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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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} .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= pEXURi3Vnbz54JtIrZ7TjwFl8TcpJE-2BSw-3D-3DDIbH_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJ= k87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzF= e1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKw= mE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRD-2Fpabtim= NhvwNGfkgk4GyhaclOdH1FJpW7-2F-2B7AzNWg9uSlh1HiyIfd2MNaN-2BACX6UFw72oVDMd88K= FjcWIFdpS-2BSiiHe85hBbgJOCT5WZ688ZE50mBkkzDk3s1byEw4J-2Brql9WVzf-2FAOiohZIu= w81VR9rM978dPTOh6GvNsVoQcNP8ebtM8-2FvbzTMnLbIVEPx-2Bchmk-2FGZ-2FxZEdJH7qkkm= NnqUeDYnqYI62xQMk0FBOXFI0lqY4fuMcAUMZtLLmxM-3D" target=3D"_blank" style=3D"= text-decoration: underline; color: #1D5080">Read online</a> |&n= bsp; <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFt= Qh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY= 6DZpApxW-2FtnBQxpZYVDpyvCJULc6js75N834Kg1wfc9mFqyoHZxYrhZdDncx_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-= 2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCK= isXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lR= vD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZo= N0t0PgR1LS0PsXnO3zn3sPvMtoI1bsc6C3EbftG7eH-2BV1pa8w-2B4dgvBKALYIgdSks6wmHq6= dikEXpu2W1neVlMkyAtXDlAJ6bg1ufks7C9Vsg0RSxooyxDQMFM4Ey44o-2BLy1auOwRmzoOnyR= HvgJI8DYbEYABKfHZFqiipMxvV2Fam4dyJBxOOSSZu9CX3jEAdS64plWGJ5U9aGIRtUKPcHoS5S= jQpSIS1kj02PN-2FFfFmEyGiajRGQ6v5VAqlK2iNVbkYVI-3D" target=3D"_blank" style= =3D"text-decoration: underline; color: #1D5080">Manage your subscription</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-2BaqM7ONnvsnswouzUkro4YucgG8pEXURi3Vnbz6X6Xl-2Blb7= JH4Ie8-2FudqdvA-3D-3DfDCM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7i= C4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUq= mJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKB= cruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgSBJ6xk2CKie78oKaHqNC7L8vVmslaN2= 0yoiWJ8jFNEgivAxu1PX5PTeT4D2lfMaNZU33h9-2BbifIcKSCt3ZJpmuEnKpNz3SxeoAhxdLNx= wDpZ1G0ess3WhyyPWVtZDnbvYpTiYJkyKukonKqNVjXNNKKaPrOGP5oUZHlXyrTGW7ziy14wslD= ck-2BRBMpxBwUhIltHT1LxA-2B38oteJb8YtISm-2F0UQeeQnXEgyjB7fxWgEWVfKfgcx9rA7Hh= h0IIqmpsI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">newly = launched 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-2BaqM7ONnvsnswouzUkro4YucgG8pEXURi3VnbzBS3Nu1jFRLn= V6r1P8e-2FCww-3D-3DX78Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4= e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJ= jhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcr= uqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQjaBP-2BzZHDJu9cOFuMLP9qxQ-2Bzw8L= DXEWXp3haT-2FPSaxma2JYvskTZzUltTVETno9w41rJPtkxeAdS1TS0iUej9kBntafZkXUfjAk4= ypKYbtqnd5vWYXAGfAZrpXY3ptpyFo4PcCruvyvmVBWYEW9vu7J9lRJC5XQ-2BKU5brkJO3yZYS= NTcFXwuCe147PlyZBfC98Np1m12bwz0pJuVPjn0PTZ7NQbBClMzCq6vkMQY5HssG3vYgzX9vI8q= 3R1m1po-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-2F4uS095aKPCDz1W4G1jwVGul2gJs= UtnUqSRD17owrfQ-3D-3DcpFI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7i= C4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUq= mJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKB= cruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgT20VjEDsaLLA-2Fks7ZRzovGfhG-2F6= iobbCtNAQJ9er-2B5Mba5f9sGv0wP-2BmdxzFyzyTn56OhMFq9sByPVYiCga-2B1iuknb22-2FV= DoAI7UmPiXXDDc-2F89OTpgHbCIZUHN-2BQpxEKuGaNLKc-2FR-2BxtKHlrZUK1jwomzKnGpNWY= iLX88nVasz-2F-2FTxJvVPfB4qvKjm-2B5iER5Bo3AIst-2FxuwcN0PSdBDjpWt-2FsCaWqgglb= kgTKOm7Zd4kZ1LmN25duXCVujqexeyc-3D" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/74022.png" style=3D"borde= r: 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-2F4uS095aKPCDz1W4G1jwVGul2gJsUtnUqSRD17owrfQ-3D-3= Dy3A1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRI= KLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFp= AzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFd= e5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vI= rg-2Bh8KOQGVH4RGZoN0t0PgTa0fknApyargGXcsLj2uOWjLV5d340S6a2y1GKIhaXxHl6bo-2F= zetUupUHnuB7dUB8Ee4QSy1HXpkOTYCqjzGtCQJopiaIU5-2FMxhsbYkPXpMolI-2BQZCtidQoQ= KwPn47Vk08W-2BbgqAY6H9Nzfqc274Ujiuc7adv-2FZpGwhU6M2jm5puQlvijJcUmpENtWB5LbU= HhKpzX-2FuP6CYu4Hm2HUtog-2BqmxcVEM099pJcF1QwcTIEF-2FJr36d2c0xlGx5lYbICjg-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-2F4uS095aKPCDz1W4G1jwVoYN7AIkxuos3vJ72IAUbtg-3D-3DUNeS_Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYz= gIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4= ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5Pk= zBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0P= gSNR77i7RicJi6NWcxLwWrBqT8b2QAemOnBbq-2BPJQ74lLr941EoDz2-2F7FPbOqw62m6tH-2B= iRa222dEJRaH2tcfDQOsHp-2ButvdD4E8CeGe9e1e1B7lBw4MjXrnyXD8jzww-2Bgw5AZR8av-2= BKIFxNmsCxvk88SWWEoWtHq6Av4v7K-2BzzBHuOpoU38BiguKhHELaCkXI-2BB-2BVfwpLGF-2F= AWOBx0XaQB-2BUEamsqvMIBHXYvPIXZNTbL-2FNTjBxwqKJjNPO9DDf3s-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">our latest note</a></b>, we break= down why OpenAI=E2=80=99s obligation stack matters more than its revenue m= iss, what it means for OpenAI=E2=80=99s IPO timeline, and how the competiti= ve and AIBQ scoring implications are building against a Q4 2026 listing.