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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters What if OpenAI can't pay its bills?; signs of hope in biopharma; tracking public SaaS valuations; UK's VC funding rises again April 29, 2026 | Read online | Manage your subscription The Daily Pitch P [...] Content analysis details: (0.3 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. [159.183.175.69 listed in list.dnswl.org] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. 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[URI: pitchbook.com] -0.0 SPF_PASS SPF: sender matches SPF record 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.0 RCVD_IN_MSPIKE_H2 RBL: Average reputation (+2) [159.183.175.69 listed in wl.mailspike.net] 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money 2.2 KAM_NIGERIAN Nigerian Scam and Variants X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> What i= f OpenAI can't pay its bills?; signs of hope in biopharma; tracking public = SaaS valuations; UK's VC funding rises again </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">April 29, 2026 &n= bsp; | <a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkro4YucgG8= pEXURi3VnbzTmQelXbqjiTCqIwWWV-2FFdA-3D-3DUUk3_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2= BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4g= QW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGq= fDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGaRgWgkpLsYu= -2F5oIUnU-2BG9xB-2BGxuxGtTUmZCvdCecBxxNe2OvBoMXRYcHz4xu0vr85doHkVnAcqjjL248= mCWPgawiwa1lUTWacA0vKkd8PzC3W7Ij6-2BjzKuSlT1D-2FVwwyDB9MgR60TfMxwO21DuM2Nir= 6vtI7YNVsW9nKA-2F7cFJ-2BBWrPUIKzXwjxNHVD-2FxikhaGggVBcX58wsbgD-2BFWxvQU-2BJ= Zu6-2BYNaUL1RbAJ5gQslX7ZWNUP-2FYgmFAl7Kwcp7Pk-3D" target=3D"_blank" style= =3D"text-decoration: underline; color: #1D5080">Read online</a>  = ;| <a href=3D"https://url6380.news.pitchbook.com/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mt= uFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZ= cu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oRt95U99Dcs2eVuP4ojBepwdmd0z_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2Fbf= gYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0ty= eiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7Npk= eVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9Tfn= lLKWwiQa2JGZTkjRSaDxkbFjN14M-2BpRtg7dVCFpGsSPr8he9yQKy9N265fna-2FmuQnsBrp6B= f6J9D9BVPN0nzdC8X9uPcoIOjGGs48Cu1k7wq7DXWI2WLNB7pH7teRyimBZ8ageRWlPSiYHoSml= vlySZZ7cUeTEj7fm5BTrlY6a-2FaKUD8Ge5TXYir-2BmuwyZ9xlagCXXZ1lxRXX52CwJzvgr-2F= zVawa1p-2Bhu9ThwJu7vV4nCzq8AQDSWRbn4V8ViWZPp8KAvqS-2FliDs-3D" target=3D"_bl= ank" style=3D"text-decoration: underline; color: #1D5080">Manage your subsc= ription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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See our = <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkro4YucgG8pEXURi3VnbzW9f7kGaq4oZ= RicBeSa5m5w-3D-3DRto5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2F= Hj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apf= FE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02N= pRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZn7qinZRxYH28lrGloixwr4n2g7hNmZgx4X= u2U36jnfZ9oIuNagNkNUaZn4kulUQyAEjRPxFfw1iYFca8beHkq63xMVXdaZXcDhxN6sf3MjwWG= O7c3hTBnUt-2B5vL5-2F9HC7flktMf-2BcYMuj6dJx3D5z9CcIG7Y4-2BCjPkxxO8tE7rPn4G65= KJoNZ1LprylVFUcYn4d-2FjpnHvbAa3g5wyxx5QpvKIIUL08dfc07M4EjFwXX5WXlidvf47ibnN= Rlq0Kcg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">newly la= unched Peek under the Hood report</a></b>.<br><br> =E2=80=A2 Was this newsletter forwarded to y= ou? <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkro4YucgG8pEXURi3VnbzsmzLEd9YtVj= dpem-2Bsr3ZxQ-3D-3DP-kb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-= 2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38a= pfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma0= 2NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGakrsrc5B-2B261cy7RHHfMqAGkuUAal-2= FB1iHhAO4guqrOedMqkX-2BRU2zAoUBwbJZItInqJUJ2HKZFkKJn3574YAoG-2BhE77vvfSEzJM= oTXYkT0H1VNtrM3SJOt7PWIUhFzHLn32mo2n5h-2FsH92pml4MZHmIjSIBh8tA-2FvrDDNEWaoz= KPJOs-2FGhsmvo2wRccM6BPALS6ZA1Q4GfHcodLqMvJ2sOU35FfmyB-2FDrLpun1vfh8LgiLyy9= u5m7XGqNmpzY31s-3D" style=3D"color: #1D5080;" test=3D"">Sign up here</a></b= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_580314" id=3D"n_580314" 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;"> AI's recycled revenue hits a s= nag </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 = Jacob Robbins, Technology Reporter</i><br><br> The big AI labs' circular dealmaking, in whi= ch corporate investors invest capital in exchange for commitments of future= contracts for computing resources, may be less failsafe than it seems.<br>= <br><b>OpenAI is now testing the underlying assumption that the AI labs wil= l undoubtably grow large enough to meet those obligations.</b><br><br> The company has=E2=80=AFreportedly=E2=80=AFm= issed internal growth targets, and CFO Sarah Friar has warned that if reven= ue doesn't accelerate, OpenAI could fail to pay for future computing contra= cts, according to The Wall Street Journal.<br><br><b>"The revenue miss matt= ers more than the market is pricing in</b>=E2=80=94OpenAI lost ground to An= thropic and Google in coding and enterprise earlier this year, and its infr= astructure obligations now exceed <b>$1.15 trillion</b> across Oracle, Micr= osoft [and] Amazon," said PitchBook senior analyst Harrison Rolfes. "If rev= enue growth doesn't reaccelerate, those contracts become the most expensive= fixed-cost bet in technology history."<br> </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-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVC53307G= p2OBPE9db6vj8wg-3D-3D3as2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRK= D-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k3= 8apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGm= a02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbRyHPIwOWTOWvm4QB9DTzw69lxfvbm7= q2d1JRuahRZmFJIeXFMJjl-2FfBXQrceEbNBWO-2BbRhVoqqMShlraE-2FXFgdx5cLzsI6XwrqV= P-2Bo0kAjgN0-2BXRI8HYAka5WX1b-2BlU6f5gzkNakybkQ135lx6YZaCoiTfakqMmtDV93ViL6= IhKSt7LMLPbYLKSgJTcdVmoEdUMD-2FLljPs6at1QxpSfDmUizhlg5kczbnYEdjuZXt4vkqOtVU= nGTu9f99OVYypa4-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/74022.png" style=3D"border: none; width:= 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">OpenAI= disputed the reporting.<br><br> In any case, OpenAI has continued to pursue = more massive computing partnerships, including expanding its commitment to = Amazon Web Services by $100 billion after the Seattle-based tech giant agre= ed to invest $50 billion.