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Content preview: PitchBook Newsletters Private credit finds life outside PE; Anthropic tops OpenAI with $965B valuation; VC firm sues California over portfolio diversity disclosures May 29, 2026 | Read online | Manage your subscription Th [...] 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 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 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;"> Privat= e credit finds life outside PE; Anthropic tops OpenAI with $965B valuation;= VC firm sues California over portfolio diversity disclosures </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 29, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXS0wO1jOiIQns= DiczjlomRmqnkTKy0xWY1ne9WHBAuzg-3D-3D-U2D_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2B= pwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iH= rTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2= yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5Xgr9-2F= 00q209Pqza-2Fgm-2F-2F-2FPXlV0qkgBkhhu0l7-2FjfK6Xv41WQ8lEwPmJ6iDYiAj7lYPlu-2= FkrNHdYVienOrWBYO9G-2BbfKwk8AMdOR6kCa7CbJsc8KIsR9ievyibgaF01Gp1XY9xNVQAlja0= RP1271ZRpsXhaetcay5je4eSb4IX5Eon-2F6UlNbgqpAvB2RL4qKuS-2FymGUi1f3trEBUjB7ms= -2F8BPI2milqs6KJgRU-2FbniF6WerReR96SUemtRtEIhN1ckPUL24Oy5-2Fp2wkkQEfrZTb" t= arget=3D"_blank" style=3D"text-decoration: underline; 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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; 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margin: 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= =8F=86 <b>Anthropic's $965 billion valuation</b> puts it ahead of OpenAI fo= r the first time. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXI7344k-2BRGH8g= Xyeq2KPoWTvx4Z0Cga-2BPoksGq6aQkTA-3D-3DENDO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-= 2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7= iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4= j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5U9RWG= cUHmw6PaabDFuF7SOBPJXuAJYu28ppa5tWzp39Ojz9iW71s1Cf0sE1rvSPSQcazto-2FZZNqMJ7= 3eFgc4dXNkFX0T1LHay7oalQ4vHEZEet-2FBG-2F-2BtuMHrNnQLydqYdz2UFpUgSIjgjhbTJIk= 9UHd4R3DZGikiC1zsUrRpNZLZvZcDtZCqsfE9bXnKoGr-2FgTC8oOUQe9xtkQ38RuAKmNZLGwXq= LjO1NxKhoJsGV4ltniPjGIf5-2FkHc7Q2THufzph7SoAg-2FKaF4dS-2BQrKvFsI" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">See the race in charts</a></b= ><br><br> And... <b>venture secondaries are surging.</= b> Tune in next week as we explore the impact of mega IPOs, the standardiza= tion of tender offers and more in our <b><a href=3D"https://url6380.news.pi= tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zXI7344k-2BRGH8gXyeq2KPoWoWZYJZAUg9ZYy5DCh6a3Pg-3D-3DZ6oo_Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCa= Z1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2B= reRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2Qbp= M9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8= YyKcAgfT5VHcotD-2Fcd-2F7V4Yk7-2Fp8UfcTh8b1v1TRgI7VRIhTyGLEI1OOyMP-2FoeItta-= 2FoBmOlgIsZUWkYpTnusj5ImuNeKzIptC3SQeHiwwb9rH6-2FAfThQX5rZFnCR4sldXxrbEoOB3= LNHmOtFVTWDoFuRFjb3Nq-2B0t3LQqONa7taE94Xy-2FU8g00sWq65w6tBjkpu-2BnNUBoK86Jd= HTr9y11YpVNjCzVEGsCGyu3kQfxlNdJHYtaThVXULkrUeBlVaZ1m55onrTX5k2BawDrufFGfSEb= PgsGP" style=3D"color: #1D5080;" test=3D"">Liquidity Reimagined Webinar</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_581318" id=3D"n_581318" 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;"> Eggs in one basket: How concen= tration will determine VC's AUM growth </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 = Emily Zheng, Senior Venture Capital Analyst</i><br><br> PitchBook's latest forecast projects that No= rth American VC AUM will expand from $1.5 trillion today to $2 trillion by = 2030, growing at a 5.4% annualized rate.<br><br><b>This is a significant de= celeration from the prior decade, driven by the growing concentration in in= vestments.</b> This concentration will also determine the direction in whic= h AUM ultimately grows, according to our <a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXI7344k-2BRGH8gXyeq2KPoWKUcKZAVAV857BjPE1Travw-3D-3DCZz9_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmR= LpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3= n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb= 2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09= Lwi8YyKcAgfT5VFHnv74zyS-2BkR0FpKBYTj4RA9eMcHMLggEu1fZsA4gQwx-2Fkx1R4BOLl3Tx= lrEAqvllFYxFASoaG-2B4KhGmvw3ArywXKsMzF-2FUeatyyLZdmZasBzD5gELUUJc8xXlfdCD76= LJsr0W7rHvZP2NgIKxUf2TgYozZfhfTNbZrb4jebtyOVRy3K-2FhVy-2B7Dqy18J5cZUkD6A4tb= JPO14AAWmyEW9u-2FgclQmRFx4rJaU6YFBevRdmaiwN6cXJ5ZvBwfkGU4-2BljyNolGsKZzQ-2F= rBa2uQnSf" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>latest= analyst note</b></a>.<br><br> The spread between the upside and downside c= ases=E2=80=94$2.6 trillion and $1.6 trillion, respectively=E2=80=94is signi= ficant. Over 42% of US venture deals in Q1 involved AI startups, 73% of US = capital allocated to VC went to five firms, and nearly half of North Americ= an AUM is currently managed by West Coast-based firms. When the market is t= his narrow, a small number of shocks can have large effects.</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-2BaqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWKUcKZAV= AV857BjPE1Travw-3D-3DqNM8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0= j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6Cce= tFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-= 2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5V17bJLLyDz-2FXqMnxuzYj8= O2xX35GpDZIeohKc3lKZo-2FFQ8o8dGtQ6N1j-2F4MCe-2FOFNIcVWf7fhlAK-2BLJFh5B4olbJ= ZXn-2Fj5BsnXSThvjXfsX9EOi4h8sOv9keTFmAtJzZBjGIEaXMEmFO-2FxxCemHHpyRlDsfTIto= mwOyGS5M5klvD4hUABLI-2Bgoq74hvnArW8nH9UfMM5em818AlyfwDmVSvRSiDOXy3RiBNJTOuY= lVlYr03YvA654TZsGfvkcZ46IwC-2BoK5fyTsolE9MLZvMoA" universal=3D"true"> <img = align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74564.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></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>But= how a small number of highly anticipated mega-IPOs perform</b> will be the= biggest determining factor. SpaceX, OpenAI, and Anthropic together could r= aise as much in IPO proceeds as all US VC-backed IPOs combined have over th= e past decade.