Google

Edit File: 1760958909.M136025P184454.server-619288.prediksijaya.com,S=166289,W=169272

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Mon, 20 Oct 2025 18:15:09 +0700
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Date: Mon, 20 Oct 2025 11:14:27 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
Mime-Version: 1.0
Message-ID: <nzFT6shCRDKvuPFE7afSYQ@geopod-ismtpd-15>
Subject: Is defense tech overhyped?
To: vetyl@ponjosonek.com

<!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">
  <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;"> Stable=
coins' rise meets friction; mega-deals fuel European PE; Dimon warns lender=
s after 2 big blowups </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">=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;">October 20, 2025 =
&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.co=
m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX6unIo2NA=
sBFxMPwq0EVCS0nQuQZbHKewhIE6OHqZ7hQ-3D-3DbP0Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUE=
jSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX=
-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4=
wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA63zRfN2m0dPOPQ40FnWLAcFVwwWVvGnWc-2B4=
3xT5n0ZQJrCj6ToOR0Sx9iiwlzINulgkdLyYHDtjfusEa-2BzdgCCxqVdODXQzf88DA8XLtpm7m=
mx70nFKWvgg5wwW1oVLw3-2BLe7Q1QdGhkFKXQqQLb7BBtzMJQAFj1GUASFOPXl82HHos1V7jHV=
8sctCBkykYd3CRtiKok2AP6KkLbccz5WOgIA50LSKwgudcSzb-2FWvmUHjDULZK-2Bydu-2Bgxn=
Vx2Kx5wSPSVxOUt-2BzaDZ-2FtPb6fKog-3D" target=3D"_blank" style=3D"text-decor=
ation: underline; color: #1D5080">Read online</a> &nbsp;&nbsp;|&nbsp;&nbsp;=
&nbsp;<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2=
F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2F=
tnBQ7rUuqNohbArjpNQasEdfyU-3DNbab_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT=
-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2Bn=
DdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3cl=
Ueca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7AAJ18Hji9X3KUns3QxgS6avPcP=
kjHE2TJmXgJpICR9UgDxpOBncR6xQi8erFccFNslEWPV06voy6mgYFj09TdAqOUvzTIk714t8TS=
neMvR3xaR-2BgVYk-2BOcPiAoB866jIurODSb-2B61-2BLncRDcXAbr-2BQIoCJnocrUQWKSsvc=
Ao8DfyL-2Ft2lDPDAODYx47tothnLzFuRoJ7ex-2F-2Ffiyl3etkHFX4rFtanprRKmn1ZJQH10o=
2CqWhrEnefpopLbl4zZ7MmI-3D" target=3D"_blank" style=3D"text-decoration: und=
erline; color: #1D5080">Manage your subscription</a></td>
                </tr>
               </tbody>
              </table></td>
            </tr> =20
            <tr>
             <td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3Zv0EHNbN6Rr1ULGIMjZBi4DsJw-3=
D-3DSbpB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEt=
wluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74S=
zPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZ=
A66sATnbLd2zfWIrMyVLvUg5I6-2FpkPpNAWhQ9tu0B3dj-2BXRGvzA6lnHT-2FWZFERg5LlIjH=
aLctVrtifIm1E7N6rLBxrKaWv-2F-2FpPcYn-2FaXTrOM-2F1KNCWdZzJ1oIXZWyzdDCkt3cHm1=
A-2FoxfZ3w0q0qNnOyp-2FzatYG4-2Fw6xLm8JjDwDyWMwr7B7B9vYAgq3I-2B1gUJkgYNgboiY=
wXzsVGbpyGlM2wFgZ7hrc9SCwk7ikt7v-2BfziDTbLoZLU2ut5WxGsCgPX9U3k5oK-2BjdQJzZ1=
qZTgQw-3D" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; sty=
le=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbook.=
com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5=
PSLQI&emailId=3D3DJRXYKD6OMR6UU&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625=
LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KE=
HCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/=
open?upn=3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQ=
BOnSwcKkIaYD6qD-2FHXhAgx5U0-2FubyU0VkG9-2FbdaDyt3VSkZy0w42dU5E3iS5hS9neX1ZZ=
1rkYSF-2Fp-2BXY8ACMQlKtnsNaB7GJdaHBfKjsujKxxdDbNYvG7JFye8WQE9xFPZjO2lxh00-2=
B8JxoHw6RL6pdvJWBz7L4QpsLVZFXBlE-2FpNzvjbFT2aGZBPk-2FXvGbkIqhLshOs8IGbEwtf9=
ud-2BPN1sAkxyL75f0ZBPLeYGMAqlRJUMjukz2nnafgHHQ04NfTOVEfKlqoOWdhBSUDOcRDxRLN=
5HcUWptRqH5-2Fi7PJ3EeTp-2FKXDxxn1AzYjwAghqThjq9jLBunoSEAI9IVorzRUuPX133znMF=
VxSryJWWTIDx1qp64apgyNRF4iL76488pN8EbaK3ahY4FE81fyZv9ZKPIseJJ-2Bvq4ltIJPLHo=
IBh46ntjAfYikPGXeVBN6EldbJmfX3Uj8GVnZU7uWoFad3cAr8eVDKhPEZUxXMkUVw88BlAXl3D=
-2BKol5VPnYZ0pvrLUSd" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=
=3D"height:1px !important;width:1px !important;border-width:0 !important;ma=
rgin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;=
margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !importa=
nt;padding-right:0 !important;padding-left:0 !important;"/><img width=3D"14=
1" height=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_mo=
rningstar_logo.png" alt=3D"PitchBook"> </a></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; 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>VC, =
PE and M&amp;A</span></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>=
Your edge on global private capital markets</span></td>
            </tr>
           </tbody>
          </table></td>
        </tr>
        <tr>
         <td>
          <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor=
der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
           <tbody>
            <tr>
             =20
             <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma=
x-width: 460px; padding-left:5px; padding-right:5px;">
              <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"=
0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
>
               <tbody>
                <tr>
                 <td style=3D"padding: 0;">
                  <table class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                   <tbody>
                    <tr>
                     <td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3Zv0ERTPpgNJL1WIPgW7TL5-2FNBg-3D-3Dd=
SWy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y=
-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY=
6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfk=
lp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6ye4=
NZW2w2CC6eWoevnJ1ATNAecir8oIjJvogP-2FSEQLZQWbwBeD1LHQECH6Ih-2FfV2ukEgW-2BWi=
SqoXsboV47oQQTCkDojbZyBK6wwSTTPjZveNbi0ZjbD2Tqwba-2FoYh47o2ryCH9CvJnjICSGmB=
nn0heD-2B3D71qQ5OCz5WLIVSzYAadAFS1nGQ5ia7iOUvjFWIOx-2BzRYEfOhicjsgujDspdIyQ=
fOEwcmyn585tjxXcfpx1RtkKAbcmZZUXInwjj5yLt4hN6UmKzlGuXiNeR8ikXo-3D"><img wid=
th=3D"460" src=3D"https://img.pitchbook.com/ads/ad4347/SVBHBA1020.png" alt=
=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: block;">=
</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 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>Welcome to the new=
 week.</b> Today's Daily Pitch features deep dives into defense tech and st=
ablecoin dealmaking. And in case you missed it, our latest <b><a test style=
=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3=
Zv0EklJDdF8mLpQQCkcv2SQ4vQ-3D-3DAw8H_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL=
0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-=
2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU=
3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRny2Lb1xz-2BnNXP-2FWhm9gc=
uhTHhrHfP9lg-2FRT5-2FnLlngN2oCr70cB4OyRDr3XXOGSBFh7-2FdSmlI0gBmuRfJr9Jt-2Fn=
00B27gKRhSeqAH3cqQ5F-2ByWtffx6sfoLv8sGqA0UrI26yE6J5eDF2UQt17fvMuN4YjSMKmQds=
DnJOk7-2BzBI9KSlSn3waqz9vNpanXabc7H5Glv0P78vjAqXqIzHOeLuHcb18P81j-2BeDO6FDE=
3QuL4R7Z0lRtKcUz5TuVqEhwNc-3D" universal=3D"true">PitchBook-NVCA Venture Mo=
nitor</a></b> is out and shows AI still leading the way.</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>Was=
 this newsletter forwarded to you? <b><a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXi=
ubFNGm9V6xUSXPu3Zv0EPpf6Gtzd-2Fq53nqm7J59Rig-3D-3DZJRr_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvnc=
qGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1N=
ZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbU=
kTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwFBR-2F=
XOr8lxLr7pLvRh9WsQd6AwH8i91ZCfcBwxgHmoWvvNg8FvGXi8Sx-2FEOdehUN7nE-2Bw2-2BfA=
mUg2-2FigpJGVMy-2BaQ8-2BKMeCkXugeyw31AH9c-2Bm-2BjRFA19ZN-2FNq37ttmxJ6Y8OVaR=
l8fPQFeSLfG7SlEO23eLsqgvzeDZVHND8pgMkha4GXfLHRmF0xqRvJt7DeZRVfeMgvm0Vmj4J1Q=
rsTZuaV3H6OVaKLEWPfKFGa6Qqr3R5U7kCLB7iiN8DBe4M-3D" style=3D"color: #1D5080;=
" test=3D"">Sign up here.</a></b></i></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_573815" id=3D"n_573815" 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 Iron Bubble: Is defense te=
ch overhyped? </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 =
Leah Hodgson, Senior VC Reporter</i><br><br>
                               VC funding for defense tech has climbed so h=
igh this year that even the term "record-breaking" feels inadequate.<br><br=
>
                               According to PitchBook data, global VC defen=
se tech deal value has already hit $7.7 billion this year. The rapid growth=
 of VC funding has caused concern that enthusiasm may be outrunning fundame=
ntals. But according to investors active in the vertical, the surge reflect=
s a structural shift rather than a fleeting trend.</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-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3Zv0Ewdsv2hly-=
2BZ-2BJ1Fo0UlLYLg-3D-3DNCGh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwl=
h1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoe=
