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style=3D"color: #78766f; font-size: 1px; display: none !important;"> What w=
ill mega-IPOs do to VC secondaries?; defense tech funds are soaring; New 2N=
D Capital raises $950M for GP-led secondaries </span></td>
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=9A=A2 <b>Hormuz is at a standstill, but defense tech funds are soaring.</b=
> As the US and Iran are at loggerheads over the Strait, defense fund speci=
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" 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_580091" id=3D"n_580091" 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;"> PE knows how to buy cheap. Wil=
l it go shopping for SaaS? </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 =
Steven Buibish and Andrew Akers, PitchBook Institutional Research Group</i>=
<br><br>
                               Software stocks are looking an awful lot lik=
e the kinds of companies PE has historically targeted for take-privates, ra=
ising the question of how aggressively sponsors will move and how long the =
opportunity will last.<br><br><b>PitchBook's take-private predictor shows 2=
7 of the top 30 take-private candidates in the US were software companies a=
t the close of Q1</b>, according to the <a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzU4dOOOVoLqFUcqBCa-2B2dTkpazbocZgrZFr4S3Nq4wMSQ-3D-3DBUDy_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjc=
h-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhp=
o8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML=
8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNL=
BHOZUAqfikPomOo-2FEdSJBzFZeUU-2BW-2BITv1H4OXHwU3iwTV8PAHSF4XO8DWDyzNA61bwWH=
jnJR6qSSn-2BO-2BV2wy8y2QUc0sywlQhp8XN3wnv-2F3OjsIPHQipu-2FIAGweJ-2FCjFG7w5J=
oCRbFH2b-2B0b-2Buy-2FOW1kTZlwnv5pm4WA60ddf6TlWcHBE7mhGRI1gEPqpcZNCLv6WgY7lx=
Uv3SXF99nv6EE3Uq0RZ8wb3d4bauudAYZGnXp1ia1BYPYggIbk0BRmMvvk-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true"><b>US PE Breakdown</b></a>. In o=
ther words, software is squarely in the strike zone by the measures PE firm=
s have historically used to identify take-private targets.<br><br>
                               When AI disruption fears hammered software v=
aluations in early 2026, firms with large software portfolios argued they'd=
 been betting on the right kind: companies with proprietary data, deeply em=
bedded in how their customers operate.</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">
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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-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqBCa-2B2dTkjTRig45=
O-2BD1Sc82QPM4o5Q-3D-3Dfb9J_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgW=
nKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7c=
UIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9h=
gL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZVbNtnUDnDi7sh1JiNP8IHgNI3Mxo-=
2FQhabHgH1wtHDhCTqICy22N9f7KcTiFB7AYPBPqqgdjSXNQD9auw0OjVKzIGNYxfljKZJJNFlI=
1cV-2BzvhYsQ5qTcnAP2ewy1Mhnbm8corvOm-2BXK9I-2Bx4zafFtHutEANZH384GZuZ-2Blv1R=
PqGM7KEKSKMMq5yRda8cVjLIfmyE-2FVsbeX4u5GFwl-2BEuPxF3peAoP8kotLjniJvCI6GZqCe=
YwzQ1W3-2BkrmcvboV0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" =
src=3D"https://img.pitchbook.com/news/73898.png" style=3D"border: none; wid=
th: 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"><b>Sof=
tware has long been a favorite take-private target</b>=E2=80=9440% of take-=
privates since 2021 were software deals=E2=80=94but this level of concentra=
tion is unusual.<br><br>
                               Take-private value reached <b>$64.3 billion<=
/b> in Q1, up 53.3% year-over-year, even as deal count declined. Sponsors a=
re already gravitating toward fewer, larger transactions, indicating a rise=
 in high-conviction dealmaking.<br><br>
                               Thoma Bravo founder Orlando Bravo made this =
case publicly last week. The $183 billion firm hasn't changed its software =
thesis and argued that it's getting the chance to execute at a steeper disc=
ount. "This is the time to do it," Bravo said.<br><br><b>Whether the broade=
r market follows is the open question.</b> Dry powder sits above $1.1 trill=
ion, and this opportunistic playbook is a familiar one. Still, sponsors mus=
t wrestle with how aggressively to underwrite the uncertainty around AI's i=
mpact on SaaS business models.<br><br>
                               The question ahead is whether PE firms retur=
n to their roots and buy when there=E2=80=99s blood in the streets.</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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cing=3D"0" lang=3D"x-content-btn">
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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
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BLSEPaTZT3tmNqbfxTEol3scy8q8nbI62IA3j8K5YJlDTzOm6YJHM-2BEbbXbZ8YM8kaj8ti1mW=
JfQ602vvfe9w-2FD5VDYt6Egoh6jSQdfOHwWMP-2FYQ7Fb-2F3-2FRel5qBPkS-2Ba8WZ1FTU0-=
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sal=3D"true">Download the US PE Breakdown<img height=3D"24" src=3D"https://=
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ddle; margin-left: 8px;" width=3D"24"> </a></td>
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">
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ng=3D"0" 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=
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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-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqB=
Ca-2B2dTkoxDZU5h6J5PUPqmJ3-2BXFfg-3D-3D5cbi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17=
-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0q=
p9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C=
-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZXA5JczXAfSb2c=
Cajh5HCqgxZmBP9wU39wY8BvR7Jt6aQuB8m0iibKl-2BYAFMLHTJZ1eChD1p7-2FqJ793AgsrSG=
83RTZtPR3McguMi6C8ITWazw4m-2BOtfGHOa5kHL3xueOd4WnGlX0wcw6iRPrxGp-2F3LogBXlM=
7eFmMDp9VazZ-2FDRHAa8Cyxsvp-2BFHR9Iz0jewQegkPG-2B5x-2BNW6DofRdbaQIt4jCsw596=
UsV4U8yO-2F6ATl-2F7lyPJeuIJ-2BDOEFRHXbQaU-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Orlando Bravo: Now's the time to buy software ami=
d SaaS-pocalypse gloom</a></b></td>
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ight: 6px; padding: 0; " colspan=3D"2"></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 Lumonic, a PitchBook company</span></td>