<br><br> Successful listings would restore LP confide= nce, reinvigorate the IPO market, and restart capital recycling through VC.= Poor outcomes would extend the freeze.<br><br><b>We have not seen a moment= as critical</b> or consequential for VC in recent history. In a normal yea= r, three listings would not determine the fate of the entire venture asset = class, but in 2026, they might.</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-2BaqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWKUcKZAVAV857BjPE1Travw-3D-3= D_FxY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1= O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQe= Pd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frqo= ivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWa= wSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5U8252nqFNgg9N-2B6VMEO-2FXBiK-2FVtbuhItGMcL7= -2FHsitIdO4HU349lAnPx-2F4oIAf7kOArUQx-2BiCrdcLyZ-2FzUGlWIqwpnwMisNZj4ZEEBrL= vgSoikhtO8BDoS3AN-2Bifi1KWGyq-2Fx37VPJeKlYhtx0vKIga9jBfxXLdg8YmMj9OFQ-2FRDH= Ad4wPbsE1cApAaRBXXhLusQJgtyCEZvbpLHCa14ZYmjl9aBxzUirMpSTtGybAGy4WU1jrayAZ-2= FHtGKhNEUQ9Dg-2BvAZwPtjkAS2xKa-2B2ys" style=3D"font-family: Roboto, Arial, = sans-serif; font-size: 18px; text-decoration: none; color: black; padding-l= eft: 3px" target=3D"_blank" universal=3D"true">Read the expert analysis<img= height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.pn= g" style=3D"vertical-align: middle; margin-left: 8px;" width=3D"24"> </a></= td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXI7344k-2BRGH8= gXyeq2KPoWJzGHeQRk3lhMreSCvdtifA-3D-3DMEs2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2= BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7i= HrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j= 2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5WMVdL7= vCU3KHudfR98Tl4bjgLisPf5a0Kwbe2qw86EyZnhjYBhZpob0X0TwRXIAjLcOhVXT7iwSHcGe-2= FjQpjWBWzIVd-2B9ylkAJ-2FURTbbSojz03uWwrWtiwuKBJWbszjTgk5OcwcoNmZhFMHpiWWtmn= s-2Br2kO4ZFvRdJpOD12rk6eMIdbyK-2BpEkHx-2FTDoqCH3z0AhNtyiEDnwi6ZEuK0AfRD6p6G= GbRmCv-2B1XVXOVVuSSBFILU0kxYL-2BjOr5PmhDfl2NdlqameMjTezuWjxkgxD" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">2030 Private Market Horizons R= eport</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>Michael Sonnenshein, one of crypto's longest-tenured executives</b>,= is stepping back from the industry to join an AI-focused VC firm, <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWON-2FDWhvgPnhq1jYZS= EPp3A-3D-3DI9CQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-= 2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3S= J9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2= FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5UHy0SQNIk6IxN72fLc-2FdBYFKwzsMWCT= JDwJXSUjw4bXCHLZZyrnyiRV4N3rHDm5MaxaNZa2fybhzlLh-2BqJvtU6t9vJKSUHz9Gx42qWd6= wGUbsPHVrj7i7AYu0ER7Vw2IkboLShfjHepw2SPfFcbrNq8DZeDxW6Pawl61bKLX1U5mSOwjCfa= qyybHLdw9I3-2Bx8wvkO0BFxmGwEWwMbGCZaw-2BPqc372-2FRE67hmTLA45KeTgXZozUB-2Ba9= OPza4Ml0PmCi7TdtqGdVUfOJLe23rkDd" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true"><b>he told PitchBook exclusively</b></a>.<br><br> =E2=80=A2 <b>Phoenix Court's Saul Klein want= s to blow up the VC ownership playbook</b>, and he's starting at home, hand= ing equity, carry and profit share to every employee while making a communi= ty foundation the London-based firm's largest shareholder. <a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWjyhmBpuHMz81-2FSXr-2BNNpmg-3= D-3D7VPA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8i= VQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2F= rqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHM= oWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5UzvP19dB6fLGgQa4HW2a9RisV6F7thvTePiYgj9J= B-2FgvKSwdJbMDBeiQewQzDuTISQGtrVjjLmgr5RSmDvYghtSdILDx92f1ris3hfnp6hmaxb2wX= hKTfeDQwkxDwTb9hvN-2F-2FVQTh13Pu-2FxCxZ41YxH8HbIauHgYJtl3BDLYC15R34Wt2VBdu7= LzKyaYHJcXq08jy736Xj3aC-2BlIKNJlh5qY2V9V6Wyh8u9iWyARHyKdZKfnK9Vi8F1kYzhnKy5= 3TcTEVK6HAQicRgrtZkE09H" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue"><b>Read why</b></a><br><br> =E2=80=A2 <b>A VC firm has filed the first l= awsuit over California's founder demographic disclosure law</b>, calling it= unconstitutional. It's the sharpest pushback yet as investors balk at a re= quirement they say is a First Amendment overreach. <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWuL5jdvCWjsEiAK4YsaRg9A-3D-3DxfxB_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu2= 9COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrT= y7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1h= NK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX= 0z5hyUTh09Lwi8YyKcAgfT5UTVHzYj0p0KZT6C7ScvTNAlZcEaqikz9tu8A-2FsbXlOXC4IGtjH= h8Apa8pJ2UBPwl6DKoplGE7Dqee9a5WXpZ2LEvb6X-2BkXAzj-2F-2F31t8AlCaQZ7IgnFWdyyG= tG6jZasL8hHNbk1flW60s9UY0NOX7o2E-2B16R-2Bk63hzg2tFT6cvZfx3lDWnK-2FgvYs7E-2F= T3I4Wmfq9JvpMBIQl9abwZNwDx85ZCY4JmDejvEMFej0q1B8vjGPbF2qz8z0-2Fj3CRMeyTyIVr= nAojfZXaViVw4mOEOgE" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= ><b>Find out more</b></a><br><br> =E2=80=A2 <b>Warner Bros. Discovery wrapped = up a $15 billion leveraged loan</b>, the largest since the Global Financial= Crisis. The deal may signal greater credit-market confidence and a broader= dealmaking revival. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXI7344k-2BRGH8g= Xyeq2KPoWC0T-2FVyqgwV6kkvVIqnxxWw-3D-3D2vlt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-= 2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7= iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4= j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5WnitT= Ol5Oij5Hfw6e3-2BvQTBcHu-2FGdDsrqGK-2BW7nFGsIQurfqV4R3vCH3SE1owetksnvdlzlkHZ= Sb-2FfYuSBX9nXWsSBhW1gJngXb1wN7PgX8LrDBJbuaeKVyhjKSxbhn5-2FwAJu-2BJBewtPOsb= 8SFnH5plx2oVlXS8vjKDcjbBQ-2FhKHzqFarChkiBA-2FcQYShkSGc0aYCwnHYHf-2Bb5t4iFsZ= ZQhxpHHZIZz88Bt5FU7002-2FgCIKCy-2BValPx7LhTs6MpqIDRYQIOKjUG3sOZMJLHNtG" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a></t= d> </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_581267" id=3D"n_581267" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> PE-backed companies are losing= their direct lending dominance </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 = Esther Luz, Private Equity Reporter</i><br><br> The massive growth of the US direct lending = market was driven by one group of borrowers: PE-owned businesses. Their mar= ket share, however, has been shrinking for years.