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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters What's drawing LPs back to China; legal dispute highlights tension in startup ecosystem; enterprise SaaS surges despite opposing narrative May 20, 2026 | Read online | Manage your subscription The Da [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. 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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> What's= drawing LPs back to China; legal dispute highlights tension in startup eco= system; enterprise SaaS surges despite opposing narrative </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">May 20, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUbkUWn32vpzHk= Bu0wSYn0-2F0alGJ9LycoSFboh6MWfi4w-3D-3DmgyG_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6= kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvN= DjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I= 67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3w3NZthfuRIUJtbe= rZ1YQLzalAqACuaPvZITLyZRbL37QBfwEnOlcpNXmsMmFdWKcdeSVCHa1Qx8beRPkvGU8tF3YzL= aq-2FvaH-2BgV1SRHnCUYXKttGDD7m4wZvOdhjP7VEraE1WZuNhaIYFjo1G2-2FekIT6ot8QhQP= GWChCBdled7omkQ3PgnJSKhgCU5yvydfzZVnkPSIygtltpzaZVgDja9GNiC-2F1tKck6CGhxv5Z= OnN3mb7CRe4UM-2B0teOCn58PzqM3KMTfr61BC6DrB7bsWMd" target=3D"_blank" style= =3D"text-decoration: underline; color: #1D5080">Read online</a>  = ;| <a href=3D"https://url6380.news.pitchbook.com/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mt= uFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZ= cu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oRt95U99Dcs2eVuP4ojBepwdM9MH_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2x= Vw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZor= puYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F= -2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9= nNu8LkGE3ysm-2FOGhW6A1OCdyRtgizZ-2BeWaevTiCFpeXrWDAegyiQAumkw5W1aB4huGDR2SU= V2tQCgC1UD9eGSJCBy-2FJqWumtz8asRY2Fuc-2F1b5ngzY0pGd-2Bu6DqxWk-2Bzwpn1noSFQo= btvC-2B5ulsRhL-2FhtvsD1KzhbKfli5T-2BFTDIk9VbaGAZd8TcP523s75IPJGyKaUlTJKyxAM= -2Fhj7XGcQK2-2BZNxUW0t2-2Fd23CAGKsXcOJiXSsT-2BHXprhuwP74VhoLyocCpncwYMzW7Yw= Y7-2F8DJC8tohr5" target=3D"_blank" style=3D"text-decoration: underline; col= or: #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUbkUWn32vpzHkBu0wSYn0-2FUG2APFBl6CJ29uqWAJqwQg= -3D-3DVn4E_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwiv= N9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1Qi= Iuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHc= Lwf-2BsgOtKU6Nkki9nNu8LkGE3yFSaKk-2BafnFveSfnYPkXpR4X7dORr-2BItikyMeGWW5VuP= zKmh1M43G-2FDq0z-2F5SCKxT4SNwbBLDVQeZl7DIZ-2BZzEkVUwBnZLqRT-2Bpam09-2B-2BOP= K044FfP-2Bfve79b9JZnzTnUerCZm-2BIxKps3FwsLZXYvqdA-2BbMxJ6jFKPt1TsiSpXJDQml-= 2B1ZbRRCXgkiP-2Fe2UgKoCjVjMcBcEXRhAUdCFbCUpbfLns6NtHH8B7NHrvFzt2X2gUigMSh6F= G6r-2BVaNedPJ1AxnbsdoSq6cgnW52D3b" target=3D"_blank"> <img width=3D'1' heig= ht=3D'1' opacity: 0; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUbkUWn32vpzHkBu0wSYn0-2FtGJdCSVhDfrwfJIeB1rMHw-3D-3Dc= Q2K_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlO= xCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJ= UR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1= PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2Bs= gOtKU6Nkki9nNu8LkGE3xAS-2BWyB-2FWlzEXAr5j4RTJp-2FfhQjKxiwPhs0IzeuXoRSxzJi-2= BoOOvohrkOPNyT8VC-2Biwuejfh-2BkvGbq-2FKU45bzV6jr76KpnpEPg7XiKzSdv-2FTHoufKt= CzqtYqLoEEZvkiYupcsZyCkap9OWCj0j0KyXeNj3vJyWdWnAeed-2B8ZKrRzMPCslTSpRfOtYgp= AgHW1V57YKvZI-2BGrQt-2FfVydXGywZzmEXxCUuH29OYOaofTfJtIHUg5sIuAEGzVcMronrEXe= x-2Fjo078SE7xVXej3LH7C"><img width=3D"460" src=3D"https://img.pitchbook.com= /ads/ad4569/leftbrainrightbrain.jpg" alt=3D"Ads" style=3D"padding: 0px; mar= gin: 0px; border: 0px; display: block; width: 100%; height: auto;"></a></td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F= =93=8A <b>Check out the new charts in our Global Fund Performance Report.</= b> Get performance data with a new look, driven by the narratives that are = shaping private markets. <b><a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUbkUWn32= vpzHkBu0wSYn0-2FMjuewy1aQv750vPdhBxJOw-3D-3DcNcF_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve= -2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7Yn= EYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79= gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3xIQCiFYDX0= f3Z9iwy8jTtwDBiB7IPLsVVchQDvcF5t1KzmZnfvbYp9naL4u2K5P4U7h-2BSKWQVVn4yhKlrAm= F43ppFQQf0jathbh2txMmWJk-2FbKv0kOnnLlgCZAitBnyG3s4sLnDov0Ni5az22FKjAVYTSfzA= b9Jj-2FVc4-2BPCurktdATINiClpbmwL4K7Axer9Efm8ebkTo-2Bo345g-2FhMMCSVsQdGmQRZo= b3v3AywjaK2-2Fk7yEz9QJCs2HvK7-2BxkNXL-2BPJpy3SGd-2B1h7L9OdJRTNu" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">See the data</a></b><br><br> And, <b>where do you stand in PE's crosscurr= ents?</b> Will the exit window hold open? Will software reclaim its throne = as the go-to sector? Tell us how you're positioning in the current PE lands= cape in our two-minute <b><a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYg= s4sDQC2Kuc1E6Z1no9uuRpSh7zDE4A-3D-3DWceZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE= 1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjv= eKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k= 0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3zZ9W6llKJy6HAa8vo4= 1imtWYrFARYmddv1hORAYtIxLQF7-2BM2P5dQeSeyKzwMx6Sdr0peWv7q3NbLHHvlmAu0lNmNoF= Q-2FcrWs8EkD0IH5P4W9jhrhnKwDTasHRFjYMucKI2tSyJameet6IQjKs-2FrtPxic2a2zsna5I= QDA0fnCDZajzjajGYQ7Pnf7-2BYMSUmwwgQs21H6XQlqPICIbIU0XdZkl8p5kxDXGLbT86eKnsQ= DtPA42bVRLg8d9vADgI7iQioUQn9fNlBnTILCzrCTEX" style=3D"color: #1D5080;" test= =3D"">Q2 2026 PE survey</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" 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_581041" id=3D"n_581041" 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;"> Blackstone-Google joint ventur= e funds computing power, not just data centers </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KmWCRUTiuK= 1waT0ZMJHRnjA-3D-3DjGvo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9F= cbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVK= tqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1= mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3wSk7gZbwonDrXu2xsXe5GuCdn-2BTUDnPx5= 7-2FAonUUR2cL2-2BWMLwUgYIVRuMoYx5GsXpUNWiK5du04D3Z7H3Z6S-2FVG3RgoP9sYzFp9NQ= lOwtWykysWB2IoShVzE-2B-2BTgWFl0B2HbOad36YaMIhOOIvayJ1tUxPiqfFUPlPUXidF-2FIz= gTUKtwyorEXjArz-2F-2BCkWtO-2FuNabMnDqfkajFes4MDNqQh-2BP9lmF6PCHpo0NZCaV1dou= aiwoyHQ6s-2BZBB5TucnzlUOWYx19BMArQSNEflXT7" universal=3D"true"> <img align= =3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74406.png" style= =3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Josie Doan/Pitc= hBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Esther Luz, Private Equity Reporter</i><br><br><b>Google and Blackstone hav= e formed a joint venture</b> to offer artificial intelligence data center c= apacity, networking and computer hardware as a "compute-as-a-service produc= t."