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Content preview: PitchBook Newsletters Winners and losers in war; another slow fundraising quarter; European legal tech on pace for record year; mapping the AI super-cycle May 26, 2026 | Read online | Manage your subscription The Daily Pi [...] Content analysis details: (0.8 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 T_SPF_HELO_TEMPERROR SPF: test of HELO record failed (temperror) 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Winner= s and losers in war; another slow fundraising quarter; European legal tech = on pace for record year; mapping the AI super-cycle </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 26, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUEnkcPs8VFYHo= 3FXrgEeUytQ3aBRgO-2BXTlIe34YpuApw-3D-3DsGsa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yx= vevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8= vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OC= Vd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq61egjoIgr0QSg2diAFp8= m3UduNkYQ-2BXvaVt35YMAxbvZWEP5v7flOmi-2FT1jxaKPyLnrjuK68O2Ve6UIMe49BSNf1BjE= HHosee39zHJbkaJTNoMXQto3W6HJkrJ6-2BJfQvU1Vs50VnM-2FBXVM-2B-2FqR-2Bq92n0Vxj6= b99lH5uzKp0aKtFMB7AirRkYPP-2BtgXEl65WHL3wSOa1VupMdYbAoGxD2VjbV0E3ITikKhEA-2= BcfTCL2lEVXME4RJUxWa4viQZGss2YhIFUELUf95u2P24-2BRcRB8l" target=3D"_blank" s= tyle=3D"text-decoration: underline; 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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_581191" id=3D"n_581191" 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;"> Music catalogs strike a chord = with private capital=E2=80=94but investors want more than just royalties </= 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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVXCU4DPha2= Eaw9l6jzTqcxQ-3D-3Dv3M6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUc= uEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4c= Ar-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OT= tVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq61Sha0DkfSNOawHiyS1aRRpCMiDKmxpAxHIjYodC= zeCP1rMEUoqhyaXPQ9FEjsEWgU0kMPESOB3QYzY-2BZrQNo-2BSCE-2B0ScOYPV4RvwSyAv7o3a= ui9dL8zsGL5-2FJFKb-2Fgv9KoEAyHfP1BCyT2BSi90XA1cigP1gewXmaPd6sFeU0IkTWpY-2FW= E3bzZ8983wREGAk-2F9zmdX9An5-2BDkptmcWLqI05MC7chHyIWvx0LjSK4UMctvfEAz2dh0eWe= pvq55ncef6LcwCFwvjW8j0Qt2qQr9W" universal=3D"true"> <img align=3D"center" a= lt=3D"" src=3D"https://img.pitchbook.com/news/74466.jpg" style=3D"border: n= one; 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">Beyonc=C3=A9 (Ke= vin Mazur/Getty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Emily Lai, Private Equity Reporter</i><br><br> Blackstone's exit from a 45,000-song catalog= this month, selling Recognition Music Group to a joint venture run by Sony= and Singapore's GIC for around $4 billion, is the latest sign that <b>inst= itutional capital is finding its footing in the music rights industry</b>.<= br><br> The deal=E2=80=94which comprises Recognition= 's entire catalog of works spanning artists such as Beyonc=C3=A9, Leonard C= ohen, Lady Gaga and Mariah Carey=E2=80=94follows the tie-up between Sony an= d GIC in January to buy high-quality, marquee catalog assets across a range= of genres.<br><br> It is not the only notable transaction to cl= ose recently.<br><br> In March, Francisco Partners agreed to sell = Kobalt Music Group to independent publisher Primary Wave in a deal that cou= ld value the company at more than $1.5 billion, roughly double what the PE = firm paid in 2022. The deal, pending approval, would create a combined enti= ty with more than $7 billion in assets.