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Edit File: 1776165760.M319647P4090602.server-619288.prediksijaya.com,S=151962,W=154782

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Tue, 14 Apr 2026 18:22:40 +0700
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Date: Tue, 14 Apr 2026 11:21:58 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Message-ID: <_eG1hpYsT8Ce0UrvaXZdTQ@geopod-ismtpd-2>
Subject: PE's Q1 was better than you think
To: vetyl@ponjosonek.com

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 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F=
=92=A1<b>"Idling" is the human skill that will be worth 10x</b> more in the=
 age of AI, Anthropic co-founder Jack Clark said yesterday at Semafor's Wor=
ld Economy summit, where our own Jessica Hamlin is roaming the halls.<br><b=
r>
                               Also: Check out our <a href=3D"https://url63=
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eakdown</b></a>, sponsored by Grant Thornton Stax.</td>
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                  <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_579755" id=3D"n_579755" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
                          <table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
                           <tbody>
                            <tr>
                             <td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> PE stays the course as wider v=
olatility tests conviction in Q1 </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 =
Kyle Walters, Private Equity Research Analyst</i><br><br>
                               Similar to the opening months of last year, =
the PE ecosystem encountered turbulence in Q1.<br><br>
                               Tariff-related uncertainty resurfaced. It wa=
s compounded by growing concerns about the health of private credit=E2=80=
=94which trace back, in part, to the looser deployment standards adopted by=
 PE firms in recent years.<br><br>
                               Layered on top is the Iran war and its impac=
t on energy prices. In an April research note, Goldman Sachs put the odds o=
f the US economy going into recession over the next 12 months at 45%, up fr=
om 35% at the end of March.<br><br>
                               Despite this convergence of headwinds, PE de=
livered a healthy first quarter of dealmaking that could lay the foundation=
 for a strong year ahead, according to our <a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWGDwq9k18qc4jMrJjTx5TGD6DL0ki-2FNrEzSEj3zZVTcw-3D-3Datzf_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMH=
wirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6=
sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK=
2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dH=
45C5SvB0zpvppRXwkDNGavcbvkd-2BlTFTXbfXgkGP-2B6K0N7TZEmtQwZt8d-2FdCylbCyU6jE=
LjO7wjfgfrXcSgSrWh8LsE-2BNBcVhOaWBBRhLWgpH9zzu-2FWv1KdDtBDvJ68Ve86eXyMG47Ut=
cQi6EGXo8viXMYaaBYxpP74d1gg7e9cle2p1-2Fi4KZ5dcHahapwcdnHfRzi9ZXSxqdN8VSe20e=
Jnf3ySArgt8fQHO6WRUXtlr0UnGIh-2FTN2EjEEvH2bB8AwIXvjzhkIeWLw9gdZAEy" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>latest US PE Breakdown=
</b></a>.<br><br>
                               Despite quarter-over-quarter declines in ove=
rall deal count and value, the broader picture remains encouraging. Both de=
al activity and exits paced above Q2 2025, when uncertainty in the wake of =
the "Liberation Day" tariff announcements weighed most heavily on the marke=
t.</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-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGvK1IASNYY=
4Lflzz-2FheKLzw-3D-3DCjSG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjw=
cfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvY=
IbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6=
JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEMMW2Xj1VmaN6rkJAKWnYAVbUZzhli2Yvj7w-2F=
-2Bgae-2FeGbc0AKHiwnvecJ-2B44JhTsqxiCedZ3ulfbmMD1tiR7M0CjtwH4p0B2BXSH9chkzJ=
h9aT59AtCvvuHbiMydHMWp04zwWRq6W-2FWvmWwpqFeLLQz1124PZ4h-2FpxLy5jE58mhuCT0S5=
UArnrWlOtfBF3pLYCxP52HUzycCkhyag52tJApitLHNFpE8xWKf8Xj7uO-2BxdWjYt8AX1FfNLP=
bxBdMx820jA6SaRREo0-2BCDmALEqU" universal=3D"true"> <img align=3D"center" a=
lt=3D"" src=3D"https://img.pitchbook.com/news/73753.png" style=3D"border: n=
one; width: 100%; height: auto;">  </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">While =
deals and exits remain at healthy levels, fundraising has proved to be far =
more challenging. Following what was the weakest year of PE inflows since 2=
020, the start of 2026 has proved to be no different, likely setting the in=
dustry up for another challenging year of capital formation.<br><br>
                               Eighty-four PE funds reached a final close i=
n the first quarter, collecting a total of $54.2 billion. This puts 2026 be=
hind pace compared with last year, when 406 funds raised $286 billion, the =
lowest dollar amount since pandemic-disrupted 2020.<br><br>
                               Fears of a steep drop-off in PE activity nev=
er fully materialized in Q1. Deal and exit activity held firm, and while th=
e pace fell short of last year's highs, with the peak coming in Q3, an unde=
rcurrent of optimism is emerging as the market comes to grips with a shifti=
ng macro backdrop. If that clarity holds, the back half of the year could s=
ee a meaningful pickup in activity.</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>
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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 #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGvK1IASNYY4Lflzz-2FheKLzw-3D-3=
D5Usm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6=
cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E=
11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8Ty=
uSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4B=
hkjJdV0j9M8vbI3dH-2BSw0ECDvayJThqmFBjnexMNKWy1-2BbZTN-2FLErnIzRt-2B4KNpycLC=
mp7wosQw-2F26G00oMST1dy-2Fu1P9Vkv8EnSQ-2FZQGHxNdO5kXCEOHu0MicizmbFxs1gA-2Fw=
QnZlIIB9CwA-2F9zbcuGcBlRXfrSoecGnZuS6UaAxQsQEGwrhK1st5Js-2FeGKbMgCIsCzVRg5q=
HpxgWXSaxu9KxKSOmu-2FoGeQnozm4O-2BdFWuYBf7Cl30KZnE-2BNrV-2FXTbUB2FCCeCmfDQz=
xtrkXMHuE-2FFs9u3DVQe9PF" style=3D"font-family: Roboto, Arial, sans-serif; =
font-size: 18px; text-decoration: none; color: black; padding-left: 3px" ta=
rget=3D"_blank" universal=3D"true">Download the report<img height=3D"24" sr=
c=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"verti=
