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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> How VC= hubs stack up; AI drug discovery startups pursue an edge; enterprise SaaS = VC exits pop </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXb4gCQI34ytkR5YEsOtE-2Fz6Vp-2FE7anzU9PItGRgm7NiA-3D-3= DwEMg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO= 7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw= 4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdY= GNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZhHkWV= R8YxK-2BhLuw8Lduz1SuUcqOzFLJyzd-2BTpGRcs0Rw-2BZmqlaQJfHHAzY16SZEYkCCrfQ5BFw= HcE7YXf6grky-2BcxA48puHbPECXOSrlN-2BoSleFY7QBeAM4Fa0l7mNkusJCFuUDe4qaKy7lBd= D00HEDUbdBs-2FEqqgWjMLtemNgm8U5MgInbjxPIxLHoNw8DVeJWpZ5XWotSc-2B-2BDLRvl2jh= 8IuCHpaXizHyC1MlCMOmsK3YV095Rf4ZQZhAJMpNwOKuks4Z2BZ4S1VamXzZcZvg-3D"><img w= idth=3D"460" src=3D"https://img.pitchbook.com/ads/ad4395/SVBHBA.jpg" 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 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>Saf= e travels!</b> In today's Daily Pitch, we look at AI drug discovery startup= s, Q3 returns for publicly traded PE firms and <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJHhH4UIaOYXrereNQTv49tw-3D-3D-1I4_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR= 2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98T= TSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2= B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZhkqCfjnq8AoHRbQV= C8pWuE3m8iDYwuPveFygWMRioC2vPIgbY0aN-2BLzr5cJeL2Y42SDLM48GWeIWyZvHhQqeM3FVo= Lp-2FBcq-2BKaI3ylHKU-2FW4cHlOkdEloAeGfUd3RibZLfj0XxKMhwOlRSJIYhJC82qFI79N6W= 9ORXWu4mJN6jhoiWNDxHn-2FCByZc33BRcBBjath5kfEU1ZA7DIhFOqbbLZ5WFh3o5FK2U1vNEA= OHSna2Fdx4PVLYc8iKU2zbPgzUFRTBoXTx5SuEYZO7ycacg-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true"><b>rankings for VC hubs</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> <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-2BaqM7ONnvsnswouzVc= A8ihb4D-2FjeWf-2BH8kq1gJTYepL-2BwKBj0BBprGUDdUzw-3D-3DByIh_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4= Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLe= yeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8if= L3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zitv0ZdkBy6a25Aqut5r-2FNFkXY= Dbxz9RK8Fh4vcIIh0j5huhFks1YrB86wARFRBpP2uKeCNuvYkobk3JUb78vmcXLaUMlWL-2F4DP= uwKYPJngFjJ5c3pr9kPCqnQppEAgJhw7LkNa281xIOd7X0FgkKFBEqZeocPsyWNTpRvGqAZYBjs= ZEbJwMMAubflPpsRiRys0Xday64fwWTcw34uvS-2BjubsPPToFaGxoXS9Vepg-2F9DXUvEhE9ke= qW3lQ8X11Vi2qvTOgJhrQbZzNyqecDu8uE-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"> </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_575011" id=3D"n_575011" 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;"> As PE returns dip, credit buoy= s portfolios </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 = Rod James, Senior Private Equity Editor</i><br><br> The largest listed alternatives managers ben= efited from the strong performance of private credit in the third quarter a= s PE returns slipped from the double-digit growth achieved in the two prior= quarters.<br><br> The PE portfolios of Apollo Global Managemen= t, Ares Management, Blackstone, Blue Owl, The Carlyle Group, KKR and TPG re= turned 8.9% during the third quarter on a trailing-12-month basis, some way= behind the 17.6% return of the S&P 500 index.<br><br> Blackstone, whose corporate PE portfolio ret= urned 13.6% gross, and TPG, which returned 12.9% across its growth and buyo= ut strategies, were the top performers in the cohort.<br><br> This dip in returns was partly down to there= being fewer realizations in the third quarter. Exits from PE portfolios am= ong the Big Seven declined by 18.7% quarter-on-quarter to $18.3 billion, th= ough executives continue to express confidence that lower interest rates wi= ll spur dealmaking.<br><br> "Directionally healthier markets, more liqui= d markets, better credit markets, better IPO markets; that's healthier for = realizations," said Blackstone COO Jon Gray on an earnings call last month.= <br><br> Meanwhile, the private credit portfolios of = the so-called Big Seven achieved an aggregate TTM return of 12%, with five = of the so-called Big Seven hitting double digits.</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-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJlnhwa= GV7KYxdP5LNJD-2BJ3A-3D-3Dw_wD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFg= EUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbN= O9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWY= KW2Gei5Q8acOkOpVd8ZtXvjX6OIoFLnhz7RdmbZNhLRWsFL9HGx9euNCVwu6IKlWmyBh440VW4k= 1-2BLf92OGi9zMIs99V9tkgw1S7Q5b8ZnCb4-2Bntiy6de-2BSRuOVWpQ0-2BLJyz-2B8R1r10c= GeIePhlHcDriASctTwS1BUvnS7zaBrH77xnU9N1Qfo95vB3eTEkGzoeqJ8Ywf8azjOY8xxc1oF5= xx3LqmED3TkQdqM-2BlzzA0TFkzE2hW2OqlVNlxzFAWmJDDPQOLXjQSoMOC-2FdNzPHvGsjciZG= sK0Qw8cWTGY-3D" universal=3D"true"> <img align=3D"middle" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/71581.png" style=3D"border: none; max-width: = 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">This o= utperformance is reflected in fundraising. Fifty-seven percent of the aggre= gate inflows of the Big Seven went into private credit, bolstered by new so= urces of capital, such as private wealth.