<br><br> In April, Bill Ackman's hedge fund Pershing = Square made a <b>$64 billion offer</b> for Universal Music Group=E2=80=94on= e of the largest bids ever made for a music company.<br><br><b>Significant = pools of capital are also being raised to target the sector.</b> Last year,= Swedish music investment firm Pophouse held a final close of its inaugural= fund on =E2=82=AC1 billion, reaching its hard cap and making it one of the= largest first-time fundraises in Europe in the past decade.<br><br> "Historically, [music rights] haven't been a= vailable for investors to invest in, because it's been really complicated a= nd almost exclusive for strategic investors. But now, <b>revenues are trans= parent as they come from streaming services; it opened up the market for in= vestors</b>," said Johan Lagerl=C3=B6f, fund managing partner and head of i= nvestments at Pophouse.<br><br> In the past, investments in music involved c= omplex risks in physical production, including determining the right number= of records to print and securing warehouses and trucks for storing and sel= ling them.<br><br> Today, <b>digitization and streaming platfor= ms have changed music into a global investment thesis and an opportunity to= grow at scale</b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; 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"> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUzt= nGxNonTVHmbopys9dFYoU1f7z8GI5w-3D-3DWEyk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvev= nku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ= 1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3= gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63oBzSn4kHqeOPW1AKHQrEr= 3-2BhqccbDgn2Thw-2FfBV8yRmhQZYG0axzfZq6YAC0dZYL26QzkKkvspNVjPgQ83HqRJ0luZhQ= vxs85Ukfsnl9KN8oXiqsvOdytK5Z3rUcp8Y1vA7ElwE0HC6kYWPUrqjIwWOu7vH3m-2FiD4j-2B= vox8EUAVtJH2FShGVvxFWFgnZP-2BZAlUjcpMtBdmV74X3CLN70ouu6V3-2BY-2F9b0bop41eOU= -2BN-2BoL17zRAC7F-2F2QcicHrfXglXnd-2F1CiwPpg-2BTHu9gWuq" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Q1 2026 Global M&A Report</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 PitchBook</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_581113" id=3D"n_581113" 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;"> Put your brand in front of pri= vate market decision makers </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">Reach = the C-suite leaders shaping private capital with trusted data, actionable i= nsights, and high-impact advertising solutions designed to elevate your bra= nd.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVu2Z-2Fk= Xf5sTTXHUGVnDPblQ-3D-3D1532_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12Y= EZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GR= pY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAb= X0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62rp292t-2BlE0dlbKUaFRCGqV-2FmqnhWvo= U8SubKV-2Bx4nrlxg0-2BwobDCuxrPa2-2BOQeUkQUc7zg1xdT-2FJ-2BFzcU5KeSI4t0R2CE-2= F2OJOm1a0pIrjUPkSM39M46NZ2jzzNNqX9Gact-2FWKVL-2FPo-2F7GrM4uUwICWKOQNtRNphe4= 9TeRp4Bt-2FusH5L7gBKpdLeglZRWzf16JRGHzGsQeeATrE6DWJb-2BuO3UrkEcXdaEU2RHz14n= yc5CeWmtQqMx-2FzGmNZwAu9RKHxSUc9X0jGcS6Sb5rp5V" style=3D"color: #1D5080;" t= est=3D"">Explore advertising and custom research opportunities</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>European legal tech VC is on pace for a record year</b>, reflecting = a view that the market is large enough to sustain multiple players that can= compete with the AI giants such as Anthropic moving in on the sector's tur= f. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVuCkMdS-2FD0= Ga4pf8lpj-2F2-2FQ-3D-3D1CYs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12Y= EZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GR= pY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAb= X0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62AOyuAUOiOLLBx9qptpceU21L-2BjxJUNNA= TbqPN3U-2FiIeRd9YhR8c7N98e4ith4uDXJkGyWCpFZpLzD1-2F1PhRHzOHs97i-2FxY-2FoelG= ugU7JLTOOg3UhCZHb1W99qc5krh-2Fei9tbjkkx7R8Xwfh40VHt-2BTVcGJGGSE1ELsC57WQtl0= 2aQsbtDIep1bGMF9aYQwcR4UCTxsmR4PU57G-2B9e1yWWyprt3ZJ-2FQqqn825QvUxvBFpILNr3= CzYdnt4Sbot77JZQUu22SyvJm8V01kypUqvA" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true"><b>Read more</b></a><br><br> =E2=80=A2 <b>ICYMI: The AI super-cycle is a = $5.4 trillion capital story</b> unfolding across a 25-layer tech stack=E2= =80=94and private markets investors need a map. <a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzVVo80EiirYpUztnGxNonTVmtte4ooD2iwm3FQYexICSQ-3D-3D5vLg_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04e= gPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel= 9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHo= CVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2= Bbq60gRIuefIXL16O1SRKGW7tJGmIHy-2BZm8Ay2eh8xRIAdXH4vtCJgwDgYtGpmW3FU-2BEBhN= ts9bI9VosrSaqzEQIPSvUfdGVE66Rvu8oUhlN7RAukFu37OdjkwYH4vjzd6UD6K0ueMpP3X11Di= CcR2QNynUydmDQHuabO8-2BXqK-2FMyFO54F3cIu0AsUdDPip6RDbV5a1sCW-2FLMsPpf6w08uU= 0e2CTKZkA1j4Yt31FVuV74tReIm6zGxVmdSJf2OItksGdwQotYKPrXldBbAi19RdMH-2B" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Get the research here= </b></a><br><br> =E2=80=A2 <b>Nearly 87% of US VC acquisition= s in Q1 carried undisclosed valuations</b>, a sign of markdowns and muted r= eturns, according to our recent US VC Valuations and Returns Report. <b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVfhO6kbzzPHaPUC-2F= Ma-2BK5-2BQ-3D-3D6230_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuE= FsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr= -2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtV= LbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq612yauf6z50SuflfXqOdDo5GlbZsRHxyd57rTuoi08= nX0z1YgzJ-2BmSVlTgaQOvwwx95sMkkHwtDjShSLNf-2FU1WsF-2BkCZCJXTXOlvDQPvwgg9cek= bJ55NAe8JSadTGDJk-2FXOT97clNJJB3NIexx5-2BOlVAE20q04x3TYfvZ6yCX78BLxfJo46IiP= 2pvghBZPFWmrMt8hhQZYv8yYTFeKbxmGi82wiVDymzRl4I-2Fr8qVo9btjDUE-2FL2dkY-2BRRM= 9zqMEtVGHUVVbepF3jtrt2bb1TYA" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Check it out</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_581205" id=3D"n_581205" 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;"> None if by land, and two if by= sea </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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTViAOc9Xztf= seX3S9wiTkGag-3D-3DiXnr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUc= uEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4c= Ar-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OT= tVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60zptqg46s9KfwenGvICjlWrOWQFdhSI6a2gVFrn= NxpWBcRcGzqaxLPeBNZq1dfefcPCcknU3WCqIFS04jTpmC9KJhkBgv8W-2B7tExJYXGJVu9sdbl= -2Bg4kZzBHyy2JnTPNX7Sa-2BR156u1e52Pg4-2B-2BtB75pjcTEpZYO3WfBB8IQGRA4CwbAawE= hlICue2C1tYElYVgOfU4lyF1wbhe86Okp3Yj70CL-2FvlmlHpkLdclZFjM60qlCRCtSSx769SLp= 0nIhO7S-2BtG9IR2Q4-2Fhl5ZJzI2q" universal=3D"true"> <img align=3D"center" a= lt=3D"" src=3D"https://img.pitchbook.com/news/74501.jpg" style=3D"border: n= one; 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"><i>By = Jim Corridore, Lead Industrials Research Analyst</i><br><br> The Iran war has reshuffled the private equi= ty investment landscape across every major industrial sector, with one of i= ts most consequential implications flowing from a single strategic choice: = the Pentagon=E2=80=99s execution of the entire campaign from the air and se= a.