<br><br><b>The tie-up opens a new avenue amid the rush of private equity= into AI infrastructure,</b> moving it beyond data centers and into financi= ng computing power itself.<br><br> Google will supply tensor processing units= =E2=80=94chips built by the tech giant for training and running AI networks= =E2=80=94along with hardware, software and services.<br><br> Blackstone brings capital, access to equity,= project debt, power procurement and institutional demand around a single p= latform.<br><br><b>The deal is partly a way for Google to expand the market= for its TPUs,</b> AI chips that until now have lived almost entirely insid= e the Google Cloud software suite. TPUs offer customers an alternative to N= vidia's graphics processing units, which dominate the market today.<br><br>= <b>The JV also allows Blackstone to own the compute that sits inside data c= enters,</b> not just the facilities themselves, of which it has acquired se= veral over the past five years.<br><br> Infrastructure investors are familiar with l= and, power, fiber and data centers. Compute is harder to get your hands aro= und, as it bundles fast-depreciating hardware, software, customer contracts= and enormous power demand into a product that looks partly like cloud serv= ices and partly like infrastructure.<br><br> AI chips are very difficult to underwrite. G= oogle has rolled out four TPU generations in roughly three years, compressi= ng the useful life of any given chip and making it hard to ascertain their = residual value. A data center lease lasts 15 years, while a generation of T= PU technology can feel antiquated in three.<br><br> Blackstone and Google didn't respond to ques= tions about the deal.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KmWCRUTiuK1waT0ZMJHRnjA-3D-3Dm= 2JH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlO= xCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJ= UR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1= PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2Bs= gOtKU6Nkki9nNu8LkGE3zep0H6DgHZPJIDwAMc9n-2F0Jr9vFL6KpaD43uZzeyke4OQiaXKPB1I= qg3f5IjHukKcu-2Bt3RSJS905yYtjWGB2bslZN4uziSlAgCnRK5MRUiKnbNm4WhsSZnNnygpgao= sDWWDDVuLTZA1vbGLHxJAl9mF3LAxEqUgITEDD0U-2BDnFHPuj1bC78sqb-2FRTvHBZ4xBdgQpw= MpG0lJQDc0X-2FE4EfS06dX2XZQ-2FNJ95be3FO4UfwW3ZmzJPtrDiM1Ut5rvhvYeU9gcOLDr6U= a7AZvUt-2Bh-2F" style=3D"font-family: Roboto, Arial, sans-serif; font-size:= 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b= lank" universal=3D"true">Read the full story<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;= "> </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 lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>Related article:</= i> <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zVJRf6V3NviGZYgs4sDQC2Kgxsx-2FcRiKpS0sZh-2Bs4PxnA-3D-3DHP40_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D= -2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986= G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0x= S4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE= 3z9r-2FKYYQCe9it85iFrctD5VpXJbVJ2bJ-2FpqlJK0nRr59hzJz6KmF9ZA2Z9NkGNqIq1DiJt= qF7ZblxRUH9YdQYvS5aQ-2F3x0BretJyDx0yN9E-2BoztnfJMlOSavclxt3Aa8SFkByodxRePib= YdMZOyKHRNubMCoyT4f6jtLzyCLkZ8WnqiZeDmktO5qw2qqUKSPfROk5AEEVISgUg0cUC66Ywwl= -2F1O-2FNy8Mi61GMjbFcTka6qRrNwegjsrRhdOcNwEkKsS-2BLaOdVXTSFJvEzdsvPP" unive= rsal=3D"true">The AI race to IPO passes through PE portfolios</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from SS&C Intralinks</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_580557" id=3D"n_580557" 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;"> Adapt or fall behind: AI and t= he future of fundraising </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KJ-2BPITm-2B-2Bp= SAWM9b4RxhtRA-3D-3DiHIs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9F= cbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVK= tqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1= mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3yldOxiP-2BqsADs-2ByseLS7HM49g3YZnE4= oikYxPghC6ryszuLyO3pVz1PsjuGMCGZWCYCByFypT-2BLpvnxxdGpCGNCfFbzgp6zzVGOHTuDY= pv3LDjdzKc1oYPrmmPct3WGCkaelvkQZnITYYQRz1W4uBShapBGEWFGkIoeX-2Bcp4Wp8vaBHJj= 5sadlvSZrqGExxkCY26rtCwHRLoEUaj0yip-2FpTTKG0w5BC-2BQkIrp9G-2FndYSKDXrbmq-2B= hsQ5ng7-2BXZ35-2FgVVlIYjBuLYm8lzDvgOwS"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/74266.jpg" style=3D"border: none; width:= 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Fundraising continues to be under pre= ssure. After three years of decline, fewer funds are closing, capital is ti= ghter and liquidity constraints persist. Yet beneath the slowdown, a shift = is underway. AI is emerging as a critical differentiator, changing how capi= tal is raised, evaluated and won.<br><br> Download this report, published by SS&C = Intralinks with PitchBook data, to see how fundraising timelines are shifti= ng, where fresh opportunities are emerging and how leading firms like Agell= us Capital, PPR Capital Management and Cloverlay are staying competitive. R= ead about:=20 <ul> <li>Why a slower fundraising market is creati= ng new opportunities</li> <li>How fund sizes and timelines are resettin= g</li> <li>Where emerging managers are gaining tract= ion</li> <li>How AI is reshaping fundraising and opera= tions</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6= V3NviGZYgs4sDQC2KJ-2BPITm-2B-2BpSAWM9b4RxhtRA-3D-3Dv_34_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc= 4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ys= d9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv= 1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3w7e= ux-2F-2BIKLx-2F4f16KPesWGmfL2z8XOSYiOUffrLI1s5LwbrHBjBlhE7gzPJNpLaMMpnF142p= 