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Envelope-to: most@ponjosonek.com
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Date: Wed, 26 Nov 2025 12:11:49 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Subject: Credit props up PE returns
To: most@ponjosonek.com

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                         <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=
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">
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                             <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>
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                        <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%;
 ">
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                              <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%">
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                              <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&amp;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>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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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>
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>&nbsp;</td>
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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 ">
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                             <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>
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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=
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t=3D"" universal=3D"true">2026 US Private Credit Outlook: More LBOs, steady=
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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=
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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">&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_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"=
>&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">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>
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cing=3D"0" lang=3D"x-content-btn">
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                              <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>
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                              <td style=3D"height: 25px; line-height: 25px;=
">&nbsp;</td>
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                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
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                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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                              <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%">
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                              <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>
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                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
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                    <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>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">&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-2BaqM7ONnvsnswouzXAfcWR3DXAK3MyZ8g5-2FI5QY6uT6ZvLi3uMlrtsh8ZAZw-3D-3Du=
mC1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7d=
daBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4B=
rxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGN=
DzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zn9WmIQZ=
14DLPW1xiFofvyByzmMMC7n5gsYiIS5mUVFIe18z3fdJEt4GMVlEZZDBpiM1bXqcxZC2fqVI5l7=
5-2BbOAA6nVBp0ddkr0Fdmqix-2BkRvFY5dISkLvWgRdC22misQ3ch-2Bwc5tC1v-2FoKCQ2bAb=
Vm4akgOiwPB5sr3mfcruQMfNwfBUbSKKMCnWoqDp2qcOcUjSfg4dFVvhaxpvTIhhLkMGQEk7AfD=
IV9KU73tV8I4KcacUT-2FC1Ia6-2B-2FfO4FOXcb7n7Nx1VpiGCO78GqmnD8-3D"><img width=
=3D"460" src=3D"https://img.pitchbook.com/ads/ad4363/460x120_pitchbook-bann=
er-ad_nov25.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0p=
x; display: block;"></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;">
                              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;">  <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;">&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_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&nbsp;</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&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-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>
                               &nbsp;</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">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=
xESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1Xl=
LYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml=
5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZryRvWVS18Oo-2BB8ZIxrU4=
hRMMgGEvC1aIUUjV5bHavfZITRd1aw9-2FRmwDn3QXFxQ0lAFQT3ZDE89jPPWVtc-2BGHLbeIbB=
g9fNSsbSNpQZZJfNzTdAHk7RDO3nlI69Za4mfI5NxeCA1UfWRA6yA-2BAIwIdPIa-2FWdbxM00z=
KGMCv2qFGuexsGnV-2FK3kD4ptGpZHbi6lOwjRFVAqWBDDncVauUt4K3SQCC4Fkrm9QwUk-2F43=
ZQmGWOblj3m2vmp8qOlXnuVJ72lhNrKRNOTHXetEJGtBc-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">Mercaton</a> and <a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FLd-2F8HAGJFlcMkzkxbt21HA-3D-3DAqqb_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR=
2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98T=
TSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2=
B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zn9LWSFLNoSZ8f8GR=
tKkVAuLC5ENceH-2BE9bCXpB8X9BVieB9oFSBH0CAV97sgLxgtqeo1NaSUatu2NsKMNfmdy59K0=
eItq9pdSzLDSplWJ-2B0iJUiXl0EvUHtIEuST39HnEqvOTb6lrxF3bk2r-2BQpiuSQUILoXpVDw=
F0dKEQm0MhVZLoeUfXAYAgcCkTghE7WDvNnbARQ5IKr1vq9-2FBHzwLatb-2FiND2k-2FQ5C2ez=
0lEPuSagVEppHATJJiLjFEXFfABLEQxk1txVMMSJQn5IUkrZ8-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">ScaleWolf</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"><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=
bMPkQw5ycibMmj9zq-2B6D4DgJZUoBnQ-2BfaoWk1j2biZtMkDj-2BZMaaKC-2FKYaAqt-2BWSY=
ve7S11WxZk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">KKR</=
a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FnXDzF=
p5SwNDaB-2FkKQaVp3Q-3D-3DCyDj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFg=
EUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbN=
O9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWY=
KW2Gei5Q8acOkOpVd8ZtgtJVSgx2ZGOMeDd9AJFq435t3wmZxT1VeCw47Yrxez5b5jZXK2yjuRf=
bNcTYElqehn7XWFafbbUtkhMoCV-2B4jZq0Mmsk9HeH3K9dmK67QiH4mS1Wysk2jWnhPIswc04U=
DoPROXlj5WMQYzu-2FriU-2BwZ-2FZtRbDwb6jdt9rRMAh3xKvtYgOcLetnLauOkgFEwa3QUqVX=
pH4vqPn1eM0lM2TZ0wijIzCcAbBmMLuzQzETbz76oZybjOH8VJo3urhFpDIvg5OZAedyDpwIwom=
k2B68-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PSP Invest=
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.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXrm=
CnyHd4DJIAyTzmOO46Wa28-2BajycJUhAE3bXM-2FKfrQ-3D-3DSBlc_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz1=
6FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeI=
i36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3u=