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dth: 100%;">
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580075" id=3D"n_580075" 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;"> Hedge funds are entering priva=
te credit. Here's the market map. </span></td>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqBCa-2B2dTk5qb8VUev-2F5s=
Gz2MnWd5KdA-3D-3DKVG0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO=
3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6=
S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7=
iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZWy8u19yU9-2FAEvNBWOQUconD2wEfbUz30G=
1Tz1LefsRl0K21oFAYVOX5Bv-2Fo-2F8DWcQwkHM3P-2BHwyFddDRhZY-2Bi1VygzNkF0vyyt01=
5uUKwE42Z0WixuwFFxvzV-2BNO1T8qG-2BvTXVbZXrUHbeZU7B-2BMvuU8NlP5nQkZ5U6IgpEvZ=
wBD7Dfoy-2F-2FX2vlau7nLigjUxYAK9i0JbOKgBd-2B29gCMnZHQAMi1tIdwh6w0xcJ5czoGJN=
POdsaSZARqW7PpDuMJ0-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.com/news/73894.png" style=3D"border: none; width: 100%; height: a=
uto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>The largest multi-strategy hedge fund=
s are standing up private credit strategies. Millennium, Point72, Citadel, =
Jain Global, and Viking Global are building from within, recruiting operato=
rs from Blackstone, Goldman Sachs, and Diameter rather than shifting intern=
al traders into lending.<br><br>
                               The scale:<br>
                               =E2=80=A2 26 hedge funds with active or emer=
ging private credit strategies<br>
                               =E2=80=A2 $877B+ combined AUM across new ent=
rants, dedicated vehicles, and credit-native platforms<br><br>
                               Direct lending is saturated and liquid strat=
egies are crowded, pushing growth into adjacent markets and creating a new =
category of private credit manager: one that didn't start as a lender but a=
s a hedge fund.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqBCa=
-2B2dTk5qb8VUev-2F5sGz2MnWd5KdA-3D-3Dg3Lb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2=
BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9=
ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2=
FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUXHpP-2BRHRgP9-=
2BFPASeTJhTvgLt0xvxGFtdFtPeZLWwyBBrwiuOCp1AJvEdUT7bvT01u0wDXP55WH6cbYUcfZZ3=
yAl-2BvE0hMbvcYv8mdUodeo8OUziNPrKhEKpSj2jAYvj6KmCCJMOwNfBW1-2BXnccpvaPdYrIF=
jelAPjyzWUWW2ORlfy0L4Rd8pOEqM93FKJSR6rchRd1Z3F2GWMGfXXWkkk4HHkoAJumoo4huHZf=
ObCWFFEg0mIiGgEUt6ePhvbkg-3D" style=3D"color: #1D5080;" test=3D"">Download =
the report for the full market map.</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 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;">&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">=E2=80=
=A2 <b>New 2ND Capital has raised almost $950 million</b> so far for its la=
test fund focused on GP-led secondary deals. <a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzU4dOOOVoLqFUcqBCa-2B2dTkQj32g4GAKWCkt2vCmAh6oA-3D-3DDo89_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0i=
EGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7=
Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2=
RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5v=
otkNLBHOZWqWPvpc-2BXbfyaoFM3HZ4tN7MSy3PHGRSY0WUkXd65T46NXMH2uPo-2BMc9fRB8o9=
1m1tbu2y5EtHmJyQogNx0NmsULOW5VGY3ZbzvbiFnXqBBW64s6r9IXm9J8CA703N5G2D72Kf1F6=
tzTLqeHJN6hzsdeNisNBpgPdphD33f8Ovd95kPj2qgbS4PnlQbcNRgp7-2FkfhdWjGS0Wv7AYZg=
KbgC8cO9iJ8he1pknIMXat7mDUatC7etoM6pnBKLOjoQumU-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true"><b>Find out more</b></a><br><br>
                               =E2=80=A2 <b>Direct lenders are seeing refin=
ancing risks rise</b>, particularly in the closely watched software and IT =
services sector. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqBCa-2=
B2dTkNeOHYzEU-2B5zbzyZ1Gl5QEw-3D-3Do0qC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2Ba=
aM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud=
-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FW=
G5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZW5lT-2BbYYxzfufcA=
iWVHVvU9Y5xwmq-2FelK8KARdmxkwRn8dpJeyb7s57TrOlstLw2KHCyiJ7NCFOlOwStNYujtgDk=
ssupKTjSZNQGm7VIBoWD2QnAqsjZymFHUVqyA-2F5TLd-2BYiLrxkkBqmOPg44-2Fp5W4y6rdlX=
mvs7kzD6JXuQlF4YirUhFEpI0MKnXA-2BgJkarvAUp1vbM6OY09S-2BV-2FvVp-2B2X-2BYzKuT=
jMFmSryoUoj7Y3yoKwCDJ8PM5juEpNet-2BJQ-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true"><b>Read more</b></a><br><br>
                               =E2=80=A2 <b>PE AUM in Germany dropped for t=
he first time in a decade</b> to =E2=82=AC41.2 billion last year as Europe'=
s largest economy faces continued fundraising challenges. <a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqBCa-2B2dTkSbPjtlCmv1kZXlJvunZlSg-3D-3D9=
KZ2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYd=
GfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVm=
AvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsV=
s2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAu=
CKyEaxsIabh5votkNLBHOZV47GmM0yf6nhZ-2BPzOVKvYy-2BpmPSJ9KeMUlCD-2FiwjmYWT7AM=
ovDx20dHPr2gmxJi3o7uVP6jbyTeEUsmDrIkOVTBCPL8GtoVLuMc8Goim6WbQeBK6PCh-2F-2FJ=
wNY-2BsRB8oKHapY3SHyUpoPTEyyfLIM-2BTN9TcimnH4K4qhqQziZZ-2B6b8ZY3ogkxy5DHjnz=
X4jIjNs4vpJ0A37O1ysffw4picsx-2BQFHx9qS0VRRW2BHP-2FiYUsbILfTcGplPMpLmEtmwSU-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read it now</=
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">&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_580090" id=3D"n_580090" 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;"> 2026's mega-IPO wave expected =
to reset VC secondaries market </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>
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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">
                              <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-2BaqM7ONnvsnswouzU4dOOOVoLqFUcqBCa-2B2dTkg1EMKtx=
vqkk6iucD66XRbg-3D-3D9Fdy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnK=
ySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUI=
jAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL=
9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZW-2BqL7UCzEBzjNwbla9p0eIA3mSpCV=
eeiF4I6NWuDrpqHPKk3YCddr88Gn051gTOIigYhQd2LLewPIebfeEkeBXWaTMeFjmNDgLjsuV1Y=
LNm-2F9BjNq609U1cBUInCQi7tisoby5UWJkWkkFBgH3rjUAzkuqGJRZgd3uGhTAU2o-2BOJf2b=
shLgf0SBov9ev9wSAwlmMN1O5a4UEkpWMJcD0SPs3ORulgb91kFw3-2FUPhSfTxlH0-2FqndMkl=
r84n5veqxFk-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h=