2-2BGRBh6CKq4xHzuWq4XPkDUMUKSwse2AGtcTIadhmEwlh-2FuVsd1tV9dBhiaSpMA6xiOud5U= Wr7FUCv688ljSHGjUvjPkRr3tfv1esuu6ZNsbD6-2BVYiWQ-2BOWSS01b11zIMOmz3EwthoYv7q= lehvJPzKXu-2Bg4jPu8JTB0IKz2Hj5qESQ3EoYCbdC4lnvZdPWUzVv8FR1kwF2KUeY" style= =3D"color: #1D5080;" test=3D"">Get the report</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>VC funding for the enterprise SaaS industry</b> surged to a record <= b>$173 billion</b> in Q1=E2=80=94a more than 6x increase quarter-over-quart= er, according to our latest <a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3N= viGZYgs4sDQC2Ku1LbrIAprhzrrk6e60IJkQ-3D-3DhAEW_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2= Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEY= xvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJ= r3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3xpNmKZbwlDah= QIMr1S8FjQOf119x5NxR-2FcmapZa6mOGkhLNPV-2BF1Q10-2BcCiVmqjz5OfXNH6olmERV1-2F= qhjIMam-2FgdjDE4ua7uCgxypc4Kfp3IAiLsn53mFCZZVbIQ20KJ9qkIeVQ0nXl1cY0xGd7fNxs= QFoq08DWudzptvsIncPQVAbdDRSZBx6wghCwkD6ehhFSMrHzP-2BO4aSDpdqPIJmo4OFeCHrxyG= r5b12BIKLiJkCLJi4oWF35P4Ads6EfVR4Vr73QqWBNE0WIwLlXVjm" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true"><b>report on the sector</b></a>.<br><br> =E2=80=A2 <b>Kikoff's co-founder is alleging= in Delaware Chancery Court</b> that the fintech startup's CEO froze IPO pl= ans and pressured him into a discounted share sale=E2=80=94exposing the pow= er struggles that can fester when cap table control goes unchecked. <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KXev4LhcJ-2BAGbvTqTA-2= BxAaw-3D-3DvbT7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJR= NVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv= 1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ= -2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3zdr-2B4gHYvBpNaShqKeMLQMvq8XyjoF9dixyHhVrSl= u1Em-2FMuJBUni3tZyKJTmHNusEOoygfHHq5EyTMijunSqwI79xoTQA-2FPFSRFIXSYQu02bI7C= -2Bon1LNSsRYzYDi1KIvkwbOkH3A5t-2BUmpfWF-2B2khQUprlq1oVktzvG7VgU0rFRiHJBf3ki= EFRwapZY-2FQTZptMQ8jYBvxEQYCTcGe2g8d6Ah47sR0Eii49pUXLM6pi4gfoSag-2BESd8t-2B= 0im7M56NrkSzq6-2FH-2Fd9drePK-2FCU7" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true"><b>Find out more</b></a><br><br> =E2=80=A2 <b>There's a growing valuation gul= f in Europe's VC market.</b> The culprit (you guessed it) is AI. <a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KiOHGfKxxrrvCYBNyaCCsOQ-3= D-3DRAiV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9= FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIu= qwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLw= f-2BsgOtKU6Nkki9nNu8LkGE3z45n8jwAFa1-2FkHrIJ72ODp0b7cnAlrH4ePSDQkXbOaddREXf= Fc9V9n3ncY-2BYH2CiuYsCQA1e9vU6vcEel015YHZOzc57c-2F8XH5gGgunkw3BOz-2B8-2Bvca= zLJGjHoxQAYubkLjaWbF9ZY-2Fz3doNMlQGCVdZ-2BEP1gkhq1bo2ZVjaGZ6a6317GK2Jpo-2Bq= lJCVxf-2B5hv9A54u2BwP-2BWwl7jyfchZWRLsl6R7hsAYPtXzmx99QHYzkZAnQZDyPAJZo8LCr= g4PMIldY2IGk-2BLjexNrq2EW" style=3D"color: #1D5080;" test=3D"" universal=3D= "true"><b>Read more</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581043" id=3D"n_581043" 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;"> China's AI, robotics edge is w= inning back Western LPs, say investors </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 = Kristie Neo, Senior APAC Private Capital Editor</i><br><br> China's manufacturing clout, access to cheap= energy and a robust IPO pipeline are giving it an edge in sectors includin= g AI and robotics=E2=80=94and luring back Western LPs.<br><br> Greater China's private markets have seen fo= ur straight years of fundraising decline, buffeted by both US tensions and = weak domestic consumption. However, many investors speaking at an industry = event Tuesday in Hong Kong said China's private markets are already bottomi= ng out.<br><br><b>"I do observe very clearly that sentiment is improving fr= om a Western LP perspective.</b> =E2=80=A6 If you look across the world, Ch= inese private equity still churned about 14% net returns," said Brooke Zhou= , who co-leads Swiss-headquartered asset manager LGT Capital Partners' APAC= business in Hong Kong.<br><br> While China continues to face most of the sa= me geopolitical and regulatory risks as before, it shows a commanding edge = in specific areas, especially those sitting at AI's intersections with hard= ware, infrastructure and applications, noted investors.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KSLxtYRFDZ= XJBtpxapR2NHw-3D-3Daken_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9F= cbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVK= tqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1= mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3xjpEmjkKjd9Vgyw3cR3s-2FUF9emhjLdtsL= z1l3eQbSwRvfvEYVeOWWI4HZsTTZoL0Kuq9u5P40YhKTJFMErnKT90ooVhaKPykft1ZuWevYB7c= RH-2FUW0ulGEs6p3IPsG9jRtifulGNLDQ2ywCOyNzLSqIw-2FAn5uFLQnStq9WNquwi9DlZA26D= pHR0tMXCLeOUa7SEU-2FmHO5IRzRMrApooH2ED-2Ft6Cc0LLi3oxOvILE-2B1ZzjrwWf4q-2B1j= cV-2Fvau9COaHqNACH4j-2FUzK6BVe7DOzWK" universal=3D"true"> <img align=3D"cen= ter" alt=3D"" src=3D"https://img.pitchbook.com/news/74407.png" style=3D"bor= der: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"China= is already exporting low-cost electricity in the form of tokens. Ultimatel= y, the LLM model relies on chips, energy, and which country can provide the= lowest-cost token. <b>China has double the electricity productivity than t= he US, but at a 50% lower cost per kilowatt</b>," said Jing Hong, founding = partner at growth stage investor Gaocheng Capital.<br><br> GPs have already been putting money to work = again, according to a recent PitchBook analyst note on China's AI market.<b= r><br> Investors expect Chinese AI investments to r= emain resilient.<br><br> "We've been seeing a lot of attention in lar= ge language models in the first half of 2026. But I believe in the second h= alf of this year, we will see more activity in application robotics," said = Lane Zhao, CEO of Beijing-based PE firm InnoVision Capital.<br><br> Sentiment is further supported by China's ro= bust exit market, particularly in Hong Kong, which claimed the world's top = position for IPOs this year.