th7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zs-2BoTuduacpOyiUgIkW3HgtIe7C1B=
nIIH0uxBBUU1sfhkzTURxW9DRTRSln-2FNpITcvJIjx-2Bg1JFi8bXE7fFLNPFdtGf34d5S8XwF=
GDMCsp4emB-2FXS2oDu5ReamNocY5fKgHj6c5pSYFlflnQqwjgluGcA1gIEG6n3vV2ef8kaTov-=
2FTZ3-2BxHpBXZC5olNluwkGeCL5yFHNf9IUz1wmnzvhLj6RDrv0-2BPIKQrAFk-2Fg9hopIr5y=
OdymGVnsCgVx2gP-2BGVl84uyKmLjxoLEorhW2BGg-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Courizon Partners</a> acquired <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzXrmCnyHd4DJIAyTzmOO46WQ7GuPuNckUbpc5KBNEndOg-3D-3D4=
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=
sEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Ge=
i5Q8acOkOpVd8ZpG-2BWLi-2BlqxqJbM9-2F8E0BZt-2FyUHZIfmELAQb2RDUoFuwpzF1oNHCox=
dst-2BG8AHnUUPJWz4wozHO8LtUuwQeQbM1-2BQ-2B8rYNRwMuz9dGKI9XHlmyRAHlhEtw2ZriR=
8COZBvLnInt-2F2ntjYcZN73dervhpUy6medT9V2jalQllcnvWk4ERK66SN2GWTS4UX-2BBhMfS=
Uxfps4202JCIIiWCrF8Iiw9Y9JAYXiNTNhs-2BWRMsqDnpsC9Ltpa2jYiZ7rB3aKS0CrDaVLUdP=
bC5jzIQBdHqo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pro=
ject Informatica</a></b> from <a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXrmCny=
Hd4DJIAyTzmOO46WQj-2BhlDDrBjepOJWtY98Seg-3D-3DCFer_I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVb=
hm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tD=
aq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN=
9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zrx7j0VoZBG4R2EvB6KpgVWGVOtttL2UOYpq=
qUV-2BduNI0zDckHKPf2COhJJV0eyBWwaM6nc-2FOBeGRONmTRwfxKkkHlTpYT3HQVFiSsLNn1E=
1QRUqIlBJLeJqOiqexMKUPH5IDJjrewV-2BWVvlArNTN7dUYKjTpZwzr7YXAaS9qDn8h5LJz-2B=
L-2FQr2C7bcr4r3GjqGJZ9cCvNIvxkTDenzclGCOEGebh5xyKOijuSwxh2wRPK3aQmrQFr2z5r9=
OFlin9e23JQpuroLjP9cDuI6fuzU-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">HIG Capital</a>.<br><br><a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zXrmCnyHd4DJIAyTzmOO46WvJuQH33fXFT4Y7TUUXBvyA-3D-3DfMBY_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz1=
6FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeI=
i36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3u=
th7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zg66iXZuTYsmEOCgAyJPSQdcnYOuw0Y=
1t3xDHJ8wVO0Oacsro2zxKXatJj3Fusr9DR8k0IFzdEIZI57BRlWaIKaikl63giCooW-2BdfVRS=
-2F-2BlaFW-2FnKGt3d5Vs00gv2BrMLLAw-2FGC8EYeqSsOIyrlakuerPFyuk1kfwtveTTs-2Bz=
wUOvocKT3LVC7iWpJPIpdWVhsc5UG7biqJKHJSg1Mc5WD8q2g9ra87YNR3VYM-2F3PXqVsxkJOG=
c3CmcC-2F-2FrvKjh-2BFzFA0CquId5mnTks5xKvEpw-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Bridgepoint Group</a> acquired a majority stake=
 in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXrmCnyHd4DJIAyTzmOO46WNKcBO3w=
7kfDgRDHV8jsJLw-3D-3DZKIX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnO=
kaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2=
BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2G=
ei5Q8acOkOpVd8ZjFZ7qzwg3IP3IP4hVz05j0cdpbP-2BnVEyy4BFrxqGvbXcetZXaWalYUDn13=
XYp2A4lLMETu1sjuEpD-2BWfKDj-2FAL2egTXphsLR5ee9OYIAy0zwecIORceKvnqNYrHpy429y=
ILyXCN2Ia-2BnOAuzWEFgVoVNGbP8kTDdckvrPrdvVwdxc-2Fn2wRYTuAl9wAshUTxOCKjOJtkw=
laZ3BtoEnEdLAwhCcx2XVaQDDFoZvIOCEZKlX51kTxU4CRn4p03Pt5uD0IlhBIlN-2F-2BBn9nK=
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">&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>Exits</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-2BaqM7ONnvsnswouzW5r9vkQjo0bTHRw6q3Hjq-2FJZ-2FJPCJiIeVNdEF8=
4LWLBA-3D-3Dj7aJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg=
FVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb6=
7Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIY=
JqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOk=
OpVd8Zn3DlssD2BX-2BZ1RVmWnJrzQsAGq8DPTyVEwEk9Jgxj3-2BpPND3iOROwcnAp4aydzblv=
Z6DAb3qDpPWeXkdWj0KjsiuhJI4OTO67RFhN6CWxcNp6-2BcH3geFcGKBgTXnMAqBCagurw4Au-=
