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Content preview: PitchBook Newsletters US private credit spreads widen; software M&A is about to take off, KKR says; crypto's big threat; NGP Energy Capital Management seeks $2.5B May 25, 2026 | Read online | Manage your subscription The [...] Content analysis details: (0.8 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 T_SPF_HELO_TEMPERROR SPF: test of HELO record failed (temperror) 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> US pri= vate credit spreads widen; software M&A is about to take off, KKR says;= crypto's big threat; NGP Energy Capital Management seeks $2.5B </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;">May 25, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxJTDXA-2Fwos= 92wFgvMzhB-2Fak6dftQTSHbKMe9Hk0EXhw-3D-3D1IJe_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuG= ijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWe= CQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNK= BIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6Y-2FheyvwHXuFTpn9MeMXPteoKDBwoWNLoIPsC5mFT= Tmc3nEy9csK8fR56OO4F4fJWQJYGAu5OsB9P0J7EGrwFqGIIbk9hr9wRaK22pPpyuc9yLt-2BM3= EFlpwDsvrL4kHvGGChfB2QeOxRzFBZQjN46FxE4ax3mvX-2FaHI9FV5gy6A9NCFNw-2Beu9CVC2= xW8A4dIc8xKWzFbPPz4sQSMzVLzJG-2B9vvQ7uPl9NyzX2SYByEGuFBKjhWwXC-2BKFDWVRwyvy= EDFn1AuvftzliOx-2FeuEeDOQ-3D" target=3D"_blank" style=3D"text-decoration: u= nderline; color: #1D5080">Read online</a> | <a= href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0Zsy= gXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0fr1B= voSfYroDWM-2BVTS0oRt95U99Dcs2eVuP4ojBepwdoh72_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuG= ijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWe= CQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNK= BIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6ciKeej3D1wc7XGltKpRhajTsn6iM5-2FB7GDtcvYuL= 4ojkTbNaiCCff2bWRS2Nrz4PSvukcT6iLgXz2gIK-2BtI-2F8zMqQNBTRmjeC5hAANdgFAcLNt2= bjgwUelDKW-2FdxSQPf1RwY-2F9rsKkv0-2BRaXPSx0-2FzC7-2BAA5b1ZrleElh36OryCAfRgW= o9UatpPHsvw7QZNE5sQrzM1hN3lgwIWAKtM5x01bogCx-2FO2tg58p85dBsgY3tF8HxbsRkrhek= VMczxjHA4H1oUTqiKImo0buTIJFZM-3D" target=3D"_blank" style=3D"text-decoratio= n: 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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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_581186" id=3D"n_581186" 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;"> Wealth advisers race to serve = small investors who own huge pools of capital </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 = Alexander Davis, Head of Enterprise Reporting</i><br><br> Longstanding lines separating institutional = and retail investors are getting blurred as the private market dismantles o= ld barriers.<br><br> As smaller investors amass more wealth, many= of them are working with their financial advisers to step up their allocat= ions to alternative investments.<br><br> That trend is revealing a new reality with f= ar-reaching consequences for wealth advisers and the alternative-asset indu= stry: <b>A growing chunk of the retail investors in the high- and ultra-hig= h-net-worth tiers now resemble institutional investors in some important wa= ys.</b><br><br> When it comes to investing time horizons, ri= sk appetite, market savvy and investable assets, it=E2=80=99s becoming more= common to see institutional-grade qualities in small investors who command= very large pools of capital.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table 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-2BaqM7ONnvsnswouzUxJTDXA-2Fwos92wFgvMzhB-2FneoX1= BDSQs9dY8KMR1v0mA-3D-3DT7KU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2= BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsq= qYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe= 8z9K2JCsHrAV1O6URmtKIN2HVP00JvFDY49DKzAM9AWoe68y-2BVTRqycf6iayKceQ5U9tv7kpv= 5WeqOWkhIXHr6ILwKSq6U-2B7ulJoEkBRiq-2BqqPacbfcOUbRQXuVY-2FlDNVYhhZprsad2qnN= NRNOoTiR8v5UETFGvxB7F74ziQeqfVjsmiyWRGpAFbqY4KV6w3Hn0IM-2FS152vOr1M0iD8Iekw= qq72nSW0d-2FD9ub96NoEEH-2BZlEaCIEXKnJe6-2BEgAek34LmZf6zWOuxmv-2FE0cpc9z3K6n= nznwFdQQzy0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/74490.png" style=3D"border: none; width: 100%= ; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Opp= ortunities for access to those pools are driving wealth advisers and instit= utional consultants into each other=E2=80=99s arms</b> as both professions = navigate the wealth channel=E2=80=99s growing appetite for alternatives.