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZYgs4sDQC2KSLxtYRFDZXJBtpxapR2NHw-3D-3DI= lrC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlO= xCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJ= UR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1= PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2Bs= gOtKU6Nkki9nNu8LkGE3zCUB8Ul73qrRyjLC8pl9MyyM6cisQ4C-2BQd-2FCjAXT-2FkL3FBNVI= Ke6NVR4JhRnw4SfawLC81OMyeg6YeC1We4rCw6kh3zdtizbgME93J3Vsn0-2B8QUB3efi2ziLlI= dy9lTd-2Bn2EW-2FhOxoxsqEGgWTMULr2I-2F2EkTkPQo6xeq9GawOmeksNdILuzdQ4ieL7SGg4= oaLivttpEflzIF9tqkVIHSdWZ630rx1f3wnT2AIR5ixvUU9chEfLOzhL8iRs2jxn7MkVccN59A9= DXls-2BdGdBKM3" style=3D"font-family: Roboto, Arial, sans-serif; font-size:= 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b= lank" universal=3D"true">Share this story<img height=3D"24" src=3D"https://= fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: mi= ddle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated analyst note:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3Nvi= GZYgs4sDQC2Kch2aHeJJXUD-2FHY8WTTjdNw-3D-3DTrPg_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2= Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEY= xvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJ= r3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3z9cICXzLB3jT= mRRphn60bGdFk5BShaIQTjTEPAqAPJr3QS9CzSFT8EE9FDkrwCBGDe1y0bsmJGC3HieMnNC4iF2= 59zW8CYt7tz-2BvD3VloZJ0gu0vVOzJ6kU4nPeuYw9OvEdK3pQsNc0yjEG9p-2FInzSIGD42AqA= qmQlIYa9BiU-2FbmYWkMczoQlKaAvOSJoFdbXU9DA0drUmTYFm5XkX2ZFe4JMrDx9oJttUOzDbT= CG3KnwI7vKxyBbS5TPksWISCwDWnnIgMp3YC9gklO6s-2BeA0" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Where Capital Is Flowing in China's AI Marke= t</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>A year ago, most CEOs planned t= o grow junior roles; now more than 40% plan to cut them.</b> On the back of= AI disruption, the composition of the workforce is shifting toward mid- an= d senior-level positions. [<a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJRf6V3NviGZY= gs4sDQC2K1ahR4NxskzJ21URtQ38D-2BQ-3D-3D4Tex_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6= kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvN= DjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I= 67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3xVBKOcFpOkJIqvU= 1GT9M9QT278KJ3pyAprjnkh-2FChV-2BfTb4UCXYLQoQjdOyUENwbLlhipnn-2Fj4FrlClzFlCR= egzS8Lf70-2BplTuXSPtesQD-2Bt9xzSF6CfkZaur-2BW7UwqqlFegHBD479ODzBxXEwOhC16RW= OQaKIs-2BUYyV1pxRc2ZbA2aiBZEU0iI1arcaTshvh7aN0gCXDBeMqOc0aPPhUk5v0-2BRkim5u= kxcGYQUNuNMvq-2Bpt-2Bu6DA-2FqYRXXXIDA7i6M6IpW9-2FnmzNcfuzmCs1Q" style=3D"co= lor: #1D5080;" test=3D"">Fortune</a>]<br><br> =E2=80=A2 <b>If you're building or backing e= arly-stage companies right now, Claude thinks you should read this.</b> Ant= hropic just put out a playbook on how to build an AI startup. [<a href=3D"h= ttps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzWYWnDk0pI8H2NEQ9GMTpUMQ9wl0102oZeQlsDQw84MMA-3D-3D8Y= jm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOx= Cu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJU= R14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1P= UGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2Bsg= OtKU6Nkki9nNu8LkGE3xHkytg3zf4psa2yqZF6UkCzA9syxn9iNrMhqLc-2BRanWcP0jNbhP8-2= FzEfR6v86Scq03mtfS0mPEYZUuN9R03CAlQ4KeFKcJH09hcXto8sunYeSBiZEfWb5NiIdkdvlAK= H8-2BIcT8Cxf0U59ajWtPQwQRcnh7V6mMQlUYypMiqYwuCg2hLHXu100EJlNw7zCCA261uiz2Nm= aPqJ-2FifiKcbWlDjAkG2CeTmcp-2F0-2B-2FiGUDOZE2b0ZisEhVV-2FO-2FTtflbCpkQYlyDa= TJpbMzWtkV-2BAs-2BV" style=3D"color: #1D5080;" test=3D"">Claude.com</a>]<br= ><br> =E2=80=A2 <b>The "cozy games" genre has grow= n into a billion-dollar market</b> driven by burnout and escapism. [<a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWYWnDk0pI8H2NEQ9GMTpUMMaA-2FNFijpZ32-2BM-2BvJdZ= CDA-3D-3D0V0q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNV= wivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b= 1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2= FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3xatHKY5JYT9r78X6JujLzOftqM3vKt0-2BGkHJcu0q2Ob= -2FBJ9HDTerngGQhq-2FzsbTDGvwQnob4vKDOylzqVVn34mF9DGM6cMSVhznsqFjOtRwuVPJlAw= l8ajwuUW-2BYEaS8J5AclJK11NcvPAHU-2FBVhysinz7qXTTSrUcP9mhet7b6kdn3HyPlWtFFGI= -2Fn-2FHPtNGoXevKTG16i8YsZAcR-2FDQ0l7vYc83UrKVm-2FqYFUGW1CskjBVKh6K92nloMph= THfRrf2aKsP7Eq-2B6YJCFdWUXVD" style=3D"color: #1D5080;" test=3D"">Euronews<= /a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWYWnDk0pI8H2NEQ9GMTpUMxqiqIdJAGUvygVDZ1DqUVg-3D-3DD9v= Q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxC= u9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR= 14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PU= GHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgO= 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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;"> 769 </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;"> 2211 </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;"> 1161 </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;"> 23 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWYWnDk0pI8H2NEQ9GMTpUMzasPMoEMichn2FKPcnpzHQ-3D-3Doqu= y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxC= u9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR= 14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PU= GHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgO= tKU6Nkki9nNu8LkGE3wR8bKFGS6-2Ff5HyfdhGci0ftoOcvs7XQoNvXx73XKImueDAQgrp6EtA7= 4SN-2BCovurhJ8c5ZmRe6NlbnnMpSmxRCDtWnHPLhbIMSDz48xwWV9YAxK8cGYf7Zj-2BnVPt-2= Fv1CF7bamk-2FyOtV2sTSv3oM2pheCH0oPxD-2FmAc88vYS0mBxzSOyD3O4sgvEXwd-2Fw-2FrO= V3dht8JPx-2BdlVNJPS87ZnsV0wXkzxW89djjLBpzsObRCvnlNuzQVTrvL6xzXqtnBleJ1V40Zf= 1X4QAlSez-2BsG1b" target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581039" id=3D"n_581039" 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: 2017 Vint= age North American Real Estate Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 56.4652738565782%; min= -width: 56.4652738565782%; max-width: 56.4652738565782%; background-color: = #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">10.00%</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">17.71%</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout= : fixed;" width=3D"100%"> <tbody> <tr> <td align=3D"center" valign=3D"middle"> <div style=3D"font-family: Roboto, Arial, san= s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27= px; padding-top: 5px; padding-bottom: 5px; float: none;"> 0.89x </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= swouzWYWnDk0pI8H2NEQ9GMTpUM9QEeY9xfWABGhZC2VdTN4A-3D-3DArUU_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D= -2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986= G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0x= S4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE= 