<br><br> Tapping this channel gives managers access t= o scalable capital and fee-generating assets while making them less reliant= on the support of tapped-out institutional investors, write PitchBook rese= arch analysts Jinny Choi and Kyle Walters in the <b><a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJA62HUD66GdIBTtWNxgMSow-3D-3D_4XT_= I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBu= DJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3= ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUY= vXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZlybeOKdDxGI= -2BUc9lRi6JZl-2FjIRujdXP2eSRnQgNAxr5ZSPbRDtBDEIXkkCamMoqzzeglEQrzPWKCtQy0nS= bRm4zdcHYqrTBcASJahfaehJNv43dID-2BJ4ol2FGIJA2R6XwCDTYEQeH3LxSv-2FLIN2sLFvKi= 6Z4pnrZjWc8Cmwiar3LK5ly8g4clakeYgEwWIin8sRJywGeb0wDyMDYhRo1qlSqWVKXqX8VNlh7= 4J0eQ-2Bmb4Cw5UFIDZxB9PBO65zdj5f1vUa1NptwkmZYTSXbFYY-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Q3 2025 US Public PE and GP Deal Round= up</a></b>.<br><br> This funding strategy brings risks. A flood = of money into private credit is likely to put downward pressure on returns,= particularly as there is a growing pile of capital competing to fund a rel= atively weak stream of PE deals.<br><br> "We are seeing a trend line up on deal flow,= but not to the extent where buyers of paper have more leverage on pricing = and terms," said Jeffrey Griffiths, global head of private credit at adviso= ry firm Campbell Lutyens. "It's a good market for an issuer to go out and r= aise debt capital."</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/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJ3dgXBle8fQ3-2B9vSGZMzYgQ-3D-3= DUTEQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO= 7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw= 4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdY= GNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZjCaCN= OGc-2FH4qC5BXHWGsGXioQIEdaPEedJgkKlek-2B9hTJA9ohWTk8G1layNEBm74WtJHEib2AFkt= sb4GjHIsypsA0UW08rBTh2dJD1K3ASomq42BJbqKb3iZK-2BmXEY8Wmixk8ZvMJLdGbVL-2FI0N= Tzxcsp-2FGRsqqXMZEDoTX6erH-2FwzqLWaGkvTVmrWRBsUSZj6kgGOOoEvbrxDPNAKlvVN06Ge= nut0dsxQNYg815d2Kr4kNXcHneEkc3-2BbBpl5x3iM4mvSxS5EtSMMeLXB2ae0-3D" style=3D= "font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: = none; color: black; padding-left: 3px" target=3D"_blank">View the research<= img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right= .png" style=3D"vertical-align: middle; margin-left: 8px;" width=3D"24"> </a= ></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeW= f-2BH8kq1gJHxo9MQT9agx7O1PxfVJC-2Fw-3D-3Dutvt_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9= sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2B= JLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUs= djUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Ztts0S4ATONjt9HClAHA9vrL1QtLo45-2BOmWAGuz= x3h11rm4v-2B59BoZaCIMfti-2BmFj-2F8iq-2BMuYbGcipFxy9h3qEamA4bcgrMqmYgA759Vuh= BvwtUDDRgviTf8MLDwLnV3suNjaUqg-2FFG9XVCsKDKRdtJ-2BT-2FOpO7z-2BRVvH3o8VI-2Bz= uGjl0Nw8hmU08rNzijGzQY1gmzBOQ-2Bc-2FjXX0xogWWvU7hjmi4FaRAlSDg0L78m2nWEDDev-= 2BXXcFzvcFQsoWPVxG-2FmiIBzxmcmLGin5GQYbE8-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">2026 US Private Credit Outlook: More LBOs, steady= -to-wider spreads</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table 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;">=E2=80=A2 <b>AI is co= ming for drug discovery</b>, and VCs are paying up for it. AI biotech compa= nies raised $3.2 billion through September of this year, according to new P= itchBook research=E2=80=94at a nearly 100% valuation premium to the rest of= biopharma. <a test style=3D"color: #1D5080;" href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzVcA8ihb4D-2FjeWf-2BH8kq1gJ3i8ceBUxX3zVyVZ0YGrdzA-3D-3DgyxB_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D= 4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1= XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6IS= ml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zm1HtusktGMKqQakaZmlA= hpzdRC7UUZ5Ph7KNq0IeJ4WCE7fpqhdVn2BnGPz77-2FFJhcMqHMKx2vtMI9TIiG79MM7vsvRk1= LdkfBGg9t7mUaECKetnd-2FMPtRdpl-2BHW-2BHuXQf6p3Npz3WnxqUoopDphtJLerGXaRUwxrn= yTMFxMvT0CAdTJkj-2B9mv9Qmd6WkzCyPaKShoJKrNH-2BI1045arjHwFvfqsCe9SyVSyGbUzqX= tBBLsYCUc9QVbsc706nLX-2BupO6pUaWg4SSho3TWRhkJCQ-3D" universal=3D"true"><b>F= ind out more</b></a> <br><br> =E2=80=A2 <b>While European AI valuations ha= ve hit an all-time high this year</b>, the share of down rounds in VC deal = counts has increased. As a record flow of capital into AI startups continue= s, many investors are expecting a market correction. <a test style=3D"color= : #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJq= hjxBmGtEzE4VcgfC2zljg-3D-3DCejM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9Z= FgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2Fbq= bNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3a= WYKW2Gei5Q8acOkOpVd8ZnJ7rL3juWBbfb9XR4ILuE96dmIHhn-2FPwb0-2FIQpsL3TRBBdZ3hP= 9U9MQ7BHn8BNu8l99DQfMLI9tX-2BVuIJOJsWvNSHQ8uPuAsZL0oGCGJWANHlxVbXBwCSAGsWQc= JQm78hagcCeSofzyONJm1hu0Sk7eMsZaFBmcAmls901d-2BBtaAFKpW2-2FJAjDfRElzZsR1t1M= v0Opf5B3VgelTroRJ3LAOff1VJEXDKdZ0WzkkLIySvUyIj8ep5jDMmv-2FzHgSh3N38WTxwjfra= mE0edR1wzSQ-3D" universal=3D"true"><b>Read more</b></a> <br><br> =E2=80=A2 <b>VC exit value in the enterprise= SaaS market shot up in Q3</b> as AI fundamentally changes business softwar= e, according to our recent Emerging Tech Research. <a test style=3D"color: = #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJmLI= GbPSS9zcMhoXiMOUhQA-3D-3DKu0j_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFg= EUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbN= O9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWY= KW2Gei5Q8acOkOpVd8Zohkl0vIrjSe2XbPuBQXZ9CKHEXM-2BDeADeRusL2-2FoDW9uiZzxB2vV= 