</t= d> </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-2F4uS095aKPCDz1W4G1jwVtLRO36M9RkHtVe6kXbTBwA-3D-3= Drc8A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRI= KLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFp= AzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFd= e5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vI= rg-2Bh8KOQGVH4RGZoN0t0PgTFmBM-2BQScqG1Ib7NV5AGCHegAb0-2B4hW8vxXFyX5cl29N5gj= vWxHG6nk4VrPGEHDkLMPHTrLs2ypb5CSGtuMFBOAVuDLxq4L39UpeeERfp-2F-2FXbVEWxSfUGl= qhsv73Dbpu6J6AzZFhTEoKxs1tmSVaHtLUR4WoMNpOti3lNzqbhnplf5KFsS8bwb3Smc4s2d6Iq= LEbCLTJo5xmc3Eb7QgWBDI9Owxw-2B-2BjjAMqFrfneZIdkY9FxEgCr1c8WgZa8K3TxQ-3D" st= yle=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decora= tion: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D= "true">Access the research<img height=3D"24" src=3D"https://fonts.pitchbook= .com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-le= ft: 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-2F4uS095aKPCDz1W4G1jwV-2BX6YrnzRnUJ= w4ccaQhMmRg-3D-3DkcZ9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5= w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjh= WvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruq= WuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRoTJO5YZSYJnoashrm5GWRQWfmzzryC7pKr= z5HtrOwDrJiSFfgNL1FL7rO-2FaUq1yP7URXxJ0Q4EemJNa0FaOGIRuGM9VAMyPQaWo2VpwxGFv= JVJc4hSF7CcInTQFCf9qY-2BJzSlzoTuM-2Br7Z9z-2FRLVl5lZqylM2XZAfX3RwGYkzI-2FIeu= WEvdCfuhBpBUxBoFtPaCITl5d4rrzgtrmW7HQuye2iKy9SoW82OWYgyQwFJJRWThVU0eY6I5825= E1dI2m4-3D"> <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-2F4uS095aKPCDz1W4G1jwV-2BX6YrnzRnU= Jw4ccaQhMmRg-3D-3DXW75_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e= 5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJj= hWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcru= qWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQPdOIfGlebhHS5Js-2FMfBQ4uweRV1tLU3= hHhdDU-2FoYG8eikZqKtZ4IOPdtZ9kRlrxfvFUvkCEvKkIAB3vzAZkivGXXzMDXSYRilav17QAz= 3-2Ft77k-2Fle-2FZ9RpmQWj-2BXcthBzoRvhPdXaAlWS63xKRsAUjbp6t1khWuQoImmOsGdEXN= jCdd7TW9DXXhHPJP-2BYTQGNM8QQOkKS-2BrLq3taBZxHXEmviANMssh2HPYzGbQPP3HszjRPaB= YmU3w7o1OC1R6Q-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-2F4uS095aKPCDz1W4G1jwVPRMPiIBMLw6pUHPptkB1Ow-3D-3DI6Oi_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYW= YWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRw= gvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20= wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8= KOQGVH4RGZoN0t0PgSWLHqXB-2BEmBhA7Fp9hIW71MqulLQ3ENtbFP57EwH6LmlxO49bmUCGRz-= 2FhjcSqjD2rgeu1S6O4JtiNySxvIxC4cYuMZ7apITf84EWnbTBAU9yz9MtUG2voNOMcNZ8P4G-2= BWvYiy-2FpRww52d0nVioHDjBmrGgb1WYTyJE2Q0gZuSgca0GY7zXnhcqXIhMRjE8B1L329fkTu= uigRLIn6PiPw8TpUxFBPmrFe-2BqYvRpvMHkOcndjt9m2TNKboxnKY6BLzI-3D" style=3D"co= lor: #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-2F4uS095aKPCDz1W4G1jwVBtC5Lkh-2Ba6V5K0LsquWQSw-3D-3= DX1cu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRI= KLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFp= AzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFd= e5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vI= rg-2Bh8KOQGVH4RGZoN0t0PgTTd2KT7ZkA-2BOs5CrWAo-2FuFWsDLzHOT4LpOP1ahBs32LeSfs= 4zcM8wn4HIe6a9P9F0ioOSLwKANUDCsnHEN64KClBIImWg2WovpJGskhlkeCMevCj2E1OOlTKu-= 2FeYfUtJJP-2BQYalCp2Kmmb0ShXiTB6uuwfUuPraciYr5Jadxap50wecJwAQJq8aQxibSd7z0L= xT9wvmuDCPkqDAa1msz4yg4o170LRSBg5VDjBOt61FkwTfyf5fiTkqROTFIv9rrI-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See the data</b></a><b= r><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= S095aKPCDz1W4G1jwVnez52XE0DJiA78PEWHxQ9A-3D-3DbboH_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to= 7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx= 2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv= 9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRfntp2= Pl8eQgnPIeHTvWf5H0-2BIPPJVKO-2FjSL1fe6383HHkbOif-2FNTWN4m881sM-2BuJ414L26tR= qR27x09khpXk1YMuxdACsn59GIC3B3tyxgHow8PEJ6P4qJPbZ8QNrp8vuffreSQX-2BMAv0s7j7= RCkSXHmtj0ng4RveeJ3-2FsviXAAhEGQ8u9RVQqdugvOUw3ywb6-2B-2F-2Bh87dOdhhSm-2F1D= uQQlWl7yq4SIZSy7-2B2av9j6GBTOzcvr9WmSr6sZgiMZvFs-3D" style=3D"color: #1D508= 0;" 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-2F4uS095aKPCDz1W4G1jwVkrY9OGr= sRYLqH1Uu7Qur1w-3D-3DLXeK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7i= C4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUq= mJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKB= cruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRTH2Zp310yn-2FwbyoU4QGVWkeU2xvP= cR-2BEOBVRtw8Rg1umcwPM9RqyAr3nFXTRDm3mdbXmUap2zfVXYWb2LG8GbUg-2BIejLC4Q5izt= UP3-2BavaGesdE99oxTeIcKOwSFAHjAeWPsitLpLSYQSiesrWP9NchBMLoNewXCIUzyY8H5Evyu= J0O46DJTEHfo-2BXVZelk8qoby-2BTlwpCl4demsLBLQIG-2F8w-2BOWy5YGlDBGYRl9rr30Svm= 