ttps://img.pitchbook.com/news/73900.jpg" style=3D"border: none; width: 100%=
; height: auto;">  </a></td>
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                              <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">(Kjell Linder/Ge=
tty Images)</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 =
Michael Bodley, Senior Venture Capital Reporter</i><br><br>
                               Three of the most sought-after companies in =
the VC secondaries market=E2=80=94SpaceX, OpenAI and Anthropic=E2=80=94are =
expected to go public in the coming year in record-breaking IPOs.<br><br><b=
>Their exits would leave a big hole in the secondaries market</b>, which ha=
s become incredibly concentrated over the last couple of years while attrac=
ting more buyers, sellers and capital than ever before. The top 20 startups=
 on Hiive drove <b>86.4%</b> of secondary trading value in Q4 2025, with th=
e top five alone accounting for <b>55.6%.</b><br><br>
                               "The hottest companies are =E2=80=A6 coming =
off the table for all the secondaries," said Mark Leahy, a partner at Fenwi=
ck &amp; West specializing in secondaries.<br><br><b>If all three list this=
 year, PitchBook data estimates they would raise more than $100 billion in =
combined proceeds</b>=E2=80=94and generate more exit value than every US VC=
-backed IPO since 2000 collectively.<br><br>
                               The size of the US venture secondaries marke=
t was an estimated <b>$106.3 billion</b> in 2025, according to PitchBook da=
ta. Direct secondaries accounted for an estimated <b>$91.7 billion,</b> nea=
rly double the prior-year market.<br><br>
                               Buyers have been willing to pay at or near l=
ast-round prices for stakes in the hottest companies, with some investors a=
rguing that the price is worth the potential returns.<br><br><b>But some ex=
perts are more optimistic about the market's ability to fill the gap.</b> "=
I'm not too concerned about secondary market viability or activity when the=
y exit," said Shriram Bhashyam, COO of Sydecar. "As has happened in the pas=
t, new, exciting technology companies will take their place and secondary t=
rading activity will continue."<br><br><b>And if these mega-listings have a=
 positive effect on the IPO market,</b> it could boost secondaries activity=
 for the next class of candidates. "If their [public] offerings are success=
ful, that will increase interest of buyers for other companies that are com=
ing up behind them," Leahy said.<br><br>
                               If nothing else, the twin trends of dry powd=
er for secondaries piling up=E2=80=94hitting $11.8 billion in June 2025, up=
 2.8x from 2022=E2=80=94and LPs still clamoring for liquidity are unlikely =
to keep the market still.</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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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
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YdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6P=
VmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPN=
sVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQ=
AuCKyEaxsIabh5votkNLBHOZVtfooDAVhWVI5ai803mKX-2FClzaRe62Oh-2BjOb1NBelokjBQd=
Ljc7k7Rc-2Bk-2BpgGxyPwxGvL6-2Fi2IZD8pjWub3yyWJYrQ5uM9hP6JnEODE3aXnoQ4jMnJ2y=
m4sfs10U-2Fd0OVDl7m0DiJU08-2FlA5qUQXa-2BsxWd3tyoeATeWarP14PE5Aj5nEd3cxB8stt=
aDYo0sZvgX9Q1NP4us01FuOrAn05EGXiUQ02PQG07y9m-2BOBskyWRcUuXR7jx79vvJNlzfjsc-=
3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-=
decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer=
sal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com=
/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;=
">&nbsp;</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 analyst note:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4dOOOVoLq=
FUcqBCa-2B2dTkJoaGN73c8Ao7kW53-2FiZqOg-3D-3D58uX_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479L=
w1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj=
1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4q=
rkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUoK7aR6J=
riPpYDjxZlSNuc39qpAu5aKFZsDmKsTacm6l2YJTSfpvQKqdIggykrZFkXu0fuqAU2scO9qCklq=
LVdl3QY4ACh1D40p0mUZlJzKkwYOIvU0bcAJ7p2JhlplK9ndXEzMzG2BFRAMVts-2F8wxTEqwNV=
TSVf91rzczaJnIR16DeZHRwguw92Tpz70a3IdTjlknmamlMTs4qMgZHcWAnG0dnfswdbvjoB4sh=
j83zBLDE-2FV6PdHMePF0mJjeqyE-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Mega IPOs Could Threaten 2026 IPO Class</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>Physical AI's latest venture: e=
lite table tennis.</b> Sony's new robotic arm "Ace" marks a physical AI bre=
akthrough, learning from experience and standing toe-to-toe with some of th=
e world's best players. [<a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWxqbKFLtYMoVn76=
19hMQwCGMfJLl7QdwDJoezNIgzcJw-3D-3Drkjl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2Ba=
aM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud=
-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FW=
G5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZXyg-2FRvUdxvCQCpj=
STtxvLrAc0cTekM4bRsiizwJrQEM58ECg1yKwl6VNfRwuSa-2Frn86-2BZ0G1tm7qlU9Ifv4cHm=
i-2BAgjM7WJkMKBBe8GJRHTDMh8Z13kPU5WKgtniRuDo8i9LqTbWxLuJ3kH5TVLQr8xKEQcc-2B=
SUxva8y5kvRW8d3riTHYAroNOTRYIfz1H40CH7-2BJC0upcRUqtCrr8cwZGZ73jVnt2wLWa0QSu=
ShzIlxVG4zDQk7htO-2B-2FV3ycrEps-3D" style=3D"color: #1D5080;" test=3D"">For=
tune</a>]<br><br>
                               =E2=80=A2 <b>Donald Trump hands Spirit a lif=
eline.</b> The US government is nearing a deal to loan the airline up to $5=
00 million as it struggles to survive amid rising jet fuel prices. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzWxqbKFLtYMoVn7619hMQwClJCUeGdj6fiQk39AclIfmA-3D=
-3DasrV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH=
6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14I=
PNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdt=
cQAuCKyEaxsIabh5votkNLBHOZWkXXqQS-2BHFyoAPV1gEjF2E0lbraL5rwSYtF86Xjh9X-2Fw2=
QZc-2FmKVjQLapjkdtElX8oBPaRUCHbzIri6oJbP8scS-2FBe73gAHxMlfcojtZuNZwa0lPR-2F=
3wfaRyV5-2FYzy4MoDVzf7PMhobRTebnJ7mPA2UU7uAhALm0yEVb1fuZwOsapQcoKowMhOH6cd7=
Qd7iW8SEl1XaJxduk2o8W4Jeyrr0erWcLSdWfoDgT1i6IH4wC8QuMj2-2B-2FZw4eRA9UlzfmA-=
3D" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br=
>
                               =E2=80=A2 <b>UK pension funds are trapped in=
 private markets.</b> Exit costs can hit 50% of asset value. Some trustees,=