3z53gFUkPI9kto-2FN-2BwGwp-2F1LUEZFwGYAnxOmoEH7xLcfeeE-2FpCnCb7tlD5Ll6IDFjLk= FV-2FAUWK3MLrUyFeYyZK-2BhoKf4OKa3igaPfnlGjyK7KA9izkKOZ4Uo6GLxvPqeMLJO-2Btby= Rwk-2FkY7ZSaANqmnwc-2FDLduLa7CDuKJhHeAXLj5z-2B0C64g6RmEStPC7UnivhAiNaKN8NiW= -2FvyrTcucdAsDLe3GORSbOM94Arf5dzXe-2BqwVC9H9EfGoglDj3Xsr4f1P2yQKksYAO1V9ebK= Mpk" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universa= l=3D"true">Realterm Logistics Fund 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= swouzWYWnDk0pI8H2NEQ9GMTpUMEhWWd3vB6TXFmDvXJAUKWg-3D-3DncQP_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D= -2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986= G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0x= S4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE= 3xbRMogxx4ZzgzPsBgqj6g1oK-2FrzD4Y11p-2Fjh0k4PFrP-2By-2FdKA0SkMJBShrcAfGFdrD= OhLfoeA1t8clJE0kN7Bn4rLgNKB-2FU6-2FcvsN61-2F6l3FPM1AzGO7FUqXCUGWaFwplDIestF= nmaVSYsV8hxv6gLClQIG97cJMAuJnEWpgTCcEi-2FB3f-2F9ruGSuaTh1cEmAX-2BKCOUshZhSn= aKj7ArGjgoDG1AvVilLa-2BL-2FtdEdUgGxYPgYFxf81mTCJjD0oRHwWrNmshJZyt0PJSi0AJQ1= d1A" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universa= l=3D"true">Principal Strategic Real Estate Equity Fund 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= swouzWYWnDk0pI8H2NEQ9GMTpUMgy6DOu1TCLcrLO7NrQcaNQ-3D-3DTIgU_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D= -2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986= G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0x= S4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE= 3zOums6s6XPl0pFzPwNQJoYRcfrW9CtIYOht0YfjDYslyJYioLhPeGViFqOkLaaICeY5ZH87yjr= Rq40KHelbbmsal2JNKzZcO7etysN1g8gOnDFP9kKyVYv8ZlpoEwDB4TY-2BgE2Camje-2BdWFOo= 5A0rD7g4cGUC-2FXl-2FTwIbapDVQkAfQhOsfkM9cP2fu6Ac8aLVy8-2ByzPU1VjgzBqcPjJ6st= c1joMNiPZ-2BghOw-2FqacjiWt4cub9CMMsotLj511mYTPup9RzTvA5avV1u4H5BKuPx" style= =3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"= >Cabot Industrial Value Fund V </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-2BaqM7ONnvsnswouzWYWnDk0pI8H2NEQ9GMTpUMqlk4QI= wNA1PAcJWxEBL6Mg-3D-3DTN1N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25= I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7= tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfax= 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valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWYWnDk0= pI8H2NEQ9GMTpUM4JjnEdK7rbURT-2F7BPvNYlg-3D-3DvD4-_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfv= e-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7Y= nEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC7= 9gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3wNJRA-2B6= 3Ix7z4u5qx-2B5Anp6QomMNG30Ft7pzRbmCCIKU-2BjMfllKlWw4TOBk1pVmyT9Z-2F2wzgkviq= k1eBkXljaXm9LKOeWFuJGm3CGjLAwnKO9bZ5gmFGHW6hEiQpxkKifZjT-2FtQ-2BS3EnpI3X-2F= zcFru4YCwFbNxfsbIDOjIjIQ2ap1SGDc11m-2FjrVZ3sX2uwn4uStHIcAzr9ZWLPiCuzNTFaVQI= ZkWyrmt3HCjNt-2F0nuVBRHpl1IrMsaVQ2temHSEIeM0Itr5-2Babmnp-2BEvkzlOO" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a><= /b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWYWnDk0pI8H2NEQ9GMTpUMQuvtbIXjVJmiKyWxXaaHTA-3D-3DMrn= e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxC= u9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR= 14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PU= 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font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">AI sta= rtup <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsm-2BmlO= fEkhBESplRxuI4bCEg-3D-3DVLxT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx= 25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZ= H7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFf= axuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3yVkQFVOfEPkjmQF64CwcZkQ0bWmHKm= 7UOCbiEZYGe6WSeNDIt9iaF1xxFEPbkL7Ys8bxC8p7kt6o65nPVfgES-2FOBCwizFApYdmvckwe= kPnTwEsl7kRwRghJGs28Peqo8HoE-2FhYE3-2BGjYgjH4OKrn-2BhDJvRCvDoAUqjsAHAkk4YBT= vCw9QQf4RJxKZwlBAklHOtGyZE-2BvuaY-2FpitC4QHoQukPHiWyBMfU-2F3HqaVaW-2BsW8b6e= q96zjqtCB0sZjnXo8wAoCcN575Fd4E5WonY7pAl" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Decart</a></b> raised a $300 million round led by <b>R= adical Ventures</b> at a $4 billion valuation.<br><br> Modular data center builder <b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsmd4c1dUxRwAfJdD8HgynOAw-3D-3= DVBgM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFD= lOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9Fdp= kJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwg= x1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2= BsgOtKU6Nkki9nNu8LkGE3w-2FedtwJyzX5VPvSz2nWLovfC7Vni7asE3eQ5gdNOP26WoUa5rya= yxR-2BbFBBBftGKx2pvU2LUSYA3IKVrtNvu8mFQGfVJHFnTbWw4Ftwl3A1mrvD-2FeBccim-2BE= waBBj-2BccC5n40gOoDGpZhW8KVMpzivw5Q-2BKc9TB9vnhThHEpqlx3UrjFwP94Xqk8WkwfSw9= nd0yKif3HUN3HWptPY4jUcVMeMI2JlYBjdRcn1kIOpLmrFFfKsrLxIItwLBvFpgWPkUkXCCkWDj= ASEUUwj5mtqJ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Armada= </a></b> secured a $230 million Series B led by <b>Overmatch</b>, <b>BlackR= ock</b> and <b>8090 Industries</b> at a $2 billion valuation.<br><br><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsmMI1pXFwBD9C7BW71b= sZKFg-3D-3DeOxo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJR= NVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv= 1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ= -2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3x0MwYiV000amBKZ2LiRttHns87FBcuscimN6O-2B1wj= NY74w6ydymkRoVzDulK7iZrx-2BLEj3EJ5WvmHeaHQV0XSsj7FAIPfr4W6u6x410qhUkl89PAB-= 2FRNjObmy-2FnMuA8o0JpZaqthgapSKilvoMji69HRPUQ3mTCjuX0pnM2ILAZhn3-2BMt5XSalq= 4NFec0RGwSUbdQ1NV7ofOH0VcngVEFIBGFsh0M72dDyMDC5pGF52UnhMaTU62zSKrVYc1WpJ5hS= lUdylrTXLcBQybu52IaQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Radar</a></b>, the developer of a retail intelligence platform, raised a = $170 million Series B led by <b>Gideon Strategic Partners</b> and <b>Nimble= Partners</b> at a $1 billion valuation.<br><br><b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsmU-2BJbBMaC-2FwlIOyqHuq64Og-3D-3D7qxM_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9W= MPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14l= qDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHY= UTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU= 6Nkki9nNu8LkGE3wkCYB2BIifyS69Jz-2BKrqDpNdu4w81P2ZZzeqw7vjCrBzeJYHZuOtaC-2B4= Mej-2FWef7Jwwd0gk4I45X8-2F93TfpA96b-2F9iT3fsLkuB570rJ5acU-2B4S7ThxFgMK4jPt4= C-2FZ24Mg8DMOAMXCcvbg2QhMQR5hGX-2FRXB9hh3Ti8Tq2tjlOQDNjKdvcpYQPjCN7TxVcP3lo= VpV6w6NtFUw3HM2x8o1bXU1HedY4IiktFilBAq4Xdg5bIAXyjhXK4KfSNIh7sSfOP9hmgCk7PHa= 8rqJUwP1B" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sima.ai</= a></b>, the developer of specialized chips for drones and cameras, is in ta= lks to raise over $100 million in a new round at a $1.4 billion valuation, = The Information reported.