5NEhRRFZYwtX6OFWM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://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-2F4uS095aKPCDz1W4G1jwVkrY9OGrsRYLqH1Uu7Qur1w-3D-3= DJJVN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRI= KLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFp= AzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFd= e5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vI= rg-2Bh8KOQGVH4RGZoN0t0PgRHNQkFIXv7T-2BrevKD251-2BngtAiRE5aKvskiZrKUzTzrUuHK= x48JOZ29Y7h1IADD8mkIt7IglXMIcTV2Edi1VKv6hguzoq6l25VEZ964ockVGKIw-2BkCVI1UYs= Gl9X19Psu9u8labTxn5bqbEfMikFPkmTpW1vlVqMWx94heP52DjxR-2FJTSddlN0GFY-2F-2BEe= dhyhVtsQU7b6QOP0tYa6ikZpIW-2FXDNU9hk7FrcxCrEBB59-2FaIQK7Ey7l3i7b421CcOyg-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 the full story<img height=3D"24" src=3D"https://fonts.pitch= book.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margi= n-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-2F4uS095aKPCDz1W4G1jwVoiSyCO8rTRA8oLCsVPMm4g-3D-3Dag7F_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNY= zgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc= 4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5P= kzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0= PgQiXKCm5BxXVJLXTc-2BhInXtb-2FJHrT253xBYbTtu5OukIB2h8CChMGzhKdmTEtaJfafqgQZ= dZh9dGH13jX77wDLj5yYwZZDrxpLMjAsWd4zFrfjN18Q7V3g0qHAUrc58FzXEvka7nCGBymFoqQ= jEnrg-2BFPIfITinJ6a99IyJxcH9EN3qAySBEaBaz9kV9j3MA-2BX7IeH5GXsJTefGUFKbmiVWo= 3c8HPzHj1qJywpBQ7wPc7D5SUTyRej2igMI-2Frz0uTA-3D" universal=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-2F4uS095aKPCDz1W4G1jwVl9fAhVO4x-2FFcgcUPnXMsdQ-3D-3DNaWm_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BN= YzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisX= c4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5= PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t= 0PgRXHx7nMHJ-2F9qGyZMR1-2FoO-2BAZpWuU4Uti6nZouVzFBg-2Bct7e1LRPwqV-2BMSvBguB= G2UFBHkvuMxFGDy2sfaulwFtT4awoVWgqjlJ0PTLFvscCV0rJCOlzLenx1cauNaDWqr4ET5h48-= 2BTP-2FWuwPerzEtkrRCaKDgMUO8iskXCN5o8gaAIQPv7Q7kIDlu0Z-2B8aSdldIKtAAqTIYyQb= ZyLdI73WZzhAi2LJLUCeMfaRnpuMS0Uspypzgfrw5g9N4PEII3Y-3D" style=3D"color: #1D= 5080;" 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= Awqi3Hl7xpjKntaXcFllkBw-3D-3DgJjG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICA= dcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr= 5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6da= Ao-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgTzOiq10WJEL1-2Fsn6Bl2s6= 2TQV-2BI5idAdmur8aYYSXL9ZRseYa85w9q6FRQ5-2B8b6Ance3JsBkQcZWrChCoSJAPwHayNqX= M5rbCpTB0uL3YLOLhPU9zDOjfeMAdYBDGKNbZXntQY-2FaK1Wy4g5TR8-2FCdpDLSEQSA7e-2Fn= KkDlPxX5Bx8o-2FZ4axlJVy9-2FwanMtlr2ACloZ5QAjXspb55bNSPCNc39uQd9fGxg2Ji7P50F= TeLotFoJw83XXaC91bij-2FTzVY-3D" style=3D"color: #1D5080;" test=3D"">Reuters= </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= AhdVXkA3yPuE8ve507ALl-2FQ-3D-3DUzm4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkI= CAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4b= fr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6= daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRb6bNdgY3DrjCsARlKNyz= 8c9YqrzSv8NJyJ-2B6oXb3tkY1HNYycZT1ND0vh9yg4tqAtxEc-2FclwxYTQqGp289umeG7FfNv= PaU7oOwMFZQ1UsmkexGm7GmMDWweCiAgKsR1TCHC-2BqFPoP-2BvvD2Tg1SM7Hp7AjMQCnrSjut= 0Ui8wnoJZObTFEgBhvhKTFWtlJ9GCImVFoR7WdE5VcFQ7oGbRcViM806NpBn5iujs56DUPQS9jX= ybXNrfii2HgkOu-2FAzAA-3D" style=3D"color: #1D5080;" test=3D"">Financial Tim= es</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-2Fwg6HiLZNN0HfXUAY-2BK5dSl-2FOulTcCFTWd234Q-3D= -3DqT_X_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMei= FpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0p= Fde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1= vIrg-2Bh8KOQGVH4RGZoN0t0PgQaptyC39fXTtQYHVm0915h890Vds6kYOHl5kabMepNIh8NTZw= H-2B-2Ft4QiFfTsWLy6vazh2xSSHojVx29Mii8Qo4oD-2BYK07Av-2FXZ-2Fou6xZBIX1AtAYZl= JWOkscckwKsk29RnTOxjwDTh3mt2TW7bPvm0hyvJ1xmdURQ364Iy66BKXiSGOBCADwGFHZzAQuT= cx-2FKbt0uDwk979uF55LxJbZhtX-2FmvvTX9TjTaOj0cpLTQkQYTzm8P6rvYZGrHDBqBkRs-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-2Fwg6HiLZNN0HfXUAhoeJDYnKvd3ZYTsLqzhTVg-3D-3D7G1p_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2= BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKi= sXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRv= D5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN= 0t0PgTlgt9EigLJbBLPn1vbOO9Xdz8I3G-2BZsAUWKqxKfbW434pnEkdEcu5quA8oY7oGE5J2bd= K-2FPRzr17YkOrVQAbyOtFdnl5tmrBliMSyWhQPI9awry-2F4g3dVnwJdi3YUFtRhOBa4DPffer= jcibcyY8jshZWqq3k2LQHso6XriuHw72NnJMyiKmw7mAJYKtGNpsEg2EgeWq5glFIoTkjG-2BAS= D6-2BtM1Y3NqqKz07n0PWrZXd8cOxRGBjHakk0X8J4OWBRs-3D" style=3D"font-size: 14p= x; line-height: 