O1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8P=
xzToIDX6LP6KU4xfMJZA6-2F84xZ3vznXtXDXsp5qBIZrqz-2FYxqPj1-2FmKX4M4ozW42pi48y=
aj4S5DQC-2FJizUCx3vfTSPtv3aho34JU989VGzf3-2FE-2Bf9tb-2BJhpvW5Y2xzc5Ad5TLTBd=
YvFT0efmHFiPQVNaFyJacOObjZyfb4VMSZ11-2BiU06NrCvrXLmqnzVB9Ktco-2FVzUkIzG5GWc=
FeEOoaw1-2F10U-2BQVFUR9nsTyQEYihsW9aqGCKqDiXFx2BNOnpyHDbn-2Fd66K5z-2FkPlgvx=
682fJi3J0KRAsBnbhTx8SAyHo-3D" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/70971.png" style=3D"border: non=
e; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"I do =
not believe defense tech is in a bubble," said Lital Leshem, co-founder and=
 managing partner of Protego Ventures. "What we are seeing is not speculati=
ve hype but rather an overdue rebalancing where capital is finally aligning=
 with the strategic and societal importance of the sector."<br><br>
                               Structural demand for defense tech suggests =
that there is substance beneath the hype. Global military expenditure is ra=
mping up, while procurement timelines are shortening. Governments are incre=
asingly awarding contracts to startups as they rectify years of underinvest=
ment.<br><br>
                               Recent exits are also proving that the verti=
cal can yield financial returns for investors and their LPs.<br><br>
                               "If we go back a few years, the market was f=
lat and there was low defense spending across Europe," Sille Pettai, CEO of=
 Estonian LP SmartCap, said. "We didn't see growth, and that's what we as i=
nvestors are after. That's all changed, and financially, it's an attractive=
 sector now."<br><br>
                               Although Archangel GP Nicholas Nelson disput=
es the idea of a bubble, he does acknowledge that defense tech is in a hype=
 cycle with valuations that are, in some cases, "out of control".<br><br>
                               Certain market areas, like drones, are becom=
ing overcrowded, and the influx of generalist investors in the space is blu=
rring the lines between genuine innovation and adjacent technologies.<br><b=
r>
                               But as geopolitical tensions continue to ris=
e, defense innovation and the capital that follows are not slowing down.<br=
><br>
                               "We're starting from zero," Pettai said. "A =
few years ago, there was nothing, and now, a whole sector has emerged and t=
o some, that might feel overwhelming or rushed. To say that it is mature or=
 inflated, I would say no. Like any other sector in VC, not everyone is goi=
ng to survive, but that doesn't mean that a bubble is emerging."</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-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3Zv0Ewdsv2hly-2BZ-2BJ1Fo0UlLYLg-3D=
-3DfsC__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
Rx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtw=
luhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74Sz=
PKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA=
64hfN6GXRZ9MKZ3UNCTTeK7G5Hv5jfbBlcZ9xhUVYO4b3Fg268xaKqTzxmnNSN-2BD0FgGOxKKl=
fRUMrFNC12vbzzBnZpTDlo3myaCpZ8Xy37sdvbhDTLRFbXh4356hXVkPHww8N3WBzW6P5Id9A-2=
B6riQImo7VIWSsRy9-2FqUuDZIl9Ir79E-2FE42VLsj1qvSdOVcA-2FPa-2F0wRPsVqBxkHEwmA=
RZMomre6pBuWi-2F47i4doj43ANyRkJFty24SshmqKzCzQ2-2BuDVbsqT4slDuZEhGl3sI-3D" =
style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco=
ration: none; color: black; padding-left: 3px" target=3D"_blank" universal=
=3D"true">Full story<img height=3D"24" src=3D"https://fonts.pitchbook.com/n=
ewsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8p=
x;" width=3D"24"> </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 25px; line-height: 25px;=
">&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUS=
XPu3Zv0E9sMLZEvuPxh2UDbWjvV6qA-3D-3Dlexr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMG=
IPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGi=
c9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5=
VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA67A1p74rS0A6g11hToZZcSBjJZRYoxxVXrKtKFdxOa=
EyvwQTGEs1jL6eATcLIhhvXzh5Y53fKOxiLHJ1VorICNNUKFbXEZul2CPXz5aHoSI0KHp-2Bi01=
iM7Ls85SBXa8LSn6TnQVw32087LjJQX9vXy0mU37slw-2Fg4wUn97z1Bfj2AuWCQCLtEg8-2FCp=
nrLGjLGZlThv9-2BF3H7dA-2BwVA-2FgG5bnNnFAs9Co1HlmW4aqGl1ANtYHkipEUTQrMNUXAga=
8OfGzBwB9Cb-2FeY8Xwl64e5hY-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">2025 Vertical Snapshot: Defense Tech</a></b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from AlixPartners</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_573685" id=3D"n_573685" 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;"> Be part of AlixPartners=E2=80=
=99 11th annual leadership survey results </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3Zv0ElrTCzBqy7K-2Fwt=
0QjnAJr8A-3D-3DRpGS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy=
6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzO=
NvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6=
LP6KU4xfMJZA6-2FROhxwFN03Wtctpz4yQDVFR8VTmWnNzBsiHYVYqcHrH6adlsiO6xnFMv0V8f=
EeMki6xdi8YepvyTBuMxc-2FvfH1Y0yZUbmS8SwbXdkMK-2Bbsr5beE-2Fqgt5EkP-2Fqct66El=
gmS5BZmbxI2qxV8MEt7dJ-2F3kIXED6e9bsLGssmM7PArhPqgNnO8DtYBOMbHNtuKNiujHccoiV=
ngCYtZo7Z0qteOwMGl1L7cemjEA3ONZcNejeRoLrHUMEhLMl3g8qy17CJ2mdIin8ezeoepAJEj-=
2Btac-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/=
news/70869.jpg" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>For 11 years, AlixPartners has been p=
ublishing groundbreaking research on leadership within private equity (PE) =
firms and their portfolio companies (portcos). Every October, AlixPartners =
collects data from people like you to highlight key trends shaping the indu=
stry, including the growing significance of leadership and talent managemen=
t, and how human capital is pivotal to creating value.<br><br>
                               From navigating disruptions like technology =
and geopolitics, to managing longer hold periods and complex organizational=
 strategies, leadership effectiveness has become the top lever for driving =
success in PE portfolios.<br><br>
                               Be part of this year=E2=80=99s crucial findi=
ngs to shape the outcomes on how leadership and talent can transform your P=
E firm=E2=80=99s bottom line.<br><br><a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiu=
bFNGm9V6xUSXPu3Zv0ElrTCzBqy7K-2Fwt0QjnAJr8A-3D-3DFlG7_Pr966knuaHmaw6c7pKvB-=
2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncq=
GP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZ=
T1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUk=
TzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7AB1tM0=
J6BFQyrRKS3W2BMawR2oGSse0aLs8qPWDMLQp7h13VwQ66rdnbB15LRzJPPZVrfJG0pbmpMiMN2=
gW-2F1rcimoiLHL9uicCZpWvJr17iXskN23G1wbR-2BdgdKvqyPaeWiV4kytKPudsqjVfw-2BqH=
DZxv1ESE8c1FryeIYTqyMviBvaTnfRUAoLDEs0srEYhg62dQ6nup-2FntqQ58N-2F6n-2FYw-2F=
y7bGtIDLpaUIilu2q4y-2FnRoeQVwWXVoYIc3Mra3BA-3D" style=3D"color: #1D5080;" t=
est=3D"">Take the survey now</a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Catch Up Quick</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>Motive Partners rode a consolidation wave in the financial data and =
business intelligence sector</b> to secure the $1.8 billion exit of With In=
telligence. Bob Brown, founding partner of Motive Partners, talked to Pitch=
Book about what's next for the sector. <a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzXiubFNGm9V6xUSXPu3Zv0E359Noxj0AnLhNvqE4lfxmA-3D-3DS5Bb_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraA=
vncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqb=
n1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLf=
jbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7AC=
bOboCR9TYOsoVw-2BuYp1YJyHFhlghkT0cCRwK8LXuqHu1Q41c24TxY-2F1bYvw8R1VFcAUu-2B=
WkoYcOUWPVTcT1-2FtSbVZrD9-2BlN5VwpDE20zGdD6ExI9lm-2BAnCwEyLY4ym1-2B6POawz7a=
i5ZPpBIy3bttNqcVojnnLoCdweLOYpnjJoHyDvF6jfyZI-2F81OWJN-2BCfqpGcIA80iyuL0aMB=
aMhOu2F6E5gNPv6S5NeHDqdQp4kFCMcClC-2BMmFEjM47eky3Vw-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true"><b>Read more</b></a><br><br>
                               =E2=80=A2 <b>European PE dealmaking gained m=
omentum in Q3, with total value rising 25% quarter-over-quarter</b>, driven=
 by a rebound in mega-deals. <a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNG=
m9V6xUSXPu3Zv0EpfMtGpHEEoOFuoY8V-2BdDJw-3D-3D8VIv_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP10=
4eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ=
-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaH=
JOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7ABN39lmTob=
tgn4HDgSVFoKChqhyQ49J5UhVn3H8pY2t6RkhP1zu86iaAPpIgNs6UWf3y31NHQV-2BbObyJzHX=
vKHl-2BmKbiEIPj5-2FCwGTJOHwBSpKKYT8CorcsZOZTIF72rucotHFsqPJOQh-2F52kLV5Tnb9=
fOmGTh47Lk-2BQJ4SDq-2F5A5ptZSestxl-2FhoOtOHYo3eNk-2BGUKggpG1yaVLYzJrHQJelYT=
tJLbp1OVb-2FzxdA69OIFT8lWZcOrWmFsIAoKYFUQ-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true"><b>Go deeper</b></a><br><br>
                               =E2=80=A2 <b> "When you see one cockroach, t=
here are probably more," JP Morgan chief Jamie Dimon said</b>, warning lend=
ers to be cautious following the blowups of subprime auto lender Tricolor a=