5psCy4Ks-2B3Sv1QkiCJh0yV8GwqF-2F9dquJcHLjGeoRUAL-2FZ87xUy0KuAXflBRoncZH-2Bc= eyrNG2p6-2B5R8nWXF2La7OPDvJIgAEKQScE-2BYalA8ChBYXaZzNklYB4VGbBBfzWMMGTaFGhM= 5ElUYBuNeONzro0DltHV5tbQPrgJLDY62HhMFj-2BwYl06n2OB18wbnWxc0AcRuD-2FhOeW4DOe= jO0COhHfWY67UT9J4-3D" universal=3D"true"><b>Read the report</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575012" id=3D"n_575012" 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;"> US VC ecosystem still finds pl= enty of room for growth </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Nalin Patel, Director of EMEA Private Capital Research</i><br><br> The US is cementing its position as the undi= sputed leader in VC, even as new regions rise and others falter. Our <b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJHhH4UIaOYXrer= eNQTv49tw-3D-3DrNni_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhM= wb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDI= zIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8a= cOkOpVd8ZhqrvHPg9mM045gj2Pxn-2BIFTQInxP1yOqNtmpck3pODFRM6A4yXyLKZ1OXNMja1bF= phSOTIvymRYpaXK-2FbAQdMIsAUkr0uH1o2QXQB4pP7LBKvm5QK6-2Fd19T-2FwbrwzvOJcH1rb= Mdy3hEbkvUWiQxnYWC6hwN5gtlYUvF-2Bp5B-2FdRFn7Ty1puF1YiUDjbgZM2ejHS2v7DG0V87y= gUM688jtd5tzjbWlR3mETDA8oro83BBz0zF5-2FHZyvWJ24kQ3Y9TLa2mPAe5XJMAjV4ALETpML= U-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">global VC ecos= ystem rankings</a></b> explore how AI investment and geopolitical dynamics = are redrawing the boundaries of innovation and growth worldwide.<br><br> According to the analysis, the US maintains = a commanding lead across overall scores, which blend development and growth= metrics. The former measures the size and maturity of a regional ecosystem= , while the latter measures how locales are growing relative to their peers= .</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-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJi5J18= kaqTsMNk1RNfDmlJg-3D-3DKrmG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEU= nOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9= -2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW= 2Gei5Q8acOkOpVd8Zj-2FM6yak9V6VqMvzA0lrHHbJT3cBTHa3dDPncQH1yZGjxPUFU9dQHlokZ= 8jvWi-2FL-2B-2Byh5nFzzzUav8UJKRBpHLPYgRRUtQs3EwQ02lQYMq9-2B5ArgKvtBH1MPy9RI= CFc-2F9n497zHhq7ECPKR6MGD5GizJO-2FQFb2VNDdNqJFwJe-2FxoD-2F4RbwAH56FwUC3rYB8= Ae8z0ZnquLrsIqSueWTVqOdFE8mAvyR72lm0ZbNBdLp5StUKhHaZf6cYTqV4qUR7Y9haABJMU0p= n8EYzvJw0fq-2BM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/71571.png" style=3D"border: none; max-wi= dth: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">At the= city level, San Francisco remains peerless in VC, topping development scor= es by a wide margin. Nashville's emergence at the top of the growth scores = highlights how emerging US markets are gaining traction. And of the top 20 = growth ecosystems, 14 are in North America, reinforcing how non-US hubs con= tinue to lag in deal volume, round sizes and valuations.<br><br> Despite an overall placement of 19th, Saudi = Arabia leads all countries in growth scores, overtaking Switzerland, which = fell from first to third. The UAE ranks fourth in growth, while 11 new nati= ons appear in this year's top 20=E2=80=94signaling broadening global partic= ipation despite the continued US dominance.<br><br> Unsurprisingly, AI remains the defining forc= e of the current VC cycle. The US is the leader in the VC-funded AI race, w= ith US AI investment during the reporting period exceeding that of the next= 20 countries combined. In Europe, the UK, Germany and France are the top A= I markets.<br><br> Fintech and healthcare show more regional di= versity. India ranks third globally in fintech after the US and UK, while E= urope dominates healthcare innovation, with its cities claiming 11 of the t= op 20 national rankings. Meanwhile, Boston reinforces its reputation as the= world's premier healthcare hub outside San Francisco, affirming the enduri= ng global reach of US-led innovation.</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-2BaqM7ONnvsnswouzVcA8ihb4D-2FjeWf-2BH8kq1gJi5J18kaqTsMNk1RNfDmlJg-3D= -3DKgEl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNc= Pw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsK= dYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZkaR= dLKVNSbm-2B3ItpBSzSAMDiVbh4fzuVrsckj71XxEg-2FpxiYf-2FBmqAQztRuHfhppucNvGJ1S= 2HmKHvllPMoWucx6zjMASpiWc-2FxzRaUtn4v-2Bfs-2B1BrJrJZMREaIoPIMhWcrLOKdcJk57r= h9LxX63mRZwdkoGSoPOu0AnSyrnQ6c745HNxanCk2R1LOGC3pGjMv-2FyiAuD1WPL5d1DeS-2Bm= mpxJE80MDlUR75tjLyzolpQkb8e2spxiQDCMXRuJCqKbK2VnBIsC6oh-2Fa877pfyPD0-3D" st= yle=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decora= tion: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D= "true">Dive into our full rankings<img height=3D"24" src=3D"https://fonts.p= itchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; m= argin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAfcWR3DXAK3My= Z8g5-2FI5QoRTPWgPBDuQLpvlrD9IzKg-3D-3DHEtp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTL= W9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG= 49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjU= mOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZpUvL6lHNW6HXeM1CUJn8vbBrNIqeQZVcRAhF9s1lKpK= PLL-2BHFi5csJzV7ak33bAiTZEcSG5a4v6KYUiz1MD2zqL5R5JnJiO0FycPUwyzzgOWPTIURSsg= UaUhdpyp0FziVIW74VaJyqseO2VN0YFlc-2F79G5eRWxwzloguFwpNIvkspfYleanaFo0AThMId= wBEh4Onu3smxcr71rg9v-2FMHTRH7sShEliyHhgN1Lb2-2FDW6l-2F9iVJkpd85M6tIVk4etS17= aRfNrgEvagRgx2J-2BSAJ8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Q3 2025 AI VC Trends</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>The accessibility of GLP-1s is = shifting their marketing toward cosmetic weight loss.