 warned by regulators about illiquid overexposure, have been told it's chea=
per to stay put. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWxqbKFLtYMoVn7619hMQwC=
S1XUs-2FceO2alU2K2wnR9fg-3D-3DGWsB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2=
F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0D=
ybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvm=
oe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUoQosOvMbKhTK-2FxHoE8d=
oTrEho5xgpbDgw9HNFhNYdn5E2oA3zWrUBBAKlOmp6g6zNIVbF71lgBXpdIHgaedXbJMFFsan8z=
zNsqQWKqE-2Bu-2FxB2aIsXsUfaqesHbNxJWE6vKfyyNNP9M6Z5XOuUaAl57TSNOYkL77KFsc-2=
FFSUZAbzUTzu1CwHJD-2Bra3YlFa81mZyGhOJ-2Fbq4FyoNHZJEqqSxGZnP-2B6OCgXEmPe9cLy=
9VTLUwSTIi4DkZfMUlsuxArQ-3D" style=3D"color: #1D5080;" test=3D"">Financial =
Times</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;">
                              690
                              </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;">
                              2530
                              </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;">
                              1122
                              </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;">
                              27
                              </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-2BaqM7ONnvsnswouzWxqbKFLtYMoVn7619hMQwCzmnRg6iCvsFUkugglhY-2FuA-3D-3Dz=
iMD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYd=
GfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVm=
AvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsV=
s2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAu=
CKyEaxsIabh5votkNLBHOZWdaHr2vilEaz5lnVudCW6DP9n0YWWg7iKqaAee-2FvXLgf5xbwVLv=
U0ovzN0HycWEIxieVImTb-2FcYkam7eS-2B4WetNu2FbOt6Jo1LMj1-2By8mcOY6bok-2FYxZ8U=
GloIER6mqE4TLqAY84rS1wgs-2FyhaxAr9aiWwjts8Mdi-2BMCX5W9arOzJ-2BMQTaMF3ZP64-2=
F-2BPKyRreicRG3QbfR5-2BKRR2MQpus9Q6kW-2B4DGt77kvjxV-2BR5MccOnxVIm-2F4FgbgV1=
j3n4qWo-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_580086" id=3D"n_580086" 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: 2015 Vint=
age Global Debt Funds </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
                           <tbody>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 20px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 79.20792079207921%; mi=
n-width: 79.20792079207921%; max-width: 79.20792079207921%; 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">8.00%</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">10.10%</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;">
                              1.11x
                              </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=
swouzWxqbKFLtYMoVn7619hMQwCK4CrnMDyPPakl2Tn371VXA-3D-3Dx5bg_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch=
-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo=
8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8=
xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLB=
HOZW2Phzm4e5rS4dtLsVO0NTtluLKVXq0HLHaS13mIJvoGqwwqiEq5BprXhAO0-2BhyoXzBgaPo=
C-2BQwcYknETmgOjR6jcbd9UN8t9zDQ2JtiuDVtj2AZKzye27MK9UPKFpU3HeSBtp6ltyh9i4c1=
NGaL1caqJP185ed7-2BD72qdbHBWGcrAncFAEW-2F-2BmqDIJHB1aVcQeCbsujIR-2Bsz9Pepnt=
iaRFpmD5BGVq6dTlG5fxzXJxjKvJnGwDv58BBXDE9AxtSEU-3D" style=3D"font-size: 14p=
x; line-height: 24px; color: #1D5080;" universal=3D"true">Boathouse Capital=
 II </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=
swouzWxqbKFLtYMoVn7619hMQwCu44pj2gk8DFjn8TisAIj8Q-3D-3DTRXQ_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch=
-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo=
8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8=
xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLB=
HOZXUMQdLc5SuvaRQFe45VGAHqYgaFHNzNvutyYEMY5ubOYG2fCMqqdFp-2BpWOEe4MiRbouv4p=
YFzOgDsKmP-2B5tsp4HHiEHjBeVN-2F4yrSEeZM1mFkxYmDlZ6y6V7zsJt6KemWsQyHVS6qezva=
vuTp8Iqglcn7K34Ghcg-2Bf3FJ6ya2zM267LNTmDTLvsxqqEOyOTu-2Fx5LKMkK5T5ewry7T9kt=
Fxfol7h6abB-2FppZJu13MOw-2BDl-2FhpthXdSYSOE9eFrGo9w-3D" style=3D"font-size:=
 14px; line-height: 24px; color: #1D5080;" universal=3D"true">AAVIN Mezzani=
ne Fund </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWxqbKFLtYMoVn7619hMQwCCZgl07YZzck-2FOhC-2BEzKHPA-3D-3DObR9_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEG=
Zjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vd=
jhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2Rb=
gML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5vot=
kNLBHOZVq2qupkQqbxf7gLkG5ZA8cE1PHcCLSSmIv-2FNZZWFaEEPHtmMa3Bhc5mBTZlZ0naCGu=
2BqTUiuf5yrFtj091QrN58vRfpmel5yu0GQGSvOMheIYxnEp6xiVNxDnfTEzkyDtVMVtX7yg5cX=
XviC2bsEvg9yJGUtkiubunFBnJFcBbNxs9-2FDLMdv-2F2UNSCq-2F6DeP-2Flq6HJmG3a6J5-2=
FEFcxfcZ0BjNezcywTsxNJYYVWpf0XNc3amIq4fyk9T1yjPzo80-3D" style=3D"font-size:=
 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Jive Investme=
nts 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-2BaqM7ONnvsnswouzWxqbKFLtYMoVn7619hMQwC1ePgEp=
BnNJUCkIgTxZiRig-3D-3DW8gH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWn=
KySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cU=
IjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hg=
L9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUTOc2vmJ5VI42bVqP9Pn1wOk-2Fgx5=
f2QBYT0rA00kMpLnhr8990WgNOWFZZceio10p7mHzNQNJc2-2FFIguYM1KdGePgZutKUE8HkI-2=
Bf-2BxCJnTai1H6pNB-2BLSiECAOvMF5p9r4eQP3BMWW4X-2BIYQ9mBQXs8RGQjmIfR-2B-2Bm1=
MOR-2BiwwaXushH4IhO1F21G27agbKLaHd-2BAphJRspJZ8hNrF-2FXonHGrZSoQwi3rIal3xIW=
E9uwT0ixT5f78Q1zrMGN7IiI-3D" style=3D"font-family: Roboto, Arial, sans-seri=
f; color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" u=
niversal=3D"true">89 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-2BaqM7ONnvsnswouzWxqbKFL=
tYMoVn7619hMQwCWXGbLmxuOZXyUmYVltN1sw-3D-3D9ioL_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw=
1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1=
Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qr=
kq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZVvpT9gA3v=
6WalpVCHwEFmDsnxoAGaVLitMhOeWrXQtGnZ0KWex-2B6pWbBOTciRBMvAOvlG1BSU5jm9TB4yS=
7CoIAE2h8AJNqNCFTAjhxbdZOs9n-2F7RCqq1chfwxWu5y3UG6HJngYFMq6FKs4c0AVcGWE-2BZ=
SErCOCX6AQG-2F1aYw2EMWPnjFqFi5AtafdQ6z8fjLIsP0tuwFn8tjJD-2BtCMD0K1j8G79lYdj=
0kGUTYjwcRZfCVkSjyRB0K-2FdwF7gUppSE-3D" style=3D"color: #1D5080;" test=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
">
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                    <tr>