<br><br> PE-backed companies accounted for roughly 6 = in 10 US direct-lending deals in Q1, according to PitchBook LCD data, down = from more than 8 in 10 during the post-pandemic deal boom.</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-2BaqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWKfa0hra= PAYgCRurg4ZuHRg-3D-3DH9ih_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0= j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6Cce= tFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-= 2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5WiJuQcRqwwC-2BiwLZDNQB9= MkG4bJ1TlKvi7OPGmMISzhWXjtNq-2B4eS-2BaEMIOlGuyJRi961WHXqQ1UOLWT2laCd2Nts53E= -2FYH2NF7BbZ5Fjsy-2Fqy-2FaVvE3Te-2F8ETPQL-2B7hFEphHWIvB8vnIZwuQwMyvXjDRfxW2= nsnbi8rqh-2FV8tymfBja79GLkyBGLUAD1bgCAvGmdjxN6Jcf1foMDXIZuXLjy8-2FgwejW7bGi= 1NYlBtJEs21GBZfSSmcofBTYptKTsORFTfxC7kyr5o3HOtp7rK" universal=3D"true"> <im= g align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74584.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></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">For a = market built around sponsor finance, the shift reads as if lenders are incr= easingly backing founder- and management-owned businesses, pulling away fro= m PE middlemen and their problems since interest rates went up in 2022.<br>= <br> But the details live in the fine print. <b>L= ooking at cumulative value rather than loan count shows a changing mix of d= eals, not necessarily a collapse in lenders' appetite for sponsor-backed cr= edit.</b><br><br> "The 60% right now is really being driven, n= ot because there's a lot of activity in non-sponsored=E2=80=94it's because = there's not enough activity in sponsored," said PGIM managing director Dian= na Carr-Coletta.<br><br> That distinction matters. In the PitchBook L= CD data, PE-backed borrowers accounted for 121 direct-lending deals in the = first quarter, or 57.9% of the total.<br><br> US direct-lending deal count across all type= s of borrowers fell to 209 in Q1 from 226 a year earlier, but estimated vol= ume rose to $73.5 billion total from $58.2 billion.<br><br> Loans used to finance leveraged buyouts, whi= ch are directly tied to dealmaking by PE sponsors, dropped to 53 from 63 wh= ile estimated volume climbed to $23.3 billion from $17.4 billion.<br><br><b= >That suggests the market was not shutting off sponsor financing, instead d= oing fewer transactions, some of them larger, while the buyout engine runs = below speed.</b><br><br> The sponsor slowdown has been building for y= ears.<br><br> In the US, the share of PE-backed companies = held for more than seven years is reaching levels last seen around the time= of the global financial crisis, according to PitchBook's latest Quantitati= ve Perspectives report.<br><br> This has weighed on new LBO formation, the e= ngine that historically kept direct-lending pipelines full.</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-2BaqM7ONnvsnswouzXI7344k-2BRGH8gXyeq2KPoWKfa0hraPAYgCRurg4ZuHRg-3D-3= DvXW6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1= O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQe= Pd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frqo= ivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWa= wSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5W9UVhVA7pAAF4q91RDS7YXa9ITn7CLiZlXL8ydiaLsX= kElcSx1obyQacOaIc99jlq8epHtFq4DsKiq1DnrS8h7ohtAu7OShYmJVOGkM-2FeO9Tn3qYp-2F= phuIrvfnXiIKFT-2BSkzogzdzG-2ByxVPGfVJvnp34DtNgCNWLxSOki-2B72k26q3kjbdGmG9uK= I4wq9X-2BSepPcjXCGDoEv7Rp-2Fg466dlQswf0-2BHMPg-2BOCryqP91MO4lPBfTt3gVn2VUSN= IUsvsBf0iuGuOh-2Fpk0ta8D9Vaxj1" style=3D"font-family: Roboto, Arial, sans-s= erif; font-size: 18px; text-decoration: none; color: black; padding-left: 3= px" target=3D"_blank" universal=3D"true">Read more<img height=3D"24" src=3D= "https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-= align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </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-2BaqM7ONnvsnswouzV4O5K8LwumFkGY= umYED4sIDkT3heGQ7Y-2FZBWT3VPbfbw-3D-3DKvLg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2= BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7i= HrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j= 2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5X-2BEv= LMBCfTWebfdln6REWq52-2FJs-2FJe-2FFIQdlalnSEYzdnocIOidinhAlrSLNfOFObQcy5a6Zi= VwQKzfvreiquRP95Q7KufOW28mBuvi0dY6mGAzFoEH0H0QOLkTQI7Qw-2FaF7WrtP1U-2BZPLSY= JmXuysgHOB0w2GAMzHYGmZueItvV9lFenFrdmR3CWObsGTPEmPSerzUQtA2-2Fm7MfGzeNMQVsi= GYBCsysuiaDAN3zQFnHQyIjHXx0uEx6ng7O3-2BCGaeKCuOBqr6mySyFkmyh-2FKq" style=3D= "color: #1D5080;" test=3D"" universal=3D"true">Q2 2026 Quantitative Perspec= tives: System Reboot</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 Iran war has slashed US sto= ckpiles of weapons systems=E2=80=94and it will take at least three years to= get them back.</b> "The depleted inventories have created a window of vuln= erability," CSIS said in a new report. [<a href=3D"https://url6380.news.pit= chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= V4O5K8LwumFkGYumYED4sILGmH-2BT2jTQ1ZucwBfS5Xmg-3D-3DNUqH_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ= 1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2Br= eRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM= 9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8Y= yKcAgfT5V0vVyVb521dJkXje3I1j-2B9kGmRpsp2CevGCnL1NhvdujOMAFfL2L-2FY7zBG2Mnqy= OfJvSPpasGNvjlbNi-2FKU113jq25slHuLQVZyF4JIB8nLQuNdUotDYOamPT6zItSZnmBRoTMDZ= Xopyrwpk829yOQpSdTDDHdeZrba9U6s-2Fp2Lgnb2OtDLyR-2FVFDcBGZAQOAflZy7OpOpwd6bJ= HSjZ6UhaE1m6aVztQxlR0xetebXyj5MciiJECqmQKsSSUEqLoyml9c5h2sVhZOxvCd7NVlA" st= yle=3D"color: #1D5080;" test=3D"">Center for Strategic & International = Studies</a>]<br><br> =E2=80=A2 <b>CEOs are still stumbling over t= heir AI messaging,</b> falling into psychological traps and coming across a= s tone deaf to everyone from unions to new graduates. [<a href=3D"https://u= rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzV4O5K8LwumFkGYumYED4sIrDRdVqPO11JuU4t6JYpkAA-3D-3DzsWe_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29C= OxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7= ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK= -2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z= 5hyUTh09Lwi8YyKcAgfT5XxraJci3QP0QjipJWolvpSLFJiGyaEz-2F9H22ly0Hpj4vORrVqMqc= YLy4uq-2FjNg-2BZ-2FM4jw-2FPipgg-2B3F-2BywYw6RDZA8VIZ3C-2FAjh96QXv8Ns-2F-2F9= aBmL-2FZIX97wJCgVsVS4IdfGIUWo7MqMy0QGCdDF-2F64fjjx6pDTcq7-2BwRoNRRBEdAA2-2F= wqz0THNuMCTnaexlfJi93ZsW88paDkmsqpAY-2Fh48Qq3dO02vEaXL77QNlcq3Um0M1XPbq6ot3= zSH2QGnEpfMRdpkbGRkz4a91PV3SM" style=3D"color: #1D5080;" test=3D"">Fortune<= /a>]<br><br> =E2=80=A2 <b>The EU is about to get a lot mo= re hands-on with semiconductor supply chains.