cal-align: middle; margin-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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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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                                                         border-bottom: 1px=
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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%">
                              <tbody>
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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-2BaqM7ONnvsnswouzWGDwq9k18qc4jM=
rJjTx5TGn2Lyc05SoJZQ5a-2BWb7d-2Fnw-3D-3D074R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLH=
llp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw=
4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBo=
U68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dETsPQQ6u4TQwB7LgjUlv=
BFSuf24167KMOWcvcX-2FXhM1nEP85BdtNGKBSV1She-2FW8NnyaiBMHbWPrRsASHbfXn1BUbeV=
DQ1mNZ52gLGJsrw2fZ3zCSjGxNBxmhF8TTGW9oCMn-2F-2Fzzj6AI6KQQalBDM57TLSpdvSWImd=
E1QS-2FmZY-2Fh2h9uAzbrbT6UgVLWfq-2FRu-2BAIkwQa2yyIDm5Ab6ekcFbVYjG4xziAoI0ZN=
P0c35hSD9p6xeaeg-2BO3XXY4IViMLHuxWCYbpPmTYpnq08flZX" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">2025 Annual Global Private Debt Report</a>=
</b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from Formidium</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579264" id=3D"n_579264" 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;"> Where AI in fund services actu=
ally creates return </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>
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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">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
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                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGZpPPYBLpJmufr2s=
WrGer9w-3D-3DZvTt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzl=
PcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6=
tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkg=
krKJwzlEaV4BhkjJdV0j9M8vbI3dGTuk9Oqts4f21-2BImfBeGl3sMRVgzrs-2BoiSjkv6hT2Af=
GE-2B-2FBUkQj5vOFAVbmDW2-2FelNI-2BfhCflOBXFE-2Fbz5-2FxfTKf3NoIQWERqXxHWTfkq=
4hxWT4Pxjx40yIh7ddzr6swzBUGy1p8mk7d8eONIgpZ2MDG6VaRHT-2BCn9VRtjuONjji4-2FzR=
wNQTXgOyBzZxqvF6x5Gw94tI6ahHYxmAnA0UviWCsByFnONE7HDVIXRiXlQOsqJIB8O0yXWI-2F=
yd9TRUK9uKToJscsuz9mhvGI3qJP"> <img align=3D"center" alt=3D"" src=3D"https:=
//img.pitchbook.com/news/73526.png" style=3D"border: none; width: 100%; hei=
ght: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>AI is now foundational in fund admini=
stration. The real question isn=E2=80=99t whether AI exists; it=E2=80=99s w=
hether it changes the economics.<br><br>
                               At Formidium, durable ROI appears only when =
automation is <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGZpPP=
YBLpJmufr2sWrGer9w-3D-3Dd8D5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONw=
TjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdeh=
pvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb=
4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dF35UJcSWx3yavjUl6m1XViL5BPXqi8CtZkF0=
LGhwZovUlUVBMTxaBTnOt-2BGMkZJ-2BHsglDKP-2FDvGzQKnoBcaCZwxk8f9cWmksrGD-2Bzbw=
zGVwFDSXRvtRoC-2F4xHu6s29F2CSO0xXEveZaZSK-2FH-2FrXmc-2BT6HNInCJI8xO-2BwYH9i=
wUxjP1ENKXdoGhCnG-2B5ozZkgAAoTv-2FDlVIXuwSiGWgomTicog1-2FKxNzNKxOVC9I6LXwTy=
EtuaxYPfowgh7-2BoJPQVWaP3avs8fOOUfsQ-2Bziwk5L" style=3D"color: #1D5080;" te=
st=3D"">embedded directly into the accounting engine</a>: the ledger, journ=
al logic, allocation framework, and reconciliation workflows. That is where=
 operational risk resides and where scalability either compounds or stalls.=
 Close cycles stabilize, and oversight becomes structured when AI reduces m=
anual journal construction, validates allocation logic continuously, isolat=
es true reconciliation breaks, and normalizes data at ingestion.<br><br>
                               By contrast, AI layered onto dashboards or c=
hat interfaces may enhance presentation, but rarely alters cost structure o=
r resilience. Sustainable advantage comes from architecture. Structural int=
egration, not surface enhancement, determines who scales with control.<br><=
br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMrJjTx5TGhZBHMdcqg3-2F18=
pYACrVIJA-3D-3Dj23b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUO=
zlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8=
C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PR=
kgkrKJwzlEaV4BhkjJdV0j9M8vbI3dGxNVAYkbfeE-2BQGN-2F3neMRznvgygSDBUSYzTG50sAl=
10tDl9VdPq-2FfJQhL-2FtiIV6p2Mxby8CIDPRSh3KQgZrYf0qjNj-2BDEKSuvRSfCxXVLPhP-2=
FEbvZ-2BKy3ehMAa4-2FXDRUxhRCLViuhrIH8BGbUFOEudKF-2BnlNNiX70SVkFtqBkaDvPHjEa=
0zT06-2FJwhLcNHGIY2oK-2FU6GssyYgNQMO2uh5JCLe6ICzNYIPDrtaczpm8PO2-2BiNxYgG22=
6RYhwzyevO0dv8-2FruQwSnLpUCzjKYjLd" style=3D"color: #1D5080;" test=3D"">Dow=
nload 2025 Alternative Funds Report</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>
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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>
                </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;=
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Catch Up Quick</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
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                  </table></td>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <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%">
                              <tbody>
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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">=E2=80=
=A2 <b>Apollo's co-founder closed a $6 billion debut PE fund. </b> The fund=
raising fortunes of Josh Harris' 26North stand in stark contrast to those o=
f other newer firms. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGDwq9k18qc4jMr=
JjTx5TGxHLdmLRsH2dUcHG5xhZiSA-3D-3Dz6SW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1U=
cSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYi=
FWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YP=
rPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dG3dFGYKkGyMkoRjXINQ-2Fzyp=
UZ73NP9XwYRX8vGC9gzpyg7s9yzAIAJT-2FqoMhQ3pYS7hPJkNYhkQeVSFz9SL6GcaYS9eZzw4k=
qMwHv6so6SWu-2Bo3vvIsDmJ7dtC9DKQkPwF-2Fhty-2FF-2BEA0ifJqV9kRhc9-2FMgTdjLy-2=
B0vMZ3JdIFgBN5Q0AsV-2FAHkKfAQ35pQ6gr-2Fjt849Wq-2FczC07UFNwnIGrH8QJNSCYjrnoq=
IM-2FICJa93piq9iUyTdZD0uI2kHcWE5LXtRYhS-2BP-2FDbS-2FU6vym-2B" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a><br><br>