nd auto parts maker First Brands. <a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXi=
ubFNGm9V6xUSXPu3Zv0EEzLTkuTaUf5PxXa43TwRcw-3D-3DYdj8_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqG=
P104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT=
1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkT=
zaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7ABAFi3-=
2B-2BQYecdCGpxAWXTZg5Z-2F3S-2BcdjyYQKV97gmQgXE4aPybAjayl6zf24wpvj8d7fS1S5Vw=
HEizIJ2XdTCE6r4DzlvCR2-2BX2ffWhdPE3d-2FLYu5wEFgk2UD6Hx9NgXGKR52sOJ9Q4BB5nu-=
2B9s4pBQvReg2mUDAe-2F-2Fr-2BX62wVgNMTkWy8WsL497bIXjUDD9FlOVS5q62Wc40NcnvUjM=
oSm0-2F41hdHyCuTRG6UXD6-2BHCsx-2BWxV-2BxhjENx6sQsFM1iI-3D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_573827" id=3D"n_573827" 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;"> Stablecoins' trillion-dollar r=
ise meets the friction of traditional finance </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 =
Michael Bodley, Senior VC Reporter</i><br><br>
                               As stablecoins rapidly become indispensable&=
nbsp;to traditional financial institutions, their limitations are also beco=
ming increasingly difficult to ignore, according to our <a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsRoDYF0IZHnjgKS8RgUu6hA-3D-3DVB5Z_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4=
omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi=
9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1W=
kgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC=
6VRX2aprapCWlP7AAIdIdu2we2TIwNH5RsOrguTQrCWJMCCNMsu14YHuDklm-2Bm3npazDe4zi7=
4AF75TjGZVzwuHGlN5tR8Imu-2F2wvB7-2FyzU3Z73mtOJ9cebRTIPUykJ6KLtclqlflGFVb3Yl=
qHgJwz5EvUeVLIOPHGgdM0sw3u19oJ9mlqCMqqavjux9zKZLlsP5u8RKVRZGYuB5lJSaWPbixIk=
4xpo-2F8aOpKmhTCz03Pt7V6hN3iZubjwMaCnY69dwSHBiPGIbwVECbo-3D" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true"><b>latest analyst note</b></a>.<br=
><br>
                               To deliver on the technology's promise of mi=
nimal-cost transactions, stablecoins will need more liquidity and lower cur=
rency conversion costs to gain market share, according to the research.<br>=
<br>
                               "The whole narrative, broadly speaking, has =
been like, 'Oh, stablecoins are gonna' disrupt fintech and [traditional fin=
ance], and [decentralized finance is] going to take over everything," said =
Rudy Yang, a senior emerging technology analyst at PitchBook and author of =
the research. "That's not really the case=E2=80=94every stablecoin transact=
ion is initiated from a bank account."<br><br>
                               The market capitalization of all stablecoins=
 grew more than 66% year-over-year to nearly $290 billion as of Oct. 1, acc=
ording to the research. And adjusted annual transaction volume reached more=
 than $7.2 trillion=E2=80=94more than half of Visa's annual payments proces=
sed.</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-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsCoUk4IJKf=
bMqf8EL8AOWFA-3D-3DIbDV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mA=
twNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1Gw=
mKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzTo=
IDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7AAX3oXsa8qvMeItVlOkTrVF-2FlU2eBl42lV=
Qv1lnpPfP9P1JktBLSSUYInr7StpxPFYgUvS1Aa-2FydoT2u5u-2Fw4hWB0WPF4lNTPcQUmomOP=
XmUwF0LXIRXq8-2Bv4DrY-2FRrAkjMZ-2BKBfNaRHigB7XPyqj12Ho0-2BPBkjobygVcP3ed813=
qX9DDN87y2f1Y-2BxqL9kXIzgHZm8c2KACe-2FdKCa4A1yMEJ1g5clt57rmhSed-2B0UHLwzKpE=
ektC5ucrROOPNWuG8-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/70973.png" style=3D"border: none; max-w=
idth: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Adriana Hansen/=
PitchBook News)</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 fi=
nancial institutions, transaction bottlenecks are emerging at the so-called=
 on- and off-ramps to fiat currencies. Most banks have regulatory arrangeme=
nts facilitated by clearinghouses that permit counterparties to exchange on=
ly net fiat transactions, rather than gross payment values.<br><br>
                               For example: Bank A owes Bank B $10 million,=
 and Bank B owes Bank C $10 million. Bank C, meanwhile, owes Bank A $10 mil=
lion. The clearinghouse recognizes that all three transactions cancel out, =
and the banks don't have to earmark reserve capital. But in the case of sta=
blecoin transactions, the absence of such clearinghouses means banks must h=
andle them individually, which puts a strain on their balance sheets.<br><b=
r>
                               Private market investors are monitoring whet=
her dipping interest rates and broader interest will lead to more M&amp;A a=
s corporates seek to catch up.<br><br>
                               "Rates have gone down, and markets have stab=
ilized, leading to better balance sheet forecasting, and that's also enable=
d more general dealmaking," Yang said.<br><br>
                               The recently passed Genius Act did not addre=
ss all questions, including responsibilities for a dispute related to a pur=
chase completed via stablecoins. Traditional financial institutions have cl=
ear rules about this.<br><br>
                               "There's just not a lot of protections on th=
e payment side, especially for consumers," Yang said. "The financial servic=
es industry is an industry built off of trust at the end of the day."</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-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsCoUk4IJKfbMqf8EL8AOWFA-3D-3Dv=
lpt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y=
-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY=
6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfk=
lp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2F=
SxfC6VRX2aprapCWlP7ADPzzstRvh-2BRj4NkcWOd2-2BGwdL-2BnjHKACjUtRRFZXGMDTUMsC1=
ovi15wrdAaChKYd8FVX9Wh1UJXtT7-2F6P1j2r2yLS6Ge6FpMpauyKCLT-2FHuyhGCX9Pla8KHC=
wS7qYVng-2FrxpUBO4E2RPa-2FzJ1voC8p0LqA-2BlmGcYkQ-2F0fCxkpNE2p0NLW1YdC2OQpcH=
Wlj16HLS2J7-2F5OHiyVre9SuBrE80J2Guaw59yaRhs-2FwphXTEA34BeE0hr6vo74Ye3yTxfo-=
3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-=
decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer=
sal=3D"true">Get our analyst's take<img height=3D"24" src=3D"https://fonts.=
pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; =
margin-left: 8px;" width=3D"24"> </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 25px; line-height: 25px;=
">&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated story:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPh=
mysps-2F2iGDKjm6moMKAmKkVXveQ-3D-3DlpJs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGI=
PAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic=
9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5V=
FLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7AAsXqaoQikrROLIS-2F9=
mdVxHtqB6lSo2OJ0was0hXm67gDRYO3eCus6jMZNccCXo6Iqv6mzqS3lsev5m5oA2pMH5sMrZfb=
6ObtDpN2eyhF-2B3p4k98TYiW9XU7vhV6r05LXPg-2FNDj4nP5uObX7Q29Vl3qwML29NYyA2XRo=
elSSBovCemWvgka5w4qTJIxEJM6vYb5xjA0vhtd-2B1EGpx8ihdfW8PjUFRA3Ed8ImwD35Ilv65=
IH-2B1aCZl-2FBSw6vwXK90H8-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">There's crypto VC optimism despite a 55% Q2 deals slump</a></b></=
td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Side Letters</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma=
rt reads that caught our eye.</i><br><br>
                               =E2=80=A2 <b>Has AI broken the job interview=
?</b> Job seekers submit floods of AI-curated resumes. Employers use AI to =
screen those resumes and even to conduct interviews. Now, applicants are us=
ing AI assistants during Zoom interviews. At what point is it cheating? [<a=
 href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsF8ZU3tdsSALNwFa-2BNC=
hHcQ-3D-3Dg6AC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J=
0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglE=
Rci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU=
4xfMJZA6-2FSxfC6VRX2aprapCWlP7AD-2FMWo31bUJo2OUtNYF7Yptix3YYBO9-2F9GLZRxXyf=
JExLlVnsxmNAjm3SmkrJA-2Fngamk8uwoTSfdHYu-2BRMMYKoY-2FwkmtTK5QQ58-2BJsPRzdIg=
piFFaF9M1SYdt7w-2B2QuQv8ONyu8LQV0Os-2BI7XjuiHpyFAZrPWN4fu8WMoPjti3o2e6OwK-2=
Brc5-2F8kJhLSF94TXCuFdX08hjiPG2-2FhnQbcp-2BgARyM7l9PPIPmGIlbxq-2F-2FZjCZcWZ=
tHfjWD6olObVNpys-3D" style=3D"color: #1D5080;" test=3D"">The Atlantic</a>]<=
br><br>
                               =E2=80=A2 <b>Congrats. You=E2=80=99ve lived =
long enough to see the age of flying cars</b>=E2=80=94privately owned, solo=
 piloted, free to operate in unrestricted airspace. They're electric. And t=
hey're here. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsVogh=
8CETZ2LQI0TNQOTNKQ-3D-3DbahW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMw=
lh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmo=
eO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8=
PxzToIDX6LP6KU4xfMJZA6-2FSxfC6VRX2aprapCWlP7ABefA5So3B398dSrN3IjuvVErnwC8P0=
tLnoRy2-2B5rluOrL5bg1MMF0mh1rWUyMPBmJtCeAHSB7V5iIHEDr5pqZAruteKj7euE-2FYnF-=
2B6IWWYukyU-2FJQOIoPeRq8ZVngKjDjrQv5c9zMsARFGBSy4Y1QgTuvDSa5r-2BiN7w5nzbcvY=
ToQLwZ3a9CYBGCKcFJkN6E1XC97CEFiWJ-2BSAQB5XgtAHGztswpABDUF4Hbnh69PyG1rwy6ayr=