<br><br> In an October research note, Morgan Stanley = accounting analyst Todd Castagno warned that even legally non-cancellable A= I infrastructure contracts can get renegotiated when major customers run in= to financial trouble.<br><br><b>That could particularly hurt the GPU maker = Nvidia.</b><br><br> In September, the company announced it inten= ds to invest up to $100 billion into OpenAI to support the deployment of Nv= idia hardware, although CEO Jensen Huang later said that the figure was non= binding.<br><br> Nvidia has also been actively investing in A= I neocloud startups, including Lambda Labs, Nscale and CoreWeave.<br><br> If OpenAI renegotiates its contracts, it wou= ld also ripple across the venture ecosystem for these AI neocloud startups.= </td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVC53307Gp2OBPE9db6vj8wg-3D-3= DsrDZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFz= YHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2F= VZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29O= Wdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHY= ckJaSwEZt9TfnlLKWwiQa2JGa8dLDLukTRR4oEP9NGNDw99CN1Lby4QWUoBvn8yPRRv8MmrNQM2= Mvwfd1D8yeJYQknPHNdJMWpyOAOBxf02Qc9rBEcWlZGpw-2BzEekLkxqHobrGwF-2B5d270r63E= XT-2FeSTuZz2hVZdlNyOimyvMMAu75x-2Fxcgolbj510E-2F3wGlovQDMEIpQ0xjomd80odz2Jg= Bj9Aorfpax-2FaKTXiHgxNER6cOYYXUsh7qi5-2BJ6iaz6yBllalKnTsHsfLZ-2BRfpSjWk0-3D= " style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de= coration: none; color: black; padding-left: 3px" target=3D"_blank" universa= l=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com/n= ewsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8p= x;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </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: 10px 20px 14px 20px;"> <a na= me=3D"n_580318" id=3D"n_580318" 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;"> Why OpenAI is likely not going= public this year </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 = Harrison Rolfes, Senior Research Analyst</i><br><br> A realistic IPO window for OpenAI has shifte= d from Q4 2026 to mid to late 2027. Public market investors will need to se= e how $1.15 trillion in infrastructure obligations convert into free cash f= low. That large of an obligation requires several more quarters of clean ex= ecution before anyone can tell if OpenAI is ready for an IPO.<br><br><b>Ope= nAI=E2=80=99s infrastructure obligations are fixed, but its revenue is not.= </b> That mismatch is manageable when growth accelerates and is existential= when it does not.<br><br> In <b><a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zU-2F4uS095aKPCDz1W4G1jwV4YIoXV4mpBZj8CDtuPBAlw-3D-3DHmaF_I3w5d9c01gkD8gLzF= EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW= 3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor2= 5LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRG= T9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2J= GbcU26XIsDIqWju-2BN8kq06aiSppfqqo0ucsxtrRYNXtnHDtBb3Sydgsc1Z181SOO1sUP3bMBn= HX19pl8TiCMRoeB3eXz8teAjxIAWvqhs1LXF5xFJSlsjgWu16yQVvtgwKXUjFgbwJGAQu4tSqCj= WP-2BEejK17PqgqxpVnmE701-2BU59SeMZjoARxw0T95xRozurCe9nT9HJIYG18lOPVWf1lEARd= 9tv22o5R6phR4YiSufUkuPryVVfrfcnOf-2Fk2gs8-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">our latest note</a></b>, we break down why OpenAI= =E2=80=99s obligation stack matters more than its revenue miss, what it mea= ns for OpenAI=E2=80=99s IPO timeline, and how the competitive and AIBQ scor= ing implications are building against a Q4 2026 listing.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwV28QM562-2BG9HJRRQkp-2FWXMg-= 3D-3DjHEj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJb= Z-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdH= H29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS= 0eHYckJaSwEZt9TfnlLKWwiQa2JGYaldrBLyD-2Fpn4DOPbQXlnXLmujA2gLoaYBkUf10nsFQAl= e5wXPJoIbAJaV7IT9NW8OZnyM0H8ayVRE6PvOwaTMs1tJ926WEekMax2O7zX8okUImYoQbMhIOu= pUxYKxnjzx4FUKVxWvFAOWkx1OPKri6EsFKlIcsNgS5Hw4r-2FjE1aswMdAQfk68l4ZGEFAM8-2= FK9s-2BTV8qhyDeJ4-2BZcx1WhNFjxnBN93mRYe3ZUrzJC-2FwaUH-2BgZUj3-2BEnef7ZxHwLF= c-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; tex= t-decoration: none; color: black; padding-left: 3px" target=3D"_blank" univ= ersal=3D"true">Access the research<img height=3D"24" src=3D"https://fonts.p= itchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; m= argin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Lumonic, a PitchBook company</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_580306" id=3D"n_580306" 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;"> Private equity has entered eve= ry major US sports league. Here's the market map. </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVgi5KZqe-2FvDI= sMrAhFvBucg-3D-3DVfUq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2F= Hj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apf= FE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02N= pRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZlPT9CXVhoFBYvGaRAbsKNtqngJS09e-2Bt= 0MkRxDPJuxlNIuXh6sU6bO5BIuH2Ch59rI-2BzPU5cMJDkKzPZyo1XIYJrKcdnUordbLczPYpjD= 4nwjctVbYneSlfyK3dUrNaG3iz3WgJ1KgfEKe9g5rD48pAzNXLagD-2BvPMLU28EuGQtBAfCn-2= B92eejK7BqQOdbVJd29rz2-2BrnayELxmS5CloKkwUkyabYjGz9MlBxqvbep4FtbIAbDsYfNsYz= v7uBioo-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co= m/news/74018.png" style=3D"border: none; width: 100%; height: auto;"> </a>= </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>For a decade, the four major North Am= erican leagues outperformed the S&P 500 by 3x to 8x. Those returns shou= ld have attracted institutional capital years ago, but the doors were close= d. Three deals tell the story of what's changed:<br><br> 1. The NFL approved private equity in August= 2024, opening the last league holding out.<br> 2. Apollo and Avenue both closed dedicated s= ports funds in September 2025: sports is now a standalone asset class, not = a sleeve inside a buyout fund.<br> 3. The Boston Celtics sold for $6.1B in Marc= h 2025, the largest North American sports transaction on record.<br><br> The firms underwriting the asset class today= look very different from the billionaires who used to own these teams.<br>= <br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVgi5KZqe-2FvD= IsMrAhFvBucg-3D-3D3tfE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2= FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38ap= fFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02= NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGblb2Mij000EbPUVAt731iIi752-2FyABv8= XpAuC1vLblb6vf79rk0XwoTlcLIPRHH3ZIeRhj4xXLdts4C7pw4Szfdj-2FRCY-2FSJ25c5Gh-2= Bu54t5m5MAk3IYmhpF3XM9G-2FjpcqmGel28UA-2FCRcBc5LTv7QrFUTcbMv1h0xdEOvoNL-2FJ= gABUAQUAsKRhEWsg3JoK7aNjSOWPy6xgxV7kaVw0iWpv9hmx-2FsS6WE31E0mHachCkcOiKl1vH= AIdKoy32yhpyzk-3D" style=3D"color: #1D5080;" test=3D"">Download the report = for the full market map.