</b> A draft law would give th= e EU power to force chipmakers to override existing contracts during shorta= ges as semiconductors become a global economic tool. [<a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzV4O5K8LwumFkGYumYED4sIhFrSzq74UMv-2FwnI-2BEWAq7Q-3D-3DKR-8_Pr= 966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu= 29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0Irrwr= Ty7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1= hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iF= X0z5hyUTh09Lwi8YyKcAgfT5XyEWtvZsCW3aiuLZrDJTWIu6v-2FPPYj06i1Xmm5so5Iu6agm5T= cB9Y97w49j8bcErEp8KB6-2FAXRGQRrEerfdaA44Znsnh1UGiMExJMPkNd8CTSc570tlV-2FOvk= 5x24xwL1Re5YM9-2FlVTnwyB-2FHqnn3-2BK0DuQwUd-2BQ4149JKEAjfAklQZfBEqp-2BDsu56= 2g914gj9kkE6-2BnAxe2ua5KUCmHeImuel-2FmsP1DZnvVYzeDI-2FCe6ciOkSuqIxbVO8Revb4= dnl4EbO4uVMRCHJ1-2FRC-2B-2BTdv" style=3D"color: #1D5080;" test=3D"">Financi= al Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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-2BaqM7ONnvsnswouzV4O5K8LwumFkGYumYED4sIW-2Fk6w5upobA5FwSQWJWMyg-3D-3DR= vkh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-= 2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd= 0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frqoiv= FUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawS= 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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;"> 723 </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;"> 2473 </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;"> 1214 </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;"> 29 </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-2BaqM7ONnvsnswouzV4O5K8LwumFkGYumYED4sIHONNj6hK6Xg0OYdmZgVUeg-3D-3DdnL= F_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B= 2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0I= rrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFU= vMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxi= M2iFX0z5hyUTh09Lwi8YyKcAgfT5Xbe4VeSsV5v0lcG4zFWrCCupSwPaKXBnRihikjunsxJNQLR= n0KA-2B0yJoWW2EiGXomo4iN7B2BHlBnS3umAlFMD2eDB7DplaVh1rJ5iWSwosucJkqLBmfqRn-= 2FQ-2FL3VrlHXph1eabJX0O-2FNkyMYoMCjZ9JKQDdtsfwK51Lqn11hvNQKpR2extMTj6e4tmoq= 3MWOnlOJUwpRjoCfeaMtMnPnLzz7GA6fkx3vmIGKriTad-2BRwRSIfsA2eZqmH2MQRiMmiLZ9xz= ntW8tu-2F4NFOBOFMR" 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_581320" id=3D"n_581320" 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: 2021 Vint= age Global Debt Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 79.71556886227546%; mi= n-width: 79.71556886227546%; max-width: 79.71556886227546%; 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">10.65%</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">13.36%</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;"> 0.33x </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= swouzV4O5K8LwumFkGYumYED4sIwK4qWyGH5ZTPO-2Bmt8ah3ew-3D-3Dw-YD_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmR= LpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3= n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb= 2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09= Lwi8YyKcAgfT5VhcS0jv45SxlNK9h2UAqPiEkyhLaW8GSd3ATZ7ItTmDQOj3iT9yjM9H5fEQrzL= zHpMj2Ad7y1-2FPKRY47JvOxMcRs17bdYlKfGfHf1cI6WT-2BJJ0Acj9fhQbrWAXLvq6A-2FhQa= 3c41ZDvYUoXKXWpk-2Bebfa0K3VL08vaNHhp3z4pdcSWg6QAwzm40WS9q9fD7ixdj8pkL4-2BaM= jEMYh4j-2BYjnDQFzl4UkcflmGTyyL-2BXcLJUOAPhbnmh6-2F49dltAMgXpANbIaNNmsPVITQ-= 2FtVEEokU" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" un= iversal=3D"true">PAG Enhanced Credit 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= swouzV4O5K8LwumFkGYumYED4sIkfGkUBKrWkza-2F8OHn96-2Bjw-3D-3DzKtx_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPc= mRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKG= U3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2= Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh= 09Lwi8YyKcAgfT5Wh0eQr2aEeR43274gAv4TDudS-2BqTd7tBpdJFtpX-2FNyZAjWck8txxL05P= t0N1qF-2FdFw1Ingql0a5TRRfVX272qTBmHtKGDuivcE-2B99L8RbBIR5yWMfxy9kUqPHPoF35i= ma49k91o6RJPDRSvcVhjmxC-2BVUv1gMiQsmlapJkr5FaEVQ2t10L-2BrHmmb20nPTcHasIWK2v= enVpV4Zvp6AaZjg25O5d1o-2F-2BmKKrG-2FOaP993AO0pnH5YTARUEPQZLdX3UBok9EPN70SSm= LfbJjyQyrQL" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" = universal=3D"true">Sandton Capital Solutions Fund V </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= swouzV4O5K8LwumFkGYumYED4sILksKj4oN4x-2BJ3ONqEVWxxg-3D-3DzFPf_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmR= LpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3= n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb= 2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09= Lwi8YyKcAgfT5UjTJCCDZOg82GZ6f8p-2FED-2BGbqmLB9g2M-2B6Sb3mmYHLIrhAh4Ieab-2F5= b2eqxzPsv7tenmyQI2CYfq93jKN-2B8vGkWD4gZv9YrjZlCqI2x1JrdJK9OYD7oUIEyfuHjy0iX= 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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-2BaqM7ONnvsnswouzX4WoOzZ= OG-2FySnggISCaGakTM1JJdfM5cGxtphWTSBW4A-3D-3DbQ1F_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38C= MHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAg= U8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2= -2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT= 5WB1QlDRQi1ieDymSGUcdpxm4wWYf7IzN920F5xum3smpwqkDnO5OFp5cS8FQZvSREpmAL1c9sx= 