</b> Despite drugs lik= e Ozempic and Wegovy not being approved for people with BMIs below 27, tele= health companies are promoting potentially dangerous casual usage of GLP-1s= . [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAfcWR3DXAK3MyZ8g5-2FI5QcsWzalWFcnEVj= wnIveuayw-3D-3D4YsO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhM= wb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDI= zIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8a= cOkOpVd8Zp6rE6s5RtuqgTbZ5zk3hTV-2BkdikDuj8gT8XSdo6JMPIHIu8Ab-2BBBZhvaLEZfN0= C9FbdGejzRvCiMvam-2FJXWrruR9yoRrkYCVOc84qVy-2BuLU0q-2FDMwTslG3Xo2UEyOSUymBR= NmAh5KEe5H-2B3dojF983DaGPD6TYGbrR2muVZYCfH-2FI-2BrC3Vc-2F-2F05bpSjQ1QWLF3pB= d1iYD-2Bx-2F9jCBadKFQmUUAvSWUoQ1drl2yJ6rkYKEfFnEmNKKmOxLziFuulHYpW3CFTBbCV1= doD56joLYV0-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=A2 <b>Longstanding investors in PE fu= nds say the flood of money from individuals is costing them deals.</b> Weal= thy individuals are reshaping PE, and some institutional investors aren't h= appy about it. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAfcWR3DXAK3MyZ8g5-2FI5= Qc6BhupXdjDdxsSeQtOVGmQ-3D-3Dv1zY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt= 9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2F= bqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e= 3aWYKW2Gei5Q8acOkOpVd8ZjvARv1fVFvBczu4aGuFyB7VaaLQ7TEjJgOK2urjkpSXYtef1jk95= XwCh7RSYRUh-2FyuVuSWzTgAEjv5OchifJz2pHuRWXrNRe8XivRdmGkHbyWlkXAumozlPHS32xa= bTmHWIIpkY0-2FimU6zsPXcx6l-2FCJOunX-2FKdH449aSO81fiAG3TAqBnse2jNkJbZNwCiB-2= BCGVxW3WMJB1JR7BliuiinTCweKpGjVrXgPfhWEWGo-2FwD8KcQ3x98YtGDnCUojFM31KbMpFwN= yQz0YIAYiVfBE-3D" style=3D"color: #1D5080;" test=3D"">The Wall Street Journ= al</a>]<br><br> =E2=80=A2 <b>Ahead of Black Friday, consumer= faith in the resilience of the US economy is hitting another low.</b> The = affordability crisis continues in America, with weakness in consumer confid= ence and retail spending through November. [<a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzXAfcWR3DXAK3MyZ8g5-2FI5QuSXlwWSBJyxC1udfhD8a9w-3D-3DSYdO_I3w5d9c01gkD8g= LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxES= B4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYz= LeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8= ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZpfEOU5D6dsCP4REV-2BZVtCXU= X1LNJns9i1OyFFhmvGxeymLlhLf-2BHHRrt6-2BoNkMRSB0aexaIjwZ5sq1KIXGEukxuWmta2NO= jtoTlxNrhKf8JHIW7pfgbdPWsYAApTpejri9nMYh1kkBcu3Fc9RspWcby8-2BE3KoejJ0cmuMru= KNIv-2FbjHTVhje7kuX8asUPPKfuqhbIXNilnUzvWENnOcy12Kq75KAbqpIRGxB-2BRQxBs3VeM= oZcFj6SXzxFNYSxaj4xuypFeWgm5kl42j4CvnWGc-3D" style=3D"color: #1D5080;" test= =3D"">Financial Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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-2BaqM7ONnvsnswouzXAfcWR3DXAK3MyZ8g5-2FI5QY6uT6ZvLi3uMlrtsh8ZAZw-3D-3Du= mC1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7d= daBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4B= rxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGN= DzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zn9WmIQZ= 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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;"> 799 </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;"> 2390 </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;"> 911 </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;"> 28 </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;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXAfcWR3DXAK3MyZ8g5-2FI5QXpYx7lIepiL3rpPx-2BE4FbA-3D-3= DrODU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO= 7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw= 4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdY= GNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Znhzhk= dfP-2BU-2FPgrRRxzh0Lbjc70EqAz64k50225EyjpIWhXjEwAUWgkjPg4jHiG61wkxEJpJWg3y6= f5xyQ1ibvQ11oD3FK1aHCrlR7xsa0JwBoinpz7re-2FiOEjjS3z0IcAcyYb1-2BiUwLOPWf36gj= AciCsWxBivXcFnOba1O9s2TCLGayQ-2F-2FC7rJL8FLoZcSOT5YMQAXgtjK0A-2FyEs4oRBPinL= S8hlF0O15DGOkI1ZtgSfo-2BTHzEtB6UwCdcCNAM-2BHQ-2Fz3PrUjW1d3CRxHgaDZV4-3D" ta= rget=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;"> </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_575016" id=3D"n_575016" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2017 Vint= age Global PE 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: 75.51107325383305%; mi= n-width: 75.51107325383305%; max-width: 75.51107325383305%; 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">17.73%</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">23.48%</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;"> 0.83x </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= swouzXAfcWR3DXAK3MyZ8g5-2FI5QFNd9V68gtHXEeRLgHhrpig-3D-3DfZOq_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxE= SB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLY= zLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A= 8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZreEo-2FQI0Aa8OlNoUj3e1SH= -2FlqeCoMvA8zOSs41Hv14BVaqcnfN593MI8sU1QS23rmgkR1C9T4AE2ssVBO5-2FHdRmria4qm= rUzEX3nma2ZN7NP0HJl3nMqfkd-2BbogjLSIbpDxZJz8-2FdlGY3SCY8kZlq3oH-2FzKtCrWugb= HjEmjkZzitkcwQRKOLz-2F7sDDzEfOf3hpY9fqACrbUe81sI1WQecVXWJrh8QAGAZWOnhQrybUc= D7yISw-2Bj-2B9zw-2BCx-2BERHej6QllNt5YBciGSyFomKv-2BwE-3D" style=3D"font-siz= e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Spectrum Di= scretionary Overage Program </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= swouzXAfcWR3DXAK3MyZ8g5-2FI5QLIp-2BL3KlsLFJskvgpEyUKw-3D-3DgHlB_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4V= xESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1Xl= LYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml= 5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zkxdzvlaqb7d1l62Pes7MLm= uadvQoPeD4KfautDT2DNuNrfEzlZfl4LSb6STqxzg3I5zkzKjUvm2mqVSuJSUSjyEIHzhUZpafA= pjc0Ai16HLDnmQ1lRHlwHlmaJQKMNWdjI4vhl-2BbKgiUJro6qE8OEpMyRDRlqnIxmugElvw5-2= Bo-2BGRXXEtCUiBoWJ-2BVShpAPsPmkuXKDcM4UuWz6EqkjLS4awJH8ooduMom7qF-2Fg7Q4JGt= q8erOYY3q-2BjjsFY-2BVjYx-2BhswygIQd8w7tQCY7CmSw-3D" style=3D"font-size: 14p= x; line-height: 24px; color: #1D5080;" universal=3D"true">Summit Partners E= urope Growth Equity Fund II </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXAfcWR3DXAK3MyZ8g5-2FI5QHB0KnyUdBhcxWdTulffumw-3D-3DZEg8_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxE= SB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLY= zLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A= 8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZqQhJ4b94gg1hFUMuyRtCdIz2= H7paf8zQ2UgfnEiSKpJbahmpXNZ8SDkY7478o4AkjeICrF2S1vu15W2v69v-2BexrzMKnhhIFU6= QJqFyu-2BdXHK8xiQixEhwqBoysaj5YSdQQ-2Bxv-2ByCRzhfD4vN7i5H3BJVoYT3O4Tt1HZiHi= to1Gy7uppUElucdZSeA9YCFNAiHI0BkcXr1uKX-2BzNGMqz8PaqY1PmgFjOG4hXGk2hO5BDn2Ar= ne7kL4UqHhbE3Ut9gyADxlWfXVwDry4G9BhK8WU-3D" style=3D"font-size: 14px; line-= height: 24px; color: #1D5080;" universal=3D"true">Graycliff Private Equity = Partners III </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-2BaqM7ONnvsnswouzXAfcWR3DXAK3MyZ8g5-2FI5Q8oM9= uhtbKPJ-2BJ6kwWx-2BaQQ-3D-3D0Kkd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9= ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2Fb= qbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3= aWYKW2Gei5Q8acOkOpVd8Zt2KKPio6HuU77gMHWbGqcefbMO2-2FKt00QFr-2FGBr7MX5UEPeZC= xl4LCVkthsqohgfv34A-2FYrJ-2F4uqxOQ4pfSSYP3lQWEoyVZqopffMZB83gVSYjlADTHm45U5= nvUAXjHDU-2BEEwg6xvH1-2BE0m4oxrKKVIF9QxlbVpY81Oj4uLnBnfvBv-2BN8MoTRoh56XQQN= rQMhDNvgqjWkxMVGKkB1im0uy6r7El9NwG-2FAR8GNJkB5eXhnKRSYSf02aw0HTTVuyWfkSIjSW= lV5v-2FCwSnLTWOsbw-3D" style=3D"font-family: Roboto, Arial, sans-serif; col= or: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" univers= al=3D"true">121 Funds in Benchmark =C2=BB </a></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMBx8gZ= V1jmx8ezDcovxPTkk61Dyf5hUjOFQOJM1-2FTlw-3D-3D8UyW_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbh= m5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDa= q-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9= OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zl0qj7Y40V3ED8jHhKz1H2AtYiN2WIOyPOand= WFZ6c7iU2vVztsHnGCe9qnoXQXHg-2FOatReb62GkqjvBwjuFNFXNalUa18ZwF3aSMbjSEOcMku= 5Q0RFWBwiMhLv4KljvFIAsiGd8jSP95UOEABuEgLYzHOSkADLYaTpj0UGnawXUrzy4VW-2BC0nf= OQdxktD-2FhYfa-2BZmjP5bRVy6ICI9ehVaFLeFAAYXi3d3sRq9oLkt8W62be0YG16SKU14uqKP= TA1RqCwsY4KsgX7jBcR1a0g-2B4-3D" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table 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;"> </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">France= 's <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ezDcovxPTXmNMXi3P= 0P29GzLuYQ0m2g-3D-3Draxx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOk= aUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2B= sEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Ge= i5Q8acOkOpVd8Zr-2BlBqUXdgll2v5h4QFIQwyeUETYCFEpTsOYu-2FfNjUTqWkbsSCX-2Bpwlm= ukpuBldNE2I-2BahJ0jQTBP-2FZ4yNuX-2FkRl1sVGwGGzBh4ixR2-2BSdo-2FcN2Jw8eZe3Z7w= -2BkhrlgCmW1v2tHcVa7VP5hROppC-2BMhBFOigsq0Nl30FIh6ClpqYcc0-2B5obmV8AYV5-2Fe= f9fTPffRE9IezEbAZoQ6wAuRMo7t7GLmA9CNhd-2BZYybxz-2FMtTRaPNLMfdXNZ8VSlRnTdUu6= nehG7nCf9w3weOyYL9AI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Pennylane</a></b> is in talks to raise a $200 million round led by <a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ezDcovxPTFqPIUDjOk2-2BsryM= 1vmaVug-3D-3D1exK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb= 67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzI= YJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acO= kOpVd8ZkLFx-2BVbcE16AwStRa9DHWWLpH3eoz4BQX-2F-2BlBtKa9zYSLya8CtUx4TtnPduw6F= PZGD-2FM8wCox37WjBsXSCfIj3eOq4Ctw8gu-2F3XMIvCwXjs78bEvH-2BLnkCPzaa-2B6Iua8R= pnaAUcrBAkN2Az5m6IaxNIQN-2B6K7885yKxeluHN4NKkZyuCr4pN0zB3B-2Fu-2B-2F5KN7Xd9= OIQPGp72ZCgFE8fjs-2FzxbBoL-2BHpjlZ4HzJYlyAm3JlU3GUBcFLVCkPB5R2EsI8oBmY4uDdl= Wx7ijNZd9MQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">TCV<= /a> that would value the accounting software developer at around $4.25 bill= ion, Bloomberg reported.<br><br><b><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV= MBx8gZV1jmx8ezDcovxPTMA7BGe9-2B0cs377YlNfhHXQ-3D-3DnShk_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz1= 6FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeI= i36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3u= th7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zhj5UJpxwqlWzUNvhd-2BBs2Yy-2BZt= GVUP2duXwsD9DYpCSqmW4gzMeKuIr07c5bSGlBoBwbfe9D50IF1zFfIEO-2BW4cxkey5lZSMy1m= Z-2FxjmLay5lSp-2BcLkdX6EC9L4acqPxqnFBU92mn6sRKl0Rpt7ktQBQHNR47GtxL878JtKQ2g= 3oHq64UQADT8POXw5NL-2BdzEFDG-2F4laVxZS73PVjtHu49Q7i0gKffMUprPTsWEYF0tb8NYwP= kdZhFf7QcSyllGY53TZOoHcvR5AKUBn9GhtE4-3D" style=3D"color: #1D5080;" test=3D= "" universal=3D"true">Husk Power Systems</a></b>, the operator of mini elec= tricity grids in India and Nigeria, plans to raise $400 million as it prepa= res for an IPO.