</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>VC funding for the biopharma industry</b> declined in Q1 as capital = shifted toward IPOs and pharma giants' M&A deals, but our analysts see = signs of hope in the strengthening exit environment. <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVXgBKpI-2FJXFB1aoKWwXX-2FZA-3D-3Dlx= lJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHA= DxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZV= tIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd= 4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJ= aSwEZt9TfnlLKWwiQa2JGbonpJ7wcCLFDqBAmcI3i9j25Iph0GDm8dlptDf9J3gzfq2mG02z3R2= RjTANbJG3pf224dii5ljFGbd7Au-2FBGxMLkF4Dkyn5bUxstB2A-2BGKK7OHp-2FM1s7eXkE5-2= Ff61Zb03q1cAP-2BN2i-2FnKW9CKtguDalul-2B-2B1yaHZWnmXVUAo5C-2BvtqcpGfvTsQwfn4= KYqZFZ5F4w44DunebLaP9tCee6aFZ0XJqYyPYXGrdhlCG8ZvQ0kyW4lJuVfXnU2dhEURaEE-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the report<= /b></a><br><br> =E2=80=A2 Just out: Our Q4 valuations data f= or public companies in the <b>enterprise SaaS sector</b>. <a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVvBaVlz1mJvWrhyKOgncomA-3D-3Df= JWe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYH= ADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZ= VtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWd= d4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYck= JaSwEZt9TfnlLKWwiQa2JGZeHbgZ3Ld-2FYSS5CZsMx9bEeKEjo9302Rq-2F5rPzdQcBpoWZUvX= HUKNLQoOj58lWb51KL7wY41nWRSADKUHG-2Bya2DzgM7ZpvhtueIeRaxKd5bXVeOJe-2BqsOd3h= 70ZgyKaB2TF-2Fb62d-2Bcyx4ae5HcZADUkM1mYy0Mn4k1jrugakx8-2BbomZ-2BcSP9s4ZSgWn= gxScs0aXr4I3fBBf2tT-2B7kDPXavcJUjAwIeQbEDcTH-2FuWTU5ZsUzmADn9lYiH1HDEraTTg-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See the data<= /b></a><br><br> =E2=80=A2 <b>VC-backed startups in the UK ha= d their best quarter</b> in almost four years, pushed by the AI fixation an= d the mega-deals it draws in. <a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2F4u= S095aKPCDz1W4G1jwVBM-2FAr77PHZAQnSEKuVKTVg-3D-3D338f_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQ= f3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCg= fBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2= BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGa8yM= CkANcG7DlpVAiUpxnfom19a-2Bf9B6C5L86dN7tztEEwyal99sGtn7Pgwtkk7qpcLhQpRCbN1ZP= tCHTJ5dfT9ZKN2wejs5nPMvsx-2FCzaEb1Kop41bV-2B1cEzY-2BmqmJLGnr-2FaWSqQEjOBflz= -2FPea4n9e-2BoUqyT0GZHl7XnGaPc68qzWc7lWb0fKENw-2FtfwOgRA-2FTZlT8NHUgihStU-2= F5j79STnSY7fCKB7BefbAhbVVlvU1DrIhg-2Br2xfAngfzNJTs-3D" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true"><b>Read more</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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_580310" id=3D"n_580310" 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;"> Data center overbuilding poses= risk to pension dollars </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-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-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVVB2B6i-= 2F7zI886g7olG6s2g-3D-3DdTCN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7x= RKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6= k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOK= Gma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbRE4gluiGwAB3xvKDr2rYLCGJJRdu= J39XiBa9crEruM9y6nTU-2F1jjOEufVxI6ANYd-2BoCAprmvmtCZoZFY0pUlbkp33Tg-2B9jgm9= aGxKSB0zom6IWzZcNsG2SPkpUVc4ep1bHkKrIB-2Fb0UW5pJmNcdUKHHpmLhgBucTDfuJ63a4l6= uARhqEUsssVSUtwhvJ0Kp6c5lruB8V25whlDBRu7bNIbC7FKAanv7qxnpW5U9OtqSJduYudfz4m= dR0uVs46ItU-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/74021.jpg" style=3D"border: none; width: 100%= ; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Andrew Caballer= o-Reynolds/Getty Images)</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"><i>By = Jessica Hamlin, Senior Funds Columnist</i><br><br> Public pension plans have billions of dollar= s in the AI infrastructure buildout, a potential generational investment op= portunity.<br><br><b>But these investments raise questions about the risks = of allocating billions of retirees' money to a sector that some investors= =E2=80=94including OpenAI's own chief executive, Sam Altman=E2=80=94have ar= gued is a bubble.</b><br><br> The buildout is fraught with hazards, not le= ast the mismatch of investing billions of dollars in multiyear infrastructu= re projects to support a technology whose demands change by the day.<br><br= > This risk of overbuilding could intensify if= AI training becomes more efficient, workloads shift to inference=E2=80=94w= hich requires less computing power than training=E2=80=94or demand for AI p= roducts simply fails to keep pace with supply.<br><br><b>Investments in fun= ds susceptible to overbuilding risk pose a particular threat to pensioners = and state and local municipalities.</b> When pensions don't meet their retu= rn targets or incur investment losses, their funded ratio takes a hit. Stat= e and local governments must then allocate more budget to compensate for th= e unfunded liabilities, taking money away from other public projects and co= ntributing to public debt.<br><br><b>Public pensions also face the ethical = question</b> of investing heavily in a technology that could replace the ve= ry workers that receive pension fund payouts.<br><br> "I don't think it's a bubble=E2=80=94yet," s= aid Scott Chan, chief investment officer of California State Teachers' Reti= rement System, of the plan's AI investments. "These companies are printing = earnings, lots of cash flow. But the market valuations are stretched. The h= igher they rise, the [further] they may fall."</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzU-2F4uS095aKPCDz1W4G1jwVVB2B6i-2F7zI886g7olG6s2g-3D= -3DDW2J_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-= 2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH2= 9OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0e= HYckJaSwEZt9TfnlLKWwiQa2JGYfAL4ftyW0xPRxmbsqhEgqNbpmLWIfosAITiDuNctwg-2BoRR= M4H0FuXx3x3NV7QN0D90vxfANSEw-2B5dQfOXVjPs9Ww9euaPZ3muBsqoh69OKXtGsLVXNg3QW-= 2FQ0VY99k4VcrAwkAdRCaFHPhpTvykmNHycFrJtfsZgqM3Ysv4TEN7CmLtv-2BrezS36UninNPI= obzZalOKMyizl2l0-2BJizEU9M8sudxohHO1e28HkKUo2Y2RhpsJXKRUzX2-2Bsv8G04n0-3D" = style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco= ration: none; color: black; padding-left: 3px" target=3D"_blank" universal= =3D"true">Read the full story<img height=3D"24" src=3D"https://fonts.pitchb= ook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin= -left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>Related research:<= /i> <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzU-2F4uS095aKPCDz1W4G1jwVKrugl-2BTKZCqEdfJb4l6NIw-3D-3DmVnT_I3w5d9c01gkD8g= LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmb= xSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bm= or25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxh= iRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQ= a2JGYXW2cbvyMCX-2F5-2BK6gRt-2BXZ81tEeYKFekA1vYRsXQxEaW7NWXE4v645SZYA8bt2vAQ= wiwHnsSTAjIxCtrPhO-2BXJ2qevR7CdCuHsMAT-2FNhLzSXqX2hiz-2BHYukjp-2F3tjoSLcS-2= BuGnkPeN5bl3-2F-2B1LgadqAdQpka3ul4yVdDGwkSErVLtZ1FjjPiVw6AKTXnDz8VVBmI2JPg8= 0rEPUZDuBSh1ZChG3GxQbZk-2FNPKUt6aN-2FbWY-2B7p2z9vMSO3s-2BdemmQjM-3D" univer= sal=3D"true">Q2 2026 Digital Infrastructure Funds Update</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>The United Arab Emirates is lea= ving OPEC.