<br><br><b><a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= UJ4cDF32yFMNpo9TPxVxsm9UAtDaNDW2rsu4cTDUZkDA-3D-3Dnu9a_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4= YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd= 9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1= ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3z56s= ai-2B7rnN6wzL3H4We-2Ffbus2MhBehYV7S-2FDnAMgcwLNhRiyXpvxspOUl61ht0fSzjVC2kZS= Fxcuu2iQHbqfF6tUrdQ8-2F3ypsetssU7dOmze3rq31VW2MgQoBMt-2FxJapOWye0uw2n-2B7Rj= 9B7WuaFqcmb-2BUH33cGrKQFC964kAGkno4FG-2Fj21kAZLyYk0at2IO4EKISvvOvZGrIdj3p3p= 0-2FqYceDJFy5t24YVeKvDcDtpuVZx0q9YfC6mj-2Bv0ctR-2F7YXiUQ7pWm-2BhyYRKafGYk" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Nourish</a></b>, the= operator of a telehealth platform for nutrition-related chronic conditions= , secured a $100 million Series C led by <b>Menlo Ventures</b>.<br><br><b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsmw9AIbtzBCcubNfL= J-2FDt3hA-3D-3DGqzc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9Fcbbu= gIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKG= Ykuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEy= xSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3x77rGcFSYaZb-2BWEy4hJQhvJ3dGWCwQv5R5Fev= JrGzkZTsmZ-2BOW9Z7ReikM34aGiA-2BMW8rotwZi2GpeAAG67wp2MKqMhumnaatlPSsG-2B9f-= 2FWJx-2FEhQMpE9z4EmuiTY-2FizdDiKyVidUZ-2FW57Q0xTBp7-2F6MB1hXvoCoL1gEy2PGXqF= MaugvVKdHQzEovUw8kLAwk4Cf8JiFPSIkGLKaPsy-2FPiEj-2FO7e6pl1NLrpMYsi9iablCD60I= jdOsYwtdfIAJ9WhlOt45rTz8fL7rh6HyPENs" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Commure</a></b>, which develops AI for healthcare adminis= tration, raised a $70 million round led by <b>General Catalyst</b> at a $7 = billion valuation.<br><br> Milan-based legal tech startup <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsmUQnFlj18OGRdwGqodRoOmA-3= D-3Dq7yw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9= FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIu= qwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLw= f-2BsgOtKU6Nkki9nNu8LkGE3zBiM1E-2BA-2FipxQGcYeGQESmtNn-2BlEeDNneKHNlT3aW14p= -2Fwc1QAoWKbaFBGbjh1GIWnNWM-2BQmexTyjBqRA8Kj9wfKeVdxMpQqKuVjdOaPR-2Fzzu5vYv= 27GX8-2FiVjL9mD-2BZz090ylNLPATVl6tVBb4z9SbjBIWCRSElCls7XWsvAV2mbCU8bsPzeNlq= fTdDEWRiF85jDBqaBfPfGdwhxTdWTgku0c97VaKLz1XbEAr0CmbYyz0mNoZ71WvIDQmJ49HYABd= xxkoAGsOqkCB5SFv5IZ" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Lexroom</a></b> raised a $50 million Series B led by <b>Left Lane Capital<= /b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxs= mjs4hZ0ifej6ff0HJSQzaLg-3D-3De5qY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr4= 9QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhd= xDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-= 2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3wU-2F5J0P0Afom5RmMiYq-2FI= Ws6ZJHOU362S9n4vVJ98LOqo7T3jN0yGyuUjVX8F7KK13hZS2fUsSc16-2Fx1YZWEPPc9BSIygE= d9f5HjCLdIElQYXzn-2BdTWk1O5GHJalzMCWBa0LODBSCFnSrKFqcYhg0i3eEWDJluExbmL-2Bj= Ta3zgapJRYr2KMu-2BrFQQS-2FsDvs1A9Y3Z0jcXmiWo-2FCOvDM0pQlPu3m7oAzIeVk9JEsC4Z= i1BJs0jIkhjIxUCEVxMcb0rRYE9bhEs5WsIurQm9LYo9" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">Relay</a></b>, a fintech startup focused on small= business banking, received a $50 million investment from <b>General Cataly= st</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPx= VxsmZ5IDNAbvnQW9IvxOBQFiPQ-3D-3DnWQL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC= fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMj= mr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4= jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVP= Th-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3yuvl3hhHWBBwr-2FUTENHN= 2wZEvBGV7sQh4W5evW9RnL4aKv-2FH6gG48OHiIFLDKI06-2FeC63zBSXyEtiVp9xNhTLMSytD4= o7DVl1FxtV-2FnyMC8ZvKpelk0TTpKn4YLuFbTPyDleqq4Dk7-2BV7ppF-2F0rbG4OoHelCH0Jm= 8Vhb-2FQDIBtP-2BEBdFhnP3zJpTirDR3-2Fm7UKqY9lQRoZjIot2I-2BVmVKe1dF8J59EYgJ-2= BnzfdPVAdxOHIN0iWrOfVgUXb3UEAF6Y2NCL-2Fa7Qur5zV7vHVcPsX" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Cagent Vascular</a></b>, which special= izes in technology for endovascular treatments, raised a $41 million Series= D led by <b>US Venture Partners</b> and <b>Astoria Health Investors</b>.<b= r><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJ4cDF32yFMNpo9TPxVxsmGCDR8= mlQRYwssMtsJ4KLGA-3D-3DNjDf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx2= 5I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH= 7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfa= xuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3zyibEhOzrZH02MRCB7oAWTx-2B5tprP= pLRfOPw-2FgfUyMdlvIAQq74VFeT3vXLRASqYKUNj3o97nwqIoz6AbL-2FxCLCy-2BlsQ9oezeg= ZwfztSv0dlCJNB3VS5S2Yr7s2as44WQ4b35hVEoYX9vBiro5l2UAJ9qlpVd9pc1PI2kx1nhGBHP= bw4-2FDqpyZIi10gFFpAv2X1qrE62dTlr7duyp4gu4N2bxlLRJhjFd7E9-2BsU-2BiQ5cw3I4q3= M2dsFfhfWyY36oMoSQuCbCu0iM5LVclXAapP" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Dust</a></b>, a Paris-based startup helping businesses bu= ild custom AI agents, secured a $40 million Series B from investors includi= ng <b>Abstract</b>, <b>Sequoia</b> and <b>Snowflake Ventures</b>.<br><br> Berlin-based <b><a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzVdHa9PkCPmGdDoNjee9IOy0oy0gh-2FMBRX3X9AYKzMhgw-3D-3DCUas_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2x= Vw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZor= puYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F= -2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9= nNu8LkGE3y3OQpeJWdNxkhUkwifrOynUlAtiT-2Bk1wrVv10GAdx9bdTppvJqW1f1H6sIz0z4F3= v9K4KXeeFLw2XhnylWMkZKdiOcLCUxU-2Ff-2BnWnZTlERIR5JB6DV6XqXjJjucVq927qchl-2B= uRRCJKum-2F2uAkQ3sZL-2BaneT1t9WETOGv7C3iaigtQydQu6RtTB-2FMxTqp8yYTftMZJILNf= 0ZScX4kVGIMwMIkEbyM4lQpx1D32DQW67DNSVAvQw9-2BSoCz8i2fMz9ys-2FtP0876w5D4-2FJ= WKAAbKa" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Bunch</a></= b>, operator of an AI-native fund operations platform for private markets, = raised a $35 million Series B led by <b>Portage</b>.