b>= Nippon Express</b> in a C$2.2 billion (about $1.6 billion) deal.<br><br><b>= Bain Capital</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc= -2FvXpocBtfRxKqNcjMQm19OM2AL8yqvrw-2BRA-3D-3DpEWl_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2U= A3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2= FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-= 2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gBl8iCRQzNx8xY1lPMaHg6vAS= AAnksyupYNHqfabHG-2Bt1KPntdF4PCvcFhtdvzMt4Yv-2FUdbbOJbE18-2BkLrpfgyYk-2FAyL= erYgTW3piygTes6oQYmETKCM0jlDhkL-2FEt-2Bcrn93qoV7RM5a4AVATJj2-2BsOAOHHWdFa-2= BV8i6lO0a97AhjfnnQTUHVRt63hM6aGTWL2-2BCyZ10CR3CnQBaWclzN9akinH7StluZYJ5YGjH= QGxykY4fPZOAQ2xnfGf87TqjWu6tdy9k8u60drK9Lscpjqc-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">Kailera Therapeutics</a></b> biopharma comp= any focused on obesity drugs, raised $625 million in its IPO.<br><br><b>Mad= ison Dearborn Partners</b>-backed <b><a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zUcM43Hbxc-2FvXpocBtfRxKqATSs4-2F2hWNmUGmmPAu9omQ-3D-3DGE0l_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1Dm= OAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVR= wLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-= 2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gBn-2B3fBxciJJU= qQ-2BHRpEevtXYfZZXD3XkTwxy-2B6MjETyvx1kU4vDaJdM3jw5QOLSCTa7Jq2JzIJ-2BSRkCSC= -2FVwhQLLEo4yjrQaU26MHF2YE4OkLShnKv66IJ-2FsmnS7-2B4fcbg4J0-2F-2BLdhQYnfTJVb= ZFPpWN6G7gr1EcLeD7ud95eIj8kDW26W-2FXmBJgExW0QlAAEiwgh2rjek0dpO6VS-2F3apRV5b= mBSRXhX9moKa-2BbomI6BAlxA9kpstH1ikZaaMAPhErm6R2mGhQGps5zy7bydlA-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Aevex</a></b>, which make= s military drones, raised $320 million in its IPO.<br><br><b>Macquarie Asse= t Management</b> agreed to sell <b><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU= cM43Hbxc-2FvXpocBtfRxKqLL2vv79hi5dl9Qf23y5Lew-3D-3DJ-Lz_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjI= viHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6= zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2= UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gF0iIHSlEBt4MvhFf2b= mE-2B2tBBwnscDgarzDm3loMLDSe3FQKs97PcjHv7QQP3svOT7GKGZaeCMlkmznOoSj7yVr-2FY= A0LCxX-2BsX3KrRTiv1t55tWXzSddC6-2Fv5u-2F0UZmk4EltKxT-2FY-2BugglX6x9RDxMRUZo= C1AjwLo-2Fv2UpjV9d3PYXj-2BYn1cvoNehS6UQJBE1mIGzfqIo8KUSFtqDA-2F68YdXaP1EiZ0= ZbqwrwYu3kb-2BjXmXVpjkh3UCQwiy6JnaAQr-2BNLoqoZa7wcZGOclMt-2BQ-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Evryo Group</a></b>, a Romani= a-based energy distribution services provider, to <b>Premier Energy Group</= b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cdxnP1GTaOBWkZ-2F7T-2= FX8eTu5Jw-3D-3D0ucb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUv= W8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w= 87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPu= JElCVklyarB0-2BDU1l8gIhef7T0ZyzgG1bRo12VvMe7vN9i20DKm6gO2q0lBYTABsK-2BWTOo3= IMWDKyxA05IYXpWILPb0bTJISNLEroZaNBkVVKUm5RvAl4yPq1NMP8jJYA6vl-2F4WI3Crk8YRH= nXFOxHKDXqymPMnu6sVaMG65P6CM9W5Li6uvRsLZ-2FHBUyYbdVW64FAxdfYLp9lJarxds8w4gQ= WgYXRK88aT4ZGZYDobx4FwfhqSJUrx-2B2aD0Hg3nQz3Vxl9X55Q-2FaxPO0u-2Fed-2B6hHg7U= 3vq1yYMCuCsko-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pa= rtners Group</a></b> closed on $9 billion for its latest PE secondaries pro= gram.