<br><br> Iran's closure of the Strait of Hormuz sever= ed roughly 20% of global seaborne oil and liquefied natural gas trade, leav= ing investors scrambling to navigate deal sourcing, portfolio monitoring an= d diligence. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVY= pt7Bd69PNt6qLx6lpcjjw-3D-3Dfn1K_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6C= l12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYm= p3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebB= jSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62ILVXJBfS2tlR1ftXtm8Tb-2FVuAsM7= SsrDlVXsO-2Fm9XmNlPwdjWPw-2FxOBLe9-2FRtBZJt61d7TIhF0vHOKiIywfhP4MJVaC8QIfTS= GgIkPyNpaoD6MJZhLZhzeSG0TsPhE8Wx4pDyYfnG1GtdRD-2FvbeUSJApPVh2EK8C90cYL3RRXK= 3wV6IjIzj5Z-2BOEsXMrVNml3F5xlMMHcBP8jaIcxDbuCPPquNXUSO8AbMSh-2BfworXEeN4-2F= sB9c5wgW0frGYfxeq-2FpHSGrCwZdBR2tuYJKq-2FJ" style=3D"color: #1D5080;" test= =3D"">Our new analyst note</a></b> helps <b>PE and VC investors identify wh= ich categories to pursue and which to avoid, and spells out potential acqui= sition targets. </b><br><br><b>Winners in this investment landscape</b> are= concentrated in areas where fighting created irreplaceable demand. Ballist= ic missile interceptors were fired at rates that peacetime production lines= cannot quickly replace, opening a multi-year replenishment cycle that runs= through propulsion, guidance and energetics suppliers rather than the prim= e contractors.<br><br> The conflict also exposed a cost-exchange pr= oblem that has no easy fix: million-dollar interceptors repeatedly used to = defeat drones costing a fraction of that, creating urgent demand for cheape= r counter-drone solutions.<br><br> The Hormuz closure permanently re-rated the = strategic value of domestic oil and gas production with Gulf Coast export a= ccess, and made energy security infrastructure a legislative priority that = accelerates an already-building consolidation wave in US electrical contrac= ting.<br><br><b>Losers include ground platform suppliers,</b> which lack a = demand catalyst from a war with no sustained land combat and are now compet= ing for a defense budget redirected toward airborne and maritime systems.</= 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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTViAOc9XztfseX3S9wiTkGag-3D-3Dh= 1P0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2F= TzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xH= Lb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWy= YyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9= nBZIln2DRK-2Bbq6154-2BHX-2BCmu7qgOdod5DzpKmGNdc3V-2BLWW-2BwteGs4K8FW6WUOJwJ= kiy7vNYPqXRJH49Z620ukwRqQs8tFlUWfVSDFRZUmsUUq338AuUivjhd3TQ0JfdE8ArvAseyojX= sNTiFssy53dFYww9uAeeb0Pk4pwC3U6D2UQJosv4H2pDYtebpu2i401OYlMqyj-2FEdLFbIjIgF= uHNiO193Rs3ear4A-2FHUPTfyMRAx6GZcA4nq-2FWQy-2B2VyKWvi-2FdKhWH-2FJgXh4F-2B8o= WZcoyItBFcGk2c3e" style=3D"font-family: Roboto, Arial, sans-serif; font-siz= e: 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"= _blank" universal=3D"true">Download the report<img