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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-2BaqM7ONnvsnswouzWxqbKFLtYMoVn7619hMQwCQNwABrBeifqtYIe48citPQ-3D-3Dk7y=
J_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGf=
zXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAv=
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B-2BAqT47ija4bIZjVNn9CrhupehlDVmt7m-2B0yqmxorxoIRkmjY7WSYbEqAiAsNcCDzXvxOGv=
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lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
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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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0%">
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href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZmupIhpml7LEAw=
9b18gXcdA-3D-3D3JkN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3n=
TTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S8=
6H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv=
4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZWEkSBCx1KI2x-2B1Sjr3JLJn3yBk4CTY6HaTu=
cBt-2FxaLz-2BwpDO2xU0WXitJMm4X-2FNha4oJVKmYA5-2BDdaqh34IxotEUwPjVxv9cdcqxYR=
BamzGfCTep6ov2LdX7LVIBUCVWAcL9V4soSyWzlMGFYZz2u9YhJTyH-2F47SJbby-2BRrRGvKbN=
8Cw1B2E5Zd0CoGMZHD9GvBoneIv2l5gV-2FPjKuvq2SvjnwRTIuBUBEHJpozfU-2B77ETSqJXmZ=
P7FuBIBL5ie2M-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Va=
st Data</a></b>, the developer of AI data storage software, raised a $1 bil=
lion Series F led by <b>Drive Capital</b> and <b>Access Industries</b> at a=
 $30 billion valuation.<br><br>
                               Nuclear power plant startup <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZpnN0ZulcTKEsC0EyTTn6sA-=
3D-3DxBC1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LE=
XH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB1=
4IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnY=
dtcQAuCKyEaxsIabh5votkNLBHOZXOwaSu8rKUxXxs9LGsm6ST6sKpl3Dnk-2FslGoyVIb2i8fm=
-2FUGXEPLMTZUaEfUygxb-2FIwhqa1-2BE0ojzlgADpBs62a7RHsS-2B88Bl-2FeeyQhtaa4-2B=
Wq9cM8ZzINcJyJFsxjScBlyWHNOjf4vngRd3WTbtWWT8JziTf-2BKtZEHHBLVQ9pgQXHVlloLf-=
2FbT7E-2BC90e76nDvy4-2BRNaW2VYdQYO5W3e-2BGOQiL12m4o4qeUoniP4v3baQHCx33mQxHI=
zn-2F9eCcHE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Blue=
 Energy</a></b> secured a $380 million round led by <b>VXI Capital</b> and =
<b>Engine Ventures</b>.<br><br>
                               Autonomous aircraft system provider <b><a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZdwRY1Yuqn95cyC6=
aX55HyA-3D-3D3b2V_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTT=
DBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H=
0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4U=
qYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZXgqDIkL53tsyANmb9-2B5LUwYZg5ynueuDbxVmU=
HUCvMQTjkWz26Yi4PkSRtUJfCnVnFnqWfnydADa9zSus2rOJ5xwqD6xO8UCO8MSToKDuuaGDnE-=
2BkO-2BBLDAFVNLf6-2BOpLQKZw0HdrI9ohUSEhdeucymw5sQPgI37xPkDAf6SDbCH9ZE7sGhTI=
0HHab6KuaSPIoNUU7H9TUM0SGIitFV8qu4ZMofHSlypU6N29vv5FjodfMxlxpvXLE1pzrQnzRAD=
I-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Reliable Robot=
ics</a></b> received a $160 million round led by <b>Nimble Partners</b>.<br=
><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZmW=
rKFFi5izbrij-2BmXYPlJg-3D-3DTK58_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-=
2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0Dyb=
ULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe=
-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZXjzbjzITU-2BVJgk7Z62UFUM=
tEnAmyzYGpyiId4y209-2BniDMERddeMj2EWas-2FbZJGelmaQ85QuqQ5XbKrpTbJjlv8bSnMGD=
eKZEtVfaYzEVuo6rOG410vNLfZQ7yki2hh5GtMd5kFZl-2FKgktAzMtd1AZ2PeGbjTQcO6dWpgD=
es78AUm6CIwoCWF1-2FjYl2rizfmn-2B9yQLJC8Yq0meX-2BhXtktAjwX2Z2e3iB6wFobuJP8rB=
ZPWl20ePlZ0JcQO4A1SPGo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Ray Therapeutics</a></b>, a biopharma startup focused on retinal dis=
eases, raised a $125 million Series B led by <b>Janus Henderson Investors</=
b>.<br><br>
                               Healthtech startup <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZs4Smovje-2B6AsIdK3CmqHBQ-3D-3DPo=
jG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdG=
fzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmA=
vjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs=
2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuC=
KyEaxsIabh5votkNLBHOZUp9qIYu4u67xFwc6cdPh-2BxMzsNjNQTjF-2BI0YEft6AnQx2aKa17=
Xm2lsuPzKjaCn4aYRfJK-2FdmMI-2F273i97v44kryKAeJn-2B6bYEwlw9jU-2Fx4OFT73BzwTr=
e7QVR8OGzDvT2Ctd-2BKjsmU8rJQeJ7rYOiMze3ShTTDZJdRgeyWF2ow2BleLCM5xkSlRo8KGBj=
DVPZ1bvd-2FBtiuRnn6uRebKp-2F9tnzSHf7WX4krqcO5Dqva4pIb7AdgZVcEtQEyyjDbks-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Courier Health</a><=
/b> raised a $50 million Series B led by <b>Oak HC/FT</b>.<br><br>
                               AI research lab <b><a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZ3M0clTk0N0TCtQJDie8RHA-3D-3DLT4o_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2=
j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N=
7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22w=
W0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEax=
sIabh5votkNLBHOZWLK33bbdfPsLRJaBoEfj-2B5HspqlZDcMaoMOYFoudKnzjkjSyqnTVYwX77=
47bmf-2BDvEq5rIIXHIzmskdD37MhHEP0WM42W07Vs3w9Fhz04jGrADTMEnruoeD0a8n0wZ-2Fs=
olt7oW5Jqoe7F22YKQxMl3h5zMcnxptn6Tf3mZVI4Hy97kRNPhmqDiMF4BWCzIWZdycT7kvx0y1=
o21gXsYBdVslviFzzSg-2Fg3Mjc5FrSors3Lit3tO3uYoZoZGWQJJUvI-3D" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">NeoCognition</a></b> secured a $40=
 million seed round led by <b>Cambium Capital</b> and <b>Walden Catalyst Ve=
ntures</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXmOLvG0Oc-2F-2=
BjqjXX0dwsFZyjxaVrWKf2OMD5ae4vUQvg-3D-3D8FX3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A1=
7-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0=
qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6=
C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZWIblaE0ghHYh=
dOqrETftgHDqnz3-2FoRxA0asXeRDTjxaG35OpUGJ-2BCI-2Baff5eyrz3HqAydSM2-2FEUPak-=
2Byskt0f7qE9S0spbtLW-2BSDy3aCcLA0nsEAnfW91ldDGDf1W4ZjQYKFxeCyg2aS5hdTU5IDPZ=
5uYspjkhPVZGESGrkwnBSdSiHHksIPNN5o0nnwubCj-2FsMlL-2BfpX3fwH7pt1DZC-2BcMbU8L=
cvsZ8AQ1DggQjSSXDNod-2Baa1o6Jyvw8akLwSqk-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Afresh</a></b>, the developer of an AI platform fo=
r grocery stores, raised a $34 million round led by <b>Just Climate</b> and=