</b> The UAE is one of the most influential petroleum-exporting c= ountries, and its exit from the organization will remove a core pillar of O= PEC's ability to control oil resources. [<a href=3D"https://url6380.news.pi= tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zU-2F4uS095aKPCDz1W4G1jwVfSsqOcTDvzT9lmVwmdD4hg-3D-3DHxdE_I3w5d9c01gkD8gLzF= EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW= 3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor2= 5LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRG= T9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2J= GbIhEM-2Frda0SyWdMxOv99OuFehHVD8kj-2B3qSrjDkwmiJjELPnulmLzZo-2BnxkLJ5inn6hW= edmzJTFvD1FVvuLz8Y8oR2vTNXHRziMIroNHJGaF2ohFx-2BRSWX7aBIbl9654TEiYPSHPMpaEs= A08uwe-2F63jlcqc6CpXM0oHv8JXG6PWn7HOu3625Pf4LENzg1K5yypZW6exGhhS00k-2FOhJXE= QFRBw4yFQjzX7Sj5KEP6o5pAZu7KPB0LNx24RqKDu4z-2Fo-3D" style=3D"color: #1D5080= ;" test=3D"">CNBC</a>]<br><br> =E2=80=A2 <b>In China, you can buy a brand-n= ew electric car for about $10,000.</b> Hypercompetition in China's EV marke= t has led to a stark contrast with the US, where the average EV costs just = over $50,000. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9FpEl-2Fwg6HiLZNN0HfXU= AAGPIxXDUzQqhrnNQcwQoXg-3D-3D4w8y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYb= tLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28= rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8Rs= ShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZGM5-2FkgYR58dXDVInLy4a= dTWafxbbBi458fIMQrEZZMGl2pkpypDxbPUoDonnGzZ5OKcY-2B9E3brJSrBuRhgfB-2BDct3Vs= 86k5B8QQKbHtW61jcLAulHcjZN-2FqPLCUswgWH7sZhOTHDpg-2Bd5Nd5EAvTQ6NIGvMjr5wabV= xsoBw9opj0liY7l5XYujDXF5sIgEcc-2BPfxAabgarDEf-2BTENAjSHX82YxH-2BBl9lkPBf-2F= N3JWtkCKAt-2F4mdahlRwgYESzJ6E-3D" style=3D"color: #1D5080;" test=3D"">Reute= rs</a>]<br><br> =E2=80=A2 <b>Why are some PE firms selling p= ortfolio companies back to themselves?</b> The FT News Briefing podcast out= lines what a continuation vehicle is and why so many PE firms are choosing = this strategy. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9FpEl-2Fwg6HiLZNN0HfXU= ACTm4qa2DXKkdo-2FaFxgQz4w-3D-3DyLFQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2Bo= YbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q= 28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8= RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZxYG76V5NGMjUZLWCg4Sz= 5HVO-2F5-2FDe1JRVJ3x-2B5vE7-2FaqEaQEQWbGTV-2B5DykFO9AG0krJtSKH2d029fz3sdZNj= v0tOq9PEj-2F-2FM5poTus-2BmnkmF82801y7-2FueX1YC5UUgEav6gFZpuICZKeLMC7nN2PXfN= XeNdtoPo3pMEn9FLtJwNwQdNVbGongFzBiejyOJVrlKt-2FCrQWlLGIf-2BVUODauyte1-2FoSm= 2Gn21AuCyibyx-2FB9UM-2BDwrS0ma0pHpLVxDI-3D" style=3D"color: #1D5080;" test= =3D"">Financial Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <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;"> 897 </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;"> 2383 </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;"> 1084 </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;"> 48 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzW9FpEl-2Fwg6HiLZNN0HfXUAFtvSLDI-2FXCN3gTddxQ0InQ-3D-3= DOeZe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFz= YHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2F= VZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29O= Wdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHY= ckJaSwEZt9TfnlLKWwiQa2JGZn-2BgdsxApA0PkNAavXEZy-2BCN0QBvxqdsuEPidV0Ye1erc8N= QPTyyG5-2F5z1NtMHdx5QzQJfv-2BHJ3RL44dtCMB-2BqOQREjgjk5vzu5Bj5MSKOPK2w4PBx2K= qPvUmHZHhvQ0QKTFTpbOyAOfJSVFPQyRToGr-2FNSmTFgccjrPaZzjv4DAzwajGP5fzxEZQmXfP= 48KwDaIM-2FOav1-2B4txMoUIr30idLnf7-2F-2F8n-2FSk-2FyYDbW6pMecq8ty9L9yT20yYB7= dbvlY-3D" target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_580305" id=3D"n_580305" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2017 Vint= age Global 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: 73.54675652906488%; mi= n-width: 73.54675652906488%; max-width: 73.54675652906488%; 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">8.73%</td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Top Quartile IRR </td> </tr> <tr> <td style=3D"padding: 0 0 12px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;= max-width: 100%; background-color: #40C2C9;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">11.87%</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;"> 1.02x </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= swouzW9FpEl-2Fwg6HiLZNN0HfXUAFzTKaqMJpdXP74SPztXlmA-3D-3DPitc_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfm= bxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2B= mor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qx= hiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwi= Qa2JGb04aYeykn0R3harjp08rxMvrv8FCaqbLemOUUF9puOP9ZLMVfQMxMGmVw-2BoxDmBmvSBa= AJ6CEALDTvrDNHb-2BxahpzHlwIA7wYOpIPjqmEOlET8-2FFl7V-2FLKp-2BmyPx00rz6dxrO6v= ItYlK2gX5cHHSm-2F6w0C1056VxsJ7VvYBmGT5zQXIKfL7BlpWQbtb7VCac0RjtU-2BBSi0Dm0k= DgIVTG-2F25XxX2vcTSc6ByBP5nsyzPIF-2FvhGBnlmzk77Cl0GDayI-3D" style=3D"font-s= ize: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Nexus Spe= cial Situations II </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzW9FpEl-2Fwg6HiLZNN0HfXUAyK5D8W2jH0s0fZxcLsGfKw-3D-3DT3Rw_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfm= bxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2B= mor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qx= hiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwi= Qa2JGaaEIEBlRSwNQQQnfU4sRg2E8XlBMmdv-2Bngcl7BT4vtAjhDRD4-2BI-2FIksHTMGU3L4Y= fsN60KnrSpnEeCyk-2Birl-2Fs-2Bd3DF-2F9S9NKVTKfx9-2FJyC2bq-2B4QUCevEqcRcEDIKq= JUE0Kjs3mGotSNOK6edqePXYOwSWNEic2WDKy4qOpODT4LlOqCWn0AvV8ZMXrp3xSElfKkrZn3Z= RTRgpgOcSDIoP2OkLbXuaIEp62bC-2Fb-2BDOskWG2R2cvDsZBaWRyG1LWM-3D" style=3D"fo= nt-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Aero = Credit Opportunities Fund I </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= swouzW9FpEl-2Fwg6HiLZNN0HfXUAhSr-2FkVfIThNaDQvQiLyE3w-3D-3D5N5R_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYEN= fmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-= 2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9= qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKW= wiQa2JGYrRviwMl4F87UX3T46BocN8hbhP-2Bq3QraV-2B0NYMgzM-2F8-2BTspGWUcXDKvehRk= jTfxcmLVYZQqtJ3mIn6Q14M1wdaeRntWOv-2FqqHARRge83Lk766q1zbQLopBe-2Fc4XJUcElwD= gDtHsNMcd2TVGsVnekRFGgaOGCnbTI2y6rjRnz0FHKp-2B4EtNWp1RDMdTcfe36bIUryP9M19hP= 1U7IGYrA-2FmISEp2temKixAhI8ZBb6NYX1-2BYeVZp67UUJJkwKyBz7U-3D" style=3D"font= -size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Balance= Point Capital Partners II </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-2BaqM7ONnvsnswouzW9FpEl-2Fwg6HiLZNN0HfXUAj2OP= KHSqrq57e-2BbRcrkUZg-3D-3DWGDO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLh= Q7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQo= na6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShR= rOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGba-2BWX34P958uV02y9zZjPt7i= F-2FmGfpK4-2Bdoq849wmxNX-2F5s1MZJWyYohzoZU5mTPkiPBAYZG0LXmLwHPK3yUHchtTiez3= IcHO0wMQT9Do4j-2F7RliiuutwDwJwazVQOLoNhxgj71AMG0q7pExb7T-2F8Ivn7kkCGt1rKo9N= yVIZmfptprmoGBWZIwY-2FNJRFJIKG2G68mNvf-2FyhC230LxR0wFAg6QO7Ytl8OybbCCU5NLJF= U8EISlOj7GQgSZzKR430f8-3D" style=3D"font-family: Roboto, Arial, sans-serif;= color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" uni= versal=3D"true">88 Funds in Benchmark =C2=BB </a></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9FpEl-= 2Fwg6HiLZNN0HfXUAMB0oxJI6Sfj1kTUK-2BPgmZw-3D-3D8Uis_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf= 3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgf= BwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2B= TuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZjkxG= B6sdindPA8lnzGz-2FnWl0zHVP8ajnUUsqlFdEOsD-2FqNg67-2Buh7xCcEfF0FyJ6cDYOwIMMP= lt-2Fz4qzkZ2zagZG37Srt0JlbarTbYv-2B0P2-2B9Tk-2FJPi8tOVJcxPViS36W83dZxij1890= Gw-2BWvr4NfNRyamQM9GJu5-2Fqx-2B9eufWiBDo5sfH4sYZeZIg6970DxbXesUS-2BdWgb5wPU= GJxg8Lfjw80x86trQPpJABJU153islL5MU-2Bq9UMCG6hthK6L0-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzW9FpEl-2Fwg6HiLZNN0HfXUA5Nszk7ZNFyI9-2F9sbpWYtSw-3D-3= DaBft_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFz= YHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2F= VZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29O= Wdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHY= ckJaSwEZt9TfnlLKWwiQa2JGaBw8sJQ-2BEFjU3iFjLTl7xxXkC7k9W36bY986iU8H1ybhUDgT1= w3ftyKU-2F9UqZWXCSy6PlmcSzyhPp-2FKelgrGpYevT4hZ6wx46Jch9Xwgm1UjIe-2Bw5FQ34B= 0ww1fuDsGjpc3HpmeHD4CFrSSP0U1hgqUNtoT8UB-2FL5OGqqv85tz1DwYa024mqkgziOj-2B4L= xWCbqHLR7uDJxn3JnvNVb83HYWjBMdiINw9s36NaxkaA1-2FmRhzXMmv1W3ch8S5bpcH9o-3D">= <img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillmar= chhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; dis= play: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>People</span></td> <td style=3D"min-width: 20px; width: 20px;"> </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>KKR= </b> appointed <b>Lauren Goodwin</b> as chief investment strategist for glo= bal wealth solutions.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9FpEl-2Fwg6HiLZNN0HfXUAqWWYaKVCvKBoyvX= jpf86QA-3D-3DEDOu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2= BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43= qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUr= el9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbY8CMr58KuemWYVzSQVhnc-2BcL4mTtQAd5WRRI= s1bZWeaMeOv14Ont-2Bp6nH8o73hK2ksC26no9-2BcaVO7o3o4CJJiedBNW9BQfpmdweas8d-2F= GvWprAD0JBWrgF9ESsUV1bLObTcynmniieqUsxTfYRVTKkD7VkAsgSzQBeAd9oI3paREeyaCK-2= BafLUq5PmrcH-2BRJYxiH1rXxhs0KrePjilJFRHgu-2FvODqXmeQewkoHoMvr0ehQ8dW2Jw8w-2= Fub7jYK64-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ineffa= ble Intelligence</a></b>, a London-based frontier AI lab, raised a $1.1 bil= lion seed round led by <b>Sequoia</b> and <b>Lightspeed</b>.<br><br> Autonomous spacecraft systems developer <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwgpC0bt2lXxFe4= RfqVt-2FLkQ-3D-3D4LqX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2F= Hj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apf= FE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02N= pRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGaCa1x5MB23ZhEbp-2FHAXlJ2RSOXX0pAxpV= U1ICEj8ZHfGJlBqHALMz26B8fvm7i-2BcnQdDCCzwwgq71OKO1ZKZHaxSqjAtwAER-2BE5bGlMl= E494mS9BXxroQkxpRFPSCr9xedTw9wiKpb3xIJGONXvP8j3RPMcUoJMDMq458f-2BUxSk6TwfDV= 4f9yj1194YFhgtik6Wle7Gl7z92WoIow7DOhYL-2FmoAy1U2RTVEw3txXAC9lWpkf6thTeVd9UX= aNUpCHc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">True Ano= maly</a></b> received a $650 million Series D led by <b>Eclipse</b> and <b>= Riot Ventures</b>. The round includes $50 million in debt financing from <b= >Stifel Bank</b>.<br><br> Belgian biotech startup <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwBzMtSE-2FyN6HTSeT-2FKnzJuQ-3D= -3D4NVn_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-= 2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH2= 9OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0e= HYckJaSwEZt9TfnlLKWwiQa2JGZMUoEpKcF-2Fid9I5ZC8epDbNqrdWBV9ga9RHgb3fkJp3jjlp= d71M4CeTSlWS1hFr4XiOli3xbL02v-2Ft60p6Z-2BcjWNRt3gfJri6LjaE9JdPHmNsvWdCK9HWd= p0rmM5aWRM8m7OjRtXhaMzxAlBq62pckCJYzhuLA-2F4QJ8QDVUdv96nLFNGr-2BjuOQEWFLhfB= XNAOvm80u0GFqEjTodk52s4TsNHu2DahYWtcLAAkz5UYThImy-2F3T3OMo-2BUIz0mtNY124-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Coultreon Biopharm= a</a></b> secured a $125 million Series A led by <b>Sofinnova Investments</= b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWG= HwY5BnFWLN9Rk95M2kDNFMtw-3D-3DydBG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoY= btLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q2= 8rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8R= sShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZKYG9pgu7dipXTt-2B89En= xbx-2BH3pWm9WFPIgFcPo1PIidCaDw5aPfGePy2H2qo-2FD3iB63w6Ql0bQccsqWdtsarj0Sljb= IRE71nS2YMZh8uopnr4qmSEr0rM4juCT-2BuYCShwt8uA67mtaVqwcMqqA9u7gdFuAibFBKvMYp= otwQAWs2ZA3O5MktXbIgKckcLimORBZC04fZ7WwUnyuJHZMFOCCd1qmQn3XoblCzLzxRjtkoXMc= 0jiryPgPDpdTRP2L60-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Manifest OS</a></b>, a legaltech startup, received a $60 million Series = A from investors including <b>Menlo Ventures</b>, <b>Kleiner Perkins</b> an= d <b>First Round Capital</b> at a $750 million valuation.