                               =E2=80=A2 <b>TPG CEO Jon Winkelried says the=
 existential risks</b> to private credit are limited to the software sector=
. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQLrkzGGzU0Lv2=
nziX0AMGkw-3D-3D1MG1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k=
bMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXU=
OzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW=
8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37P=
RkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dGrsnuAwQU5GsC6CU-2FMa5bMt0RRUHpuTm1x0hlgSOwC=
VlAVZnsr5rRbPCFD14jEX1Ylf5APZWYr-2FsijXxrgy8kjLXQ5UBE-2BIouUNpfe7m0-2F-2Fak=
uQVmqHfunEDX4qg-2BMGlqC41vnIOruQr18r87z0rDNlxBSVIXvMTnJM-2BIkw5-2FegSYeGWqV=
Jbq3aiSOb6t47VdoYqWO9ODfjhVF7Er-2BB8saPUnRWE7nZASbkXvhaP4FEeGofL1uSyeU1zzhM=
wCp9tqKZPNt-2FDVpgPC3Ar16IKVt" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true"><b>Find out more</b></a><br><br>
                               =E2=80=A2 <b>Jeff Bezos-backed Slate Auto is=
 betting radical product simplification</b> can compete with Chinese EV mak=
ers on price, raising $650 million ahead of its 2026 production launch. Our=
 analyst note explores why physical AI may be the only long-term answer to =
"China Speed." <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRt=
QEBikeCayoRL9ghVFXxWCXg-3D-3Dbd3E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6ri=
m4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlA=
tkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDU=
SmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dFzf9rqFqwUwG-2Fr7TsKvv-2Fz7Ovy0=
2JwyLOhsR7V5APwTnDGlxIPyRV3-2BgURgpCUHHSyeCkgNpPJsG-2B3Vgn0EB5rjiZste9-2BIE=
CmMPlOUxq32rAwArtyIuRgApL9X4H-2B6dYqXdlxd-2Bto7-2FrwRyC2jTfaWGbwvpOiLpjP7GY=
AepvkBoD2eacnCzj9hfOPc3CFY3VYyKic0oNVthonbGg-2BXck85FppV3Hgbl747xTh-2B-2FNR=
0BdY6HkA61MVpbicpL1wC-2BnrFVUL-2FD7pDFsFH27UslXS" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true"><b>Go deeper</b></a></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579475" id=3D"n_579475" 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%;=
">
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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;"> OpenAI's ARR attack reveals wh=
o's on the defense </span></td>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQ3WRr0Ronv=
hNZnkky3DrvUg-3D-3DC3eB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcf=
YXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIb=
JQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY=
37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEx9YM3v1w8hoW5NttPy-2FTH-2FiXgXvoOmGJ-2BR=
-2BP-2F-2FXtus2EsFiD-2BgFEkfxorKpDrscKNkLW6DsaeHqdfdMdvWNK7lMCe2aKJmFKpcThU=
ts0tuNoJX6Yo-2BFXhxdSXQV1MnAV5JxrY3Rrbyadi34BcgLFxxg29jPMXniOcctvskHC6FdK-2=
BIsB-2F4z8bHnnwvng0m2hIC0wjQogaz42gd5LaFffpXToZm-2F4GW8Fx-2FZJBuW73d7-2FXhQ=
7ngqLcVpSiBcPGvuKU4Q9n-2FHHruc-2FHMbJsI6Z8" universal=3D"true"> <img align=
=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73761.png" style=
=3D"border: none; width: 100%; height: auto;">  </a></td>
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8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Chloe Ladwig/Pi=
tchBook News)</td>
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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%">
                              <tbody>
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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 =
Jacob Robbins, Technology Reporter</i><br><br>
                               The rivalry between Anthropic and OpenAI has=
 spilled onto a new battleground: their self-reported annual recurring reve=
nue, with OpenAI accusing Anthropic of overstating its revenue metric in an=
 internal memo obtained by The Verge.<br><br>
                               With both companies preparing IPOs for later=
 this year, their contentious dynamic is ratcheting up, especially when it =
comes to public=E2=80=94and investor=E2=80=94perception of their respective=
 businesses.<br><br>
                               In the memo, OpenAI chief revenue officer De=
nise Dresser writes that Anthropic's revenue-share arrangements with Amazon=
 and Google, both strategic investors and cloud distribution partners, are =
allegedly being accounted for in ways that artificially boost the company's=
 headline numbers.<br><br>
                               Still, despite Dresser's claim that OpenAI's=
 metrics are much more in line with what =E2=80=9Cwe would be held to as a =
public company," it's not quite there.<br><br>
                               "Essentially, both companies are in an ARR a=
ccounting arms race ahead of their IPOs, and neither is reporting on a basi=
s that would survive a Big Four audit," said Harrison Rolfes, PitchBook's s=
enior research analyst focusing on these companies.<br><br>
                               Over the past year or so, both companies hav=
e seen astronomical growth, bringing more attention and scrutiny to the nua=
nces of their businesses. A year ago, Anthropic reportedly had roughly $1 b=
illion in ARR, while OpenAI had $6 billion.<br><br>
                               But things have changed since then. Not only=
 has Anthropic reached a reported $8 billion in ARR most recently, but it's=
 widely seen as having built a bigger and more durable enterprise business =
than its rival.<br><br>
                               "OpenAI's enterprise sales motion has an Ant=
hropic problem, and the Dresser memo is the internal acknowledgment of it, =
dressed up as competitive intelligence," said Rolfes.<br><br>
                               It's no surprise the companies are locked in=
 fierce competition: Their eventual IPOs are expected to be among the large=
st ever. Investors will want to justify these numbers somehow.</td>
                              </tr>
                              </tbody>
                              </table></td>
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 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b=
lank" universal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.p=
itchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; m=
argin-left: 8px;" width=3D"24"> </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 25px; line-height: 25px;=
">&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYI=
c4GiRtQx8bgyKCoiTWwCo5-2B3iI7wg-3D-3DmMQK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp=
1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4fe=
YiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68=
YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dHwJwdrhbJ6UdNPNQEkD8OaM=
1sr3256W0v1-2FJA2BZeyfgGk6V7-2BZgwBCY-2BBtBBwgUhakcWUFqnHxJrHFkBg1OWYZfKzCI=
dt70Rz-2Ftm9Oo49gXMmvDWkGvxoetdijJ08XwoYHuGOL3zzyazBBpXYyGPBjLz0YGQ2RYfWA1C=
Wfpz8SqQXkjdCMnyOoXb2O6QPx7iCS51fyXdCnloOSIvaj2BOVorU8TzkzSvY0mf9tWb12j8fPx=
CAkA6vV3Q1xps0RAxb-2FNot-2BGGPrcYI5S6Q9qPp" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">AI=E2=80=99s hottest metric is getting harder to t=
rust </a></b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Side Letters</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Mus=
ic superfans are embracing prediction markets</b> to bet on Billboard chart=
s and album sales, and industry execs want in on the action. One Ariana Gra=
nde obsessive turned digital snooping into $100,000. [<a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQRMMaWpGBnniIpqKCPjgUAg-3D-3Dl2iH_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74=
LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2F=
xbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDu=
PjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8v=
bI3dFjKM0cxyIPhevvGkeVD6MlJQmCsLzFg1ngXEEpLJC2Wkpon2YQYjK0s1qW-2Bl9VC7Edijq=
ZQdEJ8qlvvPe8TIVKsqZ7Ebl0BwNNiju4BE43FVyTwuE2U8RiMht89bFIELWhtR3AHF-2BdCvsn=
qheNaUEgHb9RiApneyjizXgs-2F7oLgapLx-2FGomnLSh3gGo9reUQj-2FjaI9wRw-2B5gy7VEv=
nzpAZZtmBnSx9SE-2FXa3yecwuuZWx3pEhk-2FkychtIVx7gH-2F6k88zyX02kuI41lcy8fIEsA=
" style=3D"color: #1D5080;" test=3D"">Rolling Stone</a>]<br><br><b>Mark Zuc=
kerberg is building an AI avatar of himself</b> to interact with Meta emplo=
yees. The 3D-animated Zuck comes amid Meta's push to develop "personal supe=
rintelligence." [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQ8=
erlj68-2F2tE5JDDw-2BtqFLQ-3D-3Dc64Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6=
rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsj=
lAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOs=
DUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dESz3c3iSQg5xdZCfZ7KcniXHqPWnv=
at7nWi3fThGV5q-2FyKNeEpj0LTUZBkvrH2HE2j9hl-2FwpxwdRMyRFwYeCx3oK-2BF8irIYrui=
W9xeEp9zG7ufY1v11-2By3TF1pb-2Fi8AdNHq-2FMX7TxptQ2FkNiTYdtcTysisPrE6V3SJz55V=
5mTGZDKdQHKj8vwuvkfhsf5SlIuADURcS6-2Ffc5CsE2HFKswPUAazRL-2FqePoakom3JNYkov8=
9wSKF4wYLMP9Od3vVcysit6wyg8HqEuziTLxZ7kH" style=3D"color: #1D5080;" test=3D=
"">Financial Times</a>]<br><br><b>AI holdouts have declared their top reaso=
n for avoiding the tech: They don't see the point.</b> A new Gallup survey =
of 23,000 employees finds the biggest barriers to adoption are skepticism a=
bout usefulness and moral objections, not a lack of tools. [<a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQ811hVERhHGsrn7rN5tF4qA-3D-3DnnmX_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWb=
gyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQ=
sud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nm=
NivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV=
0j9M8vbI3dHt81-2BAQCPmDx7ztsXbqTlLJlmm-2Btc5tEPG9QQI8NRuxZLpezDceHLEzmiTNc8=
5QmaJRxJsZ5GR8mQNqUoME1zfq-2BfVfF7Mc3wJBpqkuy9RPaweUJ8HAz9QPLwOcFauxVpgvVSy=
GIfww1jvJfkK6c4GOx7GXmikTHiXh3vwpYl5zC6qe08PSAlebcnvmBwnbyWKh-2F3ha4J1Ix0XC=
lxiH5HBPBrq37Pij2IElrRBhH0Di8-2FLcBpYum6p8mYzppile3UqAOEWLvnQaalAdlWFcG7I" =
style=3D"color: #1D5080;" test=3D"">Gallup</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>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 25%=
; min-width: 25%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              792
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Deals
                              </div></td>
                             <td style=3D"display: inline-block; min-width:=
 25%;
                                                    width: 25%; text-align:=
 center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              2777
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              People
                              </div></td>
                             <td style=3D"display: inline-block; width: 25%=
;
                                                    min-width: 25%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              1425
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Companies
                              </div></td>
                             <td style=3D"display: inline-block; width: 25%=
;
                                                    min-width: 25%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              26
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Funds
                              </div></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding-bottom: =
13.3px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzV4P8Rt1UrES1CYIc4GiRtQMW-2F-2FqW2WspD1QNHC-2BEgVLA-3D=
-3DF2Ve_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
R6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr=
2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8=
TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV=
4BhkjJdV0j9M8vbI3dHc2f8KCsY0RPzF32NKYvx8i4iiY7Jvmwyc9PCmutTcuQtn4cSs-2FEbyN=
9eyalFwCHeAUUoIyOQAMII5zZCZ5TdjGCIbw89OIex4pjb8C-2FVlwVeBquH91KwowyHZ8UZeJt=
nJg3WuY9wPsIKbBhreuNmxRNjQcYG1wUwGUY7sA8PffBCDJbk1SVXokrEF6Yp5CjkPBxsILZO3P=
cG3dh70xW3Y1uVLirXt888cgR8L7G0Vl8XyLN5xk9UxgyJGhAgbPzyzFzAlUrUaESazJMR6zhux=
" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;
                                                          width: 150px;
                                                          mso-hide: all;"> =
Request a free trial </a> </td>
                            </tr>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td height=3D"20" style=3D"line-height: 20px;">&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_579751" id=3D"n_579751" 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: 2020 Vint=
age Global Debt Funds </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
                           <tbody>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 20px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 87.37511353315168%; mi=
n-width: 87.37511353315168%; max-width: 87.37511353315168%; 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">9.62%</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">11.01%</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;">
                              0.56x
                              </div>
                              <div style=3D"font-family: Roboto, Arial, san=