<br><br> Financial planning services startup <b><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ezDcovxPTZbqGGwK0PquHmK4TwNt= qxg-3D-3Da6TY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa= 48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqN= u9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpV= d8ZrcwFlxbevSX59EwJ9FoHYzCrPHyTpKGtZk0OT6py6xrbMQ7YkLcijufUmvCUbgJwgGX9Nl9s= 5y4c-2FxFwRhDhEIqNf-2BhP4mfDooOfQPCFul2QHMreyESNrG8zz9MCtg6AQoK8WBjqUW6Thz9= m9FL1kWNU7TTDUh-2BOdYds5tytGhctmOvoPLL3f7Jlvk-2BfblWztFBdUW38EEA55dLDnlqXWi= WgVq9G0INgANryqHGYSO0jIOsLrOImpVe2XtqMnlLzA1W1qp6ylFFKXeNqYVeemU-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Range</a></b> secured a $= 60 million Series C, Axios reported.<br><br> Chinese biotech startup <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ezDcovxPT76n3MUFqgpySvKqTPJT7XA-3D-3DsML= n_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7dda= BuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4Brx= H3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDz= UYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZsgGKVAg2y= A0NxEo7SS2it6cIUy-2Fhj6ozfzwMpmsf5jSjUW6pjBGHFT-2FpE6-2FobenzM4hYf8DE2dAOQg= iZpfa-2BJ2QVtcvFqgZ8riWkJ2gH2XaSMtwR7qH-2BSG9fQwK290sFgImH-2BlPLLCvOH9Qs9dt= w1JxPV1rs28P7MPSM-2B1mKibFuBRP7802u1wLB2uF5R2gj2ELga5aJs-2Bdijl8WjclhT8IN8M= 88hQ18UE5NdjuPdFo2kYabZzigl6kSpmCqb6RCzUvgm6kKxlBIWqAY8xDX6s-3D" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">Phrontline Biopharma</a></b> r= aised $60 million in a round led by <a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= VMBx8gZV1jmx8ezDcovxPTlkZL6d89-2FP6D8ahzK-2FKgrg-3D-3Dcva9_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4= Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLe= yeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8if= L3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zi3FcLkJZuIyd3HusC6GrGyzWSXD= QxgAQMRJXFLz-2Fmi6d6gT9TZ4IZXQIdmsD8FcFTnzJIJ2ttE4M28e5D2hWYHeMNXqvtccj-2FL= h6Ia-2BHxVcfDOtX5VIN9kfsUuS2Uub3dReMjb-2F3dHA0qYQ0B-2Fa2mmCk-2B8cgpzxd27XPr= f2-2FHRqclJxXeFiGqf3dZU6RzrRUzIPakRam5IKas4Smo5Ulnrg8pLPQQtJCuhIAuID9rOrc-2= Bh-2BtgpEni0kiJNCrCMPYXw8c74n6gsrNUGh8LBGbbI-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Lapam Investment</a>.<br><br><b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ezDcovxPTFZLfCw7yCxq332SlrxkGAw-3D-3D= PUhC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7= ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4= BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYG= NDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zr3zZVr= AmB0rSGB63jQxtQBDxzolVOKoU-2FHWDI8bYlbSR-2FFn9q1ZhMoTgVJGvLeIZpBOm5cgWDwasi= dXfrNoQ1Qrrlb3BHx7eoS8QnP9NbXjILY0zRvsPQcJwnliyMYocHCYyXGVM9ud6dFmeWloIhbdA= s3BZaidJ1YxpZsDl-2FMFZ4AAgBATa4AbMk1eqAXlQ58lo88pEwaZxbXVQ8X9joftl-2FPdCjkY= YjPHb6PH0LY4148oDWI06IcfVaoJSDY2Pv3DzH6Akrip6e5nphFzQfk-3D" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Cerrion</a></b>, a Zurich-based dev= eloper of video AI agents for manufacturing, raised an $18 million Series A= led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ezDcovxPTKV3lMf= Y5XLBA3c4ZKG53hA-3D-3D5JCx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUn= OkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-= 2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2= Gei5Q8acOkOpVd8ZlbUSh47tUXj1nCC-2FsgAC7ztn8B1z5u984Y8wPZ2nrasHzGwUTbfxfBEKZ= fnn7eOmxKqsnxulKUQqH6Fha9WMBIMfGDzht-2B8X5BNDBsrwHq2-2BG9N4RySeFale0kt5BUcT= by7f72KYH7kAjl5fQTIU2pDrmjqvN71-2B8D4BZsXEbsl78ze749qY30Fc3W-2FdffHHnSD6T2g= EMGPHKq1SEZspdB6S09FMBBCUEgqT55M-2Bs9VVnXNtn6IhZZoMyoJFSr-2BVY4z6jZ4-2FsXmB= -2FSptn5ATOY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Cre= andum</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMBx8gZV1jmx8ez= DcovxPTTMLJTi37twb-2Be4n5qVteHA-3D-3Dy8-G_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW= 9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG4= 9SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUm= Ombk4b0e3aWYKW2Gei5Q8acOkOpVd8ZnfGHdTGezFEytBgFt1RmC4W1gOJ52Trk8tdTqMGvfLAN= ILvyRix7uvS9lUmxdwm-2BdQv5O3ntE0m5pvN1r8aUGAww0y2mgBCve83GykrxcHl4TPZAJaGf5= rvGlOxkxxp69WApSK48Ni68jKWQsSG3l4Qmu66KzmSE41YLVbzdJbU8idj23RVcz5C97dMPns3W= 3bIG6fWc8nMjT1lnKMOeNXZtq36YekeuHfYRBhoL4QPHx7B-2BNi3JpE2n1Leh-2FXNJQPfB0oo= 0xQoJ3cY0vGYYzk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Vijil</a></b>, a startup developing resiliency infrastructure for AI agents= , secured $17 million in a round led by <a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzW5r9vkQjo0bTHRw6q3Hjq-2FMT7f9YO6hP1HB-2FYAp8OJhQ-3D-3DF8BM_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4Vx= ESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlL= YzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5= A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZkZJIVv42GvRSrJnVjZye3bI= WBzUammSj-2FvBfYCpYjBVKy7zXgMYZPcyaOjISN1c2tpBV8mdeZgevxdn6iBCYt0VtUdvwR-2F= oxrluInwGu-2B-2FIGtIfMcKfu-2BRR-2FGdTnNy8oUSkWjEH2B7oVVDK5CBrzSj-2BOgvcgRol= xGBJWIJI-2FgAzF-2Bt19A9kJDlF-2F-2FnxOn6m57pRSCNKtkPHlU-2FQWix5hpDVG1eC-2BES= -2B-2B7Af0S-2B3hsUWyTTN4Bd40Zb0CRKGxjh84ilIEGt6Je42P-2FMY-2F-2F-2BnbEc-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">BrightMind Partners<= /a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq= -2FA41tbUleeB-2BojmIdSE5d5Q-3D-3Doixj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9Eqa= sFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMi= g-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk= 4b0e3aWYKW2Gei5Q8acOkOpVd8ZmJp52qQUy6YiL3XnRSd9YV7v5L11W4MD8tCR1w5XYEIuthTI= mGuJqIxHNdKK4-2BiHqbId-2F6yx7Xl-2F2-2BGnFWhIYBb-2BUhv8SIR0qJ7IdXC3wUn8T7qOQ= SQMZ8Ql3PCMmlg6ub0y-2FSE5mzwGKcg9KiptitV68i7wj-2F0W0sdLW1wH2NbuZFQY6fmUREGY= GeRMXpCfst1e2-2FzK8uSS1MWVB5-2BBVhYqA7ZJHBvBJDuJIr6bjhGwV4lffnP8migTIdR1A8p= v8waXy9mh-2F-2F-2Fx7eZTu6yIkg-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Flux