C2K-2BBs-2B-2FqqO4us-3D" style=3D"color: #1D5080;" test=3D"">The Wall Stree=
t Journal</a>]<br><br>
                               =E2=80=A2 <b>The market=E2=80=99s three-year=
 bull run almost ended in April. Stocks got a second wind with the AI boom.=
 Is the run still on?</b> For technical reasons, we don't know. [<a href=3D=
"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsWbeFF2Ht4y0vm0tJeclbIQ-3D-3D=
dcDx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5=
y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluh=
Y6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKf=
klp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66s=
ATnbLd2zfWIrMyVLvUg6FFLtIs9yivMHPcVdEPUQwzkNDIXMldo7vvxRCP5oNYG0I5GbNyRIWt9=
IQW5jiu6RmhI1Bz4Qliw-2B23Hn742SNCZyIpKqi3S4Wx8hpZTbEJL4BMER1GBa29TodXrQ3gst=
ZdAzU5PMWCXjemN0ORF-2F-2Fp8Kch794AXeqbX1jsyc4Wq877VF5lekcKDO7LjAcgUK-2BDpRH=
NwM3cghjhrocidwrIE-2B6kajQip0kkdJ25YN2MTjryFm9vq7vo2xQVvjtkMk-3D" style=3D"=
color: #1D5080;" test=3D"">The New York Times</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td 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-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsUHBtogwZeEMiOo64NAvSbg-3D-3Dth_=
m_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2=
F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6M=
mi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp=
1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66sATn=
bLd2zfWIrMyVLvUg4N4SbuMG4Ns8iEd-2FrmYrd0r05d-2F7KPyHNO1hynFn4WoStTjNjVbRVPW=
hL10Fenq6-2FlCYI-2Bup1mvcwyS5SmVrHhA1aalx3XVA0x3wZXWLBBE9dWbk-2BwQ2dpUmrtiw=
r-2BwESmEWMb5qsMr6UoaW5p4uphZWiqP7s-2ByU3pAIxnuB5KmY0udKC-2FqLTNngOI6-2FzE8=
VtKWRahN2Xm0Ej6Qum6LdyfWHCV0obU9I-2BV1ttwjcrgNSS0WOj9wbXvA-2FKWKU2L8Yk-3D">=
<img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4320/Monroecap.jp=
g" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: bl=
ock;"></a></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce 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: 24%=
; min-width: 24%;
                                                    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;">
                              42
                              </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:=
 24%;
                                                    width: 24%; 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;">
                              84
                              </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: 24%=
;
                                                    min-width: 24%; 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;">
                              45
                              </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: 23%=
;
                                                    min-width: 23%; 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;">
                              3
                              </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: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsdRCTbRSP-2FtuOeteG2Y-2FfMw-3D-3=
DnnvB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx=
5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwlu=
hY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPK=
fklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66=
sATnbLd2zfWIrMyVLvUg5lIPuX9JciyzsBev9VLb6LDL-2FJ-2FmdvXulZ9HQkWn9GswBCEwBp-=
2BMImsEbnURZbGLLLqCXfGD6umLlUHGFT0128Qrpx74We5NR3kSEiLQf4o-2FbzI6f8sKIgt45E=
0G4j5amcWR9Km2YktZLIyB3tEm48kkLrPNBpba-2FNrBJucbUz44s4GGFdKZof-2B9Gz6JlUcxQ=
AuIQhYSSP8egLYW6bwlGDuJuQVXTWslBUkdIWJVtAWuDkoXCFjbHhTUsj4dUuf68-3D" target=
=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;"> 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>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_573816" id=3D"n_573816" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
                          <table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
                           <tbody>
                            <tr>
                             <td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2015 Vint=
age Global VC Funds </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
                           <tbody>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 20px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 68.96551724137932%; mi=
n-width: 68.96551724137932%; max-width: 68.96551724137932%; 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">16.00%</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Top Quartile IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 12px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;=
 max-width: 100%; background-color: #40C2C9;">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"padding: 0 4px 0=
 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
 sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">23.20%</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;">
                              0.80x
                              </div>
                              <div style=3D"font-family: Roboto, Arial, san=
s-serif; color: #000000; font-size: 16px; font-weight: 24px; padding: 0 0 3=
0px 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=
swouzVDbX5uQXHJV810IPhmyspszk9M21FTjCqBgiiiyJm-2FqQ-3D-3Dgdva_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8=
QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45=
pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxp=
VBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66sATnbLd2zfWIrMyVLvU=
g42-2BzYhvUPqGrpwQflRZPIwsfXfx7SP-2B-2BEN6Sf45zj9WdlGRzdQnzY6FruOI71pZpKKUc=
xXKHt8Hood-2B9YXbekjrapzDuk7LZDMNbJmQzSecaromPo9pCYiskcVdedC3ZoA3f5-2BqMlQk=
Ey7xpUVEStHfzZV1zAuhBa6vC3V5tmFtVd4Fc3hXYpMEe7-2F7CgAG7kJ0RxLQi6ZT0XKmhJ1ie=
7y0CMG2JlH4CzXRO6rsJog6Ese3p8ihaUWM4qbI8-2B9s4s-3D" style=3D"font-size: 14p=
x; line-height: 24px; color: #1D5080;" universal=3D"true">Outlander 1 Archi=
medes </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=
swouzVDbX5uQXHJV810IPhmyspsHEsAT9fVE0QNrEy6YiPnqg-3D-3DAbok_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8Qr=
aAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pT=
qbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVB=
LfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66sATnbLd2zfWIrMyVLvUg7=
iBnYvsD9FoccbveJrMWN6rO29D7DYYakbcIUV1PTOQIbzDD7prNViEQN0YJpxGE56Cwr7-2BOu1=
GYqE6ghzq8KNmO9F-2BGJue3MxqFRMt-2BOuQwp-2F4ayI4o3pbsRMCunvXuK7VJm9cwiNHL9rA=
UGCqSw93vjFha0UWzVIZjrF5fpowQcjIARRk7nIsS0EndjReggkGQwgVv3cVAZJc1ppwF03eP5E=
xuHAqGgAGI0goiVcfVWqAMf8PSnRC7BeWknGzmU-3D" style=3D"font-size: 14px; line-=
height: 24px; color: #1D5080;" universal=3D"true">Index Ventures Growth 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=
swouzUcLsRXcW-2F21uwQTrpUo2pTCpkS4U7F3ZKyM4fFGyAnFg-3D-3DDUm-_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8=
QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45=
pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxp=
VBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66sATnbLd2zfWIrMyVLvU=
g6FXLTNGI0K7BDdbtQvxdaqx4Nk9eoJSTYjVyY-2FLRExHNLiujT5GJLNnX6yzo38n9T-2FjA9W=
WAIJ6GAdADTe72gDSyoHY8yAFvV3karq3hx3g0FGdBZ2Gzq-2BeBW3Gf4kYeH-2BFzc04AyOG7W=
TzTyt5a85tcVgmEbNeGaDvh0C7aX6JX2-2BbcsuENKOXpJEEhBj5yCfIqs4bMHzFI7nH4JOt9Qc=
YkZ7bwVhSsCQ-2FGZAkXjRoAeWYmtA7-2FJrz3uzTwArOWc-3D" style=3D"font-size: 14p=
x; line-height: 24px; color: #1D5080;" universal=3D"true">Anthos Capital II=
I </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                            <tr>
                             <td style=3D"font-size: 14px; color: #78766F; =
padding: 25px 0 5px 5px;
 font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td>
                            </tr>
                            <tr>
                             <td style=3D"color: #1D5080; padding: 25px 0 2=
0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTpuV9=
MA2Ad4NVlhnM4nLVmw-3D-3D4Vs1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMw=
lh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmo=
eO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8=
PxzToIDX6LP6KU4xfMJZA66sATnbLd2zfWIrMyVLvUg4aCuSJcboCXpCKRK8arwBeI3Jll-2B7i=
t1V-2B9V1AiwFtx3B5HIoyDjmIbAddnjETtSQYG58hy-2BgZVCfRqBBTKHFz4JHO9m2M6Fox-2B=
mZWignObKrSL8Y7xxRPqyOBSXwNbXQr5pX8lbCPzvqIgjQIWdK1xio-2FmuTdWAUkrbmyIJHQe-=
2FDXRSSZZM92Va1JSP2EP8AY9btVZwoAOBrnGDqXlkHnNZyK0v4yK5LZsFxbbEO2fbEk9wyMwt4=
JccoxADhToyI-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1=
D5080; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"=
true">106 Funds in Benchmark&nbsp;=C2=BB </a></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check =
out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXc=
W-2F21uwQTrpUo2pTVTutx3fdSGpHArPPtY4ndg-3D-3DyeeZ_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP10=
4eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ=
-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaH=
JOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA66sATnbLd2zfWIrMyVLvUg7J2OGa-2FM9=
fW5OIZ69jobDGNZwnqVzh-2BSv2wUXUPwe8tVm9wQdvvYIIW11-2BmhUz1hBvzy-2F5tTl0kOSC=
zB-2B8PT7Q6pivhPOJ0vhCZ-2F8-2BV4B7-2FY1dVv4w5cQ-2B-2Bw6GtC-2Fof5Bc1MmZEgKcm=
5mUDkFqLKrGjLxTZwLCfSdyJdo7h02DArtjAQqUxMSq377j5kiK57Xdhsu8mDVH8JlKOBOxbu-2=