<br= ><br><b>Their joint efforts to cash in on the trend is driving demand for i= nstitutional-grade research capabilities</b> to meet the needs of small but= highly capitalized investors upping their interest in more exclusive inves= tments like a private equity drawdown fund.</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%; 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font-size: 18px; text-decoration: none= ; color: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Rea= d the full story<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsl= etter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" = width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUxJTDXA-2Fwos92= wFgvMzhB-2F-2F6SX4QC6cuG4KMAP84n6tg-3D-3DRaiq_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuG= ijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWe= CQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNK= BIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6dwZTaKcDu5SwWIwcVVOOydDamExidDG0kqA9-2BgWM= LikIkCqr0LwqJlQNa0GRx-2BGR-2FicoINVFA0FIOiHYY23-2FxJhz4xmqE5ORS-2BlNiyfuHxU= BQ8ogS0n6U4fXaqIk-2FP9KlFlknVwBTcFLz8gYGDLwlAA0WRsgoost6HdXBjznUPqvtuw6XDmO= dLvGLkxjqKMY5J1tUByB-2BaHHW-2FQTb6sCQk-2Bw02qmJwb70AlU505blVwzZ-2B0QPYnr024= NqA3t1ACdmK1HLdSwBFTNtfNH8hq0PY-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Barbarians meet their new gatekeepers: =E2=80=98wealthtech= =E2=80=99 middlemen </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>A message from PitchBook</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_581112" id=3D"n_581112" 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;"> Put your brand in front of pri= vate market decision makers </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">Reach = the C-suite leaders shaping private capital with trusted data, actionable i= nsights, and high-impact advertising solutions designed to elevate your bra= nd.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVHuMjX-2FpGd-2FH2LPOzt8vEjYX1= peMhFUvTSpPzUpXnxvg-3D-3DHMz-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1= -2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaB= sqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBV= be8z9K2JCsHrAV1O6fywySJZqt7BW-2Bx3vtquA-2FqVxr80SvJ8rcqFwy-2BKdFiZ6hhdd-2Bs= BbHcljBanAnCnJRfHIpHJyOb-2BR9b7LpfS6lrL79Ky1rFlByyzFIlZYBG5gpM26jHJ1fF9PnD8= g13-2FVv4WnUifMG901CA7c-2FNBWQVtq53JY1KFuKooD-2B7f33h3d4TuaEXM5A-2BTN6WWpy1= PyEBw0Gc1USyXWbgI6rXhjH-2BGI9B3q98NaWdUL1Rd6KZhHsZJEX-2FIQhaIm6Fh9-2FHVwki-= 2BskGUciEHTnBbUcCKa8k-3D" style=3D"color: #1D5080;" test=3D"">Explore adver= tising and custom research opportunities</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_581199" id=3D"n_581199" 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 credit spreads in spot= light on both sides of Atlantic as market dynamics shift </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 = Zack Miller and Nishant Sharma, LCD News</i><br><br> There's been a perception across the market = that European private credit commands higher spreads than its US counterpar= t. <b>That dynamic may be changing, however, as broader financial markets v= olatility is allowing US lenders to demand more from borrowers, while sprea= ds in Europe hold steady. </b><br><br><b>Spreads in the US have widened by = 50-100 basis points</b> on most transactions since the year began, sources = say, placing typical deal pricing around 525 bps in the current market. Mea= nwhile, recent activity suggests the European market has barely moved. Look= ing at LCD data, the <b>average European direct lending spread for the past= 12 months (to April) is 509 bps=E2=80=94lower than the full-year 2025 read= ing of 522 bps</b>.