Marine</a></b>, which develops electric motors and batte= ry systems for boats, raised a $15 million round from investors including <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FpQ5dj6jLxNxcR= Jbi84LgYQ-3D-3Dzpec_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhM= wb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDI= zIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8a= cOkOpVd8Zq-2FcMafUsEp-2Br5I0AVBP4v37P-2B3LB8FfdrVawBmDAFidqvrCdHfjm6CMVtpGK= xqFFrCi2uiYCtKqA5sbhBTRiufJ6rwAdv8SrSQCq35XsUewlkTo4aJArFyfHC-2Bv7VGmS1bgut= akqPH-2BJIJ50OM5eRncNbJ4uEaA1LfvovLfT907H9ZAg5C9LNqrLpDkRNAIvzgQlQsyD4-2Bvj= 4yUVY0nE5YYgNIqHZ2rUX-2BAnrrtR8u-2Bm-2FvxKf-2FZIWOn3y4C8Qrwweptk4t9BArGNew-= 2BoTr4JP4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Collid= e Capital</a>.<br><br> Enterprise resource planning startup <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FJwGTZCC9wvJ4R-2F= G-2BHBesGw-3D-3DblHN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlh= Mwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzD= IzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8= acOkOpVd8Znpj8-2BrtBsXvcatV93ND9GKlPMX-2FmIOqIgqYR6RU9-2Fp8fMkZ6Z04zJRPMHi5= vaHkzjHx5EmhZzAqNcW2QR1eCoVwYUmyznObMUpNOe2aXu0ORV6JKxtXiHfA05mkC12F3D6D0P0= kydILjDxEQlPzMmC4VeGw7p7ji7-2BV5dSEN8BdruO29SMG9R9dYbuXdBdfw4iEX3CN6if9vbEH= jn7lMsImO80Szm6NanAqM3FbNd73q88o9k21jtDAna2FzgOs-2BdgiLJNmCJiUR-2BfX2VY5z3w= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">CoPlane</a></b>= raised a $14 million seed round led by <a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzW5r9vkQjo0bTHRw6q3Hjq-2FosPR4iboWRF4YfnxPwvqbQ-3D-3DwiOo_I3w5d9c01gkD8g= LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxES= B4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYz= LeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8= ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zq619afmtilGuR6Ix3-2Fhm581= pa1XFbc2F3fkwD5L-2Bf2wbzBmtuCYPwoi1KaAVlgRuRtVrHr-2B7cuT1w5EQqACd-2FhhgE6DO= hF4ND9Ik3kXKEau9l4T2okvNFj9EMO-2BETrnSA2bIV212Qe3nMrzzRN3Y4TIS5-2BYWLYMW5ex= yHpaRCp52yUT2N92eMGZBwYNiOnwcE0JS96eShWcYDhF7CAktaOC4tm-2BSbxb7-2BpXkM2qNlR= eFboxCRVpKExTLAazvDpM7oJ-2BIFcv2-2F-2FJMTR4-2FFNVid8-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Ribbit</a>.<br><br><b><a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2F06x7-2FyqdQQvi-2BlltysNI1A-3= D-3D2P4c_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsN= cPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9ats= KdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zhn= fIOJ4cw-2FTq9gby7ut-2B2-2FVqTyjJBzj7yLh-2BTVO1rzbfgHxXSVmEiStWUibXITcSCDy2o= uvWO4oCjKIJiZhFcySTESAUsg3s-2FLUgB-2F7y4-2FaLXyNL8lnFxcVFLcrAq5SxXm4120QCKG= pJJVpihkJtrM4DynYT9Sl-2FqrMv-2Fmm7TDht5W7q-2B-2FMr3ccWuFclt352W9dm3-2FWdRqN= kiNRcOXEAOfHKxy9TQI3xCGKa32CbC23I2-2F31K4sbzUB8IY6Pc4TswouhDx7gkpI61-2BsMLj= xV6A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PowerUp</a>= </b>, an Estonian developer of hydrogen-powered electric generators, secure= d a =E2=82=AC10 million Series A co-led by <a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzW5r9vkQjo0bTHRw6q3Hjq-2FyhINWVWKeHPeaOUvKR0IRw-3D-3DIFT__I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4V= 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style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FJZ-2FJPCJiIeVNdEF8= 4LWLBA-3D-3Dhj-Z_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb6= 7Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIY= JqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOk= OpVd8Zom6lEkok0zRq4VRqzP99ve2FiZpSwHC15muXaUMTSfSmtYGhj4lItGKSgPib8J5zHWu35= 8zpw2iUjLnn4RbosUUUj7DssXcm9UEyfOCvZu9OH2HbN8DiWW-2B80XG8G6SJt1LngPP-2FZKnL= 8TTFOrtzrtJwDzTej2BImV2erq-2FCfUnCEOv-2F0bFg1H-2BEYKLpObHx-2F-2BFWI2EsZ-2Fk= 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ments</a> invested in India-based education services provider <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXrmCnyHd4DJIAyTzmOO46Wib-2FJ8OijTBbSzEDM51u5wg= -3D-3DDWun_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48z= sNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9a= tsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Z= tZZv8ABYYa7eBkqhk-2FluyTll4knqlzSb3bkBqS-2F-2BZ2gbG8ZwbfTOz3wYBTSOD8-2Fevq7= c3yZ7rkhbm6c8BlY8o-2F5TAoAUe-2BYwTim-2B7AjADpKnvI2hwJYNnKYm-2Fk9MJROxpmzIEM= lc3QQX03Ld-2F3GKOyoKnR3oBP6uVdZwMCLokoTB8QVbe9D1UN5kp-2Bc1FI-2FIIBu5Dc6AmK8= ER1Z4-2BRvrDwuvsEWkfuH714nLdOKjlg91AMLlScKe-2BU0Dl-2BQBEMGTHMRNzFGBWMN5aSc0= GDKRiE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Lighthous= e Learning Group</a></b>.<br><br><a href=3D"https://url6380.news.pitchbook.= 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rFR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7d= daBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4B= rxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGN= DzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zuj-2BQS= i0p0WI-2FsUpZA59SWv6E-2FsiHiJ5QYDCZNcutIPUDvuRn3RlySi5U7gYgo-2FUA-2Bv-2FxeH= nvNt1O251MsqS2eYnpprMQaH5ya0dFLeyzxrubfNvvLkez-2BdAzl5S2YEnKlSrGqw4JVTlW65G= ijjJ9IKO13RdD-2F6pIqN7klSKHjSefVRimanH4969ny1CL5cToYKrmUs9k9ffkNc7Q3Az0Z5Z9= 1FvBEKbzLK41prG5CQH06OYAv4kHuYlD-2BBhR1ZTVnMydwWX8taeMbUsF1Q0xNc-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Air Burners</a></b>, a Fl= orida-based manufacturer of incinerators.