s-serif; color: #000000; font-size: 16px; padding: 0 0 30px 0; float: none;=
">
                              Median DPI
                              </div></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-performers" style=3D"min-width: 100%;" width=3D"100%">
                              <tbody>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-title" lang=3D"x-performer-title" style=3D"co=
lor: #000000; min-width: 100%;" width=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 0 10px 0 =
5px; line-height: 24px; font-size: 14px; font-weight: 700;
 font-family: Roboto, Arial, sans-serif;" width=3D"80%">Select top performe=
rs</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzV4P8Rt1UrES1CYIc4GiRtQ19hyqgF6OoSlTtj-2Bm2emng-3D-3DAbYb_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwi=
rrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sK=
zvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a=
9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dHxf=
6hrvGmLlbaD92C5nLQLNo2Fj3XYBiAON5jatEteSxLFLbUZZ3XUBGz4-2F204ZFBfy-2FtZLY3q=
mpQlxdJPtfQoP-2FPICueEISXltDchBgYkLf8-2Bdg5G0uQ81PXJ1LqA-2FKqwKh5FbbPHJg6S3=
IQ-2FQ4SnOdc4RZ-2BFzJ-2B7iCHNkbUFGDNqOcupPHlHw17PF9es-2FDHsxu7Zmp9l9fd8nzC4=
Lk7AImsQMXeZeaoocAfvPZks2gzFkfHmtZObJFZkFpYoQMxf-2FUM2r3Ai9kwWe48d0mrN" sty=
le=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"tru=
e">Apollo Accord Fund IV </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=
swouzV4P8Rt1UrES1CYIc4GiRtQhFOzx4PxAXdGZvOAXHx6bg-3D-3DFPzO_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirr=
NjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzv=
IxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9R=
X9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dHNBdO=
mdyX5Zjm4AbEKNRYi8B-2FlUmEEDryKocgWexYWJ3-2Fv5ckouWMAU8YJo5-2BAF-2BLV8t69eh=
Jkrx6flJqjMk8Ov0033xgfPGa4-2Bt7d-2FbLBKVl69dwXEX8U4gu18MIVuILIcuAzdklYSWvgo=
ug6GImO0PFklNEVRnnBSMs4Gk4E95WW-2FaYPaYlLCEzjvrDYxr93r8S9Lz6s0VPXULnRGs-2Bg=
3h0SNFjzM5JAxcXtypoZfRnPog7-2FmjzYJOC35gXK-2F-2FmRkJK-2B9C3MuxSo4blqCjTL" s=
tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t=
rue">WhiteHawk III </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWm5hm-2BLRCclB42gW6jzLR0Q1qnZc6cN4SBKq-2B1Wz2ILA-3D-3Dd6QP_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMH=
wirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6=
sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK=
2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dH=
0M6r-2BCHre1Qj9viteDHSdhm-2FasR7-2Ba0m8g4ApDMf6kwOj30hylWqXaHfDcB93w3SKpJBl=
9MH3qwVJq-2FJzZDyww6i0BKaULT9JEwPHr2BUKs9I1Ix2stdu8ibUPy02z836BcJq3U-2B1C4N=
OHa6ddKihPfEUgi68S7cEfm-2F8OtU-2BwUi2emk11IGoy5dmoPNgrrdpSppEum2VbdAzJAsa1N=
ulOquwwcoOHoRYu7RHcA81s3z5vqnmfuFTdmmGQehcqdCzLAqWcVQjFkueJLaWiaPa" style=
=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"=
>EnTrust Blue Ocean Fund </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-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR09wcG=
OoZ-2BCnCy9WYZ4Oc7Og-3D-3Dxj5E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4O=
NwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkd=
ehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmW=
Bb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dGOEqoNFF9AUImfjIXs-2Fe9xzaEdq0rebA=
Jq2pDPHgcwFrYeTYK-2FDScbjG7z5XqfBJ-2FOsRWnrltiN498zeATgTBxPJewDI2yB5n2uCa8O=
H64RI7tLZjU1lZw2J3aD6Myjsgtde9-2Bhi2QW7r7FBfFR4rOMP2Qm0mY6NxXhmVVXHLWcdvPb0=
3OJYunr1qwizdZS8p3005cOFekf6sVovxyBXKUeGTg-2B176xwm6ExBnkVFzPCk8P4bGLFO6-2F=
2BvBhtw2RIfgiPCsnLOM6DPBbLHUVde" style=3D"font-family: Roboto, Arial, sans-=
serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px=
;" universal=3D"true">94 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-2BaqM7ONnvsnswouzWm5hm-2=
BLRCclB42gW6jzLR08Bw2IapuovHL7L5cMcGKtg-3D-3DwYLq_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2B=
AFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP=
6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHa=
QJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEB9EJbQv3Uth3Bq=
XrXhLPlvRgqaWLc12fxuynywLQVWyDVZUu7EdTbEGliro5QUwBGlx7huSEy5kMpEhBlHevrCMr1=
-2F-2FljlG-2FbgHukT49t40KBacgopC-2BRbxKePCztdUq0PuDODEpe5ZwTrS6rF7CpUw5LNuS=
jIV01VOIkHMKfC5bIvA0gMLSpAkbbAnOE3oY3YdXPX0M99GYO8h0N23YINrMxjaOudJyxZTnqd-=
2B3kwUbaiug5D-2FPon0deOOxbeovHlVp3DbDzcoxvdxo2KfQN" style=3D"color: #1D5080=
;" test=3D"" universal=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 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-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0PvGWsoplDqYUKoTlP287-2BA-3D-3=
DzXom_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6=
cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E=
11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8Ty=
uSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4B=
hkjJdV0j9M8vbI3dEy7nBF5i6UbEft7TCfTXO45NnQ9dv9kEg1flN-2BITJTcnHBo46BRNFh1li=
jVMk-2F6q67YtQ-2F5UsQVfnmC0iPgnRy00B-2FWO14nVYPw281eKNYnDUpgN59CtfTG4bgAf4i=
qmkTJt3DE8HPFJWZpI6skEMS8NuwptjLpwW1WErw4IZg-2BuyV9BHuInPQ0FHDxQ611QD5enhTG=
2SVh45xy4w53kdLySLiOpX-2FoEGaYuspDw8YHMejhC8vJUki9XPbFP9JNN0AK2S5q04z0THPS5=
m2FTME"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Chur=
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                 <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%;">
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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;
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lign: left;"><span>VC Deals</span></td>
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                  <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%;">
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <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%">
                              <tbody>
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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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0yc-2B9awCgKe5Rz=
AyuIhaCmw-3D-3DL6lP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUO=
zlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8=
C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PR=
kgkrKJwzlEaV4BhkjJdV0j9M8vbI3dHL169ggh5mjYL-2BWCPUPtoIK-2BHZnExfwJ3prPNrHfc=
sApPIS0S042D3uDufS-2FTxWyR1yLM1Dw0gGy4tVujfrn69q5XApy3KB72w6I-2BQBkH41c95k3=
8yt-2FmRZRcgUjKvSSDrkYnrWXjRrXnGJVO5k-2F7zZWXca8yk7L3Ky1fvO1Dsk5geeI7MJAkUb=
guTyfi6xTdokbxia-2Bt7iyoAQ0-2FHjQDYfgn1Jwli3SA-2FunPkjjRNVrtJoN7UbyvoX1snC6=
fqTaSX5tvaZb1A9AqWoM7MivNi" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Neomorph</a></b>, a biotech startup focused on developing molecul=