 <b>High Sage Ventures</b>.<br><br><b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzXmOLvG0Oc-2F-2BjqjXX0dwsFZ2fP6syH-2B275dL3mff655ig-3D-3DIKlN_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZ=
jch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdj=
hpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2Rbg=
ML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votk=
NLBHOZUdbubCrARla0ixZxnET6E50BgapLgLelUAAiUNvxokXVvf8FQ8lrucfL-2FVURC3CvnwN=
JlTLHotJ6NyzAX-2F1WoAKyD827A-2B5-2F7qToABiSP9Tyy4F38GG0Xxzkgcj6jqHcxQ06kXg9=
bgciKrwp1CylfyKF1VBsF-2BtojP3jVg2vl8IVXjibpvozv0YmyGND-2BVT-2F1fo-2FSgvdXyX=
P7ZHNiQePKzLnTSysxkD2UjqhezqYqoS6vhrq3o7cz07r9IMl0Vlzk-3D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Monk</a></b>, the developer of an AI=
 accounts receivable platform, received a $25 million Series A led by <b>Fo=
otwork</b> and <b>Acrew Capital</b>.<br><br><b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZ02-2BqgaPxhWosf5qs2AQQtw-3D-3DUlFk_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j=
1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7=
vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW=
0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxs=
Iabh5votkNLBHOZWWwzaz1Dr0ZEakM8TwUh-2BeWCHdNqlqNrHUZ8IA-2B0vhIh1hB2K4gNX4DV=
rO2E3f3Ojss4dhBVkxnt3hGPj2pPxgtVWbJyaRjkmp5QaHoxGQCb-2Bv1jnppm-2BVB0fPpeaEd=
wp52QTyPHrkSSwJaZvS03p0q04P6GXYmypCewl4Df5TwmSzw-2FCEHL4lUX4-2B9mjIdR1heU23=
FdsYK0Zs6g8FNL-2BeKF-2BOvgO1MZkLdeUsGYYh-2Bp5b0-2FHWz78rAwk2axx59ws-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Mosaic</a></b>, which d=
evelops a deal-modeling platform for private markets secured an $18 million=
 Series A led by <b>Radical Ventures</b>.<br><br><b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzXmOLvG0Oc-2F-2BjqjXX0dwsFZFHWo0Tee9hwYcW-2FbRepO1A-3D-3DoIc=
M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGf=
zXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAv=
jT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2=
X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCK=
yEaxsIabh5votkNLBHOZXHMb-2F7Eil6Hs-2Ba1MHiwaRe0ot75MDrzk0-2F6vtOdVfD-2FmRjJ=
eBeb1H9JfkPFO-2FxACxYjZK3GTRkJO-2Bv4upMzHzuhXL4KeAOrMt5KTOwhCmOMIQKP5-2Femh=
8GrJn8otTYmjSiQTwjbmKDqFteLrfo-2BSAUuQYt6t3DYwtVqbO4LTHX-2Fg3XbsNzuwfrIJv3v=
oI1cBeOAEdaYautLRQV0VSwLosswq1Z-2FaDUuEmF8ZLzwwl2wxMn1C9R-2FCDUgI76Ee76Bt0-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Atmos Space Carg=
o</a></b>, a German orbital transport developer, raised a =E2=82=AC25.7 mil=
lion series A co-led by <b>Balnord</b> and <b>Expansion</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"><b>KKR=
</b> is investing $1.5 billion in tower operator <b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzWw5eJoAzIp-2BRA5aq3GfFljLfNQNlFnJfDrhMnNPLoLmw-3D-3DZ217_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2=
j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N=
7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22w=
W0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEax=
sIabh5votkNLBHOZVvpcUu3fd4Y3LGCsyjom9gQPnX4VvAG5GYZsWD86DpSRZznDtjkovK1R0AV=
q-2Br1xcl-2FFQeaXiZdqQ1KqMxpS6MrdKB4Q7Ch9MtECnZiw2H7vlrwo-2FaKb4Ga5UdJaR7jf=
qd1U-2FtV1BHj81g4vVbgfNfU5DzGejl4NUJrXYLuKIiKr-2BcvPpuJd4-2FYZIzlKQFpXVCk3j=
sZHZixsIXfGsmPwx8zvT6U1O5zfEKbuOkdoJNp6SM3EiHMDNzVt6thYK5LDg-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Vertical Bridge</a></b> in a d=
eal valuing the company at up to $15 billion. The pact also includes partic=
ipation from <b>DigitalBridge</b> and <b>La Caisse de d=C3=A9p=C3=B4t et pl=
acement du Qu=C3=A9bec</b>, Bloomberg reported.<br><br><b>EQT</b> made a ne=
w take-private offer for <b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWw5eJoAz=
Ip-2BRA5aq3GfFljURzFXTL6TPCs2Nn3v4fdxA-3D-3DqOtw_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479L=
w1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj=
1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4q=
rkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZWvg-2FSi=
ZvaVBApoHPDvDK42EL3e4IfmiSFAUpXyAJ1A8tP2AhMwJe1a0HYT2iZMMukhtFl-2B2XmA62Gg7=
TqDflywWo5reZgwJXCZdWb8koJ9HsdmPex1ndNd127fhTYSIP0cPPnKOrBnUNPbl6dAlshH6EYG=
y-2FOmovHRS-2Bj12KIM-2BHweK9uuE-2Bhjus0ViIHXoVlEQNqGD-2Fxn-2BfYUpcX-2F2P8qh=
hwEAc-2Fcfn-2FzHFtejf4LK8jkevIKvRYkJXRU8bF493U-3D" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">Intertek</a></b> that would value the safety=
 testing company at =C2=A39.7 billion, the Financial Times reported.<br><br=
><b>EQT</b>, <b>CVC Capital Partners</b> and <b>Bain Capital</b> have been =
selected for the next round of bidding for <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzWw5eJoAzIp-2BRA5aq3GfFljUmNc-2F3-2BfxYQWs-2F7PmdZjGw-3D-3DhfH0_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2=
j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N=
7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22w=
W0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEax=
sIabh5votkNLBHOZVGAuAeDbKtSq3ZXy-2FVL-2FNuEjV2YUHhgVPOC3DxOn5OMv6j4ORp8pv0d=
NHfxM1Qmx24bmjlXKJrqlyniMI-2BoshNSn0dENf5oxID6gcShsiDFRlAUXLpQpDmO1aJTcTF-2=
Fs-2B40dsPsI-2FKdHv-2FNjbtk0X73Fgk8NiXMGoThknJK1k44OqnhLdJ9HF4Jy7nS1zZOzSr2=
Nrl7R-2BGf2IJCEp2ix042YGu8EvK-2BPcbWuMnPfcNEXlknEUuZ7TbNbhUOgq7zWc-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Everllence</a></b>, the =
heavy diesel engine unit of <b>Volkswagen</b> that could be valued at aroun=
d =E2=82=AC8 billion, Bloomberg reported.<br><br><b>Permira</b>, <b>New Mou=
ntain Capital</b> and <b>TA Associates</b> are among PE firms interested in=
 <b>Casey Wasserman</b>'s marketing and talent agency <b><a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzWw5eJoAzIp-2BRA5aq3GfFljv3gdK8nlkych2meUYVMpyQ-3D-3DEc=
xJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdG=
fzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmA=
vjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs=
2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuC=
KyEaxsIabh5votkNLBHOZUe3ZOo-2F6-2FMBDcay7ddoiwj5qZmFg23SzfEEhToDCcqOKySV0Nq=
QRYlb1IL7RcFhfy7soW240YelOriwEEbAueTLGZen1-2FnX01pi7WEy-2FeN9kdcyN0EIHFrU2x=
z5rPbGQYJ2CnnAN5hLH-2FXO-2FMMb6ckqTeKwEPEIWeyVzDqvziuaqOw1XRdxBtBEyjXiRVZwq=
LEzMk8wNU5cqiUjYrH8ofZs4w9apx40LixGB1NrjypOBbLQggy8CO8yQHi5FRDwvU-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">The Team</a></b>, The Wal=
l Street Journal reported.<br><br><b>CVC Capital Partners</b> and <b>GTCR</=
b> submitted a takeover offer for <b><a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zWw5eJoAzIp-2BRA5aq3GfFljRuoX1VlTdziVgT0wlSb-2Fow-3D-3DMWpW_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch=