9tMetfpxN7OkGQ7qYMa0rdUQ1kzEpsOjDhZpFISOjFzAtMsWN-2BeCKFN2av5B6OvqiajebQ5X3= b164kJt4qX-2BJNKhkcnAW7xb76a0MJyMZTdnCe5aOZrx-2FrU6DxI9tYbDN8feAtAKRPFqnq2U= 6hvPH1kjxOJY3pstCqLy-2BsW5FXQDZhVgK0nrUUV4VJVhi9cnepx2Gk-2FfkFI2" 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-2BaqM7ONnvsnswouzX4WoOzZOG-2FySnggISCaGak9g5kAGg0eK-2FVK1roPhbxhg-3D-3= DS637_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1= O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQe= 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Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>People</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>Tik= ehau Capital</b> appointed <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX4WoOz= ZOG-2FySnggISCaGakAaR06U-2FnCD4B6HnU0ZHFYw-3D-3DKXtG_Pr966knuaHmaw6c7pKvB-2= BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe= 38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRAS= IAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-= 2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcA= gfT5WM-2BPVopOrtZTaNjoTGU8iu-2BBD-2BLNCCIjLrhRhvXlHp-2FN2-2BwjTIR7IvLZVBaza= 64fpVEMvGoq-2B6fygg-2BvpcKXalay0hZC0q7NV7-2BWi2s3U84964i8eRACM5-2FXLzKbwxRu= MAs-2FxNyD5BVTuY7uf-2FOfoL7RCvniPRfNcPnNeMFuxLHWMhE-2B5tQaMb8cuhTewOozKZ6a5= 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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">German= laser fusion startup <b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX4WoOzZOG-2= FySnggISCaGakNAEFvbTNNbtr2BAWGYFx-2Fw-3D-3DJkWl_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMH= ymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8= A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2= Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5U= RYubid24OcTnb-2BSocLLit26m1PK7uUN9x98PzuaNNxXYcbzeAf-2FcF1WHA6xhWhf71Gu7SI0= AcpqX9x6dh6Y6M-2BeBfQho61pIhe4j-2B-2FMpDZ8FSpIl0WTdhi7Bm7k2xyV1U4vY3SlwwcJI= 8HmeAhmtYNlOeiyAJ-2F1tz6IXWYadXJQCS8FqEjffMmmhbMXlJevoOTLNVZv6HjlYe5C7YGER0= nhypLTnnGVP82WZfAAnYwCp5sWDLTajltiggyAk7BgFuKfgNg4dM4sNVZuu-2FHF2-2B" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Focused Energy</a></b> ra= ised a $240 million Series A from investors including <b>RWE</b>, <b>SPRIND= </b> and <b>Prime Movers Lab</b>.<br><br> AI insurance startup <b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzX4WoOzZOG-2FySnggISCaGakDrlJJSc2Zj6J-2FTreG3UINA-3D-3Dkg= ig_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2= B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0= IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivF= UvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSx= iM2iFX0z5hyUTh09Lwi8YyKcAgfT5X5-2BDroz4q3AflEoFCPZdrqs5NKbtciAQFcJdokmHU1qL= ZPSan9R-2BjYviEeExjo1mP3yWmaBP3JBX1nrW7fu3GpODdcjvK2AtboNknkrEpJXqSa5KqJ715= 98LUrxii9n8cfR-2FZCj-2B7NphCKnZzdcV2ILcdeHXBKp2uEPAClR2QX0n0OqSGaRCToZC-2FZ= ayb5el1rHPm3imeDwp5VBHY2eotco-2B-2BZj-2BX7uPZwSx4KAtaL7zH2JaYuFLS3QPFl-2FgO= 31w1C2Gr-2BTP5mMy8I35emecOR" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Corgi</a></b> secured a $106 million round led by <b>TCV</b> at a= $2.6 billion valuation.<br><br><b><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX= 4WoOzZOG-2FySnggISCaGakYiNvRwZ0gE2E0-2FKxkA1aEQ-3D-3D6OQ__Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCa= Z1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2B= reRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2Qbp= M9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8= YyKcAgfT5XjKiryQy0VP0qSsG7-2B096BG2JDGAs8zBL2d4qdfG7TG4zG70z5Dx9RbudA2paoW7= KXIrCQ4eSyu8RXVwSqcu4S5go4q1sWVwUgO6b5p-2BYZyN9kEAxCKohgExk3QclRN0WZxMHbYIu= DDe4s7X7ZMMN3iLpkflb7rVOb1qwAWriVLnI6Wvm-2BLN-2Bkehp6hkYNWo-2Ft7G3Dg9T6Jb-2= B7r0EpsYLPe5VYeCOYPY5TV3-2Brl5EuiLv-2BovwqmRDdjgUXD9Rt-2F8ofYHOZua-2BdBrwM3= irnwCW4" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Garner Heal= th</a></b>, whose platform helps patients find healthcare providers, raised= a $100 million Series E led by <b>Index Ventures</b>.<br><br><b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzX4WoOzZOG-2FySnggISCaGakUla6kDMmyBD7o6yVFR-2B0= AA-3D-3DYOl4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6= Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9J= i-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmE= GaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5Uz4ccZVg2xkEYmXf8sp-2Bf87BVnJgQGMgcf= YfYKCSt-2BUctpJ0AcYAVjkBuTQ6OUx-2Fsx907W8hx-2BLcNSgxhPDesTVRR0GFdE9OGdTvmSx= MPgAcHy-2FC93fOx8jEVwJda-2FA5pW3z5UtadeWzldbBKlpQMTRIKHL3YDAWiU8YKDFQoqjFOE= OmTwVi96RIj0cR1-2FpdPlf7p1TIh2LBJIT77o8l8zICddQjged7hbUUHlmbjg38hif6yH8SLfv= TyWlwRVuaKeAgANPtw5GQVpTNyf-2B4J3" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Observable Space</a></b>, a startup developing optical teles= copes for satellite navigation and communication, raised a $90 million roun= d led by <b>Lux Capital</b>.<br><br> Generative video startup <b><a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzX4WoOzZOG-2FySnggISCaGakFGjH2-2FArWxFo98ak-2F2M-2F0g= -3D-3DDKlB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr= 8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-= 2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGa= HMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5UIWS3iENXw-2B-2BVngH5ACdUubjawIXanLuG7= -2BHwp8lVNg2x7baHMeyYF5GnF7VcTtZH8fsGaKxA-2FswuW3bfj7MJxAfSNIs4ZGEOs6jMutBu= 4IqXDMQ7XuBhnFGpjPSfToTYaLh4GbKNNJM2582HgVxAI-2BURsBYkcPaEnU-2Bztgno4A9vhIt= I3-2FK5yqJQfc8S0iJ-2BZ2iaVUHCMS7OB5qiv8VnCYNFyX66hoxDJIaOTn6QIT2Ar2JrUyhW9-= 2FN8DGAJNBnHa2D2pqTUGZPKmAHgQj5Gt" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Reactor</a></b> emerged from stealth with a $59 million roun= d led by <b>Lightspeed</b>.<br><br> London-based industrial hardware specialist = <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX4WoOzZOG-2FySnggISCaGak3cLUvKkG9= ZWXD9LkQjztwg-3D-3DwHka_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1= ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetF= vsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2F= esJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5WDkhXJnOY6UlnqJ4uFNy472Fa= CqX5Ag-2FglURCeZMAHPD2QPl6dTZ4Xke2WlAgS9k1prsvoVCGqwvBn2UbNWAa6OfUMFT8XI7vN= EaBPyBM3hReuZ5kntRRa4D25NpRK6KUfsOFg9TFagfbkpIFvvRIr-2FuYqK0jyH3w0WXBax4QXP= 8B4Hr1z5bdKpptGGYeh4Nps5NvXE8BrK0ry3s9-2FPaMagMJfUZv7rtZFHWXv6UQa09iEAezbjV= ik47I940Xl6JYzdqb99qVMG5ui9B-2BGhoIq" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Orbital Industries</a></b> secured a $50 million Series B= led by <b>Plural</b>.