24px; color: #1D5080;" universal=3D"true">Nexus Special Sit= uations 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-2Fwg6HiLZNN0HfXUAnZiYZLR59wu6ajEd01j34g-3D-3DnvfT_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2= BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKi= sXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRv= D5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN= 0t0PgRcqm4RsckylcQX98T7TEXjBQKzbT8NX6zz0jBJcAoFIpEuRTs0LSeUyN36AjQkJjMFe4YZ= 42KIi9G0rbnEsex-2BYXr1aWPG0Dk2SIkmHy714l31EB5oa7rTtj2ugZ3ALi3-2F6QaDXg7rK7S= SQpTUVIHY65lyeDsIt1-2Bc2BBYTwpvgrMXGkE0nh-2BTl3Ol04JMkt-2B-2FMprPWh2Q8pp4Yr= pOJAlC79wuuRf7-2B5FAFuclAVOHiavE4-2BRogZPHq-2F7PVnNIDrM-3D" style=3D"font-s= ize: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Aero Cred= it 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-2Fwg6HiLZNN0HfXUAejKrv5Y8rybw3nl0rRyA1w-3D-3D4MkQ_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2= BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKi= sXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRv= D5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN= 0t0PgRlVDudPxlNKI7wx2fHYVXPTp0qZyOibNThtZ-2F3XwYYw4wbjz8xBTzLZPIPcybZDAJWcB= fUx5zfPRivDzK-2B-2BvEyJYxLLXYlw32wvzs0pTj1B9xJZ7fngehQ5X-2FQXTnXRiy3Ob8ft0G= L7-2Fy1agqszbqvmpmdCFN1TnfzZo2-2FD7EPsCgAYkANsikXOY7dcRViyux-2Fxsl15Y53o5QJ= bBTgYaO4xCjgFuhiTmO4seJrChFufCyt-2BmBbJgDAYKo3zx5wOy0-3D" style=3D"font-siz= e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Balance Poi= nt 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-2Fwg6HiLZNN0HfXUAmawc= AgIywNFoQdpURbb1dA-3D-3DgJ4k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjE= a7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2= BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2F= GKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgTaQRG-2B7stmizgPGRKWeSTAtSFb= NxTEcrIQm2Z321IjJnJADE-2FE4gEb9bka5MuPBN8Hq8fhxMBrFFySD7WZop2ihe41LC0PSxMq7= tf0uf5yHMqY2EcesgtDSiihxoc-2F3hcYkdPbhLfwhM0rWA9GaGE5wIVcvZNQNzHA3-2BiogU98= R-2FBiIq-2F1imasMJCTE1-2FVyfBjcJxOqiPwhGWH5Rxmkj765ClOBfH8Il1lBG-2F9xggGX8o= sHFy32GRM1cgszJAsA2w-3D" style=3D"font-family: Roboto, Arial, sans-serif; c= olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive= rsal=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-= 2Fwg6HiLZNN0HfXUAF87zmViZySuVDr-2BOi9BTug-3D-3Dnyuf_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6t= o7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRD= x2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeE= v9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgS4ZRm= KYXelSawlOOhPfigVLvOu9idFqixccZkOjG-2BV4sRgZldmP9lnjRnOam3YkzjafbjKeuKt33i8= 4DqNaVO1QBUX0S9w2QDHTESkKxI0436E7TWerwnlL3rYulExYa9uDkgciTMLQzC2N6OY5ih11dk= iEFrkPld64NZGdNMOkiF97jipNhKxrcCm5CgKGOgHCU-2Bs8gQ35jbyXveLlk8G8qEZzp89c-2F= Fa373KPpM-2BzKpMZV9wD47SgHb-2BkYVWmmQ-3D" style=3D"color: #1D5080;" 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-2Fwg6HiLZNN0HfXUAY6-2BGu8mONxk6cYSbWyDpdQ-3D-3= D9ZDa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRI= KLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFp= AzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFd= e5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vI= rg-2Bh8KOQGVH4RGZoN0t0PgSF9vjW7d-2F3Soopoq8AfQL0fshsOP97bXyox8OWNXHYyumdtV7= W5UksszzO7nW4XcJ25EZl-2Bpgbd-2B2lvqTh5jOEgmOihogocvT1DumuNYAOkHZ5UPaOFmfC8c= 8znzUlkDcAC7um9P-2BgUNjSfmaogyAgOMDCy-2FecmuPLXkjwZJp-2BF6mG62tGcL4GZ0V-2Fz= HAZgp-2BcL9BS8LFD8ZSGnb1pFCD8Wb19-2FpgxoKdJtCF5qKFh1fJBSDS7bMdLCIVCclfpXqM-= 3D"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchil= lmarchhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px;= display: 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-2Fwg6HiLZNN0HfXUAYqbKUT97mjoEz9h= YuQNbiw-3D-3D2kTm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F= 1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB= 1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF= 7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgTfj4JyFTvUspj4VbmTQ1mSzXFP96PfM4-2FWBZA= hlBJwxcggYhESkS2D6KUC7ZzYagmxxHRZVIgdsqL0rGppMntJjLCBMKLZxOdZLnkRdGb2thE5cD= 98-2FukNmYHiK24mBJEitHRCI2-2B5LG1RFUSIWjzcYEyKEOtzCQEX5elWbP7VqxExOibDjI1Ky= uEJ-2F40wjMFurYsvllJagnM7nhU-2FYF4el-2FZw17FkyvPr3hJOu4tB3qay4lyQlZYG06kQl9= vfWAg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ineffable = Intelligence</a></b>, a London-based frontier AI lab, raised a $1.1 billion= 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-2B8Tzs8ptXZUwWGHwsfHgvr4FebgFi= amKuBOBiw-3D-3DyB4n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-= 2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWv= TB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWu= oF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgSx-2BuEP9A-2FLguMIxYLWKf9dMIVAQrVWfrN= SU9MKh8PWpyEVlR-2F2H-2BPjfophTJsp-2BajGvoDJ46q9srN0t9Fr0MBpw6WFWXWC9wOaI8mT= 834ktx7-2BXgHiN17z7VUeTNHsPODCDP0G6XQ4NVnFTgcUInM8vM8knWmPWQ3ztTJPP-2FdvGw0= put-2FSBBbhReCWeK0r6UQcXceq0aYziqOhthBboMQ0KPPP74J8dEEknlr5MUhTGoLr-2FkPQoI= 