-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo=
8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8=
xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLB=
HOZUg9s1k-2B-2FMopntmkuzzH7RX7NaAYIG6qOAnxOaEnDjSsiVEota2tbdi3qD6LNRo-2FXMe=
D51LIPYeWqyjlFKu7nBOWPnC4e0XSjyFNifJKLIElrYLX104AHdErGqov2QAs13MxqfE9Bt3EAS=
ssmbJsDur55Asl59wNjGXkyvG6SoLomS5IdA7mFjmXGYsev40Sp7mvu8TXiFRkbwTJdamSQrqyg=
TQBBBjHE1DJog5HrPOkHSHM1-2FjlJonw8sDOQsKOsc-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Teleflex</a></b>, a NYSE-listed medical equipme=
nt company, Bloomberg reported.<br><br><b>Goldman Sachs Alternatives</b> in=
vested in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWw5eJoAzIp-2BRA5aq3GfFl=
jJTdZj2NWOq2PFDOD9nkeeA-3D-3DUdrR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F=
-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0Dy=
bULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmo=
e-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZXXFkHabCLIFFVBWKHajdqAM=
O3srL-2F9ogM9d1d5TkFrv5-2BWko8yUDUgMWQ0diC-2FcdcrbXqMR6U3SljvC-2Bskyy3ZgVBE=
RGy2nq4gfcwfhP83isBTSK26aSzhAbApM5s2fse6LeZHRe5yx2aj5eT48hr4ky-2Fy-2FBGYM2p=
fjraJIlnR29ElxK-2FFei5oeEge9PXWi3Iyc8ijy9JlXvNJRi0PIcXwJbNPfiBB-2BLts9j8R3n=
4-2Fnkstdh3rAKecRBah2J5zTLk-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">BLP Digital</a></b>, a Zurich-based enterprise resources automa=
tion platform developer.<br><br><b>Castlelake</b> acquired <b>Resfin Partne=
rs</b>, the owner of mortgage correspondence business <b><a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzWw5eJoAzIp-2BRA5aq3GfFljtYVhbUOdgiSA8m0PD2AdKg-3D-3DxB=
ly_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdG=
fzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmA=
vjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs=
2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuC=
KyEaxsIabh5votkNLBHOZXsUd6l1ytTWZliHlS7lYz4gfHTpEoIy0OUcsyQDNY0YaPMANhkTrnK=
-2Bwks-2Fao2EQwctgzat31TCtWE-2BnHTZGPfdaJcHsPHkxAhPBh2mPO7pVEgiCthTVp-2B76B=
bwT0Ge8aGs-2FSAv-2BmW5kHos-2BNcaGYQDTi4vpiMSAWj2Y-2B3haLX98n6TCjuMq6caIdGxE=
pXP04OVzEDZF2z5oeGIdTkCkvsLQIDJPx9GOX6uVKAGwaCHOpHBk1CIgLGjRx3mTZVUWM-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Eastview</a></b> and =
residential lender <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWw5eJoAzIp-2BR=
A5aq3GfFljd9UYSIgzjSeQiDFVxjPdHw-3D-3DZo3U_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-=
2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp=
9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-=
2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZX7A-2F29suYl4g=
iZK4KdRYT21V2O6pQBSkaiL7msHwFHNw7-2F16iw1B0f7mDoRSrYIy74mlS3o6-2FSo7iUD-2FX=
-2BYAJ8oJnqzO-2Fu0QVQcSVTe24yMxO5oo-2BTboOxjkLkNge6QwIKwPcKm4CsBVXaub9v4kck=
STPU7xk0BohvXQ-2BXYBuFg8YjJbMd4U3MwiTvprqrrHOKhK-2FmyuRNlwo-2B-2FilKxfBJWEO=
m8GTnbv-2FaC0e1HiPGeS2Sg0mEq2Z-2BY3CsQ1n2ito-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">Lendmarq</a></b>.<br><br><b>M&amp;G</b> invest=
ed =E2=82=AC35 million in <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWw5eJoA=
zIp-2BRA5aq3GfFljBJYoqZMJEE-2BnGSjQLV2Q0Q-3D-3DyOeP_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ404=
79Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2e=
nxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqF=
C4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUyTi0=
MOyQYoIp-2BFbE75BZivOhUs0SUNJe7-2FswnZ-2FBJVoL1cFFJXpQRKjK1c-2BD-2FEnnZcXEP=
s15v8wahMvXor8-2Ff4uE4cifR-2F5ak3k5WqgD8-2F-2FMBFAAUcSP-2FSnkOGVAJATm-2FE6p=
9azWgZK3qT2qr4mNiMY9biDsXbP4r38PoepaK7RQJLoroKSx0Zr0yuuDDoufcKh4TuSjbW4blx5=
09Vw04osz06Lmkj-2F3kQ4auERXpILzlApGnna8OoCcdll340-2Fc-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Akiem</a></b>, a French locomotive an=
d passenger train leasing services provider.<br><br><b>BNPP AM Alts' Prime<=
/b> bought a 5.9% stake in Paris-based investment firm <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWw5eJoAzIp-2BRA5aq3GfFljTkg8DzRVlJs3xoXrqzb1Nw-3D-3Dp=
P47_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYd=
GfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVm=
AvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsV=
s2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAu=
CKyEaxsIabh5votkNLBHOZXFxW9iNG0ZfwXWFTSoM8L3y-2BSTJ8aPaGDOBkTX1SdovgqKAi4Q-=
2F7U6jZskJzZmhSRIhEfHx-2B0aWxlMN1DiDDfIvNCuvHf9H7ZR04ud-2FjnLtMhbwZQMRHazD0=
1M30qOQpEkDhqis-2FBcyIvJlGnk0xVbFBbaLTk44pj8GddAA7ojOUD7IkNAoLAGu1ecJiRzg5U=
i-2FPWc4bcz0chdRgiWWQT24f-2BzsiqbWCZP74yJCWPd4Nd03bsxIMyh6EW0-2FwSVJuE-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Committed Advisors</=
a></b>, from Wendel Group.<br><br><b>LDC</b> invested in <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsmqxE2ztXhFDa6loUuLiOgAK674yVd7vg-3D-3=
Dn64I_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRp=
YdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6P=
VmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPN=
sVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQ=
AuCKyEaxsIabh5votkNLBHOZVWw9Wl-2BL8A7QeU1Cdq1M02HwFpLeB0wtpEeJ4hQ-2FeH3xGXv=
F7tMVzH8Hoq7Esj-2Fe4O9aS4td9j8ng33yTnIiQnHPCiJIJEp26-2BwUC-2BFyGAknGsUu5Vid=
cbvwtU3PxDtxsLOpd2ZUbup-2B6NGCKT1Q5iodmVXWLcyvPrvN1m3JM-2B3MEAZgXkCe4JiPq0R=
bXjQ2tTxquUFC0zGnvPBUxoHEINwZSShcS64J35Xhx2EcBdjoTOyK-2BY-2FOCimKwxkiuymww-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Daintta</a></b>,=
 a London-based cybersecurity advisory firm.</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>Uni=
tedHealth Group</b> agreed to acquire <b><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzW89Rq-2BvgJ1bsmqxE2ztXhFfFdSPeBMtoi-2FA2A0leJAUw-3D-3DN75F_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEG=
Zjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vd=
jhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2Rb=
gML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5vot=
kNLBHOZWz44YTp7hZRBcd9v-2BvnRncz2Kh5fUNej7-2BhYXRKAU1Wi2vxUZeulLKGrJVRKCjzb=
0fOwuAmm0HgyFrzJkTqhQPz64BUjXo-2B4-2F7aOCLmyuVj3LU6CXQMo2qqCzs0ZmYbr5F5l4Rn=
kOoY0GG2nXx8BU5c4PbFNtzg19wvOalkJ4ID4zjVXMSZVa73LqpLBFvfI6Uf3huArDPJNzQHl3L=
GelGlxv7HJaSBtuvYVhFGZxEbUFUqQ-2B-2FwPHF17osDAsTQ2w-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Alegeus Technologies</a></b>, the devel=
oper of a healthcare benefits administration platform, from <b>Vista Equity=
 Partners</b>.<br><br>
                               Convenience store operator <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsmqxE2ztXhF0yfTBLntCIF8ibfrTEH-2FPA-3=