height=3D"24" src=3D"htt= ps://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-alig= n: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUzt= nGxNonTVni-2F6fpmjPYiGGvcX-2BJVdDA-3D-3DGvza_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Y= xvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB= 8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7O= CVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60M9GGd6jStz7Hr1lyk= ckEHA2ZbNnZffR9NzKAloBiUFc3Q0kMkEtK7WXYXSOzkxe-2FKf1kTy5ysEaIX6-2FqT9osXOzB= cqrFNKVFpef9Y-2BAkjXXpdt5FoZYGXiFIBoVgFLxUdWVNUG1q9Mp-2FcbyA3Na-2FzMaEi9dn2= Ci-2BW4FUz4OPnl6-2Bi3T29N7hf4ZNFoczk4pOCmV4xQ1-2BFboEFlRh7m1Bkyq4RfkZLGO6Xr= tMImB0dVNCp0MyTWfdht3nuzk8fY-2BZcGKs8x2ur6-2FWegANcDRxh" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">The Iran War Viewed Through a PE Lens<= /a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>The world's largest toilet-make= r is going gangbusters</b>. Toto makes a critical memory-chip component in = a ceramics division that exists in large part because Japanese firms need w= ays to keep lifetime employees busy. [<a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVV= o80EiirYpUztnGxNonTV90j-2F6LhO336cLH17RV1W0g-3D-3DPxdE_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUP= T4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMW= Q1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVU= ofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60YZojAZY= KmtD2n-2BYdzjtJOLiyU-2FynV-2FRNF-2Fo9modJh-2BjMZ9Fmo-2B-2FP-2FePSTmqAaRQFOQ= X7FP67Wm4LdHbjahkHjuY9RRVcUACFcYhpiENGn9FgcZGlrbZsDHJtFgtz-2BkIu1WqzCCBF4i7= eLeCE4XyfQa3Dbdo6-2BvKuBV1AJczS-2FiDITvGxrzquQsSMZrzT-2Bx6BrUaWTjTbwswG7GMQ= MPdF36jUSqFU0jFQ5RM3-2BDNm1W1hhG3RDH5jpm0uKnMG3nGh3ndQDnKIELN5uaQK-2FQLAI" = style=3D"color: #1D5080;" test=3D"">David Oks</a>]<br><br> =E2=80=A2 <b>Pope Leo warns of AI's dangers = to humanity.</b> In his first major teaching, the Pontiff said the world wa= s at a moral crossroads and needed to 'disarm' the technology. [<a href=3D"= https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnV5z-2BOYBtCfx5WOEs80kloUQ-3D-3= DX-rr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-= 2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2= xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFN= WyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1aw= j9nBZIln2DRK-2Bbq60Ef7Dl0Trn5at-2ByLylT-2BBG-2F-2B8ftxfydq-2Fdl4jahMV2GtGhl= yodYTgKz-2B8Y1brYDO8uYmHvzzayNE8xBUUrhlK4g9mdahfBzCeMWYJ51OuLq-2BM4qbifASSs= 2Q0mHXS3Dv-2FiLaSXzSz-2B2G3Aj-2Fxtj6e-2FeVPoRZhdCE80TOnlgPWbtXbMoQ1Xoi4BGPK= vkN8AbshGQL3GeqO-2FDCb6zyclzz5XvVponD8c-2BL-2BFZ2AHx6O-2BDVDeEjzu-2BLttlsKY= qHVm1ukLeqb9c8zE3e8QsCud2skH" style=3D"color: #1D5080;" test=3D"">BBC</a>]<= br><br> =E2=80=A2 <b>Machines writing bad poetry isn= 't a 2025 problem.</b> In 1962, a California defense contractor's Auto-Beat= nik churned out 5,000 poems an hour. One critic said they were better than = most avant-garde work. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRb= I9BxnVk-2B9musO2Ip0XuQePk6FFaQ-3D-3DpWgY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvev= nku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ= 1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3= gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63HmO8eyDLINPIu-2BF-2F6= -2B-2F6SEw2N2s8euMiW5n7S7r-2Bgvohbgt-2FeEFhEVwmHj-2FLv-2BGHheX334-2Bc22rQ-2= Bsjbw2Rj1tk3RvaDP-2FlfzYQ9HxsMPcw9EZRtKX3yHMLM485P6-2FoJvmuL2yTY6f5jYJVvMPp= t5aAE-2FwH2JXqBkmIoPytw7L0xKMSYq58HRtxepG5o-2BW4au6CsRiaDy7VeVAGM7Fnj8Y7W19= OIZKKKkSR6-2BZe-2FXd9dupePE8O2-2FHBn2o-2BNG6Idgx1Rgr2ZSY9wuyXb32agy" style= =3D"color: #1D5080;" test=3D"">The New Yorker</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; 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margin: 0px; b= order: 0px; display: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 587 </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;"> 2309 </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;"> 1052 </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;"> 30 </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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnVTj9d3WUS8-2FSkiXn4kjPI8A-3D-3D-= sfu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2F= TzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xH= Lb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWy= YyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9= nBZIln2DRK-2Bbq62c9Z1x6T8WTW2uyooFs99RNPPm-2F-2F2bxdFTyN6o2x5Uckw4ilxOZTRV6= 8QQW9xlcnjnDwXgwdizR0Ps2m86k-2FiVvj37nvy7BALTvodqH7dj53h7EVHVqZUXLvXFBSGfl8= gmE3qaHQtVPzebJg4WMNkw25J2sVCU1c-2FNUC4xHJdxpDZ74TA94r00mt-2FYvrEeZ-2FrsmbV= ZUxGpCGpXA6ThYBm-2F1QS-2BBi-2F-2FZMssEhBkGCm-2B7dwPHPBaOEMUgolDS8dySjLx2pom= GQ9RjLxT508IeGYC" 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_581120" id=3D"n_581120" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2016 Vint= age Global Real Assets 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: 65.85152838427948%; mi= n-width: 65.85152838427948%; max-width: 65.85152838427948%; background-colo= r: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">7.54%</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">11.45%</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;"> 0.54x </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= swouzWSXnugLNdyLKFkRbI9BxnVl8qqxenZQ4z-2B8y0U4Qlk6w-3D-3DTTkX_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtON= mZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2Fk= PCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynG= xcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62= jcm7ZSVz4WWwtKTW0kDNCb30Xm-2Fdxj-2FrsKfauChkyeiMopGrjazxgkCsSipcLjq3OaqJahq= VVXFVvhiidNNxxG9Ib6oClebV0Yu-2F-2FgMjJfSOzBeYK9eR5NzO9Geq6D0bchXbJYSTAvdAE0= CAUc3fQU5h6KxXbP1kCy6WVyXcbZNe9KYPab6IpbI-2F98pr4w7MKjRYTLWbQOcYV1Aw3kwhcZc= nuc7Zj2BmXdjcWRp9T4DnUi8QooM9j1Z2hR8VczQpV8vB517jbu9LSsd0OSu3v" style=3D"fo= nt-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Kimme= ridge Energy Fund III </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= swouzWSXnugLNdyLKFkRbI9BxnVqJk4vbK6rhwAU8uhDeCcng-3D-3DMFhr_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ= 8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPC= CeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxc= L8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq61Q6= ikV-2FbalL6TlmBfMK0AgersCGecimmr-2B0q6J0mMtFpV1RA-2FM9mll-2FXymHMTus0rEZUfJ= HzvfcAu2Z7IYcyaEZzWUU-2BwQIckR-2Bu7Udxtq0xsUMo12RDeMYNmmu0cXreAXiyyt3LLFlL-= 2FPp3-2BpOO9o5B2tT9gde9M0X4Mr0Xa7HIhDNoGjf84DqQ6dprEReLHFoUmmIyVvxsRmleRDDP= G9a8uMLUeT5q5DeW3Bp1QAzum0kE9UCctzfWpTJ9vttCVPuzjEoFqET7NfwM8KQ-2BXR" style= =3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"= >AIM Storage </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= swouzWSXnugLNdyLKFkRbI9BxnVt27hpiAEyLp6vPpete-2BReA-3D-3Dmsae_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtON= mZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2Fk= PCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynG= xcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63= rPYzI-2FbsoxYS6UXKyljY-2B1P-2F7DN-2FGMkLwX3UGMsB4mUgRPT8uGdgKRvWKjfB-2FFK1u= E7dcD7aSEB1DAB0A0YpzkbPaGr2adyXFvEidgKt5iBHAbmPF-2F8YK2CaHqqz85NKsVSfCvN9xy= ZT6u2E1D2CfS4jIeeqlpQbc0-2FzChMYDP2I8gMUeohDjY38CCfc2ShoAmktAJmTCUz8a1k9ATt= 