<br><br><b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwflI4KM-2BDxl9Qvojrk= DkWEg-3D-3DlA7__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2Bd= eEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD= 2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel= 9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGYAY5xJP-2BvxuJJJdtzRlQrtRr8IffKajwCNq1x0-= 2FF5JaWCvixRz7N0WC55VFzp2LHJKdECPC6qn8-2FZ7-2B0bpSxRAZYgGvCuFVC8nTUEbmh2y0P= 38iT2-2FdVpgFoy4rAFUPiy9GBCOqbhJv3p3fmt8UJQeEIeY-2BcVAber-2F2foxYycfcD5efJC= tazk6dFKm30dvJ4nbtnxBZ86tQnCxM7gqExtwgj8siWNlPxpk2Adjx-2FStYPM-2FwHBAd171M0= GPl-2BjA-2FHM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Li= quid Instruments</a></b>, a developer of testing and measurement tools, rai= sed a $50 million Series C led by <b>Keysight Technologies</b> and the Aust= ralian government's <b>National Reconstruction Fund Corporation</b>.<br><br= > Semiconductor chip startup <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwowTspMNsXmv46x6Q1frKdw-3D-= 3Dlg_H_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= zYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2= FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29= OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eH= YckJaSwEZt9TfnlLKWwiQa2JGbN0P-2FiqxPbXhUyFIANT5lQ6vq27fJRWMeiMPuSCPWgK4hjFb= HBOcnLRGmc5oKu46Urr1biICVSq7KOwRpH1qusYwbzbT0pW0aDUj-2FKNlQRMXVNJ1ZXxscR-2F= J1D5JhltbmvuoEdnXKBgJXL8P0Q3l4b9ddMDKIlT9tlvhLD7vkhInAx4RDioUck17qN2bvzpW0W= iv4UxwF1orClqQtULQADbluZBBOaRJpn2BIgE7lpxENtjDg5WzeC4y7KB0KxFKs-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">OpenLight</a></b> secured= a $50 million Series A1 led by <b>Matter Venture Partners</b>.<br><br><b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwuXlIYvWV6vIDj= 0BxvcQ-2FGQ-3D-3DF-cp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2F= Hj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apf= FE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02N= pRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbOeZgn4N5UTs-2BOCVJV6SWpagxw1PuR4ed= p-2BbBu-2FZNMC55p1J1OwHicUiCmFosC4BvgBBzACoRf23SjYTdjlesYOhwfyXJKeedKOV3r8M= VSHijdPOghAi9EGi-2FBHEXOD-2F3fsNhK3rECHy-2BYFWX1U4DI2Jh-2FbWYZ3G-2FG4ydVU6F= SIgQMTpET4bJzR5C12LmznhB-2FO-2BKyvdzESCmsvWEq-2BC9QcdfQmeL-2F67yniO8FC8Wqxt= XBx43NilC48t8RBu5WW1U-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Actively</a></b>, the developer of an AI-powered sales platform, rais= ed a $45 million Series B led by <b>TCV</b> and <b>First Harmonic</b>.<br><= br> London-based e-bike startup <b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHw-2B1438ys-2Fd2L-2BDv8XjuD= 9lQ-3D-3Dc5kW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeE= XiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2I= PBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W= 86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZT-2Fung5zWUzx9t6uHpkeYM3iKbvEktj0-2BDH2PDL= 7rdDUjAlVqf4gOTLfvS8cSFR-2BVdobuPYtUOvbverBFBpPLYyyFBDEd3MXXC8DqqOhXrwFn5Qt= 71vI3ZWJB39yFHG78F9D1x91DOc6oyAlO6F-2FWKsUf7hvFd3qTQRILIlAc-2FiAFOeI9AUKJVf= TqEtEPt-2BZWMh0eNuKG-2B2KfCcx3edO1cmvt89DoZlA8HF63wcpo415CJs7CbrwuM-2FQQWhD= 423iQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Forest</a>= </b> secured an additional =C2=A327 million for its Series B from investors= including <b>Okai</b>, <b>B8 Venture Partners</b> and <b>Fen Ventures</b>,= bringing the round's total to =C2=A340 million, The Times reported.<br><br= > Copenhagen-based wealth management specialis= t <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwtDArH0v= iV0-2F-2FBfFD-2FlcLOw-3D-3DiNms_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtL= hQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQ= ona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsSh= RrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGYlYUtrNsKjQFpNXIV-2BLwcbs= -2BP8tkbIaWefUmQ8Z15EKLeH7Uj-2BLea6Zlk5JSSiaBzA9i7RMK-2BVvKONdZGVo523JmFygj= -2B6U-2BEDaawbc8tZVNLN-2BGxABE74YzGdLGB1vxKaIOz6y9bvD9ExtfZTqwN-2FbRvnL4H2i= R4boYnVZZ-2B1s3pOY-2BmMW9PobW-2BTJRVuBuXY6f8JNb7WfimOxQL0wXmmqpJw7EASpeDpNA= pL-2BNxGhkBJT3zKcrSLVnDl9g4msLY-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Performativ</a></b> raised a $14 million Series A led by <b= >Deutsche B=C3=B6rse Group</b>.<br><br><b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzWLRCfY-2B8Tzs8ptXZUwWGHwk1baCWSN9Xkr-2FLTKVesWwA-3D-3DYUp7_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYE= NfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu= -2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI= 9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLK= WwiQa2JGb1wUdX-2B9m-2F0MJ2uaZaE7nTZvH7jvPAM2xaoIgLGDJilmrcfA28hhJ9B6MKGrPdw= EF8Lwkm13fsSCXvHFVoHLKj6aQPTs0h-2BVThnL5iM-2FnwRmPUOWuXDbcvr-2F7BrcMgTSjbs8= IT3-2FVT2IaIizyiTuPvEvZIXBOGrbLsJUsJSgd0qnRyh0kcQ-2BxG9q9s1R0QWok-2B-2BQzd9= l-2FcR7rE0wtM4ITK7jjXZOwWiJGXW-2BR78xbWjrG5h-2FeeLXAuhdYVO4LQoXQ-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Patronus</a></b>, a Berli= n-based startup making devices for older people, received =E2=82=AC11 milli= on in a round led by <b>3TS Capital 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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Ent= repreneur Equity Partners</b> agreed to buy a minority stake in Portuguese = football club <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZU= wWGHwaOaG1hmPepG1Xxx1bI6h4w-3D-3DVfNo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2= BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p= 9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QK= q8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZZRIsxthKd4AuL6FbGM= g-2BrOll7RCPD0UxmF8-2Fvj7nO7J7UVLiwGrd1zMnq8LcaOfMG44l-2BheucyB2FslG-2Fz5l9= xkEzFgTRRHSQejEr7OAqi-2F2NtsiWrDHoGRpj5ctta6tEfqiU5-2FRTHF5O5oMb5I1Y20MROSg= oxxna-2B4Jaoryp-2FrWMfCrz641ZA1JWnqTCSKpflx04a1097RnPglvw2ZVrNwnLDVOLnx8DWC= 6t-2Bmkoe70kQy06Z-2BvDuEVEU-2FW3-2B-2F0-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Benfica</a></b> from shareholder Jose Antonio dos = Santos and his family's <b>Grupo Valouro</b> at a roughly 70% premium to th= e club's listed share price, implying an equity valuation of around =E2=82= =AC250 million, Bloomberg reported.<br><br> Boston-based PE firm <b>Artemis</b> agreed t= o acquire optical engineering systems company <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2FaX6aIfUL2RTSwlGezIoO1w-3D-3DT1fb_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-= 2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJ= C0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v= 7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt= 9TfnlLKWwiQa2JGYS2wirez9jl4SIzAY1FizxMPSx1Ixc6TkXMj-2Bv2pGjBtviMg0BZmu-2BdC= ELFsucYAwE8u3YjOY7jgAx7d1vSVYwgSjmqpeUacYfsY-2B-2BUPVpeiw2Vl7a24RhsgBWw-2FO= 53VlF5TMCbk7aHzaySWdTe8yLMd1wHYYRh-2BW5mb4-2BbPRH74LXXCw8ukye7RdhTZVJZXkISl= osmakk8eqR3iHDd8rVKC-2BdrSijQkH5clHbGZD9GkFhNydgM1vYJrWjP5u-2BDp0-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Optikos Corporation</a></= b>.