<br><br> AI data infrastructure startup <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzX4WoOzZOG-2FySnggISCaGakls6Oldww-2FL-2FiUO7W-2= B0oTNg-3D-3DJFMn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY= -2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3= SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-= 2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5UzplGG3W5aNhoMUNClYdszWLcSByt62N= rR0oXekPSlqNkNEYdIm8ChXPVs9bmNHD6RI7LMw9ywoXuhi4zr7RnQOmSSdboPJVvwXANJ3-2F3= efNwcHUaIcYow7rTEl7GDaFeCkjFWcDiAA2ZJLdXGDF3W9ewOgTcCfq9NHp7f-2B7pA0iThJfLu= I-2BpY-2B6c6VzpBPixLavFH9zun4t0IYiHwwBDEotUc6vdTJ9FAeN8pIcYtDiwvd2RhrQHukoF= 7ypTA5j8qekGb0NTbBzWYmvxHwjzS" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Daloopa</a></b> received a $47 million Series C led by <b>Bright= on Park Capital</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcqIH= Dxx1sLkpQ0nl3-2Bsd4pQ7oD3x0olzM7xGiZjvxOg-3D-3DqlmU_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe3= 8CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASI= AgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2= F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAg= fT5X22iNyCKCgUvD2Av-2BVLSP-2FKcmaPxmlI0Pist-2FqzErC9BLm9-2B1EZCswgKN9YF7eaA= fQxRqlr6Sj8aRhEOMyhC1vMUeXwJldWP7vUkcvIPsaWJYSdAsm3qIMX5YaO4UQrRTEmxo3chaUP= UmGZ6iTFWlvuKWgIQo7IFX5G04GOiIGOLV6fTkMaQgglIWu15iTUQbhk7rDNe8oSU6IcBpBmkZC= vSlUUn71b1j3oItwRXNJdDKgglgcVIEbXsbLj2arhU-2FDpHOOk59UW0DtCRUK7KMW" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Utilidata</a></b>, the de= veloper of a power infrastructure platform for data centers, extended its S= eries C with $40 million led by <b>Renown Capital Partners</b>.<br><br><b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcqIHDxx1sLkpQ0nl3-2Bsd4PAf4gx-2BPPU5= ECNb-2FV3FGjA-3D-3DI9Jk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1= ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetF= vsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2F= esJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5VZAwbw79kCde5-2FPoqn23wIl= osCTWOLh4fIoejEmJjXw3H6GvubP-2FRJITSVHwnodk40-2B3moDnkdzZukr6n8HHshwKEGBXnD= N59paEqzZ96S-2BW8rpIPpqVUP3DFLW0Wg-2Fe9Rg5cNBa3udpp9UFw49zc77UDMXf5OxloK0sU= aWI3-2FJSX8y6QUe4OyCll6qZETkAmP5EoI-2Berfgg6KnvM8DQUF9V6GET37j8LnoPl3PFTNs5= j33E7jVC29lGcdXWPOY23IlEzM6P99XlX-2BTAO4-2BFGZ" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">Canals</a></b>, which offers a platform for ind= ustrial supply chain distribution workflows, raised a $35 million round led= by <b>Base10 Partners</b>.<br><br><b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzUcqIHDxx1sLkpQ0nl3-2Bsd4jfw-2FtEgru20hLMyhqCmq8Q-3D-3Duc1C_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRL= pCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n= -2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2= QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09L= wi8YyKcAgfT5XF-2FfAiNmetPh7o1sj09VrJZIyz8CTbxViLPTTMoyUP8SCkqbTbOkKDQ5Bk88X= iqzkRSHhvC5FLEKy5e46c5pUDAOonT9CpbzaJ-2FSWefsG3TYsXeyPzaTzZxHFxmTkdc6UwcXoK= SBkX8-2Bsm7-2FVDfgDM7B7LGVvJwGjLyImwE2-2FknTG-2F4uMlO-2BLWzG6436JeU-2FpYaW1= UDPVxw46Jid6IIAwXjr3jK7XIV4RGVjvN1vpDVQrpQrGBVPcdWDj3j75nmiiorme5KihAcAqV-2= B5V-2BB6S-2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Saris<= /a></b>, the developer of a workflow automation platform for banks and cred= it unions, secured a $28.8 million Series A led by <b>8VC</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>Apo= llo Global Management</b> acquired a minority stake in <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUcqIHDxx1sLkpQ0nl3-2Bsd4VK1ThPKLPMivvdE5L77beg-3D-3DD= wOv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-= 2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd= 0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frqoiv= FUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawS= xiM2iFX0z5hyUTh09Lwi8YyKcAgfT5UpwyqI4IOqYq6qH4cZ8Zntlmb6bUsK2Hf3VyRsSqzygEF= p5beyv0GTM4ccsGbd-2FPX-2FwBkHtxrerqRvdZLyfTdgg0sBmhDthT1f1FR7I4qnod-2FZ9hEl= Lx0ou7no17FYJ0Obnokt7SEaqsTQ-2B0aoSS0FzVKgPeiP3kt9n-2BMLAlAd9AFqGUNACqd-2FU= BWpU80G6vhk2kj5oA6HyH88V-2Bg8WvniNFoNGp9nMTU5JmzrayZRXbkOHsIltUtfpounRVrOj9= BUiAKuVp36JkzlzxYOITcb" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">Apex Service Partners</a></b>, an HVAC, plumbing and electrical company= that's backed by <b>Alpine Investors</b>. Apollo invested $2 billion in th= e deal, which values Apex at $10 billion, Reuters reported.<br><br><b>Black= stone Life Sciences</b> agreed to invest up to $1.3 billion in Nasdaq-liste= d <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcqIHDxx1sLkpQ0nl3-2Bsd4U1tVBsK= iFMbZ3IOdNSBrEw-3D-3D8Dd__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0= j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6Cce= tFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-= 2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5X2LMSTF0USrF7WpvOcusrrH= l6Ih4ng9gb-2B6pBmnYP4L4i6MLYYl7m-2BOYtoR8UZjeSiExj5FaqTEZlK9l6Go8wDh9iLf15Y= lNdqoKWKbvyPamXvOSs2RQ1Nagmh2n9eIlKDwa1iPRV7XIT0uwDOtRbPMdQLGRv7yH9IfkcxYVk= 4xIcGSHk98wgoG7lAbTgs53H1EbxQ5U-2F-2FWNkfaWWgmPqBIoZYaKrcdT-2FjO-2BISnCBTeZ= s3q-2BXTUDOBV1I7VSzbjzG-2FfV8g27zfvthF1VpDdPgY" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">Apogee Therapeutics</a></b>, which specializes = in biologic drugs.<br><br><b>Inflexion</b> backed the launch of <b>Mittelst= ands-Assekuranz-Partner</b>, a Munich-based multi-specialist insurance brok= er targeting German mid-market companies.<br><br><b>Main Capital Partners</= b> purchased a majority stake in <b><a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= UcqIHDxx1sLkpQ0nl3-2Bsd48U8uZDEwvwRLl6HeZhe8EQ-3D-3DUVjs_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ= 1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2Br= eRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM= 9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8Y= yKcAgfT5XFgNITLH1CW4hwPb4r2eKgFp1epcs-2BOQVwNAUlnG0IPZuWqpaeS-2FEYYrcOvHuS3= rwi67BqrOJdWQnNykArmm6-2FUzRhg07MezP7cwdZhqRd7OOMNZ6ddScOkZBNxK1bw-2FPm5y9W= vokzODfDIC-2Fh2kBO5Qxwws9jZzhOq3yAVF-2F0M-2F8kIURRYNhKh-2FzUTFBbK0Qd9PBx82R= RvGZHLCmlRtRAB06L5KnOVGfiEfF7o-2Fcnf60H0tBpZgybT-2BDNBYlzT1ppUR9DSxR5EVjG6T= ylhrAI" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ferranti</a>= </b>, a Belgian provider of mission-critical software for utility companies= .