5PBiTyDuFQ-2Baw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= True Anomaly</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-2B8Tzs8ptXZUwWGHwetb6VMyuMw4O5Ia24lYUAw-3D-3DU= c2d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKL= iFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAz= GFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5= WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg= -2Bh8KOQGVH4RGZoN0t0PgQk4d4jFgZnCB5l-2Fw0mX-2FZGxCofqaDoH9CdQ7bzEud1OA3N6X5= 7KHdnXd7nBBE0Mvzd-2BvidgcYG7kWgYAJf1XYhQnNq0wrNMrw6OCG7JuwySyXdfab1O-2FtKIn= mo69eQnNDLYVM5VIOJp5CNqS7EEFaUSabA-2BtCp49Wha0OLBiwsHUALwZ56HLia8S732GdS9wt= K3JWymFJ2RMEseQ4o5QHfFNJipEkreXCAtFYeg1Wm76jx-2B49m9eJM6RLtqpDDi7Q-3D" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">Coultreon Biopharma</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?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwwxQJ= XwWg67I8GuYeLu2jZw-3D-3DM3LS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjE= a7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2= BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2F= GKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQuaSL3w0eCBMfuLHOxvyoyZdmYV6= c9MZWAdpKY5uAyolrYmKB-2FkoM-2FDb4iDU-2BRpcVUPOK2ITB27GGsYU83M1B6ULGMV5vRV-2= BmTVz5HGLERo0VpZ0-2FyBF8CTL7-2BCYf7KBkf2zb8fIkq9NOZ0-2F4QvraQ-2FjXtpr9ryS62= FSnuj955svJugd6zNgftPCVBb7KKR-2BFqufzhjxoMvSbbhwtGcveXecPufZoAfXpRE9x3B3tzz= -2B0Hv4J8BmDvKJWKJwj30bQ-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Manifest OS</a></b>, a legaltech startup, received a $60 million = Series A from investors including <b>Menlo Ventures</b>, <b>Kleiner Perkins= </b> and <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.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHw6ezqXHJCfiIb= 1kh7GCJg1A-3D-3DIxEz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w= -2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhW= vTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqW= uoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgTtwoG-2Bmt58QkKTdrL9-2FA82HitExjjE7Y= -2BBXIS0WSIIKpUc85gB5CaqtyE83vRKivK41aBfFVeQ-2BVQfagWluaeDJx3UYVDfeyk2W7-2F= BPgFyUpCQE5K1OsDMovt7VFMx3RblLpAENqO49PbGJc-2FXGDOS25jz1LO0E-2FtkMu0RbaGiD7= HmNGrv3xdTMh1QIjAD9My7O8GGsLEl6uFz8JpgKAyLYT6XGvVCUTpsZA-2Fs-2Bs3zSLqLGwwM6= lgsoWnFArr-2B2Io-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Liquid Instruments</a></b>, a developer of testing and measurement tools, = raised a $50 million Series C led by <b>Keysight Technologies</b> and the A= ustralian 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-2B8Tzs8ptXZUwWGHww-2F3jboGvYcxzVI0oVORZtA-3= D-3DrL3M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMe= iFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0= pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm= 1vIrg-2Bh8KOQGVH4RGZoN0t0PgTlRdOZS-2FquvnNcjlbmEhs2JtJ9lxhoFcdR8Yl3tA7G57ZH= mHj-2BB0LRMUCUmuNFz4wKMaFhPL8pD09PKZLvAlhw8593UNTToxzTCuP8q07LcBI-2BFx4WqtP= J9w6UfNaTtcaEtsg8FK050zzIiajAPn0146mWNEJyatrQGygC8DpOHVMbB9ifYFuJYcghz22Aix= scCHHJ1d6TMami6LF-2BswI98EaiqrTyFaooATcra-2FPtbej-2FzBaFA6mIFrZN-2FMXC9S0-3= D" 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=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRCfY-2B8Tzs8ptXZUwWGHwp6D50= shppw0q7MrmeO21Pg-3D-3DNJsS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa= 7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2B= UqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FG= KBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgTZMcyPvekZMwgzhx18pL5owGdaCNy= KXH-2Fde5A6i7PJN0gF1uYsmTFly-2B566YVmFmmCaUD8psPfN2rf8Ev7yO1aaCywFQc-2F4Vd-= 2Fa3Y1reCjWElwvfrAx-2BF-2F7PVpiVbwaYlCyWjRBjLzz-2F31ywTti5YhDMj0GruxGwEdW9v= aTDI4TB9SKC7riulgeFrqxx05oqfxzLiKAtwyxfuqLEuSAm3QfCE64tF-2FlSEQNqLKJlfGwH74= duldB0X-2F3HNIKuxy5gg-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-2B8Tzs8ptXZUwWGHwYE1hNfGaG2XZh-2B6bTck-2BU= w-3D-3D3Whz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BN= SMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLz= rt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MN= Omm1vIrg-2Bh8KOQGVH4RGZoN0t0PgSW1Tek5Awq15UlkNhPmEnt2ndKqVBuweu0zmgtcxFFZgT= EODUkwXBCYNshdBU4OZXLHqP3uhSy3RIpLTBYDcJg0Jqu-2B0Mz19fH4emvokznFrga0btUQckG= zALfBmzfMn3YvwHSfjvf7JAt5-2BG8IoMfbbWUb7fNPUqXJ8NAQvLUOwL4MxiwtTODprU1-2B7v= JU8r8LsAj0cVXWtUUQoPqEpI-2FBcS5II9sp82eBPMejzK6EwxiNI3bfynDvUZVjH-2F-2B3UQ-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Forest</a></b> s= ecured an additional =C2=A327 million for its Series B from investors inclu= ding <b>Okai</b>, <b>B8 Venture Partners</b> and <b>Fen Ventures</b>, bring= ing 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-2B8Tzs8ptXZUwWGHwmfZWod5= 5-2FHME2GArW0FyLQ-3D-3DET_R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa= 7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2B= UqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FG= KBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgREgvW-2BmOB66LebqWxcGbiO5pE7A= 0Pr3wRCQXyKvREXsD5brHcgAJJ4fFPOYzGrKiwnRMcInlMPGvpL31NASEvO5GOlH4YLEMOS3Fj3= 3bLCDKy8f1yqT-2F1Ubxm6rxDR3I2BrLnivRCmqlqWyGVzAmCEboMj2CsZ8K5zWAX9l2-2FZAvp= tF-2B2lby71quf1AwyqLRNBsTp8-2Baf00aPUEdupZXmHeR7us58-2FAM71C-2FVq0S8-2BmfjD= Kqu9Eke6QJamSYg8G-2FA-3D" style=3D"color: #1D5080;" test=3D"" universal=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.