ar glue degraders, raised a $100 million Series B led by <b>Deerfield Manag=
ement</b>.<br><br>
                               Vancouver, Canada-based <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0hQ8D0pmosBlt2T1deyqLVQ-3D-3Du=
ncD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cg=
KBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11=
TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuS=
i0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4Bhk=
jJdV0j9M8vbI3dGllz2t3sSniFn4WT1z-2BURdJRTBF6FoR5qtJzok5Erh-2BNk3dQE9tMsaHsS=
Cbc0B-2Btl4-2Bl508aU4vQRC1Nfy2A5CZaGUBQcpNZpM-2FNH3UbDywX7CFcAGE8XfAuaLL8MW=
ugh0h90YqAjSzASoAeGEDMvJSLYzjjDeuafBa4C5GFbMvHDCIAKRcvZ6jkdbpibJTRl242Rt0B7=
Tp-2BVNidLE3obB3ZR-2BnfEUfSXVsK8e-2FNu6DThfHC09y5EN2B2-2FuUrKgssWuwQ5Iov0jy=
lBnL7ZXDBG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">pH7 Tech=
nologies</a></b>, a startup developing mineral extraction technologies, rec=
eived a $32 million Series B led by <b>Fine Structure Ventures</b>.<br><br>=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0vp2ppLI8y=
RuoN0UlAzkVNg-3D-3DZ0-v_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcf=
YXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIb=
JQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY=
37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEzAqJd1e-2FMEmwHsilNefvpGC1ItvvFLqHstx3W9=
hhzbeLxDo6xSYgVkSeBC6MQ9V7EePJWt-2BrepyR3aZ1v6xPhzViLNL0UP1PoLtV11kB-2BfiTQ=
rdQxxcEXm2pPZ-2BZLj9H6v5WOLcx-2B2EdLmZvy1Qmku7kg4-2BI5uhyw-2Fxv35Z8mafGlFoj=
CUyj2GUTgjUaqSlIAZFBNUIM-2F6iQo2FsEYgrB0F0NDwfcy7-2BGHLfI1Z6RHTduNCmVLmhxCx=
grYMp8nhjBFBSAmzwY7ivbuxpCeOBm" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Nesto</a></b>, a German provider of AI-driven workforce managem=
ent software for restaurants, raised =E2=82=AC11 million from <b>Expedition=
 Growth Capital</b>.<br><br>
                               Warsaw-based crypto payment infrastructure s=
tartup <b>INXY</b> secured $7 million in a round led by <b>Flashpoint</b>.<=
br><br>
                               London-based AI-powered finance automation s=
tartup <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0Xg=
TjbSp5ec62-2FcX7RZIJJA-3D-3Da6LY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim=
4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAt=
kdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUS=
mWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dGApTqayRLblCS-2F-2Bt8Do6PNou45WY=
LKUGY-2BQwoKEgHOn-2FmnWU-2B-2F94K39vm9Frq2mbjzXgebAtjw2ENUwpFaJOmnO1peNndrA=
p231EAYNg-2FAV4-2B42sM9OCioracx3E1XaxW49PSDdo3SJr-2BnzarhfWfwam8ntWzBCa2gKZ=
HY3C-2FTsY1qGIoV-2BHz8xb-2BlDGlkJ4GHB9RlV8NqE67z07Ji3shEEw2J8P3A8la-2FXeoB3=
zQjkbERnuI0DPW8wTdJLSEAf6xu1V-2BS3XV2qDu5dMKG4wiC" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">Round</a></b> raised a $6 million seed round=
 led by <b>Alstin Capital</b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&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"><b>Leo=
nard Green &amp; Partners</b> is finalizing a deal to buy <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzWm5hm-2BLRCclB42gW6jzLR0n7N1A0prxnBn8U2VW6w1RQ-3D-=
3DdCMI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2=
E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8T=
yuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4=
BhkjJdV0j9M8vbI3dG9LY87lcUhfnL5tfIPFpj1w3t41SlACXO7yIvn3eBvABd5bEqI04mn9ajw=
ARMvkAUMMUbVD04Ym-2FoV58Us1ncxKwFSg537h9iq6FUh5zPmns84shbHiIfnYNKIH8z1TSsCu=
zfd3vnNbXyj3qpxVs6QEVpxZ4YkwD58ZV30L8ag99e85d2ofABuWfWHf6UG8UTKuMYGlOHT-2BL=
mT0QLzXz3OxkhYfX9793ygjh7D-2BO9QQjKMLrKP-2FfOsHmYL0Eds-2FLCvY85CMcsn8gpaL-2=
BtW5Ms6" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Cumming Gro=
up</a></b>, a construction project consultancy firm, for $3 billion from <b=
>New Mountain Capital</b>, the Financial Times reported.<br><br><b>Tiger Gl=
obal</b> agreed to invest in <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm5h=
m-2BLRCclB42gW6jzLR0hRl2-2BpSfk4ws0MU82HV6jQ-3D-3DGyT8_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeA=
JD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkW=
gXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJ=
OXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dFWH2qyfSCK=
hiPwn2ng7B50nxHhWVALXoFgCRgw20zyHI0s8LTusW4B-2B3EvgcUvmAOxlgGghLF71-2BMsd1P=
2p4pFa9etJEPBvnX2zdgp4hnxkA-2BeU-2FEXG-2BFTTyk9W1qbgp1UdD7JTgou63M0uGVWqAy4=
Aj4xomKYxvg9XqZsOwm8cLaL-2BI-2BCt6l0SoQVBseD1wGOzcp9aKhNDKiD8RRUFPiORKxn0kV=
AcCwcSDht6I6CMUWqKrkbqm0ddwkt8zOKVJO9BH2AHC4jmy-2Fg7Q1qYyLO" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">PopUp Bagels</a></b>, a restaurant=
 chain with about 30 locations across the US, at a $300 million valuation, =
Bloomberg reported.<br><br><b>Palo Alto Networks</b> founder <b>Nir Zuk</b>=
 is seeking regulatory approval to buy a majority stake in California lende=
r <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVSSetLSk=
J8uCT8HZyNh8-2BiA-3D-3DYTHK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwT=
jwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehp=
vYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4=
u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dFsrbW4NWl6WxmFjQSTKvF-2FDOMrxD04Wc94T=
HcQbA7zJjlEJCTCacNGOWpYscfI2LfhVS9pHPvRuHKJ-2Ft5WeNC4YLBqGcBIyJeunDIvwMPuKh=
3HyYAqNAFdy17l0FilN8subYGOxyv0DvXKGvr-2B-2FvgBxBY7WvHnpZHI24DC7q33WwlD00tFM=
884sHnqVMBj-2FniL2w1wKRv8UcTaeulbbLtO5R-2FXnoQS9W5igm1zIPt-2Bq6U5PMpwATZuU2=
7kyhdY3JpIot0ivzqhe-2FBVXZaVKH5J" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Liberty Bank</a></b> from <b>Stone Point Capital</b> and <b>R=
everence Capital Partners</b>.<br><br><b>The Sterling Group</b> acquired Il=
linois-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNG=
GRHVHtWktNRwo4H3mTOTjCbMIA-3D-3DMUOi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt=
6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWs=
jlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPO=
sDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dG1ZnCzZ5U9ZDPB4Y5vy4uq4oWRGG=
xN7AcGTq9CeyZ4kv6LD-2FcDkOr-2F-2B-2BTwveND2RabnZAU3V4-2F2Y20YhyMFFqAx6DiLkL=
4xdEj0SKufY4TCGwiYC9XhU-2BS6KdstMY2-2F5p18Tw3GHQ2bANylmnc66WjuU-2FO7XhmFgzt=
icA3D69rrwompSGbKhZN2tLgbgIrETllo57GS-2BVGZHYs0ehjD71PGm32H2fYGu3jVAHSBlxuG=
NjaR55vEa9xX8riixGB7SDkQALsxzD7wKaYrFKU30FF" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Healthcare Linen Services Group</a></b> from <b>Yo=
rk Capital Management</b>.<br><br><b>Staple Investments</b> has taken a sta=
ke in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVP1q=