<br><br><b>Waterland Private Equity</b> agreed to acquire the business con= sulting division of <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcqIHDxx1sLkp= Q0nl3-2Bsd4-2F-2BhQNBLDCd2mzGoaE7TAYQ-3D-3DBwwF_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMH= ymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8= A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2= Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5X= Om8OLet8t7E-2F6rhSESHUQUQd5XkrNDav0ukfi-2B2cpd9VXLzmL52tv3W-2B9nNYWynuGAake= GMhJlCSAuugTE4ynAROE5ThJ8vfTKQ3MPmnMnlHcCZQ05VaS-2F0LbAdrW-2F9LgqsHQCl-2FmE= S3aDuaP-2BrN1dCTeImmekYNN-2BF1NGnC5g6e7EFRuqzsZWR5MeVgNqn40rz8QOFwfvGJAt0E8= fHB7ToRpI1X78qtpVVUtO-2BXvw9Xwzfb8VBp-2BX4HcQZHOtk0uoYaiMsDqWjeHzrOs7F9r" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Minsait</a></b>, a Ma= drid-based professional services group, from <b>Indra Group</b>.<br><br><b>= Deutsche Private Equity</b> agreed to buy a majority stake in <b>NTA Group<= /b>, a German provider of integrated security, communication technology and= IT infrastructure solutions, from <b>Adiuva Capital</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">German= defense tech company <b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcqIHDxx1sL= kpQ0nl3-2Bsd48LDshzjOud6Loh1cyXdMUA-3D-3D9Usg_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHym= P-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4= Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ff= j4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5V9v= yRuxlPKEAjiO199wNbNKONHQkQtlT42aYsjAjgYLIzKr03gFPxU-2BmtyKsEElMtVO-2BXdWuZc= r7qvIh-2ByvbLSZtAryyW6qBNLY6dwn8sxCdkPiTIMfQqZ5-2BYD6-2FMOtCE1gFBON764szEvn= eoNDqsyJ-2B2IVqvwXlNePfkDjttOOgRXA8Oq8PoI-2Bg3t4eaCcEqB7oJS1cKc-2F5LKRyz9v-= 2F-2FvZRtAPyUXMeoGOt8olKOh-2BfUOu1YuGQkJLwwsfN7WaD6ghpVjJ0zu8Up6rTk2mj8w" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Quantum Systems</a></= b>, which is backed by investors including <b>Peter Thiel</b>, is seeking a= =E2=82=AC10 billion valuation in an IPO, Bloomberg reported.<br><br><b>SK = Capital Partners</b>-backed generic drug manufacturer <b><a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzUcqIHDxx1sLkpQ0nl3-2Bsd4L8e1Q-2BP93NiXUxJH02nldw-3D-3D= hB4V_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O= -2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQeP= d0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frqoi= vFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWaw= SxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5VDtFMPCOj4h0m4l6ha1De6PqCG8IscuECSu1yqc-2Bjk= 0fHCamudR1TkMVUbqMfwyXSwfZglTYoDO-2FPUvIdHAPSd0Sm9WFbvIqeHSBWLktq4WNi74v2r0= 4h71mcyOh0ar5H3CyNIWdYSy2Ay2gkGM-2B7TPeYnEvznNWxbNy6w4InYQW9qHnf8GCzGUfPAPV= BtfxLHxfyi5Ir-2F0PgLAc1LVtZCiN-2BOfcix6gghLi02T5Ro-2FZubIuAi0YAEtj2Fqq3c1Td= yeINlDx4l6aHOUEX-2B7C-2Bl" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Apotex Health</a></b> filed for a Toronto IPO. The company is seekin= g to raise up to C$1 billion, Bloomberg reported.<br><br> Dutch autonomous drone system developer <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcqIHDxx1sLkpQ0nl3-2Bsd4UJVa7XBdr7epX= GYLqw4P3g-3D-3DoqQ3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0= YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1= Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJi= OF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5WZfFwI23VbmVabrjls0FThCkLY4s3= omwgfORCvII6MfP3jB3mfJ2ZYHcK3dbuIHA6sWj1PsfWfkNUow-2BBOUlwGvuWCxgNruZgXWoGV= 16qWfuLiDZbLLF5btatguOfMM56WgWZRwb62EYSj3Q9djF94X46HQmxd8o8OkFRsg-2FQTCcqcS= afOfgU6xh4onDnexjSSCKKZcMaO9oH-2B8EyAUiAF-2Bi5HaCU-2FO6-2FzB75X0htBoGP95w-2= BTXskprgfOi08Z-2BXy2jc5Z3sOiTPQ-2FNS3w534l" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Destinus</a></b> is in talks for a 2027 IPO, Bloom= berg reported.<br><br> VC-backed nuclear startup <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BLQInCIs566EscG5fEmsk53w-3D-3= DN9uh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1= O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQe= Pd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frqo= ivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWa= wSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5XcRluDYWKY476veFFxe-2Ba-2FBcMIQfY1nXI-2BL2c= l148ksCDwL55SBk3W5TCYEUlZ-2BxC8tgQ2RjgsLxGzX9-2BnPxoSSIXvQGE8NDwtXZN-2F8D3Z= b8IEhH-2B6APQArVNpOm8X4IGFXvuDIS8QXvwhHyIJdi1sorkECfYnN5-2FvObMEz3Kl73WoU7i= WUdbpQVDSXI78GK4G9XDVRkmku7dzZi5e3IlNu3WhPQ7NbFcqwD4NSmud9Zirr-2FupzLE6lvvg= UcKyxInjkpLUMHR9ve8mV49zEDjC" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Avalanche Energy</a></b> could file for an IPO later this year, A= xios reported.<br><br> AI data operations platform developer <b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BLD8QtMACZU8sDHwA= UDS9ToA-3D-3DaYMD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0Yd= Y-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv= 3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF= -2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5WbVxKVGkAE3d-2B5iVgHCBQ6hpFcXEI= n-2Bk5Tk01ueIbPAh90paw553FssTNoEyfeuePAmL8oLDQUGk-2B-2FZrWSueSOSAzMuYyxBL2Q= iPX2K8qwFwxhgjsvAywC4ZXRgIJJRXGXNcnIVVNQKqj6f-2BRo-2FAkOHRsFFUXsN6x1bs3wBnx= ICgNGXrkDwrwDfOE7ELh2vLuHjshq8CXX47uXW6Y8OLBN5heuArIH3wz1WzvvtVKkeMiuGbDIdv= 6Y2i1R2Pu8-2Bh0CdfgXxlVY6XldACPsUNow" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Akridata</a></b>, which is backed by <b>Menlo Ventures</b= >, agreed to be acquired by <b>Dimaag</b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c= olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2B= LImOfSjDo2dDpgQdH0ufq-2Bw-3D-3DGim9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGw= PogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0Z= CliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMT= bmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5Vy-2FqU2KnIRB= I4n64TGmg6AZLiHCIG3y75Cl9kitXQc-2F2C7zwMpuwq9Nj-2F4ENKSlknb4Z2It738BJ5yN2yc= rrzm-2Bb7rZ7eKcMU5npI3q5zRW-2BJVzQ0KplzvkRpocczNs0ufoE9VyNkY8ozZlOrzrzJjqVh= pKNfaNBsMdlQm00c-2BgME-2FxvDe2USFzH5n9GdJvwg986ycC8gmYpfI-2FVU6L2betqB7Aftp= McdYMMCzHqPCCilJnSObN6kzd6lPWmJRYgl1sDXNFpVVicoBySSaDnCL" universal=3D"true= ">Stoneshield