<br><br><b>TPG Asia Real Estate</b> is to buy two Japan-based logistics = centers, <b>ESR Yokohama Sachiura Distribution Centres 1 and 2</b>, from <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2FMeyxrVugI= AG1Fkx-2FRQ2Pvg-3D-3DzT5H_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRK= D-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k3= 8apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGm= a02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbRs-2BTDL8yvEKpu9OE2RgvJtSfmjz7= -2FqM3j5byajGQWQdGJ9eSdAQi9SDYDgko-2FgHzsoUkHqMkNtotwoX7c5oA9UbgZ7tgDlPeLEX= W5camYQ-2BPQpol65-2B4UZciwYqNQDIbtDc9DWgX86A3xlupPnSnoc4oCEESPpYkkiVV5Ur875= Q8T9kzuzzqEG12MHG1C0Ookl1fR1uJGvQ9b-2B5lj9TwH26IiPrSEP8kCj4AjxeOPHqlfl-2Bfk= Tpv7p6Sy-2BSlAlr4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">ESR Group</a></b>.<br><br><b>Fusion Capital Partners</b> agreed to purcha= se water management services company <b><a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzXuaIxxscS-2B9Pw9pLKUstI-2FDXDfoWlV0BlSNFXppfACig-3D-3Da4k__I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENf= mbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2= Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9q= xhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWw= iQa2JGZ8fiaMKkK6OMFUQ2XQE8uayYWyJ0vVGYOopofoWcTF2-2BR-2B9MpYBp02EhsmiBqJ6ve= 4Ktxv9QKzAvYmBDW5BBVPllDSSC-2Fgm-2FVSGIQiTFVqFFCGlb90joHfxQhrOBqHlbPKZGQUI1= FMOHvcBfb4v4exR18iUD4nF2ITIrC7TtYNxFpWfYeS5G-2BrC54Vrq1XNbnVsOwNWB92R9fIZUm= DRAe6tQgbeA8poRB77tKWY-2Fjpcf96q9h-2FK4ldp-2Bm5-2BKwpl1g-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Aqualis</a></b> from <b>DFW Capita= l Partners</b>.<br><br><b>O2 Investment Partners</b> invested in water well= drilling company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw= 9pLKUstI-2FRLTjdIlag5B2Wm5ZIWf3Nw-3D-3Dr6mt_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BC= JmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW= 3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfD= Dck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbcBdOHUrEB2Hh= DZQO80yJ3vqbxx7Dk3dhGon8jx-2BNG6KGKKTDuLdOSKkGI3FUjB8sgo-2FOR1SiF1YNyub-2BD= UOj7uNRNzD-2FDgkYRWhtqbjd-2BQZkV7r5GB-2FxYebUK-2Fg-2FRh-2BjTr0K8e-2BRjTHOhd= -2BZqHLi1YiEjyFpk8HgWizMtbXmgtfa6VGs32RzICMQmJP3SjOi-2BKHQcSqGvL26XLCpOxXLc= uqokpP0f74UtVLEZH4oSsHTtSANY-2FFj2JOsHOQ8OtfA-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">Steffl Drilling & Pump</a></b>.<br><br><b= >All Seas Capital</b> agreed to sell <b><a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzXuaIxxscS-2B9Pw9pLKUstI-2FHXCWXHE55eswjcM7te-2Bvag-3D-3DVVYM_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYE= NfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu= -2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI= 9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLK= WwiQa2JGbNshT49S8dlbifZDD61M6HmdRZn6-2B0h8wDmfATuywG0jJDwib7V-2BcOGn4Qbei4q= hG2geQmMs8WIwZi-2Fr1ne7mx4fWK3yrsaDR-2F7HuKdbCbkTXBDHOk2uD1xQ7vFW3jbF1XhPWn= dhP-2BzLU0bPqi4sfgLl1XLOUPmY77mak0AZ-2FC0FmyxSxXBVAn6cR8X408lvAMlklAmP8f6Gv= rIRlqQG20VLRHQDLvlDUUO-2Fvtw-2FJNtZgZFJn82qx2FtNM8O5on-2BA-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Synergym</a></b>, a Spanish fitn= ess chain, to <b>Providence Equity Partners</b>-backed rival <b>VivaGym</b>= .<br><br><b>Osceola Capital</b>-backed <b>Valor Exterior Partners</b> acqui= red roofing company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9= Pw9pLKUstI-2F3MgUlnytTAqkQyc-2FRR3Dkg-3D-3DRBq-_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR= -2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE= 4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuoc= GqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGaCELX3RBj= ZDhKKt5CKNY9oWalDXxQsJibi-2FnO4EDrTlUriPboUHtT5c-2BR1-2BqYMyRJaifocWOkg4KdJ= -2FPe5hTaRJQEnsI2qEAl6XB3d1UImlQNBRSweBNRxd-2BFkXpFGsYXNG0zpjgUsF-2Ff30KxG5= StdutYtKeQygFReXx1vAL5-2BlqfaOxV0iAOGOgCqkHgsDzfCcxRNKgUP0S1eEG8ZIg-2FPVBse= DwkQBWF-2BlXU7-2BmQTzNW9ObiT2KREKU-2FM6-2FCYSmA-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">Associate Roofing</a><b>. </b></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Portfolio Companies</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Eli= Lilly</b> agreed to a $2.25 billion deal with AI drugmaking startup <b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2F0iW70nT6BXJMy= GgK2mi-2FuA-3D-3DYZSM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2F= Hj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apf= FE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02N= pRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGbAurpT0GlidZ2Ijb0EExgjg1wr8ZIAluRvb= pGhwTx5ZQtgn3FaC-2BTGrsSGyUkma3mxug3HLEeTDnTnDcel2vudV9UtohA4rMYetjIz8DbimG= 8S1szHgwSWOUjx1MoNbyird3Ac3OyQHr6noWuIw68B-2FjyhWJnJ0LvhEoal19dhaMzthf-2BaQ= QNV8TGerUeUr5cBvEjARhLPZ2KWd-2FW9DkD6NFikpjOyQvCWzkp69uAJLHza9p3Z-2Bwt6ljfj= UjeWQoM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Profluen= t</a></b> to continue developing DNA-editing technology. Profluent is backe= d by <b>Altimeter Capital Management</b> and <b>Bezos Expeditions</b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Singap= ore-based data center operator <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXu= aIxxscS-2B9Pw9pLKUstI-2FaUVWKZWCah9yEiYjj9ClwA-3D-3DhSra_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3= oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25= LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT= 9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JG= ZndjI-2BTiX4Eib35xZ0VMH-2BDGbKkcP8EsPZPdo3Frxj3h1b1LMGvFqKr6seJiW6EANdvio3r= 2-2BW-2Fb7SstFRru0l363P86GFS-2BLGlv-2Bmx5kscWOy5mboyxP14RKd4OJnCKI-2FAv1V46= 4rjZR0fWr84fY9Mhcrey6VymGozCQjcsc-2Fa2MSEIRQWQ58G-2BW56HxB5MvLoGaOH9IjWFnkm= oaqJJ1v-2BgpLXTFbGSC48ypEpuDWbPy5QJTfpIW62gtVMOHjJ4g-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Digital Edge</a></b>, which is backed = by <b>Stonepeak Partners</b>, is considering a sale that could value the co= mpany at around $10 billion, Bloomberg reported.<br><br><b>EQT</b>-backed <= b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2FDp9RzTFz= jyKoEGd6u7udJA-3D-3DkDDa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD= -2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38= apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma= 02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGYVIias6C-2BSxMsNPmTb6es53JN5cl3e= G5qtXas4-2Be-2F8aaH0pS0WUrjfmTPZ69f5l3RQ212XxEoNgnS5s3fZiOXSkvwLA1oYR1IXyfK= VvqUB-2B9kEVh2x0rS7KqFxrbbZwQyCi9C21lsNfmZL9XKcszJML4EhXdPdFJAkF0Z6of2evR1X= 6PxdtiFwA0cYonHA8jpg-2Bk12JKs8Sa-2FrsvM5ubdXFlSOkQa5-2FE-2FVHyAqSGqIa8mOkTI= JfYFV-2B-2B7WI5UoMnE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Virtusa</a></b>, a Massachusetts-based IT services group, is weighing = an IPO in India that could value the company at $7 billion or more, with pl= ans to raise at least $1 billion, Reuters reported.