2BuoPZYqhurDHHnNXSzD54-2F55IMFQGJSm8BZXXbuDRSvYeXQaK1cLwTKiosD81qodravVkTT-=
2FRJYEI-2BIvXRzww24Y-2FP2eiK4oYZZCbltao-2BHDl-2FNZGPG30tVNk4b3cvmgwFD7uuXKh=
LK-2B8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">KKR</a> s=
old its stake in a Tokyo-based <b><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXz=
QuOZSHLWa0iU4gQnDnRW4mJ-2B2lCMzj99PPFSe3esHA-3D-3DR2HF_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16=
FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi=
36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3ut=
h7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Znens27LCtNl0ON7myBLvoZAJh80MrC0=
g2ipSoglTEM-2Bhcmn6Lmm2j-2BPK8q3tn15QhEd24RzdeZs4YMZspUQv1fHNyuDze2LOCUuyeg=
tH3JnoJkg6CuZNEf1KPimitCAYtLqnQAPlglfYS96tEtPls9BTz7PO-2FRXGe5uLEuF1ilJiTPH=
YUEUwf01FxDGpoBX8-2FXhyUoOluXVGDWpGFwBfZ1ZqWH1lfkKXAF8dhC6io4AhSdPu-2Bx-2FY=
ZGTeKoiAi1KHNiDlPlRNVOZEQDF0iDyVvc-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">Hyatt Regency</a></b> hotel in an $800 million deal, The=
 Wall Street Journal reported.<br><br>
                               India's <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzXzQuOZSHLWa0iU4gQnDnRW-2BHrdkjLXwhklQgxBDRTY1w-3D-3DjUWh_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4Vx=
ESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlL=
YzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5=
A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zlwr5iIhymQV9UGnQhne28nm=
6FG79pX2aIyiezPaqwm0x4nD1Q3pTUrFp7NjdJmxrismbezCF1Uw0Z2wk9nyExOEYWEz27UvcJM=
jxB4yoVDp8xZbDLrXJZrPKdWXkRKBaODN4cJ3OoOGReJNMrctEtRKNbxDoLQS52Lc57AoWja84N=
BZqY-2F7TeHdw0M58NFfOJkJqRT54vcfu1gCKSWwD0LX4qv1lvRyBW-2Frlh06x93PUmMZWjwHq=
pSmZYr9PNpjWZd78eRwia9eC-2FsRkpT7kAI-3D" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Zetwerk</a></b>, a contract manufacturing organization=
 backed by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXzQuOZSHLWa0iU4gQnDnRWM=
LeJImBc178YwUsccd0ijA-3D-3DXkOv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9Z=
FgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2Fbq=
bNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3a=
WYKW2Gei5Q8acOkOpVd8Zh-2FsEB2iyYgPqlxKXhBC5JkuacXt4VCHudvw8zTzwdQjrfwsJx6py=
0kz2iu4xrEu7fPVxQYlJmyc75eAyUgw4wo-2B36L1p9cEWXxgRyzcKATUhf-2F4yn5chIVKOIcK=
B1d5v1k-2FH3vmAitVX-2FnDVEAMY1U0fDMJLhNRUVIhCs-2B53sZmdkbUEDGyGJvVSESIytpg4=
nhPYCgL0CvDpcn5YcSwxAQY6V-2BCzG7df9BUx4YOWHdglfoCNHWCIg8S4U7zVjatzdVuQjI2Dr=
riv2NIuN-2B0WwU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
Oriental Biotech</a>, is preparing an IPO which could raise around $750 mil=
lion, Bloomberg reported.<br><br><a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXzQ=
uOZSHLWa0iU4gQnDnRW44a-2BQTgqUTqmHmj3gyd4kg-3D-3DildS_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16F=
fVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi3=
6tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth=
7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZmOYsoCJfONIHt-2BQEdS2HPcJVN3osgI=
40-2FG10eh2wc4tKYj4SMdCWogvETMAejsXaBU3jiXCbed0-2BsgwqG0MVkrtpW9ZSpOUUKOptX=
rKhyrfg9tM-2BCha4qhEeppLyXhSNW63ROgpeDM35TlEB7UikZ2Zh-2FMp2s-2FjzsfOAcTv3J1=
7jjBnemk4HSF2ooJAWYG75hWlcao3i9pNbxCkQ8LicobeznoXQArYK8X23zCxzQ0HXhTEYV-2F5=
xYppyBlB403R3vR2rl5YA5hHycXNcnDZivE-3D" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Temasek</a>-backed wealth management platform developer=
 <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXzQuOZSHLWa0iU4gQnDnRW9oao5jvh8f=
-2FxMc2FaGGRxA-3D-3DiFCF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOk=
aUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2B=
sEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Ge=