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cd= xn9GyyMtHgxKOdFvkLBLZ3ZQ-3D-3D_Hnb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJ= aVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-= 2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSa= GwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gMrAfZ52I2j8qL43KXNlLPnDzrbfXmPIt6XwcBX5= 92i-2BpA3KhAjGfNVtkoxWsE-2Bzb9-2FEipkyWU3Fi-2B-2F5UK9Cru2voq5e3CUzksLzE46Zm= yTlDD-2B2C2fIjmKnsrFMG-2BmONxII-2BbOM9uVj3wyCSEJJoR4WjYnl2iFrkpI92IHXi2uwQ-= 2FggaMJXMiwbA1q0FaNb-2FthQTJssoCVJSD3kSPW3fv-2FMalh0SrVnH-2FUjPjLPAxd6OUk-2= B38GfaGF9jANqTJFOrgXWdLpQgkIoNmoNh6ZGnBw-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Sequoia</a></b> raised $7 billion for a new fund d= edicated to late-stage investments in the US and Europe, Bloomberg reported= .</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cdxnOHOUjYCqU= oTZlGS6VIKhng-3D-3DiW37_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1DmOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvT= rJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeVRwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7k= iu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4-2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8j= bPPuJElCVklyarB0-2BDU1l8gK6GjaBQgFWF2Yw6j2t-2BpNwwt6dWOO6EWmgRRfphnxUZ2ctrX= UQjkTbQv64nshk479cdGcWD1n9sV2K-2FkD-2BKITSE3pky21NYncR2qz-2FtqoFcK6dnwVrw3P= IkSkVJEbqpRo01NA2-2BkfFA1OKfXTzYGPpJHEOsGKY7of-2B-2BTHne5YaLe0qe8u02egO5bNT= qQYEZ6YcedCnbAQ1ZSliWY141uKSoTmvv6mVXzt3VZBlkZqC90fYDGY6cYy8i3cREkSfew5DksW= VNL6wdIUPW56M140c-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/73839.png" style=3D"border: none; width= : 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <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">Capita= l commitments to European VC funds have been on a downward slide since 2022= , resulting in their worst annual totals in a decade in 2025.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzUgZpLft8sbZjnvbrr7cdxnOHOUjYCqUoTZlGS6VIKhng-3D-3DIaym_I3w5d9c01gkD8g= LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF8CPIbA0Ho-2FfbyD-2B1D= mOAjIviHi2UA3WGI8570KasMwJaVqJ1VeGZvTrJUvW8-2FQCUjjxZwJdnk8ZcZUhaNiTcBqaOeV= RwLr6zmym-2FiXbVfVImabn0P-2BW9i6xva7kiu5w87J4xyb6h2eLjUsoEKNmL-2BZeCuykUOe4= -2BW2UokMq-2BaG7Di-2Fp0fSaGwpyDFiqO8jbPPuJElCVklyarB0-2BDU1l8gOA6I7lR7pv68q= PupprGZ4uyh4btBdGEBeA5FrhRH3C0IxS-2BWxWFbNEkXLJxt5gFK7Y8uNxvyZtliSQscBVi30f= HnOTQoVspKODELWx-2Fdo9mIMCfvvOz9XZAQDUa-2FOBf45xidWfTs-2FwBY6EmPE-2BGEEz8SB= 8QzWl1QGkXvio0FdnyJYrWGm5-2B6Zq2pD8lF4fOM7E1CCy2o-2BeJ-2FUuEzRuwB5fNxvJ7vKc= 3HHEyyvsgyTB7fSs42awMyC-2FUJsel7kV-2FXqlDYI1OSACwZwqzZFFcG0w-3D" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">European VC fundraising is rec= overing. Not everyone is invited</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"> <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding: 0;"></td> </tr> <tr> <td style=3D"padding: 0; height: 20px; 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