7USfv-2By3F92WH6PPTTUfvyf24tUdoR67YKwhN-2B-2BCz4SOYJUfiyCN8c8gYBKBLRzTJW" s= tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t= rue">AIM Landfill </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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnVp8TSew= 9bmrJbl2s7Sa6S9Q-3D-3DS4Dh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YE= ZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRp= Y4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX= 0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60KMlxeo7XGUCaN4IWVmQpEBhdNL1C2QvcYRc= RtcyWUM204z2jcoN8fgXdPLHYjK-2BZAZ-2F9H3BDk06rfuwnbZJzUB9cgzHqbNuUchZH9GDISB= v28NbiCNogLkUBgV-2FTj-2Bp8m0wKKnEg6HfmOLwFymo7p8-2FvZabhlJEhQnqr4UB06RKk1nv= VYTM75DYpwJysTQ09bR8X8-2Br-2FyxIP2Z-2F9EOiP-2BrPtXYp5Dpe7QabF7cFnhtpuII7Au5= info9bTlFKUCPNnoIjSs4HBzMWALkSPxbOx" style=3D"font-family: Roboto, Arial, s= ans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height: = 24px;" universal=3D"true">51 Funds in Benchmark =C2=BB </a></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSXnugL= NdyLKFkRbI9BxnVWPruRYqhqAPAJXQqql3Wvw-3D-3DMZWy_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGN= X1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWK= pVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZS= H7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63zcbLyFQwJcKIV4= tXKQE7shOJUwByO0g-2FTFUxMa1PYO-2BnkJOEPv2ckJS45-2BbHpuWpKn1fy8w1cYfs3hvHBs-= 2BpPe43LbaBVJF5PpB1DMPuVwlkSgPGh7YyKIoyFvdRZsz-2B-2FU8XbPfYQeXVlDXNT64MOX0I= 2UIDv5rqC5Qp7AMR6lqfHglEilf0hTx-2Fcg7H4obd46NV624FPfCcMEm8hxiFn8b4zl4i-2Fn1= uf1XVIRjEBIfmd8C7xYEHiln2ulO8pUFi920v3XmPG4pJLJOT97lus" style=3D"color: #1D= 5080;" 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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnVzMuCdoep-2FSfZ3WURKHCq-2BQ-3D-3= Dn-uU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-= 2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2= xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFN= WyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1aw= j9nBZIln2DRK-2Bbq621Iq7cyBTeBEnO6nsNKbzaeSznWTfbyymUgn2FP0bX4zD0hcTmsMun-2F= oUTywcXDQnJPbnkYG4WBWtSKnICeOiwcL-2BMeukE-2B8ehrGteoxbN9fImvAO-2BHZ-2FszD01= U9Cat9HkJa7DxLNS5sehbPnloRPoHU7NqRvWjwcp2FTuVXKgLqAOSUVI15AI4q7nuNW-2BN5P43= LMd3eU0PWre3vYvRhE8HT0vZcgUbQJ5FrLB6vnlj7lsBtL-2FwwydaQqJbGqRq7vIE1edj5G8uO= u9SPRwLkoD"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4561/= Churchillmarchhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; bord= er: 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"><i>Edi= tor's note: Daily deals will return tomorrow, May 27, as our team was out o= f the office for yesterday's holiday.</i></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581210" id=3D"n_581210" 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;"> Don't miss our upcoming webina= r </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/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX7OLQZ2s01npr8Lh-2BQ7O6ODrAYQbvUjS0= BM7lN8-2BfvEQ-3D-3DK_5Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUc= uEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4c= Ar-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OT= tVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63EyQb91w-2BclY-2Fpr6-2B9f-2FvtJbtYMrr25= ZgeU987Y9zhVQxudJlIQeNHASOLTwhIpG7eQgACbTc568Vt-2BPe070XXFnEznAJl20IEsFlor7= y-2Bo1w7cRp763kpkZZBI-2BMFTACV93rnoTO1EFj7atB9mJe3VcGg1yEVRfMWGri-2FMpHxZrV= 