i5Q8acOkOpVd8Zn7A8BweB2sefHbIn333iIpoZDBiz4NbaT43QYThpNzrfftjaYsD0jDGQByT0-=
2FOluKuhSr-2BYd7YheBgfObKrEiiAWl5QPYT0jUlZlzLsxk9CylRU1n3p-2F6KnMHls42qchos=
UwS8Ii0ZbhMEI-2BE-2F-2FH5jQPEzHyvdYKy4cNVxtBG0yUCqg3xdPsvjrTyQZrPgk3QSLLDwb=
zjTqOu0nfRLumrmqoNAgCqZsyoMWjIAojNTtZeZQ21IUu-2FA3vRgiBemhoBHN8fncpu-2BIkSG=
CQEPBk4k-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">FNZ Gro=
up</a></b> is in talks to sell its German custody banking arm, which could =
be valued over =E2=82=AC500 million in a sale, Bloomberg reported.<br><br>
                               New York-based digital wallet platform devel=
oper <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXzQuOZSHLWa0iU4gQnDnRWo7TDkn=
qXtxpnm-2B1GXr18rg-3D-3Dw5Tg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgE=
UnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO=
9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYK=
W2Gei5Q8acOkOpVd8ZgGIADkAe2NM3LJoJ7TisKaTrxZBbXtl2iJkBj8fq29PkGxXJ3uPmXPGxT=
arFxsHjW4u0MqsreRejLHEOX1V-2F5sZJjTXuErxGQyn2oFoFC6uHk22WgrOMF3YiBas3I2Cpha=
G5n85afRc5g8Wh8lZC2M2ocPDC8blm4BIoPpNwoyoOy-2FOWtWlALYjBjuRa9XUnQt-2Fq1V6pS=
iaPrGv28DMSrq5pyUomJ4fMKwqXpFzVc4rPTMwJTv6X833dc-2FM8JRGCmK-2Fvrhn1obHCThsR=
rWqCqI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Fordefi</=
a></b>, which is backed by <a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXzQuOZSHL=
Wa0iU4gQnDnRW-2B5Li0WsPZj1DzVXhMKoCTQ-3D-3Dtx51_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5=
q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-=
2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZ=
UsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZmRKbUiRjq2ktfsgtx3aqR53rb22lBZxfw-2BiO=
-2Fihj2G6kBUwv7xxhFxt2DbowHc821nl3Df5GAo-2FD-2Bk2A2XBY47RypO1HQcqPkTw6mdUX1=
QBO6D94qAfQInAe3VnVldXQBS3ltV1Rd1QtT0Sw-2FFWygyF9LnrWD3-2BnOxKHY9n3-2Fwgo-2=
FOKL-2BMvIafmwlyvNedBBO6u3Nmlam13xfBGmfuHNcVTycrijh9vxulORBTCxMDfUn2Nlx0C1o=
tFDtbySMQppdziDuM7SRxHWFQa8tkcpeU-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Electric Capital</a>, has been acquired by stablecoin com=
pany <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXzQuOZSHLWa0iU4gQnDnRWY-2F1xKot=
aQSoxLYzHHGW-2Fxw-3D-3DS_UK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEU=
nOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9=
-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW=
2Gei5Q8acOkOpVd8ZtiwK6do6NMRELg0-2BhOesxj6oxSHiZAN4cx7Fa6pyPJKjneu1ea9Xj-2B=
PSFsh8P-2FVvhBmHRrHduf1hw0hmEjsgKj1m1Q7rbGlVVLCudlvqbaRLCYJzYub-2Bz4qwxCdzh=
TVaNeH5j-2FYCwuVd6zZo03PsrYTVmP0u0Q77-2F3AS38GHx0DvIKvnOshhkgpFo6fY618ymoL4=
r0dwhdCcp5QUhe-2BK5ChTGQkMW6uKQw6-2FOyCA-2FQUvUYozLrnLJkgcSnvIVHeLG9O1udmcS=
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">&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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMugGqyD1YPTSXPhvr9ZlEWSfv7TpXK54ybfaD5=
fh2Dg-3D-3DHLAV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67=
Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJ=
qNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkO=
pVd8Zvi2vAk-2FsBKmNdnjnAeSiYLnHOXyFA5Z5igCdaGUvCBHID3LbsTAMfnAvpownkobCa3qa=
2GhvPOQ27lIdHqNIHQtafgYfBDfRu3MjznXHvXiE91FLS6AgyFDrYc1sJeTgzUvDGNKQo7GyZev=
WGPi8OhHdq2kRb3CRkZCTBCAC51e23KikbtY20LFlmg-2FJ4LAGfTDyFL6Z8N8qV3rlCR-2B1Kz=
npdxGxGyfvMi15BC5o-2Bmon-2FHfS47rjmWACWVAnv-2FuFu2Ig7eusl4cfQYOFyqDkUk-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Federated Hermes</a>=
</b> secured $320 million in the first round of fundraising for its sixth P=
E co-investment vehicle.<br><br><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMug=
GqyD1YPTSXPhvr9ZlEnsBdQLYfqnMwz8RQj8bhJQ-3D-3DpjXP_I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVb=