<br><br><b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyrJ8xAEucd1P40IhYz86igA-3D-= 3DfpO-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= DlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9Fd= pkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqw= gx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-= 2BsgOtKU6Nkki9nNu8LkGE3zV8OSQc6DOYtoEaxQlZHRBe-2Ba2Ru6cCgU1Fd4XVJPalThycmZR= HxuBtQl6huiWE9igPUppLDndt8mfasM0Mb-2Fx3trfMQMg63VYAIdUcNwF-2FlcdtxryXiZ3StL= omV2x5bftpv7E-2FPL-2BEDZ-2BY0VoYz6avxY42bezAwHvFF-2F4FEA5Wy0Nlg-2FS5mbTP6Zz= HfrXEFELI9AdCSH6ky-2BNHnxDUw5xR9blZtbrhq2cyyQ3SWUEh3mOXzmgSB516NXKhBQlvRC4O= SLW-2Fl5dmydD9pnlZfqk" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Scope</a></b>, a London-based provider of AI-enabled industrial inspecti= on software, received a $20 million Series A led by <b>Index Ventures</b>.<= /td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>KKR= </b> and <b>Energy Capital Partners</b> are considering a revised offer for= <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyyvqH3iEctG= CTInZoocsy-2Bg-3D-3DK8SA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9= FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tV= KtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL= 1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3zJyLhvsWKTym0N1DxGAtdJYkhWhkw3mWZt= EAFcnFe3AQKDgOqDYp1pXKtMm7vfVqwT1sfE70cCdVn1O2JZAWYlq9IhDNUtOHPry9nlEKXuyLC= EfP6oqyGzQyX8qr31VeS-2F8dyTu2ZMuvNqehnZZr4RFMwnouH3KRwePlzSSoN9qQWfD6BUm-2F= q6XK5aEgj6CCkxdJG8-2Bckkew-2FJf7haE3X-2F1U39QtMRKcJmhwmcV9FZnb7H6yitvWPh5DW= K-2F9qzc9QMKeG7KBYMHV1kdEArPKbo" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">DCC</a></b>, a London-listed energy provider that has a curren= t market value around =C2=A35.2 billion, Bloomberg reported.<br><br><b>EQT<= /b> and <b>IDG Capital</b> have been shortlisted for the next round of bidd= ing for contract drug maker <b><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVdHa9= PkCPmGdDoNjee9IOy7P4YWRS4sE4PaPHgagfHqQ-3D-3DWt56_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfv= e-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7Y= nEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC7= 9gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3x-2BYrQ-2= FGUR43YltMwmfaPkVIuW-2FEIZ5BkCIu4roQin2TyIIxl-2FttOE1R65fBdL9qUuRE0b93jkMGc= kUWbwtIC-2BvpyKMOw89ZvHEIrV2P85w7Q08hKd6wyJjTYC6oMd80JgiysZBbXtkd10tsEKcHiU= z-2BkDGBeZahUMTUkRiYJ8IfiIkFwlPdUgDlh4vokfWrkNcWEEvDvHePTAg8K51pSjvq2DHudnV= 9XK7cGVglRzP0HhunFExTDaDccdEP5CSuCrAe5KigcC3oW5oGO35k0iB" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">PolyPeptide Group</a></b>, which has = a current market value of around $1.6 billion.<br><br><b>Arctos</b> agreed = to acquire a minority stake in the NFL team the <b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyoYQo8V0ZKkDTgnnK9k0Pvw-3D-3DtYec_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk= 2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZ= orpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-= 2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkk= i9nNu8LkGE3zRWYNNMmfwhqz5taPD6aSWfF9SNcDFo8TIUKcQQp-2FBHWw4r7oCMnOqUEd5qTrN= 7y73Ub8-2FHS1C9cLiKnjADZ9Hw7fsDi3jaynzsZEFtVh3COogR4l-2FGI06e2p2Q8A9OnZHYmy= xAiGIALfQke-2FW5n-2Fa8U-2BpIFM2BIknFqj6xje9sLFjI4CAYbizLQr-2B9Y-2BUJqKDjAkB= 8r03ResiNdRSfX5pbt44Jmq22LHU89yRVYAfg3yLf7nAJeHkxR9-2FFdtYmDWzAkCZ7wZMhwKCg= TziA8wg" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Cleveland B= rowns</a></b>.<br><br><b>Align Capital Partners</b>-backed <b>Marco Sealing= Solutions</b> acquired specialty sealing products supplier <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyvAlBnnEynQe8js-2Fq4Di50A-3= D-3Dm6xv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9= FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIu= qwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLw= f-2BsgOtKU6Nkki9nNu8LkGE3xWryoubiL1aaa3Nnu0lvXJJht07mkh96y3mD91yY-2FqMLMEBI= 6BAkXbViPoIvcgikVrkybFWjVgJV4EbqljMKO247-2Bc2Tn1GKQhobUp28-2BTZV9GBKPnoPo0j= DfBrodwN0RQ6JJTma8p9J866nZoTKt8HFZvNgVdI6-2FgLDzvTPY6fAS3m-2F-2BjkBut8zecR4= KZW88BvNfF3kqmBv9xmNabq9UvUPgj4aFjGaqXpO1jJBU2m2RSSf7u6Cs0R9dvdf96fTxqU3sZU= wzOOd4tsXbGZNTE" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pri= de Seals</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Sch= ouw & Co.</b> has set the price range for the Copenhagen IPO of its sub= sidiary <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyg= uFdKw6mW44bcb0NWSA-2FcQ-3D-3DRURe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr4= 9QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhd= xDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-= 2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3ym0A3B5rL-2FPBzTiBVQjkj8t= eEb05toUhJUADOenDkPhcqAqi3ufBb0p7y2oDjqQZG8m1XaXux033OROgaEcnZoaqk6lZIrzrIP= HPy5sTv-2F51Wr5ZDhHor0TDVmpjrJ8imhMtOVrHs1l1NCgCILr87Cl-2BGdzCP3C0KNQ6uuATA= 9Ip4pb8OqmmShk1IZrzKj6-2FWxoDw4dzyDEWJiRzrG6muDW-2FFEE2wLXCwd-2BhjCcKSRMAhl= sDSl-2Bc3Rd-2BKW5lt6q8hH-2FtfxoEePHnM6hVIJlvFz" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">BioMar</a></b>, a Danish fish feed producer, in= a listing that could value the company at up to $1.7 billion.<br><br> Nasdaq-listed <b>Analog Devices</b> is in ta= lks to acquire <b>Fidelity Management & Research</b>-backed <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyjtNcCYfgvfKX-2FRrpduh= I7g-3D-3DoI-__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNV= wivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b= 1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2= FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3zbiUd4KbsDZs0k-2B5Pkikci3dHGSsPFD-2BTQqBBzqtQ= ufCbKqB8FlvJpTJa3Fi9p5EA9VxGAIX1F3PEM-2BYtWxikMy-2FDCGy3De8MgxiX6fCYGabaTsc= n0rwRO3X94nnzFlDGsmLcckw7pyejNWKINq1u-2BaUQqAOUbgnYNb9Kbbl0JNVuEobAM65oTXBZ= kHGOFWPce8eHVz7ffA-2BrsX1E9QfLa9Y0F6dZBZ5rpPhG7KT43hmh3NREKkuAuv1Jl476qFPqw= z4aEW9CCg5yT-2BT9ssrn4" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">Empower Semiconductor</a></b>, which makes chips for data centers, in a= $1.5 billion deal, Bloomberg reported.