<br><br><b>TPG</b>-backe= d <b>Airtel Money</b>, the mobile finance business of <b><a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2F-2BK9DDlLFSkstv515OP8neQ-3D-= 3DwI6R_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= zYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2= FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29= OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eH= YckJaSwEZt9TfnlLKWwiQa2JGYoU3i5E2Zl2Otr5h1nnHxn-2FjO5NEugjpN0ULpQJkML4fE3nh= PgNrIh3mxLNuRjOFsPlx3fEIGJFhzkLf1-2F5mxfathSse5BbJqxdqPJXdqqpMvMbKx6PWHqAPE= B93NVkAysv4JHlx5zopcACyMuL0ZgqaNrUgepMw-2BwP6VcYkCNHNHfuc7rU3BWBpQNdfGxIdhS= V1rSLBieaUSuQF-2BGP1XU-2Fd06lERQKdx-2FzVZmjn8zVgRy4UTcBLr2XyHHY1IY2oA-3D" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Airtel Africa</a></b>= , is considering a London IPO that could raise between $1.5 billion and $1 = billion, Bloomberg reported.<br><br> Nashville-based independent music company <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7c4Q8CubRYr-2B= KlicxYRkfTg-3D-3DflLG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2F= Hj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apf= FE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02N= pRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGYglxaR-2BJoCfXK5j5DOufgUAbuEnTQBLzm= NpEmwMMKuq4NNx2lY-2ByHpDbtlE7P-2FuyBHlLy-2BWp4yK4Ns9URsyx31MKXnwZ3cMadlDRAy= A0TRvNQL1mwBY94nHizQT670meg2tiHHZ4fR6F55u3LLl37ksJNMKH9xk9hrU3Gc1jT9EYEjRj2= u30-2FPV1YOfeBDrRz3yTs3ilN3wo6KOkvMDbPRZxHy5O3LWcXThb-2Fy7CCORmUJMMq47w0Tqo= houBWZA94-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Concor= d</a></b>, which was backed by <b>Apollo Global Management</b> and <b>Wood = Creek Capital Management</b>, agreed to be acquired by <b>BMG Rights Manage= ment</b>.<br><br><b>Valuedrive Technologies</b> is considering a Mumbai IPO= for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7cb6y9-= 2FOcGwrfZRxkd5YL6g-3D-3DLHIt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7= xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona= 6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrO= KGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGaqLfRi9up8Em5xiWsx6PX3E-2Fhn= h100yV5j1NoD1gmp3RxlsLuz2wrSJ2OMkGMQ1XFfC2bPOhIibHDjqOFnVnPFeq4gZGY-2FAEETf= jLN1FRZvb-2Fk2-2BTtMvZyE2XwX-2FTR3DgL5AE5g7sHi4BoymmazaqYjsNGlTgaHWWAGQmXGb= DFluJ-2BirO8sMepPYkBumyqefMFeNIs51oO2u7UK6sOJQzu1-2FQFJl4QQB7Qfqn6JEmJ2i19d= gVbJT1DI7GbYWQTPWE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Spinny</a></b>, a used car marketplace operator backed by <b>Tiger Globa= l</b>, 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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7ht409td86IU2ZVbLQ= 6y3FQ-3D-3DohCh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2Bd= eEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD= 2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel= 9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGblJPcLDqNRtAQqOQ2kHOI5Qbb-2F3XqSTJOuy2gi0= pmRNW-2FxCMdXrkvj1SKNmgFCQ0xCYlmZ9z8YcDYvpAqdyKJFqzYXAbm1JYI1-2B2zuSZCB5B8q= iVhx3ubveQQIs97nM6ByANyYDgwCyPo9tHJbYzjy-2Fok00HxyUNAZX0-2FehGdo1Td8qWvtt0L= rZE15jZRMOpy5izuSjf9Y-2FIpcKNrwAdGGfWeHXHK9F5nIv4HsnwFNcGn2vG8D5wIA0dsZjP-2= B4AUo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Silver Roc= k Capital Partners</a></b> closed its latest private credit capital solutio= ns vehicle on $4 billion.<br><br><b><a href=3D"https://url6380.news.pitchbo= ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= UaZo8Gj8P9xLiVhfTFLkH7Hh2sSIedMIjrE7xwIi1v6Q-3D-3DhH0y_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3ou= fQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25Lk= CgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L= -2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGZA= WznxOLLaP8Y4558KdRXzy9-2BOm0MT49uTLNbjYHmmHVs1gUAgWf4QXfHEK1AifDnI0tdcg1D6R= KC4-2BT02x-2BMTeEgQodulyb4bl-2BM1kR7HX-2FAW5DNxtImfLxCtwtF-2BtQeaAAbHxz36f7= NS01G-2B3uOdLwxx0w95pp5rWt1Bad-2BweXFCoNzVu-2FPZiMy2Vm5Hf-2FNP0MFpJ08VRHias= FfoFm9s-2BPiI2EVmG1v9rzvTcMuPkkQTFyuZNw0caGfeyzftTjo-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Endurance Investment Partners</a></b> = is seeking $350 million for its first fund, which will focus on energy seco= ndaries, The Wall Street Journal reported.<br><br><b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7rVHWXh0MGG2fo3ivyCiXsw-3D-3Dwb8Z_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-= 2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJ= C0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k38apfFE43qD2IPBdHH29OWdd4vXO3v= 7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGma02NpRUrel9W86DS0eHYckJaSwEZt= 9TfnlLKWwiQa2JGbZlBFnNuEG3vR2YIT-2BxAFuv2BLxpA6DapSbz7IENo61-2FulkjCCDHo1M8= -2Bg8lWbczff6Z-2B0-2BjA9YDZphC4LkQH-2FnX2J-2FW5B23SYBwMaKYOQ1XPMK5hXYeH8U9S= gzK-2F69bxxbCEE4-2BBS31w9gfrHGi6aRag2I03nXnXILbeCtDAiuuReLLwajv-2FzQZ61xaMW= Y-2Fj7GwXowpMFsFjppDYfUrlNQicgWKUHL6vu4g71aX0BopTvhWmiG1CDCgzS-2FQiaeFA-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Allianz Global Inve= stors</a></b> held a $270 million first close on its Asia Pacific Infrastru= cture Credit Fund.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <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-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7wPqdl0wtj= pw-2Fj0Y8mrYsag-3D-3Dsr_G_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENfmbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRK= D-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2Bmor25LkCgfBwbE4gQW3yTd9p9Q28rQona6k3= 8apfFE43qD2IPBdHH29OWdd4vXO3v7NpkeVI9qxhiRGT9L-2BTuocGqfDDck8QKq8RsShRrOKGm= a02NpRUrel9W86DS0eHYckJaSwEZt9TfnlLKWwiQa2JGYu2yEBHaJ6ZUKjedOdo2gdd4kwA9d39= ewyDvo5pDYxxfC8HdwPnOGlmcbTzcdQMa8TuFjT2PYZEv4T80tKOxuH2k4J88YJjCkciBZenlUK= wAl9gYwEecFDNLY2p4rFd80kTlppatvOuIzNaY-2FH89md6z7QCHN0Fu174jkqx-2FQDohJNb6-= 2BstC3zeJufYSePuFsSs-2BdwzoK5iKX8AurtmCdfN9WqeVt6Af7MfQQZkiSlnbq9nitizqdnQY= GHF-2Bxd2-2Bg-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/74019.png" style=3D"border: none; width: 10= 0%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">PE dea= l count in clean energy rose from 72 to 87 from year-over-year, a 20.8% inc= rease, making 2025 the second-highest year for deal count over the past fiv= e years, behind 2023=E2=80=99s 100 deals.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzUaZo8Gj8P9xLiVhfTFLkH7Fn93sNEoYTWpWG5-2FXxHCbQ-3D-3DX0Ou_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFzYHADxFqF-2FbfgYENf= mbxSW3oufQf3qtR-2BCJmZP-2BoYbtLhQ7xRKD-2FHj-2BdeEXiJbZ-2FVZVtIuKGJC0tyeiu-2= 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