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWLRC= fY-2B8Tzs8ptXZUwWGHwRB6A01HtaNW-2B2P1Id0AenQ-3D-3D4QuL_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZ= B6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErR= kRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBn= BeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQY= RC5XZtCtDNwg03R1PUD5xFkeHfGt11X43JLz1zZ1FWLfT-2Ft0DqlKSp1XBpJATKqvBOSzsP65b= U7ZHq-2F5VxIKZTlbjoMHT8bW1nX5N-2BbJP383aeGJVTy3T8NtTkq-2FBk6DjJ3GmXA8kMrpMx= YTQtjfNDKOWJfWRcqZIwT2jADAGFDE0-2FyFa3Gy7JypsIrgZyOIzeB8-2FMx4jpl85S-2FeJXd= Ij3LlXBi5mGUuhU2Sf6u9ZnmdS-2FZ2YjwLWmLMuxYskG8-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Patronus</a></b>, a Berlin-based startup mak= ing devices for older people, received =E2=82=AC11 million in a round led b= y <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= wWGHw5784a0n8ln4kV52JvaoJcQ-3D-3D16cH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6L= kICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr= 4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0z= Y6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgSqGHE13mqOyBIB2EEB-= 2Fl1-2FWzX41V5k-2BLyjphIiqWh3YPfmeLl75L7MzANUN-2FsnwOFYMXvqptHXPzIxJmJ5BSB3= i9sm7fWtbAZylxzz9O8QraEKHRw-2FJnXEU40nKidOgXWZz2y6vJRhqXEhMGNgE2zTFhpwEVxuZ= Ns1nIHU93l-2BsfEbcwOgDhBE-2BE7u-2FbIucZ5ADIzIUIKmE2fkykLyETfhd9BOg6XcGMYep0= XYzKEeXr1uk-2B0fG9dkX1hsFB896gw-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Benfica</a></b> from shareholder Jose Antonio dos Santos an= d his family's <b>Grupo Valouro</b> at a roughly 70% premium to the club's = listed share price, implying an equity valuation of around =E2=82=AC250 mil= lion, 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-2FYsaUFdIFpja9AAIwBCCSlg-3D-3DHnWB_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYW= jPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgv= ELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wD= h-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KO= QGVH4RGZoN0t0PgSrgOpvNAL8z7OqEnlUHE5PjYM-2BHU9Yaechk2ty8jRD9Wya7gml-2BwE8B1= sAq91tKXy5YYE59AdO7pwKwle3GskUgsF0hx2o0-2FEl8Sbs509JBbqnhQdyDnkWLpoqhP0oQFu= T81IyWDEa-2FV0JzVw-2B99VVwsvB7m3JkD53ZLtCkJIswJ4J1NnptSU1bLsoFp2TZ6-2BlHkW-= 2Bo-2F9NZKcbT33baJcotXVfpbZB0NBpS4BNs8tIB6QTueCwP5vip4MgypX-2FRuM-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-2FMfWblDis7= n-2F-2FVrwqkJ7tEw-3D-3DLhe1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa= 7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2B= UqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FG= KBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRBKfJpcgmjCmFKSAJivq5KgzofNix= aDW7m-2BupmIP6wVtndZP6dg9G7Rg-2FTe-2B6AMfSSHfZb-2B1ZjasjT9zEo3AyQnRvyw8z-2B= CqByHDFmMZubKUP-2FMUgg9SMXC-2FadE12FMNiUJMzjG0uJfabPx7L7faB-2FZ9C3TlBoBa-2F= -2FJpUaKtJhJarTwd-2FyLpK1mARRe8nxY-2BBHD7-2FZn-2BE3tARlu1xZHmhkrMm37iTWdqdF= LJe5McZPsUoOtVG2WsbHKP8DyIyzE70-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">ESR Group</a></b>.<br><br><b>Fusion Capital Partners</b> ag= reed to purchase water management services company <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2Fc5XQWIFT-2B9d3l2fSIHM8VQ-3D-3Df= Q9y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKL= iFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAz= GFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5= WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg= -2Bh8KOQGVH4RGZoN0t0PgTYt4NcZA6oIH0-2FMKkwAJevlEXjxaKVvTFg8jOsu7mAeIbBYJOga= 4UKW5F7oMgSH-2FOww5NVB0gOge-2FKo-2Bj79Z-2FlEMjjx28aljzAEJxOCPaW0KAcRasAzQiK= p9iwdD3zAnoC1yGTOB6sqX-2Fqu6gvvd5ImRdR-2FE8dh8V-2Fba8FQ6jyjm1icbekE1UZLuB-2= BwmKeny-2FxomIXuDNic6Ucwht-2FmCd7tOcQ6ZGdwae0FTeTdn5ru6aoxVGRGfcpIQHesqXr-2= B8Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Aqualis</a><= /b> from <b>DFW Capital 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/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzXuaIxxscS-2B9Pw9pLKUstI-2FrkViWpFFHSNeKR6vak5nbQ-3D-3Dnhbg_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SC= Rk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQ= YCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw3= 0lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4R= GZoN0t0PgRJlCqevXp1E-2B65QFpZA4iuIlSbCvv9P2XUqQdfVSJZSYCqSwFYtEwv0TigpXJP3R= Rzy-2FRa8Rix2dK3VSxCdphBrwp9ANb7kZjRdAw12th4c933rj60yLg568fz9BtAJcj6AiGJgO1= R87Q2b7qf7jPIY4VQjNKrEV37H31HAIFUblfpT4v2GxMMnb3OJFU-2BKciI0L1GAZTIBpFf-2FD= aJ7clD4HE1yatjdvSKXFtcOnWOM3I3LS1-2FawY6i9dHE0b9i6E-3D" style=3D"color: #1D= 5080;" 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.