<br><br><b>KKR</b> is selling its ro= ughly 163 billion Japanese yen ($1 billion) stake in chip parts maker <b><a= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyl-2F4Mcx-2BF-2Fl= 3hsTTqj0kSkg-3D-3D4uyc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9Fc= bbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKt= qKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1m= vEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3zQocaUIBNrYOHpNhRnDFSbxRsqh8d4gWoqHG= Bj2kneS8-2FktFpgkAZfJx5XQgt-2FjFn-2FI2dp5SW1GuZgAn0I3bsQujtIwukezCREloCMH-2= B7xKVeZ3LjWMceOD4ANRzTrH3pBM3dyfL0DqRxb-2BdAZ1tFNWoqxg-2BmJDDmAiFJjqJPXfFzb= 6vb2iCYArJrb37CsCWiWtfA3B6ShWb64H23AXrLDOn-2BvQXCDmLHv90gYhT57letpRVCtWFkkO= Ctr2-2BnyJ8w9mLzRBltg5g2ZekRJ5DzQ" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Kokusai Electric</a></b>.<br><br><b>Intel</b> and <b>Qualcom= m</b> are interested in acquiring <b>Fidelity Management</b>-backed chipmak= er <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVdHa9PkCPmGdDoNjee9IOyR-2BrgiY= 4a8A1AW75IG1kw-2Fg-3D-3DJwIo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx= 25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZ= H7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFf= axuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3ygUWVzcveu3HP4nqrY2DxWj2hFSd7R= cysT1C2xSvwD2pt9p1v22qbzHRScjHjIJbJ2zpivgDPgjMuLxRwKonfEpL0bslWA9geNY-2Fuy8= yEt44yVuvtnM8SYgujCiI2s2OSV69qnMHFrrciAZ2mx2H8D1fNYS446Nan5PGs9eiQwbyCb94-2= FJRaR0Jx0vUCJ2-2B6Qxmnb9W0RBAMcmAjJ0Vtt7llLDPPUBJx-2BKVQYaHvtUt-2Feam-2Fir0= atTQoSOD67yxjElBa0jYjfnsVe1zX9iT8iw" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Tenstorrent</a></b>, Bloomberg reported.<br><br><b>Cohere<= /b> agreed to acquire AI biopharma company <b><a href=3D"https://url6380.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWYOvD-2FNppdaf-2BmSQWpIBRV2Sn7VjaBSdgQ7YynZm64uQ-3D-3Dv4XI_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2= xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZo= rpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2= F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki= 9nNu8LkGE3ydZDWNiBfaWQL5LxSoqV3zgWv8LR7Gte-2FFcUZoFVsQEwxTVOKGYNQKAz-2FcHr3= RopfCAJI9UANQXhD6KAWfSiOpcPfySTuk45Vqt5Cc4jvhtQ-2B1j2i2LHAuiA9dmIKmljUkLzYW= e-2FBrR99pk3NI8NjikyF-2BkJ3nOWdQ2-2Fi3r8Ydnh6jUYIbvnI5pKXhCC4qtlCK2XGSbitkm= F8BbTjGen-2FWdeTGPJz1sPLTV6AbNdEjrIYX8R4Q4GdGnpGG6WrdDm-2BLdrhw6KpxZfh0XH9Q= mpdr" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Reliant AI</a>= </b>, which is backed by <b>Inovia Capital</b>.<br><br> French LLM developer <b>Mistral</b> agreed t= o buy <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWYOvD-2FNppdaf-2BmSQWpIBRV3= 13D4e4s4NHuRcVcjG93Pw-3D-3DGYd5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49Q= Cjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxD= 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The target company = is backed by investors including <b>3VC</b>, <b>Speedinvest</b> and <b>Sere= na</b>.<br><br> China-based physical AI startup <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWYOvD-2FNppdaf-2BmSQWpIBRV43pxaRAeMRSQl0NJn= Veweg-3D-3DmZN8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJR= NVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv= 1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ= -2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3xc8W0-2BmUNkhaWrIsUwCf-2FxonMZF6kEJGH15DgYz= VmMRwCDfNkptc54EKimCWUgY12apTeelTkk-2FjyI9q8b0h3wH1Tc-2FtX4VlgsmXCSuK9e-2F0= CPA01iyj3FB0lOhWe1Kym4-2BIHoV3pF5PuoharDqSJZIac-2Fp89CcjvfDG-2BwMGmSdMZuIEk= XK-2FJFnZSQ65Uzo-2F4emxe0tJ4M94xat6viuk5XkwJyukLlomEQ-2FEeHhyyOTeC3x0IfETLT= VWM76A1QgKIHNaTPkY7rj15nmjAfZuXc" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Linkerbot</a></b>, which is backed by investors including <b>= Wise Road Capital</b>, has hired banks for a Hong Kong IPO, Bloomberg repor= ted.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table 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;">London-based financia= l services-focused VC <b><a test style=3D"color: #1D5080;" href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzWYOvD-2FNppdaf-2BmSQWpIBRV5G4cY8PUijpqBPJML5Gzog-3D-3Dw= EFl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlO= xCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJ= UR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1= PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2Bs= gOtKU6Nkki9nNu8LkGE3wxwKLtF81JSVaovxsCXN9ptl-2BZRA5AaobnFkrLZwBBhwZiFSxM15E= sHfxRlTn43T6piPgUgTw0dlhzNSxp021aJyxZeZFqjEdnDdBpaKuZX5FbW6gCQKXGTinlOKgl-2= BYo6PWvxIxB6qPxQg2F50Q-2FJzODFZooU0f0u4kx5OJXDtYSoQgw8WbHJ0bdWn5-2FAhhoVZei= nEc0IQFvq2Z7tKhh8nbPEWC7DYDN1bAKppaKBu9nKSsclgLVVHVPh3d9VqHix4VCaO8LAeCDgAp= TO7sV1" universal=3D"true">Mouro Capital</a></b> raised $400 million for it= s new fund.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWYOvD-2FNppdaf-2BmSQWpIBRVrZzRr= pi8Ws9mLb54Q-2FcZ8A-3D-3DkSKb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xVw9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCj= x25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorpuYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZ= ZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHF= faxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9nNu8LkGE3ziB40Mhu2rZM7dbHo4vGMAoPEn4NI= PPLiu1-2FGgMAz-2B6E-2B8dYvF77-2FMTQg06NqH4oXb1MbZwUOMOVdY6cYtPecgQdRxVKNilt= L6hrbj1z-2BHtsHDV-2BhcVeAqRxUSJFC-2FEGNZaaVHxrN1AvPZG7SnLjQQvWtVgYdlv1GzkqO= 8MmKuZjwa1qnmtuiJW48fsdLSJMRKCZ-2B0dbz9f8XzM7uHpHQoUA6zvy2a7ZP8MTmKnaUL0yOa= QTr-2B3mHzBBbA2gqniq8yfWCVFOclwu5D-2BwRRBN9F" universal=3D"true"> <img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74409.png" styl= e=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Q1 202= 6 sustained the strong M&A momentum that characterized the second half = of 2025 in Europe, posting a 5.3% quarter-over-quarter increase in deal val= ue and up an impressive 42% year-over-year.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzWYOvD-2FNppdaf-2BmSQWpIBRV-2Bo0QvyJSgW4bHxC2guleRA-3D-3DUh7m_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDlOxCu9WMPFk2xV= w9UNC5D-2Bc4YrZfve-2Fq6kRE1RMjmr49QCjx25I9FcbbugIJRNVwivN9FdpkJUR14lqDgZorp= uYZo986G8Ysd9nV7YnEYxvNDjveKg4jhdxDRZZH7tVKtqKGYkuv1b1QiIuqwgx1PUGHYUTw-2F-= 2FwMK0xS4yv1ikWC79gJr3I67k0UVPTh-2FHFfaxuL1mvEyxSrQ-2FHcLwf-2BsgOtKU6Nkki9n= Nu8LkGE3ziZpUhCRqig-2B-2F7r4FwNNs5NEg3V4QrScqwME-2B9SDLecA-2FJtV0eUp-2FCf5U= DjxEtbCJWovyjFrKFR-2FHitCZ3fs271n8i-2BKunfOeIGl9xaih4aHxMwE4TdIxZVATHubBj-2= B9YGgsxVeZ8iuWVYuvib-2BpvEpB72WtSxDZVwrhWkYh94zbUz9lBA6Pnfa-2FsZM6chxudnPPv= eTSYQI-2B7TBi0OvcWJI6-2BL-2FOkhipSmrHkQYu8E86DXaUtJZynyNdqy8mEtmwpKqh17TA33= iJ0hQlmcvACu" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 202= 6 Global M&A Report</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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