4OxipR3hpJKAouGV15hB-2F3162LjdQWhZZhizFj2fKqWzttRhwtcfrrLRaXm5xSKJJ2ag6c6Vg= FcMZ4BRqhByQYOqn5GN6gG-2FnEj6cvhsH"> <img align=3D"center" alt=3D"" src=3D"= https://img.pitchbook.com/news/74503.png" style=3D"border: none; width: 100= %; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">In 202= 5, venture secondaries reached $106.3 billion in transaction value, elevati= ng them from niche liquidity workaround to core venture market infrastructu= re. With increasing institutional adoption, they are quickly scaling to the= same level as acquisitions and IPOs, potentially setting a new standard fo= r the space. Join our panel of venture market experts to learn about the ri= se of venture secondaries and our projections for how they will develop thr= oughout the rest of the year.<br><br><a href=3D"https://url6380.news.pitchb= ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX7O= LQZ2s01npr8Lh-2BQ7O6ODrAYQbvUjS0BM7lN8-2BfvEQ-3D-3DyJgM_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIU= PT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLM= WQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fV= Uofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60VZJRdf= pXM8T-2F3TvDOKf0JvMKdzKlFazVjKWEq6rO1-2Flm-2FLlfoaH0q-2F0dPyG3QXlp8xKpwNx-2= F7srT-2FhsJGgfgItfRb3Ldi-2FRU-2F6P15pBEEK4fD9Ev019jEGCUcg4jTSKGgCblJbmkXHOn= 48HMteWZUeYuREijz6L-2FUcDTJ6hNKzNFMjk-2BPjRG3uu7kRTyPzmFsmODJvTGrInA8-2BWEg= 7XtJR31MeKES2nv7cC9FMtAQ34WuUB857kxkhCjqBfLGTwpSMWPUcEpk5MAWsj13JAZJ" style= =3D"color: #1D5080;" test=3D""><b>Register now to secure your spot.</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-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-2BaqM7ONnvsnswouzX7OLQZ2s01npr8Lh-2BQ7O6OvSzcgS1= jWX1vTQaEwMYKqQ-3D-3DzXnJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZ= UcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY= 4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0= OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63fCQZTlbKtpSmOogNxEn-2BQCEzeKQSWhnauq= LxzfJBNMM7cvpa6SwV0En-2FiBvwGqxl-2FxC93A4KbH-2FTIxjyG-2Fnap1X7eX2GZ3vOXkGPI= uB1Ag-2FNyUMQB9ggW-2BtIHKRNzKWDJD02-2BfG4vvTZ2rZnYKhWet9VF4eJyhwO1MKFlaPCni= n9ZYU7aU7fu1kit4Bc4NHeqLslJAeyRBZUAj91-2FGZ5Nq4RrITWZHrtDb56MgI6qbMGzBGpSVX= VD6Bculcw5guUwAFU8KZ84d6SafsGOanoc" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/74451.png" style=3D"borde= r: 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">Second= aries has led the pack in terms of performance in the past 5 years as inves= tors look for alternative ways to get liquidity in the post-2021 exit droug= ht.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzX7OLQZ2s01npr8Lh-2BQ7O6O07iKhtqoZTaF0LrAoY92rw-3D-3DxHYk_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtO= NmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2F= kPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVyn= GxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq6= 2uSGg0hMnhBtCy1szK3WMlTYQojaoLAXEthPemkdD32ZjY5n56bbapBuk8GqQfO21rly2-2BG1Z= AaC65-2FepwXpIYKLeOB8NIVY0oDmip4Ng9DBrzkgXa-2B1DhCak4S44dbnfVbXKlhOyedZ89Re= BTbM09rlUQ55OmYMiTJNtEqMk-2BnKjZWg4ab-2BRAI2kvcEjpYSbqp9-2F5-2FNajI-2BUMJ7j= syChcnYIJTBpePRRpRXFgouteeKiaWyx3uVbaMdipmVCdxe6qK9vCO7V3oz-2Bp0mkijqot" st= yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 PitchBook Priv= ate Capital Indexes</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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