dPeuOUeWUVNg7M3njQg-3D-3Dc2mA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ON=
wTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkde=
hpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWB=
b4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dG3PQRLogIWa4Gxt3622ulJSpkGFhynJ-2Bj=
rB6xf2Hgu8JVuqZCmt4bMAIzPAsFJTbESh7LJ2xBCS-2FwBdsEV5eT54N-2BtS-2FBlMTSAd43l=
1Z2Tg0QpcWkFvTZyqSQUXiRp-2BjWgX7QocBGxgYUh5cuIT3XLvtRymiTdUNjYImNfIC9jjqwZt=
BmceV7ZfunRbEbFNy49EkF5RX5D9ikowSXjjHv7hnaxtmOhKGtM3JC1XVH-2FHjJrTcPpsdZhtd=
-2BXLnKHF5pyI8L7bdkY4a2lXYTKL93q" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Corporate Travel Service</a></b>, a Michigan-based travel age=
ncy.<br><br><b>Eurazeo</b> agreed to buy a majority stake in <b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVEKhjcRWKjInt3OHRadS43w-=
3D-3DObXq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSP=
fr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2=
B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlE=
aV4BhkjJdV0j9M8vbI3dHZsqomu7ZetjMXBdpBSWWV9MaDcm19rLpda6FqLyrVm9Y6sX-2Fr5Ds=
bV5ChyZQ-2Bpt-2BCMyrwyVpGIPzranDUHPfJdrYdzddAOPsFLAYdxuoEYjOmyik5oZrLjVC1n9=
tZr0ww2Cqlmgp2PXWEVFypKkva2PtWqUB9-2Fdsl7JuzmJb9TBMvTZA4L5OGfFZisVNPrWxEqKX=
uPhk0L0R8VdA5HVR5guDBhhwagZKEms9l5-2FRWnAfo3O96IogU6xkiEzfPtPXx5VJJUNcbTdnC=
w9gNXG1j" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Netco Grou=
p</a></b>, a French conveyor belts maker, from <b>Ardian</b>.<br><br><b>EQT=
</b>, <b>KKR</b> and <b>Advent International</b> are among suitors for a po=
tential acquisition of <b><a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2=
BcSV8cfuNGGRHV6k1Lv8kTlPrcPJCXeL3PoQ-3D-3DwW9S_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFu=
LHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2=
Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJm=
BoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dHHZr59QILOHMxwneV8=
DVtkWyu8PtrXB-2BvuOH0HymYlhBeX0W33Cqm6Q2EbtfiGOFXoraF8SBWlSSazOubmmyTzI56uQ=
yt9W69VqeYESgSyKb6t-2FkqBGQuEW497sqgqRrCjKntT-2FBBJtDUr-2BazMkIoQwaMj1T77-2=
Bu98WlfxmRd5mef4vEd9bpOu9X4IrWcgS2fKwmGwV9p3aHTMDk5JTPqYYcZv8i3dLtyIo9WoI69=
tFMaZqTTtw5mTsUz8cjw83UhOIUtDJW-2B-2BamQudKlou4tL" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">PolyPeptide</a></b>, a Swiss contract drugma=
ker focused on peptides and oligonucleotides, Bloomberg reported.</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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVyyCWslYmxJBxI-2=
F-2FsajrnKg-3D-3DOJPa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYX=
UOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQ=
W8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37=
PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dGVNkF8-2BeUfJZldzazcS5bDs2HTcqHHc8ds2W2F-2F=
UDtnBB2pmrBQPYaala82-2BGl-2FctW4UShQeYx4J3x81Qc4wkahrnAsMlAFoh6F7cTojPfNV5y=
dlXwEp-2BzPEdwOvhr2etptxJQssmQf1JpRyREJs3ZThWly6NnxZm-2BPVVHcUdx-2F72LUnqCL=
z123kWmZ62-2FgmiDoiK491FohLrT3zO2ZKOQKYY8Iuly9AkOdfEJDWA1C6BAwh5-2BbKLZ1h3a=
AQfoZ1yTNiMGoeSALYW9BOGeaZUF" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Alamar Biosciences</a></b>, a biotech startup backed by investors=
 including <b>Qiming Venture Partners</b>, <b>Illumina Ventures</b> and <b>=
Sands Capital</b>, filed for a US IPO.<br><br><b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVrV5poJuN51TihCEzqntCnw-3D-3DETMd_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK7=
4LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2=
FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZD=
uPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8=
vbI3dGanaY5UMmdxm8TeqcTcwbVV7HFQj9RFYbYRZlOhsvwiVLjRxHZFazenGb740-2FXiPcTiC=
Lr71l3AIJ9ncKUHWQt28uA37mBZwGC8Hxn4Imq2qRREsGm7oyrZ0PT157jcIN5db8tffI9R1hlA=
GOjoD6pjERxaDoy7sP2XsMe4EQQ-2BvFGSOaLz5ewyRDJg4NwnJXwUEI40F6iA9HiBatuSAFgte=
uMpmSFOzZuzn4zZ2lxbxkV5Cbcvwqea93kC8VpgMC61kHuuBLeq0XFaUz7Jjzk" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Kovr.AI</a></b>, a startup that=
 helps large companies with cyber compliance, is being acquired by <b>Fortr=
eum</b> for an undisclosed amount.<br><br><b>RA Capital Management</b>-back=
ed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVcm-2Be=
LisFFYzA-2Fga7yjf4qw-3D-3DS-RU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4O=
NwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkd=
ehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmW=
Bb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dHr6kxiLIvH75pmXdjFI8KJdlQhQoan2y7p=
D8i3RHTuADI6bhmwxSyCEHatJg-2Fy3nPke6zGnr2826W8Kqm6kYwYghhobqc72kMBJE9U0e2J-=
2BBpiDtWihb0lg69YrHmM53ZLxH-2FEZudmfKKLkOeNKL66Pn6OnpBw-2BqPBAb69LSKdre6vgo=
K4i-2BHv5Dv2OCVra-2BVW8sdPjEXrHIzWUbgWj4dFYyEIkfAOzSiwPc-2FDX3TZpZLHHTZxbCM=
a684XfrYIZo2D28QEmtFzAXklDbMF465p" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Hemab Therapeutics</a></b>, a biotech startup focused on blo=
od disorders, filed to go public.<br><br><b>Janus Henderson</b>-backed <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrtYMf-2BcSV8cfuNGGRHVFdeShQWUNTHOL=
1m0p3GeoA-3D-3Dt496_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUO=
zlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8=
C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PR=
kgkrKJwzlEaV4BhkjJdV0j9M8vbI3dGEXzKtxq1uJO2oJLV5m7pV7dC2PTsW53PQ44BMmtOiIhR=
LupgZjPOgW5TesCC0CpbBv8XMHFbNEKkIDtHjP-2BKKJt-2B3YfRe36aZqL-2Bz-2ByupowAw5w=
dWA122jXS0C7MlENE-2F34Tm6lhDLf14TrVQn7y9EiUDsy-2BcFPjRSBOzLqsW0PvvjbDU-2F3L=
UwHBOi7S-2Fxw9eXERsQchGCnBvbMWN99A87gxFjHE0NGfbcqSMNCrVgm0Ss2JGkpGS9j0yoI4E=
3nNrWOkmyDkoGMglIQagbiJM" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Kailera Therapeutics</a></b>, a biotech startup developing GLP-1 drug=
s, filed for an IPO.<br><br><b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUJHrt=
YMf-2BcSV8cfuNGGRHVPjkNNmXFB-2BPlm0FF-2Fif-2BdA-3D-3DLsi1_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNj=
VeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIx=
XkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9=
YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEOBLK-2=
FvwBNSnOGVxx5luuA3ZFdrZczatmIjHdtPNb0Fehfmmc0mI3mIVaX5QktWUDZXJZif8uZsKPnl6=
DJV-2FEWa1xfpH3peEcysSiF5lrz70HBWkYZ7CFluO7v-2BSo0BjeqBrjLSluxGOsNX7NEmgJi8=
DZ7VGVzQzcmRPq2NpeLtJDw17xn0SBpJIcuVDeCDOhx9sdHmXqihdANR30JWwnSoB6SemdzDSgg=
Z28P-2FXiuhMjuYKbHD-2BXwbkA-2FEXJ75hOSfACmtHc0uKohTxxVC0c8" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">Seaport Therapeutics</a></b>, a bio=
tech startup developing psychiatric medications, is raising $100 million in=