BacU-2F5KcU7CZoqIreGmuNzdclnGkIDeZja4icbhmrfjyc-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>People</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTn4xXhWPh6QPmiJ3znD=
SqSQ-3D-3DWWTQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J=
0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglE=
Rci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU=
4xfMJZA66sATnbLd2zfWIrMyVLvUg7CJQjj-2Bo5JOWWCZI89hoiWN3fZePAPc4UhSHrxEOXKB8=
uFTFFoJ-2FMUkUaCtvHvL2KCBbuDpfXWTZivsFrEcRmD67gkpSEMmlMMutcrqqbS1rY6NTUS9uv=
uLvruPwd-2F9VrHLPbVfvhyIgTF1ihnXxkDb3d2TofAF4cxq8M9isVpabO4EBK4-2BorbSunU2D=
X4ftFXutlu1JxTkYNbD08l506YB43P0PMG149PKvB3FDklCvAUeH4EGQdLkFCBp-2BMfO5w-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">AEW</a> promoted <b=
>Thierry Locatelli</b> to head of investments, France.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTIvYCAO6w8-2BOsE=
AG8MN8SBA-3D-3DSGkJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy=
6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzO=
NvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6=
LP6KU4xfMJZA66sATnbLd2zfWIrMyVLvUg5yDor1zChWhaYEWbFevxXIoirwSiKihdjaLE1PgYi=
QLo4UqhaMkO0crJs53NJ-2F9iBX-2FVEWzQplcHxC8L3fye2rVm1SI7POxzdhIZXKCZy2qpLrmz=
5Kgg7FharKuU57CDtw9sK9ZS-2B-2FSeQwjaWxcoaYqUALbvAf-2Fvw9cu-2FDdYftaY6rIryHo=
BW6Yd1Rp04IIIj173Vvr26rQMJEfKz0C6ymDdEmsPeRl7Tsw5i4diqSWjw3KasxfMjeU0Z35iWr=
B7A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tempo</a></b=
>, a blockchain startup incubated at <a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zUcLsRXcW-2F21uwQTrpUo2pT1dhwksmNvKNKnsQb9wSctg-3D-3DzddW_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraA=
vncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqb=
n1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLf=
jbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6ye4NZW2w2CC6eWoevnJ1ARTl=
fLQMNoIZT-2FGDFacFnbaaQtw6D-2FOynd8yk3tO9Zhhj5NtcsJ71zOEoodcmIFRQpVSWpU12Bo=
NUuiEWphibuVBbSMEFVw-2BXB8FcffP32fqhVxmWQ-2BDESc32Vkclo6tRFCpnGc3erh27I7qWa=
U6vTHPURTGlZa1MwGoqPibDYdbyjK-2BSepaye5oQ4F1vGyLh9AW-2FAeERk8T1SAwRgbB1E9-2=
FSuKaBNjkeWFwkFBe8p7LxUVNgnjkaYnfETL9Yelmkc-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Stripe</a>, raised a $500 million Series A led =
by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTCPAhN6RdJ=
4ZaoDrRL6yjfA-3D-3DeLao_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mA=
twNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1Gw=
mKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzTo=
IDX6LP6KU4xfMJZA6ye4NZW2w2CC6eWoevnJ1ATk-2BwphVVGt0sQhv0Fs18KvRRrhyeI1UlYEF=
0EMgc5dE7sFLa5kAfIcmcxFp6K2fgBTResbJQnj2cA-2FMlozTjsf2MfKXCjU4nUdnWvXzLsd2y=
th-2BG8olqsUQQNufzSDeYybeOpCKENw6mmkCXrI3lUZtoYuJ9ZkUwf7wAWQhaV2rcl3FTGps9q=
xTa613wCChxiLKtd1n-2BOJe8zQPEeIPRB3TF460Y9li7N5h5-2FCeD6BIScPNKFjU2iX13abcQ=
E7FL8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Thrive Cap=
ital</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2p=
TDjEwIBVLqD9PX3tqJdQ8Yw-3D-3DS-c1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT=
-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2Bn=
DdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3cl=
Ueca8PxzToIDX6LP6KU4xfMJZA6ye4NZW2w2CC6eWoevnJ1AS9D5Jx-2FEaWy7WzvuLl5i3dhYW=
qEB9MJDWtIivnPf55B-2FyH4moP-2FekVS-2FWsy5K9rz03P5g16n7mNClasoTNkclx5lpSEjT0=
GSVdUNCrH9GPnywWI3VdKwQ8MUJ2OWprxFE9hNASAGAKyFHSldSjUtqkqj3kYK8ryRcHkt-2FGX=
qEsLVyvsYjps1WIghuQxT0Uywblt5Hl-2BNyEMZrcG0SH5Pv1P1mBvqwV2AKXQAXCm6vwoRiYss=
E4Y7fx8ttSJNhe6Qo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">Greenoaks</a>, Fortune reported.<br><br>
                               Hair regrowth pill developer <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTv2RZCbinbJzgMcX-2BdgSYhA=
-3D-3DnhDj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMf=
EtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci7=
4SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfM=
JZA6ye4NZW2w2CC6eWoevnJ1ASwaevMx2v5Z7Inbu0twQPzEaozTtasTMu4eSPDrdL1NRmJtnmf=
HTOS3KhhjXFIwuprbB5had6TKyasRwXZ7NuBFT3opfE-2FlIpEUqoq3c0uOfRml0h6WupA328GK=
60djUcIB8tS-2FB3VanTuVQ4Uw5UTfUwJbyGiU7r52Fl5hK6NYqPa08cF3oycnUyjAAKQq3duZU=
PxKAf0ra4jIiTc-2Bz2mWGuJtPZWyoBGXAIh97PrIHaoBJWPQEldjdvxdXcyVJ4-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Veradermics</a></b> raise=
d a $150 million Series C led by <a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcL=
sRXcW-2F21uwQTrpUo2pTRh3OGSYbE9O2D7TdiiTZzA-3D-3DnbIG_Pr966knuaHmaw6c7pKvB-=
2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncq=
GP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZ=
T1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUk=
TzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6ye4NZW2w2CC6eWoevnJ1ARanRggC=
IasPLv4eO9A1zEwZe-2FiS7MmbCe4eL-2B-2BWLjiDwHkSqak641LgR3kFra-2FxNwQ04YccfCt=
Tkd9aFwGGgO1XVfhY-2FH-2BPFESXJh03rXefZy9Po6h0ZAk4qiyxP7gd9zX09xvUHmDBjn9wZy=
ndh-2FnMk7-2B5o-2FoThFI6cDHXYk6l03djIi5jEPmjYfIR-2FBAcLyhP0gJb9c-2FFesguOfs=
fB9Oy7PHZ-2FZhm4rHXxdEi-2FVag6OkbajwjbDDZtmufFjcBFM-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">SR One</a>.<br><br><b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFvtElnD0y0NoGVPwIz6ykuw-3D-3DP=
VQ2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y=
-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY=
6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfk=
lp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6ye4=
NZW2w2CC6eWoevnJ1AQXb6Jzc-2BPnTSRyFko2UC7o8pcs-2BT9jyB-2B3zC9-2BvtScmvufhpk=
VQlUjYMoUFSIqrHFW1A9-2FVH5ED0GCtBkFli8UX1jabtVC1rMk9VoKcwbDgFFWbf9ewvcrdO2p=
rerwbXPItjy-2BlWXx66-2F7nsDEesu-2BPot3ekFf4z5Q6IshG5RUnVXPJLD9kumNRk8Oa7HRt=
e7x-2Fsl5-2FhLNbeu6EsqQHTOBOp8FE-2Bylall2GmNtG-2FH8eKYLVS2uRF6vFYaShRN5c-2B=
w-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Peptilogics</a=
></b>, a biotech company developing prosthetic joint infection treatment, r=
aised a $78 million Series B2 led by <a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zU-2BuVedx4uqKCzvWA5GsTWF0u91-2Bs83VSfp73jMhLsinw-3D-3DYXge_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8Qr=
aAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pT=
qbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVB=
LfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6ye4NZW2w2CC6eWoevnJ1AR=
QqpwZo-2BM-2F4FlpEHaQojhhaDmy-2BbqN1O8IVHMBmUhQQPjluVwGIbWlWpcafTTonH17OKZo=
Hd-2F4BseYzYRf9LhXR9xbMaNLSqGW6-2BUMMBODxsOXoMQL0UQQWFm8tdgeD3lzmxshM-2F9-2=
BbXkK74rgm3oF18uHElUCsR6nXykAPM2mSB1mngDQhY1nCj3y6pA99Z3HR3x3Rh3XlWr9vQUM-2=
BTZKuGhU97R3PYBVrLZ1YFev-2FlhOM-2BrL0UUZpexiahuy0zs-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Presight Capital</a>, <a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFP5clVX0JOWApyo3klz46Fw-3D-3Dm=
_GQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y=
-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY=
6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfk=
lp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6ye4=
NZW2w2CC6eWoevnJ1ASOmjFhD0Nan8cDZdSVOGQGN7REbGamTmfJD1H-2BoGe0qFKhippVGB7kV=
7Do5PAsWxQVfsL2m34F020g7QLZ7SBNiDAKeuhV8qB-2FNGHxgSUv96RLBZTEBLRznEg4wn7mub=
M7kZ0fxFKLMqLWkyPOujnz8xxCpksFUY-2BHH87cd7ZEzoogoXMapMKfPZoUu479Ll3dQnLcB9Q=
VO0XbZ9mN674rucVP7fbgt1EE72f1-2BPJEuu6GPm67mHNLAUIa7kZuqxA-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Thiel Bio</a> and <a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFZnPBMlnG8Vk-2FSAgpvhENzQ-3=
D-3D-fLE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEt=
wluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74S=
zPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZ=
A6ye4NZW2w2CC6eWoevnJ1AS78alFTG0BapxijVKkoawEuQMIVhq9j0frqjwhMbc8i6uBCL41bi=
5W6yY8za7kdueo67YJrl-2FnEiWd3tXDdazmFo3EeoNROpSFrKWfORStqF3D-2Bf9gSwVeepmsw=
fmUY-2BEN-2Fibo9e6ijxemDkPHW0o-2B3A6gducx-2FsbdR-2FfMVT5qqAjmR7T6xlB39bJjfh=
RIMZ3iPHpm8DR5EzaTgJWF-2FPGfFza4aqI3bVPlFZ9h0-2BSkqsDTYTobKT97tpO68NuKWNg-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Founders Fund</a>=
.<br><br>
                               Targeted cancer treatment startup <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFFwAWLMUjef-2FhchA4e=
mMOZQ-3D-3DsM_k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6=
J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvgl=
ERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6K=
U4xfMJZA6ye4NZW2w2CC6eWoevnJ1ASUxpAmZjx79QwbsNUB9pXAT3QYkXa7SAnWHEwXCV5DY04=
KiVsyCF9dTSf4a49QORbDc2-2FJoywqE01UIZfxug1uufEP9M80VFSZd-2BpdZlRIiaFK-2Fsta=
Kj8xJf1mbVdw3sktHSxLF4fPA5WppHchIuQzlVeQJgKHs0IP861UmSyGt6c6znDdJ18EFWJcBrz=
cwYnGNBzuaURUD7FHwbxAerzm6sWeL8T5lfpLmBhgHprRfaNEidzVGo2iomsTNzZV1vI-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Step Pharma</a></b> ra=
ised a =E2=82=AC38 million Series C led by <a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzU-2BuVedx4uqKCzvWA5GsTWFxcxpGYCLt7W-2B-2FbloLJxQ0Q-3D-3D_5Dn_Pr966kn=
uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FF=
IMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2M=
jwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5=
CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq3=
0vhlQLRmwXfbVE9Y1JHxsBx9C6Vp5jqG-2FW1b4zNRVsfTeV4Oe-2B9A4q-2FWG3CFtnom7yUzr=
dShSZpD7hQ0ISWWzfh9bGOzl4snFHt6ChrkFKWroUG9YioxcXJXIILHcVUUDBSsO8vIdoiGL0yx=