<br><br><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzXrmCnyHd4DJIAyTzmOO46Wydug1U8lhAl3jHoJydQJEw-3D-3DRv-4_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r= 6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTS= l1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6= ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zuuz-2BNVj-2B1BN5wK= N5ImkNUhrRATLQfvNSnlrRXesVSBF3T-2FgTkW-2FrQ1DOUQt223TWYXewp2zIoOJI75lcu2voF= Ooql5JZgOxCiTFodyIl-2F-2BgIiN65-2BLYKnEUI2HBzJf50KX7gzKR9fL1Sf8aTtIrmemLEXA= kL5h6e17rFNW7SL7SBGg0et9tj2WpR2v0lGqXc9eulJ8L63YoFr7Suf7hn-2BzZgWmYGY3AXt1Z= MvyhOUMrgl0LUcrr8RlsBCSsWEm675ezHwVhUF2a6mX3owz1RyY-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">EMK Capital</a> purchased Italian IT fi= rm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXrmCnyHd4DJIAyTzmOO46WKuxo3z8g= hnGnXH52TmQBoA-3D-3DVPjZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOk= aUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2B= 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0EhY9e0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ht.digit= al</a></b>, a London-based digital asset services provider.<br><br><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXrmCnyHd4DJIAyTzmOO46WtsZA8ZwxGtZBTzvpoWIXR= Q-3D-3DIe9X_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48= zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9= atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8= ZrxrugGx-2B5gt-2B-2F-2F6kenTwWpKqoxo4R-2BY88UaLH-2FWJc4A5onPToCl7d1NsJle-2F= z3BJxiJIBJiNyYi7Ylh-2F7c9rKXrMQF5pSlWTsip47bL-2FRM-2B-2Bjb2qzesH-2B9WSQhSwn= H65-2B41x-2BYx2Yve2lJBPrsahOOx3CfYnCkr3jEprHrUOiiYj1iLGoy9pxfrrF39BABTBsw1F= mlSKbEFVTGpgvqFEVHqw-2FnFprdeQKEM7SD-2BNIQkNldeGEMPw4vnfX2PHz6g5A7cBhVb-2Bj= tHxFmHsobEL7Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AX= A IM Alts</a> bought a 40% stake in <b><a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzXrmCnyHd4DJIAyTzmOO46Wc7-2FevHlueDF-2BLgN0YE9C1g-3D-3DvLZu_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxE= SB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLY= zLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A= 8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zuf1xHp6dKM-2Bu0cIYU1eV6i= YMtitL2nZLWRNKLCniYWILkcFSEAyw0fmIfq4JH0qogioxDJxv7HBMaKuSmngU66Cd3GpXQVPq-= 2FVfZ-2FUld-2BciocwnJjnpfCCTmMbm63RydSXsQsGsSYXZEyv5jbtztzgSKsS6WxmOqN4o2Xe= QtfjDc8Lk5C6brk1La5YJKfbhQDP8ejbMXVEE4cqbu-2BoKntbWxj3kUsr8Y9Riz2fai7gIM9Ta= 7inE-2FD-2BjpAx9a3EP2OvtCRi3yk73fHAPICjt0jc-3D" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">FiberPass</a></b>, a Spanish wholesale fiber op= tic broadband services provider.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FJZ-2FJPCJiIeVNdEF8= 4LWLBA-3D-3Dj7aJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= 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TjogW9Op8NxpQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pa= xos</a> in a deal valuing the company over $100 million.<br><br> Nasdaq-listed <a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzXzQuOZSHLWa0iU4gQnDnRWMnXwwP2I5wDQLwXgp29NcQ-3D-3DBxe1_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4V= xESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1Xl= LYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml= 5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zumd5gYLT7xWE2pi4gdR2hy= WyDoWFkJYZrJEeXWUcV03HT9pLzGjfPFBj7-2FeSNaQHI5TtwT7jH-2FMd5cy0wHOyaMV1HCtpF= XfUJVmJaIXCuIDrUQBz3aLkzo0OnnEbfhtx6w5YTiDZl2KDf6YQi216kqUUC8f-2F5BSyhVWiX-= 2BJN5Rj5mk8ehXRgFT378wkD96L8isKUue2CFAfSfnkTf8xyFtlLb4Dtm5vYuc2QtGBQ3TeWtgp= -2FfHe8jNHJX8o1-2B46C2TK6-2FhFEWEQ1VQbUiwmyag-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">reAlpha</a> acquired <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXzQuOZSHLWa0iU4gQnDnRW12D500nXME1XYdi6NHVBYg-3D-3D7Pv0_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR= 2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98T= TSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2= B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZgIRk8HwHRAvYmE0Q= kazc2uisgIp5h0vGxloZYF-2FiXDMv9K71E2Vbd2xrAzIbxKio6hJ-2FIHoyEEI0OevmA0rVkNQ= Cq7-2FEKGxdN-2BPX7QHSEqGBoyxLqqZ1O5oQ-2BBr8k-2BVZ8eRWopQGhZfJvg-2FKusK9pEYo= X-2FQAmUAaNid7Tr8JoHUjySvEH1g5p50U6kbsQBwc1eBz9bwxpv2mml2zXRgyk8FUzptK5LhRk= YV23iDnfLTLno-2F-2FFH4WdFCoQmFiajt925ihtzUI1V6AxQoh5Q34Jc-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">Citi Ventures</a>-backed digital = real estate platform developer <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVM= ugGqyD1YPTSXPhvr9ZlEx6mktal0GRJSKiySfrCl4Q-3D-3Dl5C8_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16Ff= Vbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36= tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7= LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZoCpLWWRoZs-2BEqvmNPrgzB-2BVuEQ8rY= Vw79p6ZjaOJ8nIWY3Yg3358-2FXHBaI5IdjkOxMuezv4bq8Q5-2FZV4mOmrPRqvIw3HJtSsRAh2= 7njfjAd5szgeo-2FPaj867g6Rba2HKgXbbEic4okt04Hj7n9-2BxvmeM9lyI94ldn-2Fdg3rtSr= LGh7s85qjtvPa9Nb4-2BTS4ZhJ5kuHUAagoM0C5-2Bfuyi-2FcUA6d2ulm2G2Vd1fTpH4vHBWXW= hPPCQemwc2ISK-2FEhBNrcDYUuEgwhhQFmETQ3fTIQ-3D" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">Prevu</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table 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-2BaqM7ONnvsnswouzVMugGqyD1YPTSXPhvr9ZlEWSfv7TpXK54ybfaD5= fh2Dg-3D-3DHLAV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67= 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" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Baobab Ventures</a= ></b>, a $15 million solo GP fund.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> 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