 an IPO. The startup's investors include <b>Arch Ventures</b>, <b>Sofinnova=
</b>, <b>Third Rock Ventures</b> and others.<br><br>
                               Chinese insurance group <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVo4hF7Fp80-2F70Z0h5yvuT9g-3D-3DA=
j85_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cg=
KBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11=
TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuS=
i0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4Bhk=
jJdV0j9M8vbI3dEy4-2BgtF81y2YFvKiTto-2F53ApiHo9h0Tzdjr-2BdEdOMpkOEhauDZ4tyiQ=
s7yiJOhOeCeRHIYX5hCHhRCWWQej4XnXjcvuDb1-2FUhA5bnlMB2XGYvBEma1prKqs4MkFIPIW1=
8ZEbu-2FmZgPsAHpXWOHYxFMF0ahkbYZvpNOKiB3A7SoGbBPArkfTwghRGSEWmDc7-2B6rxFo-2=
F620f1w-2FLrOlpJ7dPIkWaGnk455bAV4CjEWenjT5K7GfVi7FtV0Am6hZWEm8mJgVYANVLEvkX=
AsDMc77S" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ping An</a=
></b> has tapped <b>Campbell Lutyens</b> to manage a secondary sale of $1 b=
illion in software-focused private equity stakes, Bloomberg reported.<br><b=
r><b>Paine Schwartz Partners</b>-backed juice company <b><a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVHsku59Fi7AEqXNkcvo18aQ-3D-3DNrKH=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBW=
bgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaA=
Qsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0n=
mNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJd=
V0j9M8vbI3dECHHydzBpdkIobwCFR2t6ViBAIPdnUMjDg80N0olWiCFct-2B76HFI3ORLRVDqs-=
2B1yB2hzs7i6CJ3xaX-2FHC1WVEQ5P-2BoA7o5CIqcxgNlvkkZbihzaSsOKMrBvYwWbGEJIgdOh=
WjTlD-2BtExpZzhTmw6hIp7pBC69-2BUOeaWCxtuDMDoI4trkOXr873lCwTHNI9LISa8ptUI3Xe=
bw5iEI-2BTCBTainfcidi-2BagUvfmzwr6XRT8Hy1i6wEKNktKKtvbl45ZGQDrAKYC49c5n5DYH=
S3d8D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Suja Life</a>=
</b> filed for an IPO.<br><br>
                               Convenience store operator <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVeS-2B0C6jRdpaGveqTw3GurQ-3D-=
3DD7oR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2=
E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8T=
yuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4=
BhkjJdV0j9M8vbI3dE1kKLUh-2B59YbIn5ovABEBfb2njr9KhTnVFOaTC2gnppxv3-2FFVPyReR=
QxgY-2BL1ViN-2BpBZdHrWHkWq0l5Z0BrIZ2hlBGIrjFXHnTgkrCicalCJMsRsXXPguCUcLmtaX=
m1iLR8PijwsVtwmVvvGpr1I4T0ZUGnWzTLqqqoUeo8T6mxleP39lUuBtZ-2BTuw2RCKD7FBPRGG=
94H338aIA8OOeWuavt0Lr-2BZi-2B65SWK-2F273g3a5vF23xbf-2F-2FXNDfkgqq98lHX-2BIu=
BtT2-2FBBYEKKScqJQx" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Yesway</a></b> plans to raise $300 million in its IPO. Yesway is backed by=
 investors including <b>HPS Investment Partners</b> and <b>Brookwood Financ=
ial Partners</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">London=
-based early-stage impact VC <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV763=
mNd4v6FUfY0UeYc1HVIu9ZCaw5KDs3YjijBdfHUg-3D-3DvT_X_Pr966knuaHmaw6c7pKvB-2BC=
EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2=
BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtP=
P6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhH=
aQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEcv1PSQLzQcA25=
NeXxMby-2B2rTD7Ryn4S4SF4HoI49rDhtLmWzh-2B1-2FiF6yi4imNFBCjIVwl1Rhinct-2BZLb=
N4RSk9tyx1gYt41CMFEump4RyXcKRHPsQdwBTRFHzgC4vyoYU1QTViZKsKq-2BsP-2Fh1qjUmTA=
fD6ad5FN3Yi8UsgjScOQezMn4C5PspCrCTy2iUn-2FITUSLFMimexCBvP4Wu55D0v13sqj2LRlg=
QOeCAZ9Nbwv1qNuhg1HHFSL2XBj8icAC8w1X9cVMjuDNajig8hyQa" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Eka Ventures</a></b> closed its second f=
und on $107 million.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&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-2BaqM7ONnvsnswouzV763mNd4v6FUfY0UeYc1HVo4v0nLLZb=
4G0VB-2Fb3k4iHg-3D-3Dji0B_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwirrNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjw=
cfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKzvIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvY=
IbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6=
JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dENRFlv684hP-2BKCQ7pfXU-2FTwrJfGWe1REOZ6=
FneCpR9mwANh0Jt99KuFc-2BrvjJiIm4mbJWZwojvh0A0-2FgciJ11r7XCtl86VAOfamAiX8yLE=
1AV1ZDD5SrLkbOaI9RTn1XCzdPSCjJqFkC-2F5kfxykmhhe1uNYlgYnwRtqZijaN2mAiWMUUhIb=
1kkynJeniMjFQ2dJCq8leRaKdm6pnHBKEyVINmprKx-2Bgv04ChcWOOJvtyf-2BrygkjMAnLrbZ=
P7ZZ4C7MMKW3qm4QD9-2B5uvPuU-2BOs" universal=3D"true"> <img align=3D"center"=
 alt=3D"" src=3D"https://img.pitchbook.com/news/73759.png" style=3D"border:=
 none; width: 100%; height: auto;">  </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>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">In abs=
olute terms, the number of AI startups by country follows the pattern of co=
nventional venture ecosystems, with the UK, Germany, and France holding top=
 positions.<br><br>
                               Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzV763mNd4v6FUfY0UeYc1HVSdnKFogTJepT1xBTgv9Z8w-3D-3D3Oea_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR6cgKBWbgyJK74LPVMHwir=
rNjVeAJD-2BAFuLHllp1UcSt6rim4ONwTjwcfYXUOzlPcU9bSSPfr2E11TaAQsud-2FxbwU6sKz=
vIxXkWgXtPP6-2Fw4feYiFWsjlAtkdehpvYIbJQW8C6tgsUec-2B8TyuSi0nmNivZDuPjCeK2a9=
RX9YWJOXhHaQJmBoU68YPrPOsDUSmWBb4u6JY37PRkgkrKJwzlEaV4BhkjJdV0j9M8vbI3dEn0s=
fhiMeEC5OR2VasA9Q4Fox61nqfWKaMC5rhzNywrk9X8i00jiJnmvgwUs-2FEznoMDqHjz7izhJ7=
Fj3FOKVXehkUvwAlnfAVj10GTC4-2FqzUqYD9qR4gL2fws6B5eeAWonSQ-2Bo26-2F29B1WBWr2=
70fvi0Ps9A0H8t5xAPidaFqur13vQs812JgLlY6llM4scqYcQWV2eRDLtuSWMv2oFCVHk-2BKb3=
DYGDnQ9MNxtKOkLAxdrfFPK36IXm1yubrAEW3Nl2D7nkdioDyphDT-2BkNdPL" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">The State of European AI</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>
               </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%;">
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                 <td>
                  <table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
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                     <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
">
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                        <tr>
                         <td style=3D"padding: 0;"></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
               </tbody>
              </table></td>
            </tr>
           </tbody>
          </table></td>
        </tr> =20
        <tr>
         <td>
          <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
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