hm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tD=
aq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN=
9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zm3Of1ymZ5EQJZho85ZPDILMQqykdLWi020O=
z0dCFJiJ3KNCgm2-2Fvgx-2BdMo-2Bsyftw0jvCLMcD3eXP-2BieKBLwVWdd7bBz3id4v7EB8E1=
cwZHr2jJ8OfDO7BMIC6Vj83XJX7zUE6MwhW0lbU24KFzRqV5KVA8g-2BnzNpAVRumcDqe-2Frru=
vk6pjI8DdsB6fy7ONAqxXRBtwQGP3BGGwNOHmWvD4yCS0SCrYPa-2F6hK9V68GuDpE92GfuagGs=
Lsp6jqL80U9IEAi0IiUeK6V-2B10t3SPos-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">Revolut</a> and <a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV=
MugGqyD1YPTSXPhvr9ZlEH7XC2P4-2B7Rj1HS2dPGA28A-3D-3DlENa_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz1=
6FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeI=
i36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3u=
th7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8Zu8RTHFgrwg9RuISR7o-2FfSoF35D63=
fZsnwZiXUnCt7DTnW7m0mDsLeSoNrUvYmu4TDrefaWEk1PpUBhdLkeMNZUdIAdu6UpvpTwt-2F2=
J1prQHhKDlMN699W3pqw9tKFiTK8woxvFF4NBS3Zc3MMvx4qMH-2BZcZIy3-2B0cyQ1CRGqH-2B=
DMCJafLzIdHJ4bM4RbI4D-2BJoeGJ-2B0x6nalGy9Es08SMFzi1xBFiHIYk-2BtYXKDRyG-2Bq7=
-2FCsWjMs9Dt02Od80N4R9yeKBmKg41fsyLRH-2F6BQN0-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">ElevenLabs</a> investor <a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzVMugGqyD1YPTSXPhvr9ZlEmRFE-2FScydTUv1FQ92HL-2FnQ-3D-3DFAp=
Z_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFO7dda=
BuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb67Qa48zsNcPw4Brx=
H3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzIYJqNu9atsKdYGNDz=
UYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acOkOpVd8ZhM3RvD9d8=
BY60apT71kfLIRjPUhLlNwDSpnA4NbU7k2Q6U7AmPFXPBHycKnx6SHA3Mq8-2BzCaficMBAqcFs=
VtHfs984SWSekWCQJ731sMFVFz8nGTfG3r3vgZzZqPY0-2FtQKFeYzmML2noA-2F0C6HrzGlkNY=
JngG5JHqvT3Y-2FkUCoAgnSzKRJqqZc-2B6fyELeazbrzVCzVxT9nv4Y8mlfQwpbN1-2FD-2Brp=
LV7nG2sqvuVcoqpb65Hvf0x0LyG3DKUbswhV3AGP0swT0m88PxZImS-2FEVQ-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Carles Reina</a> launched <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVMugGqyD1YPTSXPhvr9ZlEpEy2NV6pYXLxASf=
KnYw6Tw-3D-3DZNbB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOkaUlhMwb=
67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2BsEzDIzI=
YJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei5Q8acO=
kOpVd8Zm6jK4o0ytUS9x7vRlsx-2F9VcK5pZL5EKsvySruruQ3w9oFyjKrUJlms5sPENuMff-2B=
9kMG4XGIeFsycF3cFYP5tg3c1NFcTgP8HkgUJt6KL2ldD7N9IPJX-2FBO8NTtTtFUdBafl4Rjff=
VZ2QIypJQGuDA-2BBDTpkqbKfPx9FhjCEPsANpntzqBms-2B9rBVSdYL1PK6vXrymaRGKF0qoQs=
9AV43mHgT8mZK5WDMugb8kBrYhaukBsE2wURQkBpJN2lRYxOV5gUks7YkoBFHYpToId-2FqE-3D=
" 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">&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-2BaqM7ONnvsnswouzVMugGqyD1YPTSXPhvr9ZlEHhuy2KqOe=
eEOh5Cj6yWDSQ-3D-3DimMs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFO7ddaBuDJICR2r6D4VxESB4Xz16FfVbhm5q9sTLW9EqasFwt9ZFgEUnOka=
UlhMwb67Qa48zsNcPw4BrxH3ih98TTSl1XlLYzLeyeIi36tDaq-2BJLG49SMig-2FbqbNO9-2Bs=
EzDIzIYJqNu9atsKdYGNDzUYvXu-2B6ISml5A8ifL3uth7LN9OZUsdjUmOmbk4b0e3aWYKW2Gei=
5Q8acOkOpVd8ZkihX0x85rGzhjK5yGxTrUiDNsQ-2B8n-2Fz32rAWQ0wTGvvKGZ82rbwk4CVuWi=
siqPO72yETb7RffcXTxSIkKFJsqbdNLCd1Bxs47SCCfrxJD4oTdIwYdhFiW6D6NWaJKxOdW-2FL=
fN9fFcpqH2WeMxVSX71Qooaik8GD3pzc1SjRxtehmasuPD8tZWFrBQOtkhJPJ1eZ6MRJulY98Ne=
J5teoERpc1jbSRW8BFxHgf6QspB9qq6MHos9ffaIAWAiYnlVWN6e0sGgSm7EnNBqGAZhZYJE-3D=
" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pit=
chbook.com/news/71517.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>
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f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
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