D-3Dmgn__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEX=
H6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14=
IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYd=
tcQAuCKyEaxsIabh5votkNLBHOZVzQo8AnrqQAHYzkL5tt-2BUv5ETxCUxCJ8pi-2B-2B28SWls=
lfSbS7mYGODUc-2FGTaoTOFQGVRC7DD4apOs1az2LyG0UfH0xydwjVKcIujyzhm1Bd2bERMAAmD=
Bgo9bQ1IYC2YfLrz0whjYGrx0uRvEHKBBk3c9Jdo6W8U-2FdxiTyH1RaZfV22uaDIV0BbzD-2BC=
Bjv-2FqHxDxoDmXx283IxyaIErD21znMWk4wjSl1hAYOGQzedqJjhGe57hVl6KXgXHApcalMM-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Yesway</a></b>, b=
acked by <b>Brookwood Financial Partners</b>, raised $280 million in its IP=
O.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsmqxE2ztXh=
FjMPY88TcZu2wY9zSnEjjVw-3D-3DRJNf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F=
-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0Dy=
bULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmo=
e-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUWlw1nWzBCyM3-2BprkyYXj=
1Rcm8OQMEi2DNutJs2o4j72DIDJe-2Fi-2B10CWMHmMcObzhD6IrW2WoNZwFbRxPieCJZyI-2By=
IR8w4aEEb-2FVzAMoIr9VwFq-2BDbmz5oqM3bp9Kx79JNCUCi-2BLsZKKPczuhJC9NofVBpzAKu=
mbprQb1tusMnvN54XO35bgWukAQ9o3LBWOmDE9ocqqnqjWQ5bqHdCYR1SU4jSOCI-2B9tk4itX5=
NtB28X7H85aPilvp9Q5B7Z3cs-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Kashiv Biosciences</a></b>, a pharmaceutical company backed by <b=
>Tarsadia Investments</b>, agreed to be acquired by Nasdaq-listed <b>Amneal=
 Pharmaceuticals</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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsmqxE2ztXhFe2htQQrwV-2BTd3=
wyXIeOQYQ-3D-3Dezle_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3n=
TTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S8=
6H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv=
4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZU2xgkPxlUykim5Yhq8loiAgDFpHSTO9guMwcO=
drjywdhRNU3pCeePaSCteTPNt-2Bty78RtjYdOwAB63F2VvCEgNTQ0Hv5-2B9KeTUY7-2BCWGUy=
zJ4MuAh8-2B7Kv-2Fy2fyXdYsktcZy-2FOC0l0mREu1gocXuWBW097XM7wFzLhy6ADOxx9UC0BO=
1XHIrEnPFR1JrwGszXmDCD-2FI-2BAuEYDJmoxwkHrnZ-2FhQB9fTbllSNMXw5gM8fQNHrg9aNT=
DLtQoTh3CoJuk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ad=
ams Street Partners</a></b> closed its sixth co-investment fund on $2.5 bil=
lion.</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>Investors</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-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c=
olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsmqxE2ztXh=
FZC0fvxS2rgCJd70E7lrw7g-3D-3D8yqP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F=
-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0Dy=
bULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmo=
e-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZVE6iql9ogF2iHmC9gBvQFc3=
xDq32VBhRNfvagWhlMzrTQ7pKSze2kCihvdVYo8TBFgPx4PnNrOwxqwW3PIbHsjpvHCz4m-2Fq5=
paC1ancKo4hLX8F-2FNGEG8fRKTeeA0s2lNTiuksIvV30Mmtp-2FtyLqPNfmrt6xs8qydAAhbKs=
LK-2F0DWGbjcN2QbsrAXFjaSiDR3UVS7lvKvJGl-2BFrZM-2BcuhNFg2cbDUv9vGIgiU8hl7OLz=
vAmzHfqtGJZLu0-2FfLnyP0-3D" universal=3D"true">OpenAI</a></b> is committing=
 up to $1.5 billion in a joint venture with PE firms including <b>TPG</b>, =
<b>Advent International</b> and <b>Brookfield</b> to deploy its AI into the=
ir portfolio companies, the Financial Times reported. <br><br><b><a test st=
yle=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsm=
qxE2ztXhFbL3-2FbmytoYepOn3ANXrnqA-3D-3D6WNB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17=
-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0q=
p9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C=
-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUceOPcKPwHNIn=
KXyfvejCMsq3GPk7n-2FKcaNnTlPj5SQl909KWUGKzJtNfysSgF4IlalK9Nw3hhz6zSDHZNAn9c=
qaBZN-2FvPjHamU4TPG1AYUstnEoBxSJRqQiGvJcvLu1uJStVI5A0SZpjqNYZm99Nv4Ld5LrcNJ=
8QKyKv21qlV2b0r-2FoxjNKrMaXM-2FkNe4s-2Fww0oPoA-2F6iOVUnQa-2B-2FuFQKHO0G3PaV=
WiVpOl5uJDc-2FfcyVYSffDNWi6Z5spcmaZT8-3D" universal=3D"true">CVC Capital Pa=
rtners</a></b> is in talks to form a UK pension partnership with <b>Standar=
d Life</b>, 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">&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 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-2BaqM7ONnvsnswouzW89Rq-2BvgJ1bsmqxE2ztXhFNH2m-2F=
DCQ-2FxCFnET0N90gLg-3D-3DUfPZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iEGZjch-2FeQ40479Lw1A17-2BaaM4-2F-2Ft=
gWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7Vdjhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT=
7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2RbgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F=
9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5votkNLBHOZUph-2Fppe0ichAcD6nl95UgCmBb=
dP5dSVLpp8MOtuRLHtUdnK7HxyN2gdLxgblj6mGphB-2B6Wv9tN1tO2j31DYT07QWvqg0hIxjtq=
75hJmBwVJPSRIWObyIQ8OHbu51yEnc0eFKea13vfFJizdmdYhDmbSMdl5Lg5ubO6nsvAHjzCdE2=
FLQsg-2Fom-2FxqADjz6CWdafzOSbsvrcqlpWsk00mNfRgYd9Qh2BLplEjcVaGPbMR0nQ1DRg1R=
8YrE0NjDhFXd8-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D=
"https://img.pitchbook.com/news/73896.png" style=3D"border: none; width: 10=
0%; 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>
                              <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">Driven=
 by megadeals, funding continues to concentrate in later stages more dramat=
ically for female founders.<br><br>
                               Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzW89Rq-2BvgJ1bsmqxE2ztXhFfxMzPcACXiKvSkt4ow-2FN8Q-3D-3DtV4g_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpYdGfzXr2j1sVP0iE=
GZjch-2FeQ40479Lw1A17-2BaaM4-2F-2FtgWnKySrO3nTTDBKRK9LEXH6PVmAvjT7N7vJdGl7V=
djhpo8OTy0X2enxj1Vu0qp9ud-2F0DybULT7cUIjAv6S86H0mK-2BB14IPNsVs2X22wW0jK0t2R=
bgML8xP1fBWqFC4qrkq6C-2FWG5tvmoe-2F9hgL9VN7iv4UqYgznDnYdtcQAuCKyEaxsIabh5vo=
tkNLBHOZUkxdaxeZgo-2BydiJVKOdavB9-2Bjnwq4JMin4hFMARAQidJ7lHFma2kx6TxPaowWOQ=
-2Be5Ab9CivQVqMBa-2BSHs1Ap5zusvAcK06gn5s6GBn-2FFALtvsmIhswVi0oM-2FhYO-2BFwT=
a4m-2B2w37n-2FBLgHVf8rrEe0SVvbfEbs3TLGkUodaYWLcg0geGTUYJkfOjdpYS73m3kSzyhMW=
I9K1UztUg4HQdyHo9BBnAvNyltMR2ojyq2D4QfhBblF0yQ41tHdDoGYPDs-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">2025 US All In: Female Founders =
in the VC Ecosystem</a></b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
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ight" style=3D"padding-left: 20px;">
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        </tr> =20
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