n6sBjN6-2FeXezx-2F1wPTh-2B4P4xa4aMqo7eJ7q0L-2Be71As3RbgvKK3KMHh7SLYWthrWKO9=
9HpHjWknp06IYFEslO70Z2C-2FXoqI3M9aI9O92SzaQMGp0YwCNLjpM-3D" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">V-Bio Ventures</a>.<br><br>
                               Genetic medicine developer <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWF-2FLntABCQHZx0tgraI0iVGw-3=
D-3DC_6o_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEt=
wluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74S=
zPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZ=
A60NscJXizrIMuq30vhlQLRkHv57irMGxu-2Fk30GKH2CWOQMVtppSgN0xUVGYHgYk4LpISHXmH=
MTZoQYRqWzFgXDJAe5yyUHgPfmte1T49QlMQswIsS8a1R1EevDv-2BOcH814fF-2BwECe9ogQWq=
Cb5camkQRHkfAUnYB8-2FJmlCnZoHbplX0TBGgpOSY8loa1SKrRAm26CpR-2B0C4gxCR4m9zNsn=
ZAzsdLmnZuWbu-2BfPR7Z2yYK8s36GENeiobyVs0oHSurEddmrTAZVyEhR1i-2FWD2C14-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Liberate Bio</a></b> =
raised a $31 million seed round from <a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zU-2BuVedx4uqKCzvWA5GsTWFaGpGgtysxgBQgRf88aTYFw-3D-3DVjUB_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraA=
vncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqb=
n1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLf=
jbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRnyk=
XhFNvYm-2Fa-2B2Awq6fAPe9TzrzsGr5JLi-2FIn1BICup0j1UqOHxegLuCcPlllC3bESZtlRoo=
TcH7arKfdYYeDYSWT-2FyPrHF6N0vc-2Bvd3-2FdV-2BYRz5lssoqd2f5Z6PFSI1qgIFPhmPYZo=
UK-2B1LvDStaX0xaNqg5wBSEEc52Y-2BTU7XBZz222mKoz8vq4m4xvsfzZN1-2FfjZ7Xy6bD0f8=
a3Ynm06ttV2ROoJIwFa9yoJ0MNqtEJQnpjyhHYm0VUeFxnUPo-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Khosla Ventures</a>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Canadi=
an financial services group <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2Bu=
Vedx4uqKCzvWA5GsTWF0upPwfsb4TQmspHExknQEA-3D-3DutOv_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP=
104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1=
BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTz=
aHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRnPWqJJto7=
Fkk14Ihu1W5yKeAy-2BDw-2BLaN36GNALc2MLLAiyxDVQHl0VFshCIVJc5toMFmXAuspg2h102y=
mfuRQMIXH1a4ZRp4b-2BC8QiHn7om3IuWBMXJ82yr2tJ9FbhN-2FbngoTPa5OGBK0xzQIIcWtVC=
v8wKizytVvEUPSN59yLfHsprvi5SfWKpKmklAI8Wnv-2Fi85rmPDAZSVJkwOcLTKg9noNsXzLgB=
hcvpjiAbsOxJrBJsv2MRRIc9aT40IQyHE-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Canaccord Genuity</a></b> is in talks with <a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWF-2BoLMh8brAYr-2FlfU2EUatmA=
-3D-3Du_KV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMf=
EtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci7=
4SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfM=
JZA60NscJXizrIMuq30vhlQLRlB3u9NZPHheT-2BKB1t5dMpFcaTB-2FgwLQ9uOKmGQxZ0DoMKC=
Rrlrnhyc7DBOYMSbfmQ0q9N3e-2FLTPXL9Q0-2BY6gBSlMo-2F1TMBEGpN91Oe1OgdOXOKeOFr7=
LEc-2Bhh919e2N-2BZEY29QzbPzeBtU8xzXfRf3poRg4rSqmIf9GZMUtJbXkxVfS1XJyxkH0byr=
8MK1Dd7VpWeyRChmByVgnfyG-2FFm0oq8UHOSW-2Bk83LuksLPeeafe5j-2BGWu-2BuRYUw2kdF=
mOEQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">CVC Capital=
 Partners</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihO=
ej6YuGIaQi-2BPtP9GDNxpRbR-2Bgw-3D-3Dq1t0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMG=
IPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGi=
c9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5=
VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRlF6ZvG7JxA12Z1jy3IGl=
SDwnrvfpQjspuxjQPDbleDfvlwBQyUSYA9ip4TCja81Zxvegl-2FgSuKlXC44IeVhNDVzPZgxzu=
d-2Frn4pp5sAG-2FQPsmgxKlGcQexb1UmFtBTzwGfxVvcS-2Bx0vQDonO62eWTBuEqGNFCKtRhO=
NoCJh14HC9bA8zJLGYjOKfZebVuA9KqXCJYexsrA1rxW5Qg390tZphP-2FsIjIacy1vz70Clar-=
2BB25q9n7SAw5yoajbLssSsA-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Advent Internation</a> over the potential sale of its British wea=
lth arm, Reuters reported.<br><br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3=
uLmhxsYsA9TA4ihOej6Ym9NIYkgr2YhmuzkbqTRZIg-3D-3D5mvU_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqG=
P104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT=
1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkT=
zaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRlO6l8EyL=
JoXfAsYrcpNBKDLdBW7wSHdnpl-2B-2FEyR1vl8vBUAQ8cfikqsBdSbaqNd-2B4BcXKSVLeeitp=
L0ur0XXoLIdV48FmXVS8pNCYbf4bqIrwP3V87HcBceoCEZOvw551gu3T6tW0TCtq6MnHOY-2F9k=
N7gYGMcJnzYcKzWv7pZ-2FRil-2FfNokdM-2FgnDzcq1CgjLL9BP8cNwsG13LJzQztgZ5yMY0-2=
Brpj9KLiiDPUjJjkfPUE3F79HjP6sCBb-2B13umYYQ-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">Apax Partners</a>-backed <a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YhTH0-2Bd1F9WJcBagBAQal3Q-3D-3D9FsJ_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4om=
i-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9w=
y5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1Wkg=
dMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA60NscJXizr=
IMuq30vhlQLRn4SvbzNXMTwJZAbC3pmkI7kO8onE2XLi2E2D98M1y-2BWUS-2B38rJfwrIllTxb=
hhOvU-2BaLtQf8i632fkF-2BL3TUtKah2HHH8ascuXkE9n2QKmUt6ChSXItFnWvZLVVxzjOKBlc=
Dl8xHyr4RauW3KeJnt7EN0gKaZbUNf6eVRzdCJ0r-2BMwxVOyQgUxw-2FuGmO0IErCcWNfCKbc-=
2BWIWI1GrCoSqoEUpFlmvlZxdHSXBI8BqPfi-2FtwlzzUpSAhhfY9oKT8EPI-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Bonterra</a> agreed to acquire=
d <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6Y0J-2FSBZk=
T72cAsI-2BQ-2F2gI5w-3D-3DiPGH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FM=
wlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHm=
oeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca=
8PxzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRl0-2F-2B1bs5ehWMVmCDp2jjxr7QHpD=
kej-2B7kHG-2FJqY3y6tdJJAdSyiMN46-2BIzEfDjlLDatQ6MeX4KLGd2BpvZ4Lq8d0wUWOFHM3=
s6uw3KPDuKA0ptt-2BwoIyk-2FZS9PmtDsUGN-2F-2FWM3C-2FO8bPG-2BuakyqplaK4Hy1Hhi5=
g-2Ff-2FFjeJC3WazxVFYQpq8Vhodf5o9yJS6A3OEqu-2F7VhRRbBSFGiglfkeLYU3KiDLYlViW=
IBX-2BrLpFYB6F6MtptElsxKYZB-2FAeg-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">OneCause</a></b>, a digital fundraising services provider=
.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YkFhRH=
zY8ov9oyUDSpaeGxA-3D-3DsANJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwl=
h1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoe=
O1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8P=
xzToIDX6LP6KU4xfMJZA60NscJXizrIMuq30vhlQLRkWy7h9Vt-2FI8ixjm-2FR3QIaatNMys0-=
2BZTFZdCcgK-2Bnlhn9NCOeGkGI3zMDB-2BUtHIN77bml2JGGcweMnUXc68nn39Oqe0Ki6GrOI-=
2BcLLMWk6ENKSvncgUhdPlIqzOXwj9UL1XpfH-2FLX41A2LhLo2djPlLbkG3m-2FjjYCR-2FABx=
kwtSvr3giM26ghJS9rPSYsbFlpuondxFJZb-2FQ5F6R8LP5GRSlPHSqbSM2XdSza5sCFd2Ab4OO=
0JzPLm5KmNGBKlX0BwE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">Mubadala Capital</a> is considering an acquisition of <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6Yt0BbR4qzyy0rqh6ArCaWaQ-3D-3D=
paDY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5=
y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluh=
Y6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKf=
klp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0=
fTloE1QBGkOSt055aMwEhEOdX4rFvsAiDMWzzSP8lwhgiGX0l6rs9w9nvr6idz4jpEl3QvZa-2B=
dQEygQ20DRHeV-2BnntagqfAP9JXB1G6O1i-2F56hl2jpAA1AW8DoNg5EZ65M3QnsFmysEXP7xi=
xfahFuFi-2FMS4Nhiurk9IkRw4f6ju6OufSKwzAEFk46HBoS9FYVM7OtOyv7HgTbsOeQ96YEjeu=
bBnoqOjGCLMDaSro4R4Kwzm7hk6Ah8qsQlRiOhrRu8IiGTm-2Frc26zTnQVBE-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Clear Channel Outdoor Holding=
s</a></b>, a billboard advertising operator, Bloomberg reported.<br><br>
                               Missouri-based <b>Codis</b>, which specializ=
es in commercial spray drying and particle engineering, raised a growth inv=
estment from <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6Ys=
OX0NWwV69E9UA2WhOnmog-3D-3DJSxz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2=
FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDd=
HmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUe=
ca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwEmfbCRp5aGs2YJbWS0j-2FVCpU2GU=
GSOnCd6cGQ3PepP8voaVr35ZMmY-2BoLDoFPPdKkv8UOxyNmaNJ8mEvOZJ77v0-2F0xdLVmjVWE=
RGXRMHF4RayMaFDJKkSQKsPzxXHPjM-2B3TFCdkmXA4RQVT4GiA2zvzXQLXFgACrHW5eUc9glYJ=
rydurQ6fCFcpVVnyeN04Bt82LsKsFQ-2F42TBTRD3LVRIUhKGsFc2dqiYi1rlbCRa16WnXwk-2F=
-2BMXfZ8cjTTeoZpw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">1315 Capital</a>.<br><br><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsY=
sA9TA4ihOej6YmnzpGM8eKG81whPBRwH12g-3D-3DL0lH_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUE=
jSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX=
-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4=
wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwF6707DyKyt9kc0D=
pq8jwzoC1vr76l3MZWA5c7sBc76qt-2FJ1FleaFfABBEpIRuIVRZlHzJkcoOM4BWgOrDLHq80N8=
pgJdx2GTtHrolFFuEDzUYG-2BxX0WLvllov4dkNW9Zy6yO-2FoL7QWS-2FyBqMGLRXKECcvpSs8=
j4B4eK8-2Fj9p1GMsFt2G3-2FGe8SYYiMBPpqd-2BEFK383-2F02oOQvtXKGMuP03O7qO-2BxwN=
t2-2B-2BOMhmeAWfv-2F4f2oak15K0AB-2Bg20E8LTw-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">F2 Strategy</a> acquired <b><a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YlLnVtpCJXN26oDChJDCHtw-3D-3DWjd9_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4=
omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi=