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2FwghioI7fWTQ98GoeqdEX4g-3D-3DR5_K_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL= 0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZ= fjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2= Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGV= H4RGZoN0t0PgS1j0t7SYCCfqrtLsFroY0bTkHVg81SgoJP4MZVtXCIUC64ur3aaKY-2F7IGtZf4= gLR0r5gPlMPFQzZheBH4oaOnmTBHTK9ZjwZW0twHsdD0DOfAOJxVkzMzgnYdh4jc7KxCypEELr-= 2B-2F20ge9naPKpt0zRyN-2FsmNiZsexg4jDDcw20sIxUjs-2BtjGo5dT0qWgQoCXsupZVMvnfK= m69GYJCHVZG0q9pNAcimHEQ6gX6eWS9YrdeHoGIXbv-2BJI6dnTpiJ4Y-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Synergym</a></b>, a Spanish fitnes= s chain, to <b>Providence Equity Partners</b>-backed rival <b>VivaGym</b>.<= br><br><b>Osceola Capital</b>-backed <b>Valor Exterior Partners</b> acquire= d roofing company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw= 9pLKUstI-2FUS6wc2GfuzrO4XgEF0lfHg-3D-3DVewb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk8= 7UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1= -2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE= 1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgT2-2B41gUvk5P= U2c9iiuPBbGch28CTmBkQ2knUVdiSrT-2FZRtSYWZv1CJ19NMAxVcLPXlVNogWY6qddwIn99Ddf= M1yv1ng4yCn7M8U87ddmYdTSRQhPMo5goMCaUqiIWyIvWEN7Aju-2BxSb77bwETTv-2BZMTwP-2= Fvbc6lpTMzj8bt8f0oJBzDWlnqM9ysWCuGsDrLaAEYFNBR81nckF4OmpRQ-2FZhMgZUF3HxHdlr= aKO2Oq-2FrOaHkQPAuTwhsJgPmd5viAFM-3D" style=3D"color: #1D5080;" test=3D"" u= niversal=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-2FTxYjbGKeqH-2F= IFSFkNUMlwg-3D-3DI0bx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5= w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjh= WvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruq= WuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQn2j5nR5JdQdluIdyR-2FtGJb31DZeT0r5X= tVu05X05DRogs140SlP0SlTe-2Bc0k7RWRsrCtd12Jakfcg2DW89YE77MhW5V2-2ByszYpCSEnF= qTeMTO-2BDP4Hr8te2XSGLqaTvZgEOCtLWYqC6qSle9ICJEiQcZcqE-2F1NFFkZH-2FkGI-2BNU= oKNdJ-2Fz9c83aTwEgVz2xX3yETRJgAYdy9IIR-2BLO5R9fGYjZG-2Fm-2BLbKG1VWyjpg-2BtS= J3oCeErjT1QzixXKPimY4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Profluent</a></b> to continue developing DNA-editing technology. Prof= luent is backed by <b>Altimeter Capital Management</b> and <b>Bezos Expedit= ions</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-2FTBbAscouxOjVLcajPXBdkA-3D-3DZ_mO_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzg= IZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4E= rRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5Pkz= BnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0Pg= SYLl3NKo4BkoiZOaRXG5t-2FlMtULuzWOltLoLzQXbq0gm3UAmZOJ0l5zfwtz-2Fm4QyP9iy9e9= ziMEA5vVi0Cs28hH6VJhOArPTvi3Xd-2BnKd8hTjz15X72gutVMtrbW-2BueYXkAJ7RKEycqn4i= QWp0DWpomnc-2BweJ6UGJzpeT8Ux6Z9x0ZxJt8GMS13YCyXxvCvL0pTDPY49d19b7NeBU8-2FER= 0GMr9zmYRUHex274Q9mtHyhow0pTY-2BVkbhygE86Q1qsk-3D" style=3D"color: #1D5080;= " 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 company = at around $10 billion, Bloomberg reported.<br><br><b>EQT</b>-backed <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2FZC0nRemp3W-2Bl= ItQs6BPf0A-3D-3DHxZ9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w= -2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhW= vTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqW= uoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQLJLOJ5cOwXRB0gXCyCuT8lgDywvldwf0Xve= TjPS-2FMbtUXJfJMcROvoATqNCUOLZiZPUC7nhbBtkjR9aF5o6q52o9YJigTuZTWD-2BqX80-2B= tTpPpQEhiMAAl9Ht4-2BBJ7U81BI1fPdEufpRUagm-2Fi1mkkOiuih3nHJenTLIUqE2cYwuStMB= YNxAkHBggKPcnBksmOi604ZlrozLcUThjGxvAyBv4TRErpkqZWx-2BvlgvPYDgLb9O2HWi8Rdqv= 3IWfBZZk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Virtusa= </a></b>, a Massachusetts-based IT services group, is weighing an IPO in In= dia that could value the company at $7 billion or more, with plans to raise= at least $1 billion, Reuters reported.<br><br><b>TPG</b>-backed <b>Airtel = Money</b>, the mobile finance business of <b><a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzXuaIxxscS-2B9Pw9pLKUstI-2F-2BYI5T5wQlJXzAQhD9ND1-2FQ-3D-3DH1Ow_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYW= jPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgv= ELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wD= h-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KO= QGVH4RGZoN0t0PgRWt8TLmPj1iyf9dvMYWfDaXZ7DB2YV1Ihzr-2BwhQ0VHy9hGO5IMuQxjB0CI= Dv2dP9vJerC7Mj-2BUklCRIQ5Vz6AmdwMwT-2FEl-2Bj4kEq7O3i7XNl-2B-2Bb2Cq1e4MOb8T9= BLzL4yiFVLyN7rPJAWQl9d1B6hGvnyvJ6g-2F1Zinni8gHEGNr9wBSK0ixHDsbXK6dzHcdEmtyP= T6zdrpIN39dS83c0Bbgs4ZdVTB42Dcb1H92LcjtfXYIkIUKTZl6484BWFzLpw-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Airtel Africa</a></b>, is con= sidering 