Capital</a></b> closed its Opportunity Fund IV on a =E2=82=AC= 1.5 billion hard cap, exceeding the original =E2=82=AC1 billion target afte= r the fund was oversubscribed. <br><br><b><a test style=3D"color: #1D5080;"= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BLVZHO9IFi8JZKkB= PVD2lizg-3D-3D9esj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0Y= dY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Z= v3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiO= F-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5XmFhGGncXoocjzjjrXIsloaIaJ6j5g= pDmduaYCW4HHHlOCuE5ZkgrRma9gZzhZzHf8mHEX-2BJ-2F1Yy9esl5ZQVmhhcv-2Bpp-2FhJDv= VxUl2SMzKN-2FSa4yhesV5Q-2BclM-2FMaI-2FwkQAnPp5vQ6SU6iuw3h2UnEbXca9a3Ch3seUX= WjU-2B2CLQgBFnkgd-2F6kyIqx6FXxqsz4aSsfC61YyTV-2F2eu7GqxWYHiTU-2FP2KPvub6I19= 9vqO5j5mGV3kxjhtfTDBmMo1qdqfUk667xCE0lohXHVPPdf" universal=3D"true">Lightni= ng Capital</a></b> launched its second VC fund, targeting $100 million.</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>Investors</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BLemJjkajnqeWjMfg= nnMWvZw-3D-3D-b9I_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0Yd= Y-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv= 3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF= -2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5W2PTDNKAtKy77wDO9QRQohuz0CEbn-2= FEna68WKzEGuJ0huB8ASYxO1wkRLLMNm5D4IjXGVVEpPPtm0jM1X3ZVF-2Fas1wcsRzfL16kFN0= ls8QGki9FbI-2FZPQ3hKp8GCcNngRvj-2BFtLpscAooH-2F-2BMfuskCAzGiqGNSHP516MGAJLX= Tb0kMfisbrOE7k7v2cCl0uoSm-2Btam4tDHRlW0FNQXBunpH-2FTXTGhK1CZIb9jPt0nSTeKaqz= y2D4Df4vYQjiOLakgmOxtpC0lp3uSiZ-2FHut3Jx" style=3D"color: #1D5080;" test=3D= "" universal=3D"true">KKR</a></b> is opening an office in Milan, expanding = its local presence in Italy, where it has deployed over =E2=82=AC10 billion= in capital since 2005.</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>Corporate M&A</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>Fer= titta Entertainment</b> agreed to acquire Nasdaq-listed <b><a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BL1RSJa5IohaBgYBGvX4QV-2Fg-3D-= 3D92nk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= 1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQ= ePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frq= oivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoW= awSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5VyMjll9veEagrwjVTwHcNEk9ATAOr1r9s126VFxM40= KGMYwg0H-2Bbd30BlwyURvqEtHTsQyqiG6Pni2ncfxBem-2FPZTk5H5fZ9LrcvfDi1vnqJWMXkS= gGb7-2Fna0GThV1FiZUk3WqFAYt5bhRzQGyjvYkTqfCrFfMpVCulJF2BHK6pN3jLJ8F6xk6qdE5= oDCBQesq4G33-2Bhz7Nr1gtvr9ZvIE-2FNHmZzassRM62xwBz6HI2K60iIe-2BCCAJ9lOrFWLz5= bvGjjHt5su3-2FCOWnswzqy0n" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Caesars Entertainment</a></b> in a $5.7 billion deal.<br><br><b>JD.c= om</b>'s proposed =E2=82=AC2.2 billion acquisition of <b><a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BLLqMT-2Fu-2BexFNc0SNLIuFBQQ-3D-= 3DVJfN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= 1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQ= ePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2Frq= oivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoW= awSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5XozIW0my4f2ylRASyaYWTAPH6K-2BXp75yq6IbG-2B= gGeLwGSxd3a-2FqsMkXWHpyj7TM1bF46qSe2zYxemGrwOIw-2BtQv5MNdTGskO47cfrZ6CHX3ko= yNzlNuNSPgATFM2Vrgz8KrTMiSlnGAnShLAhu1gl9ltP8zVyA-2BaKvTZy4YMpw2PwnnLEKi44W= i-2FKz64cdSlqWyVgrlcYnloUMqO-2Bgfnt53yTJKUfyQZjD9HUIkFOUIQbSxYvjXapmNgSoToI= DbsfQqnpVDHjXVSTQFiH1JCC3" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Ceconomy</a></b>, a German consumer electronics retailer, is under i= nvestigation by the European Commission.</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-2BaqM7ONnvsnswouzVNxzOacml0V322ny8JSQ-2BLC-2Bu-2= Bpv-2FgKuvJnRB2OQX-2FBw-3D-3DPd_h_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcmRLpCaZ1hLe38CMHymP-2BpwEFGwPo= geW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU3n-2BreRASIAgU8A4Y7iHrTyx0ZCl= iqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2Fb2QbpM9wH-2F2-2Ffj4j2yhNMMTbm= Aut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh09Lwi8YyKcAgfT5URQPdsH9yYZ06uh= S8oJqcUKM93JYgVi-2Fk-2BwwNsIC3q5fmksTBmcSzHVyPJ851zccABZlIazr5vxqddupmJuCfA= raTFvFPsUMD1w-2ByODpM3RCQxHyFQc6hA72QwP5JoGgqSYYoqNzRUTpMBHkH7cImx92qBv6IY5= Dcy4gJ14pUEvaDeXO9wRCAbe9FLXQQzC3BknozDmZm0bUocDeSOjlQclzbuYpbeR6sxit83zPtY= fhYca6znKqTlYys7HK18Ika57xo9ltzd710W59UdFYYH" universal=3D"true"> <img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74585.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">Levera= ged loan default rates have held steady and are expected to stay that way, = but the mix is shifting. Software loans are predicted to account for a grow= ing share of defaults over the next six months.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzV4O5K8LwumFkGYumYED4sIDkT3heGQ7Y-2FZBWT3VPbfbw-3D-3DWtOy_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR1O-2B2zlu29COxgHPcm= RLpCaZ1hLe38CMHymP-2BpwEFGwPogeW7oXZ0j1ZEj0YdY-2B6Fr8iVQePd0IrrwrTy7ilNmKGU= 3n-2BreRASIAgU8A4Y7iHrTyx0ZCliqTn6CcetFvsB1Zv3SJ9Ji-2FrqoivFUvMD1hNK-2BG-2F= b2QbpM9wH-2F2-2Ffj4j2yhNMMTbmAut-2BF-2FesJiOF-2FmEGaHMoWawSxiM2iFX0z5hyUTh0= 9Lwi8YyKcAgfT5WHcQU40kIwFHOtR-2FWAi4H1z8vv80kPO5-2BKc2u-2FT9lg-2BCZ9OlnePbV= rYP6TYFldP2snmKO-2B-2Bb5vGtVD8WFIH2jOR-2BD6kg7cZRlBNI9F6GbVcJ2fJkeIZEpm35mF= VbGYtaCk0idzuLJDDKn-2BWBhanaDowB1r9aCpzcKJYh-2BwbgsiimDZQzAPPTlE272YWdaCHjc= Q5Tt-2BXTIblk57BDgNCv-2FmHXqJ0OJG1Ub3tZ5Jx7-2BIBahaOWPCwjVUSyCS6CTLcvAqZbMt= Psq27zDvOImqVc-2Fi" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Q2 2026 Quantitative Perspectives: System Reboot</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"> <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding: 0;"></td> </tr> <tr> <td style=3D"padding: 0; height: 20px; line-height= : 20px;"> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; 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