9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1W=
kgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE=
1QBGkOSt055aMwFqZedgMnQxHInaCjnBBYdeJjbv7vBolXxQ-2FuP2h6Kfswn5frRJ0SY8HtI5l=
TMV-2Bos1VFVj-2Bih7-2F9rMiW6NMqSTMKreER78Ji-2FY4UA12ZCroaSroczTUzRK5yDiJ3EI=
mZsvgHMcwO1PRhkwJ1Q4-2FYZzGnlRDmnX-2FNVfTEYdy3kUAqct1hBJAkTkgRjkugsZzCN1z7o=
6i26sHJiuks3DPNdAPv7jAri2dstY4T-2BmKvPluzlzK8k6rutpVaEl-2FGw4N40-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">HBMJ Consulting</a></b>, =
a hedge fund strategy and consulting company.<br><br><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YGDDqvDC8-2Fm9uFJmazcfeqQ-3D-3D3HP1_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4o=
mi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9=
wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1Wk=
gdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1=
QBGkOSt055aMwHPw1sAHjLYEXJ2jRW5-2FTYrKh4OiM5OS0hVrRMv0V0s1rQtzHwJQVQU0VXYFi=
eh3Q4XyXEeMn3RJ9EaN55QxwNyXMSvTQpk9J7O-2BRj3yPPQHPKBsmyIY7JHfcCFbdWms92NyZV=
aOOpHQdoIKtkTg9pOYwtkAijJy6xu1DJMWyqU1JwlDKvybiYaIHt42wNlLFnawj37zzecUTvb-2=
BMBIvfcHfVzfC3YQDw1dSHPQV3wfv-2BzVxJxO8k2u4yjlqNmUKIc-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Enovis</a> sold its diabetic shoe bus=
iness, <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsKErH=
vvSNj9ZKlRj7CeGuVQ-3D-3DlDWg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMw=
lh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmo=
eO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8=
PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwFFU7PI2ujV8r6ytzYXDINwd-2F7vKB3T=
Pb5vhh7U0jtf-2BYbpaPMRRrKuAVoPE3up8X5CDLV43HyLT4EHfwdaj05-2Fx9AoFDalx33SkIE=
wKUzTZnj1snUUKjpzLvFOk1RjjDY9S3LyQBMiBj8dcxNLYQZmIhyiSrl-2F5vW0k1azoLp-2FJx=
dVu9wc0Zcyf69PhWjQ13urRfQmv3Sga4gE-2FH0DDWcNDwCrkSwEFQBzOqx3y4O7OC50H1n5Yox=
F7ncdGtUfOYY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Dr.=
 Comfort</a></b>, to <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup=
0l0HaCsFCzoIty3IXLlruqYEgGU6w-3D-3DVO-E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGI=
PAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic=
9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5V=
FLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwFVDMusueS8oDg-2FS0gmO=
HAeBoiCtrfx7AlqX4wH-2Fg5OeVJl22bK3v1xaGq5XaWWzZBj81Bsin82rhW1dHHNDNBCLwjIMW=
XcqIGoompVdyfZL7bTUZnyq6uCdOTIPfKq1-2FwS8m512jG7V6tg5bVDC34m84T42gHXRzWiH-2=
FtU2dFasDS6bSP32kj4qYv4FcHMy5qkNxLdOf57AS7ZUnhQnX770UFCQk-2BiJv0A-2F0vJA3ep=
gi3lurbQj-2B7wmxvhOy5Zekk-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Promus Equity Partners</a>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Early-=
stage VC firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0H=
aCsdeHkLyIpreCXhhFIfYVsTA-3D-3DMlDw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0=
pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2=
BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3=
clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwHttMjKQWyxzQKFAZKu1FzI89j=
mClkpykPwtbVCmQyRxfvK0I-2Bdgl3QgX2V8mZQpnp-2FTqGw9XUXolhLzYbhoLTvamUTknOQDA=
nUOSZiJ94JWc-2BM2JnW8KYontcTMwC7yBMu2rPCsThQ2zMGuW0f-2B2stoYfbof0EJlJDGjQWS=
dGnXBKNzICj-2FRdXAXxUFvJToaaSPt31WN42xo5BRHhPiFSfFM8vYr6odi8Yn8nQi6HKNcjpf8=
ZjM6sbSiB2npNGcIE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">Asymmetric Capital Partners</a></b> raised a $137 million second fund.<br=
><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsAdq78J=
3YhCYEE5w-2FAi25PQ-3D-3DLUVn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMw=
lh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmo=
eO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8=
PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGkOSt055aMwEwQH4-2Bn6dXTIjH8KR-2BKZ7Px-2BsD=
Xs-2FfSqsaNwfi0LyD6R4Mw4MLs5vZTYI8kcRymzv5nvTt8gjHQ-2FVlS-2BQkvW-2B-2B1Cn2B=
5EfZJiI8qNirXijtdt784Sqv-2BQZjuj5IAPftpZ4so2CAj53TLD292dYfytjyu4ox2H4JuTfx9=
D-2FuftrboXYkjNaiubeO29aphANQqig-2FmFc5H7-2B1OwmzPj-2BaSY0lPfaWHGA5xKno1yhH=
WLNSoPY2ajmULQPAbHEWqhQnuM-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">Maelstrom</a></b>, the family office of <a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsmb0VBR4haCEowWwZsEouAA-3D-3DWimM_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2=
FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I=
2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMo=
o5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6z0fTloE1QBGk=
OSt055aMwFhpxtlyJZfjbGGSD0jB0iC8u9VHhHw1qn9DXgwPCnyl1bWsANhG6DEuxM3yoskbzZO=
08d-2BEHQgawdxt5Mv1JDpYxoaMBAyoNhQaZJVD5C8QrZmhSmm5t1Sd7If8pspeVGedMYOuyhnc=
lag-2BfDfu7VkJHPF0Wf1a9ZtUQOq-2BGNRV1bkZL-2F4wK5klr-2B7scFpuOnyajyp8lr5XRhs=
guZX-2FngnsnJVRsnQVb9-2BHV-2Bg-2BzrJ9XW-2BIY083T3UAQBJUCV7OO0-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">BitMEX</a> co-founder <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCs63U6zEezj8kl1ogFg3X1z=
Q-3D-3DW58Z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DM=
fEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci=
74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xf=
MJZA6-2F84xZ3vznXtXDXsp5qBIZpd1ZiHWYIJAtPWTz2d9A9xJNWUdC-2FYzmipqFwjV6TKzut=
WbLMseYJF8OPLUxlM7rC5BKyU-2FtRO1TMPRAQw034e88bQI2bVx7Xz0hCM8xUamvNodb0EATUM=
0t-2B6I3eTaI4tuY6cO7vvXvuQLXwckwjUv-2BBJuDt7Qn0BNw6kfaArD61ME2vHKIJZyouISpP=
0KBnXpBEmIu9utrXTvmFS5AW6y7bIpBtCTnc6EXoTkDwQRg2Q8WllcUjexMQf2hbWu6Y-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Arthur Hayes</a>, is l=
ooking to raise at least $250 million for its first PE fund, Bloomberg repo=
rted.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsCx-2BwqBA=
Hpb25seS0shfG0g-3D-3DfhhD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1=
mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1=
GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8Pxz=
ToIDX6LP6KU4xfMJZA6-2F84xZ3vznXtXDXsp5qBIZqrhgf-2BX12lZI8NBrMAo9vhzsF0LoJ8A=
HveybOgFZ59JtiG2Dfy4YHfbcZ78KcUsQcQQB1OmFRvfbRqtlFOSNGf9xGi-2FkOG-2FOMIfMp6=
Y6bGAVTx-2FO560m3KKlujN2-2FfMIj3Szt3wdWWHfB8T1daI2bqw9BsTbxkviaHo64Q1KB6fxd=
Xb8Oa-2BJnjBbq1XOu5kRY3HcDHqVCyVkZaMO1xylRan9QIEzFpQQuK0LoWJ3Nz1J26-2FD3olM=
5j1EP7coScAjQ-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D=
"https://img.pitchbook.com/news/70972.png" style=3D"border: none; max-width=
: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
               </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;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsN84fcrC0qPGleJS1cg-2Bm9A=
-3D-3DnvlJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMf=
EtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci7=
4SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfM=
JZA6-2F84xZ3vznXtXDXsp5qBIZru29IfhD9Vc-2BuzTUUEl2UElPvTn4YIGQPdqylyNQrL9Urt=
g-2BD1PLc9YQjgB0zhcOCBaGVOJyS5MvLlvHTWfSxRBmAZZvesxkaaw2sJnf5QQpo8O3Yyl9LCI=
xLxjORxE72ZNY-2BW-2BVHsBpvggt0KvJsQmuZqKulSHHh3AWt7CS3vCksmi86F5IB4F6pZEELD=
h0671KmsO6L-2FuVqg5babBlbAA3wXb23p6JaPpxNzhhn-2BDs3A-2BzaLJLpMhjXZBp-2BuJUI=
-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4292/Churchi=
llVBA.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; dis=
play: block;"></a></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                    <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;">&nbsp;</td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                    <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;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsT7EeiySwNrAoQSc-2B39B9Qg=
-3D-3D9q_u_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMf=
EtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci7=
4SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfM=
JZA6-2F84xZ3vznXtXDXsp5qBIZpYCqkTklB2s0DmSxIvGZX4EBUCVMtzdSDf0l-2BN4kMEDzxn=
w8Fw6s42hNyqiiTA5dM-2FymN14JBGJSaiABZXY5IAhS6VOOfNiiw7TDHfolUVdXjeZHK8IzqD1=
Co5u1hpOxXy86r4-2F8cC5WH3NE54C-2F61vJpkxhAdhNPy49PYfjouUNYPFS-2FZlxGoOPL4-2=
F-2F3Sb9thS96VQXGadepp5MFN1bjrSto33mpDEPfnhi1a-2BDTKrdBXQAMSQ-2F5O-2FfGHUrn=
Ejmk-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4339/Q42=
5ESGwebinarSideBannerVertical.png" alt=3D"Ads" style=3D"padding: 0px; margi=
n: 0px; border: 0px; display: block;"></a></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</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%; padding: 0px 10px 20px 10px;">
               <tbody>
                <tr>
                 <td style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c=
enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsx6s5N4KogtZ=
8Q0yhicAWdw-3D-3DMEHn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtw=
Ny6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmK=
zONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToID=
X6LP6KU4xfMJZA6-2F84xZ3vznXtXDXsp5qBIZrpDPcIwoXXdOmpW1eD0USeofnBGs-2BdEc8ub=
9FgLkA-2BTh7b4lMKJAlH53yv7n00Fbgzyozbs11jC4bo1on-2BfpXCNa-2FrCjuzHi8sK1g0G-=
2B3I-2Bso-2BpdnFfnF3ljEqvEfYwT0RGb8qYLdZpwcYe61QouPW-2FSUSqptlfnPkHQbyOoZq8=
X-2FIwpacmei9z-2FEpQma9OKq2XvV4xRxxaq28xyG5-2Fz8oFKhDkbJ5KOpCbmnu3-2BbjZo5M=
q-2BQsMi6xxGbmV3-2FAGww-3D" target=3D"_blank" style=3D"text-decoration: und=
erline; color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzVKjC4vvj0-2BN-2BlUCKHd8LILb52VcGeDy8R7quupV4otAQ-3D-3DJrrt_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2F=
FIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2=
Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo=
5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2F84xZ3vznXt=
XDXsp5qBIZoueCX6W587-2FHuiTqaVDz-2BvK6TORquUGhpo9ueHbx7INv-2BwPcLdN7PDbgxXa=
wUAqfqX60bonqqdqIaXBhw1P2tYH9dntQ6nA3mDTTMJ9uUJ50QaR7JJeyPLPFZseBjQ9OCJJpWC=
aA8tO3IAATSl-2Fayt6ZLdmSfjr-2FlN5yMCaYwR-2FsM5p20IEdxWcRorfX0IeHZhEsdbfIhwm=
w9TgZan8HdLoKS-2BH-2F37HbchHM9vQ0AXh7S7fYSwECSJFfW-2FelAB3qk-3D" target=3D"=
_blank" style=3D"text-decoration: underline; color: #1D5080" universal=3D"t=
rue">Terms of use</a> | <a href=3D"https://url6380.news.pitchbook.com/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVKjC4vvj0-2BN-2B=
lUCKHd8LILZA2kMS2cOVavmycpJcP3vw-3D-3DdhxI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSi=
MGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2B=
Gic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRm=
A5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2F84xZ3vznXtXDXsp5qBIZosliLr2YAjrFMO65=
nIrVRfSbnvWuVO1ecqajVdJOmpidVquQyG48PpmvKk6LFFrhCN0wWGrFS40ebCS5U72pme3Ito-=
2FwVhznnr3ZbOqgR-2ByPxREjdXd6t8Qqi6zGjLDhDAKjNZOFrLwVkyhMRt96jRnnEvfCNoqgYm=
imWYiGYQfIaiXl4MF1J9-2Fzc-2F4B1YuzdeSNAXHhjXnuEyCSsp1cOdIp-2BUxfeeX-2B3LDEs=
z8bwGtlMlXmBAZf1RbpkjvcVKggU-3D" target=3D"_blank" style=3D"text-decoration=
: underline; color: #1D5080">Advertise with us</a> | <a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVKjC4vvj0-2BN-2BlUCKHd8LILfNal51s3uoQ8j9ilkKzPyA-3D-3DJi1Q=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F=
4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mm=
i9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1=
WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2F84x=
Z3vznXtXDXsp5qBIZr52nmWEzkVa2EC-2B9RBCseW0mPRI5J-2Bc-2FJ2hKcBCcIymRn06Qfw3G=
N6OjlLABTkwBsas5K3BDuJ8tiJ1LOX2zCPUY26AsKqAwoSgdVV-2F7BC-2F5AoW06Otw8rOQPIb=
cFUZaoKXH-2BQ3MulLGNXTfLJ6-2F3dE6BuRnXibBEXQGDdjzxNG-2F7LLQd2kJaFoe9xyX9ZaC=
sGFXKJJ1xtiXNrGAEGLq4SrY0cNpt1wHQYbr9lPzePkyT-2Fbujc8EQWflRYETRYN4s-3D" tar=
get=3D"_blank" style=3D"text-decoration: underline; color: #1D5080" univers=
al=3D"true">Contact</a>
                  <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
 border=3D"0" align=3D"center">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 15px 0 0;" align=3D"center">
                      <table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0">
                       <tbody>
                        <tr>
                         <td style=3D"padding-right: 10px; font-size: 10px;=
">Follow&nbsp;us:</td>
                         <td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzVKjC4vvj0-2BN-2BlUCKHd8LILGqPGsRHQKjAkbPKP6Lq5EQ-3D-3DPQ=
P8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-=
2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6=
Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfkl=
p1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2F8=
4xZ3vznXtXDXsp5qBIZpWVNuREhk5baB1nO-2Fdcew4xFXlENKiwetasJGdSwDz-2BIyDPprjRw=
z4d4eJUCQozzuJ5rqEOxqQDZLm2kauxiJrZG0kFXiAV2ijS0KMvXPmudE5QDIkDlELwE6-2BSRP=
s5zR-2FHeTYRuIkekDU-2BDBC8uwgoHvYiG9r0EGIfCjxI1SJKyZZxtlYo6M8Ne4Caas1l0XEJG=
eIM6dleYkNgHt09Xk7XpJJONSn6fBOZx06aSEI2dFInFfmUsxpwoEdhn7dGZU-3D" target=3D=
"_blank" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbo=
ok.com/newsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style=
=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </a></td>
                         <td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzVKjC4vvj0-2BN-2BlUCKHd8LILe9STKGqrut1Xq72ngZBMVA-3D-3DMF=
qt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-=
2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6=
Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfkl=
p1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6-2F8=
4xZ3vznXtXDXsp5qBIZrG7O80wo5lh3BweK1J561eLymV0Hg0OxxsMAFRTcWP8qDM2oQhyu27-2=
B0n83MF2IZK2vg-2BgpFM36Vjq7d8XyX8eeTEFtdNgyb4u4XnOhMYQAesDmreBP7M-2BIX9LNUs=
noPge8w0-2Bw0h2Cif2S2-2BW8R-2FNAXjtmxE3emqX7a4uFmthiHMSdLVs7nDBv3S02-2Fkd9g=
BjXDxm-2BD-2FKleWliISB-2FKDGLdpPkUfeTxd9cxGNKNXq24edsiLU0Iuhwdc7WhXQnfM-3D"=
 target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https://fon=
ts.pitchbook.com/newsletter/twitter.png" width=3D"25" height=3D"25" alt=3D"=
twtr" style=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </=
a></td>
                         <td><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVKjC4vvj0-2=
BN-2BlUCKHd8LILaGN7VCYpbNN5EF9W65hzeA-3D-3D5U6D_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104e=
UEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2=
BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJO=
p4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA64hfN6GXRZ9MKZ3UNCTTeK5F6eJz8qJ80Cc=
8O-2B3tDaxUzzWA6BbxXkHGbXtKRSaQI7-2FLqRogQQuY7SDmQBgFN6oAnDtmfal4ANhWYsJTAB=
q-2BMagknXuHD0fi7mZ1JU98Tf99YTcMEr6TD-2B7kU4oVl5mI8Ay9-2Fr39GZ-2FZ4d3pP-2BS=
6TEEk89N4dUOpv5EK2zfCTzsSmF1mMsym9dmgDDm-2F8zG2-2BxrjwCmWK-2Fc4BdwkPxLEvxEb=
2Whm38fAXp4kzX2jS8QedQV0-2FfrecV8zlWAI-2FRI-3D" target=3D"_blank" style=3D"=
text-decoration: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/=
facebook.png" width=3D"25" height=3D"25" alt=3D"fb" style=3D"border: none; =
padding: 0 0 1px; vertical-align: middle;"> </a></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table>
                  <p>This email was sent to <a rel=3D"nofollow" style=3D"te=
xt-decoration: underline; color: #1D5080">vetyl@ponjosonek.com</a> via the =
PitchBook Platform.</p>
                  <p style=3D"margin-top: 14px">Click <a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx=
1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTf=
dSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-=
3D8O7k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
x5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwl=
uhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzP=
Kfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA6=
4hfN6GXRZ9MKZ3UNCTTeK5mQxrShyeGRpEVAYWUptBYb-2Fhq4mTcPaTKk-2BAR-2FBolKQj2VQ=
quouiAviGmAZ0RC6ILdpE7bmyFCBW0LY8fYh6jPNFIHsgkrOdwhigFfC93iPQC7vyl0V-2FgaG6=
B47K91AvL3OSwMR8-2F62t7FMuKP1L-2BDHGgF392XA4QsEL48wq5PVAOblVfoSM1TMF3xspzlO=
undflIc1-2BqPJCApQQqiCnuoZDDX0UKyEFl8FAED-2Bm3auf-2FAxmCb7jZb9faaK-2BojGM-3=
D" target=3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; text-decoration: underline; color: #1D5080; -webkit-text-size-a=
djust: none;">here</a> to manage your subscriptions, or if you no longer wi=
sh to receive these emails, you can <a href=3D"https://url6380.news.pitchbo=
ok.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCb=
p5fVdgUVvM0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQHY-2F6l9Vc44O6YYP5nyZstiuA0hPHiOT=
JvTphTwYVVcDj-2FgzVFL55dZKzjozFN3yY7gCEJIYIrzSMor6WWroWX0bXV0YUZSSv0rx-2BGI=
UB1ul-2F6MQoTS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRx5y-2F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J=
0DMfEtwluhY6Mmi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglE=
Rci74SzPKfklp1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU=
4xfMJZA64hfN6GXRZ9MKZ3UNCTTeK6Gr9WMnAN0sk-2BXHeszwa4IzmU6WCfpefnyssF21IpeIW=
sC2LPtPSDBHX4FAj1-2BCuxtAQaNAnpTWhHlLsjq9fLf-2BqWtSBSZ7qhvvgWE1OwqVowrq2GBa=
m-2FjkRlvYYewkLYXKi2Ww4-2BifJl0mplEYrSLdOwgunbvAZAjQq-2FE9-2BAC0nZHPY2Pf-2B=
QwFtGH3xh92BWViKnvAXKnWbbVo-2BgkTtNAfooTnDfRD1hwP3TogDy3Y8Yy-2F3tYQQ9jX-2FK=
e2k91E-2BI-3D" target=3D"_blank" style=3D"font-family: Roboto, Arial, sans-=
serif; font-size: 10px; text-decoration: underline; color: #1D5080; -webkit=
-text-size-adjust: none;">unsubscribe.</a></p>
                  <p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi=
fth Avenue, Suite 1200, Seattle WA 98164, United States</p>
                  <p style=3D"margin-top: 14px">=C2=A9 2025 PitchBook. Win =
what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; =
style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo=
ok.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY=
5D5PSLQI&emailId=3D3DJRXYKD6OMR6UU&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG=
625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DPED7RLFD4GN3BVMRTF=
QEHYZOOJCKA34MS5JA35Y.gif'/><br></p></td>
                </tr>
               </tbody>
              </table></td>
             <td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">=
</td>
            </tr>
           </tbody>
          </table></td>
        </tr>=20
       </tbody>
      </table></td>
    </tr>
   </tbody>
  </table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0p1lH=
U_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx5y-2=
F4omi-2FFIMKij8QraAvncqGP104eUEjSiMGIPAL0pT-2FMwlh1mAtwNy6pd6J0DMfEtwluhY6M=
mi9wy5I2Mjwkm45pTqbn1NZT1BJ-2BX-2BGic9b-2BnDdHmoeO1GwmKzONvglERci74SzPKfklp=
1WkgdMoo5CAQKxpVBLfjbUkTzaHJOp4wRmA5VFLU3clUeca8PxzToIDX6LP6KU4xfMJZA64hfN6=
GXRZ9MKZ3UNCTTeK6UiU1z9HggEcONXXBMp1hc-2Bbt-2B4t9nP23ij-2BRdpxE1uo5TGvVhDBK=
A-2BYl9d8VhMsI-2Bhn2WmKNO-2B6xBjZHeDPS4g4c8PbTVPEcJbESv4OvPvEF83puW1BaZhk2m=
9rRgtXTVuXFyO5FaJBNgvzTVG6xeWYHnSt-2BxiievEzQuVr4QivzO-2B9vEJ4PVdXI-2BngLZ6=
NNq1NUfu-2BN8ySNfCxa8SlA-2FfIR4vvi44uXFrjLRYHayjgFzNemVNlWBBE8XWx5KzqY-3D" =
style=3D"display: none"></a>=20
 </body>
</html>