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-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7ava1gBzvR-2B9= Vw01LB7WVog-3D-3DNopt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5= w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjh= WvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruq= WuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgTodA-2F733OWsddwanzxdKO9lQgvUcZxLkW= tXhSQOE7Zuzt0gcmW9ZgWVFxHXcsctZzAeBbRv7gHnhMKhHuZM-2B-2FEZX2rQZsWebSccshjB4= ML6-2B9SZ-2BzIgpZMmnE6-2Bo-2FeKYaJKjmmvcj44ihISvVyDDk6hil9-2Bn5TwXKy9ADmgd5= oLl-2BEIU12KpRhbmdQKrcKE2BJWy-2FKw3TFa4lcRUkQ-2FkMlcoSRZXx97I7bI3VLo2IIfGej= y132ZyWHFUE8CFSyDNU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">Concord</a></b>, which was backed by <b>Apollo Global Management</b> an= d <b>Wood Creek Capital Management</b>, agreed to be acquired by <b>BMG Rig= hts Management</b>.<br><br><b>Valuedrive Technologies</b> is considering a = Mumbai IPO for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTF= LkH7s6xTWcbUM1stG0EpZoLd7Q-3D-3DBEtj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6Lk= ICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4= bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY= 6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgRKYCsluIzem9e7-2BvsI= Jsd2q30VJWDWiaJvlBLjwbrPiwaltmp3v8tVY2F1O8voA6zNR8371dVNOqo9T-2BHFWDNNAYGoL= Bf0fxNK2ydmSqHJT1qR6ygrU7i8Uk3ayTA3tGaBBCUWktvl0xUrVRIre-2B4plyI9TIIXP14UHg= SLj0-2B1G9GqAJvrSmPcqIwqEfgTOcfSWWJLTW9O-2Bo-2Fb0RDgOU4BK-2BtTgA5G-2FnYFgyh= vcVZ-2F8Cu2-2FqK-2BAKkyhRrRnoVnuUI-3D" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">Spinny</a></b>, a used car marketplace operator backed b= y <b>Tiger Global</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-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7N9b-2FY1E0e7vmXJv= J0qiZdw-3D-3DGgqA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F= 1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB= 1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF= 7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgSqIxrBkfMSOm4ylqLib6DmIKNPxMUPz9LB0SDfA= iUAJwVKfBT94LYzBmPGSVduTgIiHPRQkboSJp5VXc33kwHztSFWsXcqyIhg-2FcrHZkclCN1BUw= CEGsDB6AWobtI8-2FVujE4-2BRDyo-2BmNiW13-2FmNGbqudKE0B2U6SryNmJpDA87m6616sTEg= Y2xTb2tIK-2FZmg6PGYkkKd6zQZrezochx6NMksXhXvbL-2F5Zj7vYrv08j5MwCmkm6WBxXUqSq= lC5fH0E-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Silver R= ock Capital Partners</a></b> closed its latest private credit capital solut= ions vehicle on $4 billion.<br><br><b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzUaZo8Gj8P9xLiVhfTFLkH7RFX4B5aMhxndVDxpP1BVOg-3D-3DCXxx_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzg= IZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4E= rRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5Pkz= BnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0Pg= R9lttfEL82QMWOXmpTPtdE1MAAeDTgBxNjXRjUjM0X4J0x8Tz7e9WuXVnpt3cXyZbEEA-2FwePy= gF7C40LQim4-2FcKUXZTPTbdYEUtYzzTb3SPctY3-2BXARAzB-2BXJjol-2B4n0HaMwARXwtOUH= d4ql5QwVghzYioBJUmSIy9zOCsIdSvXP-2F681KsB-2FukW0Y-2FeKcavKZ5hkUQrfkMewujSvP= zXBY3WwPnOlhV3TB-2BMfsSkyRA-2FVWiQq1zWB2TBfA02HZecDY-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-= 2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH7PrDsJwulbsTzooAQY08jlg-3D-3DfVj3_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYW= jPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgv= ELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUqmJjhWvTB1D7cLzrt0pFde5WVH20wD= h-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKBcruqWuoF7N71MNOmm1vIrg-2Bh8KO= QGVH4RGZoN0t0PgRd2r7-2FjrYCPHLWEJy-2BxpCO4rz6Q9DQmlsxRyWtxtegiOoiAkFbnVY95M= 6V0GAJaIedOjblrU0ikC18xzzxX-2B3v7H7qLNNpxjheDZSrpJ526GnQDd45sJzaJph2iJd1YGf= e6cGJjAzxAT6W-2F9UdlF-2FIFHlgwV10vcP-2B09DvBe7t7uZz9UFYQZuw-2F57UeG-2FJS3nD= u199QWpd9oCAPtZXIVLCG9N5d0d0ssCxMzuLCPuOwLnhd-2BzGWmUrQALA3qaVaLI-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Allianz Global Investors<= /a></b> held a $270 million first close on its Asia Pacific Infrastructure = 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-2BaqM7ONnvsnswouzUaZo8Gj8P9xLiVhfTFLkH74CA0TC-2F= hzXgl7EcTXSlm7w-3D-3DYzwQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2BNYzgIZB6to7QokJk87UxU6LkICAdcNjEa7i= C4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKisXc4ErRkRDx2DEzFe1-2F3pr4bfr5jn-2BUq= mJjhWvTB1D7cLzrt0pFde5WVH20wDh-2Bw30lRvD5PkzBnBeEv9sjKwmE1Y1n0zY6daAo-2FGKB= cruqWuoF7N71MNOmm1vIrg-2Bh8KOQGVH4RGZoN0t0PgQwpxY-2B6dw-2FsWuA-2B53LKs4ofoC= Uhkg7kUIz4kd8BH6GcnzdCUHg30ajqGlHdjxLFI5fU1bp5lRCrTmU2hjiX7LNVjnSaLp-2FWy1M= iEXPIiRW0-2BHpF81YSKJ5zkCRGUWDfP44fveobYoCQkbpn2GSbzNsqAiidBtfGbdh4WJ30EzhO= c9-2BFjyyWXzbjAyRNuDCGPNvLEnXPOsrXdQ82IEdX7gv9AlzsRsUQ5P1qWB3deV4VXipX2qtdC= zvspLv78mqkEY-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= nswouzUaZo8Gj8P9xLiVhfTFLkH7jCOczXIytK6OIdCqKpkQDQ-3D-3D4S_q_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRIKLiFeYWYWjPL0SCRk-2B= NYzgIZB6to7QokJk87UxU6LkICAdcNjEa7iC4e5w-2F1h-2BNSMeiFpAzGFpRwgvELZfjQYCKis= 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