</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-2BaqM7ONnvsnswouzVHuMjX-2FpGd-2FH2LPOzt8vEjIn5GW= 4eFtNXVcjR-2BQiHZWw-3D-3DI9YF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1= -2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaB= sqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBV= be8z9K2JCsHrAV1O6UDV9EWu8PjNIo6tpT48ondR0in8Nr4EQiGTMwYQCb1ZBklTjEzqZRGSErq= Bnu8VEENX0g1Fmj-2BCtwU-2BEetF24UBTkbuQSzxUpxEbhmiOcGd2CJrkdFN-2BvPKdJPq6RV7= I3m8YTtnPenpRcrr-2B52AN73oMFLhHS8I-2BtLhr4CTamYqSmInsrMRT9WBn2fQRK76bIiO-2F= olZtKeqAIMd92DkonncbAtKBg5SV-2B0daQr57JKveIbrHP5UFyQwMQsDP3VKVDHEx7hKta3fIC= sIaLwobwE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt= ps://img.pitchbook.com/news/74463.png" style=3D"border: none; width: 100%; = height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"In Eu= rope, terms and spreads on deals remain largely unchanged from what they we= re six months ago," said Patrick Schoennagel, managing director and co-head= of Houlihan Lokey's European Capital Solutions group, noting that spreads = have generally nudged up by 25 bps at most. <b>While a 500 bps context repr= esents the "new normal" for pricing, he added, many deals still clear insid= e that level.</b><br><br> "You can see in a few cases=E2=80=94especial= ly larger deals=E2=80=94that there is a slight widening of pricing," Schoen= nagel said. "But on pure mid-market, high-quality credits, there hasn't bee= n any increase in margin."<br><br><b>European private lenders have demanded= a spread premium of roughly 25-50 bps over the US market on comparable dea= ls over the past few years, according to Apollo.</b> Other lenders have fla= gged a bigger differential, with Hayfin putting the premium as high as 150 = bps.</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-2BaqM7ONnvsnswouzVHuMjX-2FpGd-2FH2LPOzt8vEjIn5GW4eFtNXVcjR-2BQiHZWw-= 3D-3D7yN3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy= 3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hI= qiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6cpY= YQxF91lhrQEIAib5YhY6Fl9tXdaP5EPcOL-2BW7XK2EhDvXvqsbr-2FSYDOuFofWqifsA-2Bk-2= BX94D7htnMzI2A8jQvavJLOvSrvXJNouTTBfArPrsMvWok-2Fc3c4Nj-2F5h5SyNCIxHcpUd25Z= D1TgynDZlNLGqVj7IUhACpl6ntSRs0CpABOnZr0KfsYCsp-2B16m7KoC2Mo0dy9tJtXGRoFUS84= mQ-2BZypNKCTiAA2KZd8jWN3tMQDjoFtMprWHGuRhT9eKZf3HWK2PC0TXlhh-2B-2Bciuo-3D" = style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco= ration: none; color: black; padding-left: 3px" target=3D"_blank" universal= =3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com/ne= wsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px= ;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVHuMjX-2FpGd-2= FH2LPOzt8vEj-2B4kFy4c1LlpdyWZzhXqVAA-3D-3D67N8_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6Jcu= GijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcW= eCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BN= KBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6ZZRSv3BxSHkKhr-2BTS3BnncaHg-2BYTHGIIrz7sg= 2niAVyi68t440ESUVDnihzKVbtcHAQ-2F4PnC-2B6Ch-2BE2rxSYEISbV2qBgnEDfImkEYTipHh= DKOp5cutXlElXaxs4ST2qkkyYwaAbwh3EVHfZ91KPMgud6z1wgoe8uB8YKDbnocGLsfO2tiB-2B= x6bh5D1sMU0vUGD5ysf4NPgopFpPNLZmXEPwtC5HUjvzeRrkRcW6YQGHEJ24HaKyvzehfcvwU93= 88tdPXjkE0MrJUhz73KRnBSo-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">April 2026 European Private Credit Monitor</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>LPs are done rewarding high IRR= s</b> that reflect unrealized valuations. DPI=E2=80=94which measures how mu= ch capital has actually been distributed=E2=80=94is now the metric driving = fundraising conversations. [<a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVHuMjX-2FpGd= -2FH2LPOzt8vEjrgTAALKmDXzMcXDLk7VWXA-3D-3DhhPw_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6Jcu= GijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcW= eCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BN= KBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6XzAXtgSSPKenbtuTM2UKa06dmryexwQEy7zBo-2F6= NATJpPwQp9Ud6rT58c-2FhKmOMkMgPjmz-2FdeiEnxHZHlx6NxjT394z36S7lSZf-2BsEXUrVJZ= 2m56cnKxQQTCkrHkIIGzQeKXPO-2FfZPhJZoNrLlokBQ7wge5OKYH4Lx0murmaxnn57N10333Iq= vgku5JK0jLFUiENRGcPa4cNJ08tF44UgX5hC49YkuxIilLqx-2FKaX-2BTG0PbZbzOxyszkNW8z= tAIn-2F5qSNRfDIaPiHQQEyDyE4c-3D" style=3D"color: #1D5080;" test=3D"">The Wa= ll Street Journal</a>]<br><br> =E2=80=A2 <b>Quantum computers capable of br= eaking bitcoin's encryption could arrive as soon as 2030</b>, and the crypt= o industry is now racing to prepare for a threat it once dismissed as decad= es away. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVHuMjX-2FpGd-2FH2LPOzt8vEjtToD= PjVh5oRBiVA7llkb6w-3D-3DgxbA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-= 2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBs= qqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVb= e8z9K2JCsHrAV1O6foESwqRhwDrAQfKT5RubWR1Fu-2BP0efOpJ-2FjBz3sUl8X3OXA2dYOYsZ4= PYwXdQ07OPyR8mJ64hHa4o-2BiGLBgyqLG5OPy6OXt18NKbok-2B8skioALBQfy2LY9RrIKqQte= X4LM7kogMRP1tAbo-2Bee2AfCmUfLi8hktCJczkpaYE4x-2BpozlK24ncYr22EhzfG6J0PLGYkf= iyA9Q02jT9dw-2FbHEsfgEO3H-2F5N3ebcd07YZ9CRuRTFV7UQ6-2FH-2BZj-2F-2FWsI2lTw-2= BkJHgmSgHcajFmo6Ittw-3D" style=3D"color: #1D5080;" test=3D"">Financial Time= s</a>]<br><br> =E2=80=A2 <b>Undersea cables in the Gulf can= 't keep up with AI</b> as the world is forced to begin rethinking internet = infrastructure. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVHuMjX-2FpGd-2FH2LPOzt8= vEjJOjAZwG6kCNjs3FcTm0IIg-3D-3D2Wgy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQe= S8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjs= oueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6ni= C-2FBVbe8z9K2JCsHrAV1O6cqCs3yBvVOREFiC3-2F-2FjleOdFS1QH0qmBwM-2FKlHgzGS1avI= kit9-2FQaKpoqgGB1Q-2ByEhGsp3xckR9dH1lweXN-2BD3yHcteSv2tsnYSZNHNbJChPlxfg8hW= Bms6PFsY4VM4PN6W3iiMgk083940y-2BXNZU1Wu-2FicNMIuS-2FhaZuKDKkP9EstMek2W4i-2F= aBEqdQflNkgCCD4CFWEX03jad5gug-2BS8RHO5zKx9cKYohGU8G-2FQ-2BO4wtxcV2Yr-2BDbLm= 60t1LIFfBSHUgcZfKKwhmKzJodaSw-3D" style=3D"color: #1D5080;" test=3D"">Wired= </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; " 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></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_581119" id=3D"n_581119" 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: 2015 Vint= age Global Funds-of-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: 74.62686567164178%; mi= n-width: 74.62686567164178%; max-width: 74.62686567164178%; 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">10.00%</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">13.40%</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout= : fixed;" width=3D"100%"> <tbody> <tr> <td align=3D"center" valign=3D"middle"> <div style=3D"font-family: Roboto, Arial, san= s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27= px; padding-top: 5px; padding-bottom: 5px; float: none;"> 0.10x </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= swouzVHuMjX-2FpGd-2FH2LPOzt8vEj6wLMbqRwSBFfXfM-2B0YVNaA-3D-3DXYhF_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpA= rtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4x= NBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPN= kjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6T7i77shh5qIjPPXp-2BIwl= F8jUo8tSwBOoQAJ3KoXDOaFWaxhtXuNu9sMFh-2BPXdKOZhjmQeGXyvahhe7cqGYUXP4K-2FYYz= QsEIBksfrdwOXJP1Au1umUOaXuhOudJNEOqAWOKq8nbjXv9fdQ4aYqNaWkz7iECCeq1h-2B414y= 5ni-2Bei5hY5v-2FYqzJoZdQL96gsETGvQ52YGKYHTtX8PpZDhof-2F6MM0cW8UfSq02rdS3j32= RTvtEnRXSV5kuSWfn9EDAaCSwNJ-2BLupOLTs90oVbHH360-3D" style=3D"font-size: 14p= x; line-height: 24px; color: #1D5080;" universal=3D"true">Peakview Capital = Fund IV </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzVHuMjX-2FpGd-2FH2LPOzt8vEjR-2FCe26yL-2FfNa12MYD4DSgA-3D-3D47bw_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJ= pArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj= 4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEo= PNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6UGfQRpMVJhTrLs1qDg82= 21k0izryZfun8BY4mSKT4d4LynAqWJkpJM-2B5m-2BX250ytADOMQrOSfYox7epCCZs9Ar81qKP= Mb51tIuFU7wOdwxnRTJb-2FxOS8dpoRurzLxD-2BveduGALtKmOuOnCy-2Bpx8RrRQYUSoHclak= JTtOhMDIGgt4yET56gRwkr3uflRg-2FBsParcdu9QStPd-2Bj8Ns1HBuUGBAaDWzU-2FLjT7XZD= kGUDZ7egwBhCDEV-2BPRoqdzhEjmmi57nMz3cu3PBX1cyO06koM-3D" style=3D"font-size:= 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Valley Forge = Fund XIII </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= swouzUoH1hRqhNFVIoqCTzxP21iF4GWGmdoSqB6-2Fe7wiiptsA-3D-3DGrD1_I3w5d9c01gkD8= 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0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21ig8wGev= VmlC9LuEUxNDTAAA-3D-3DAI2q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2B= mfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqq= YhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8= z9K2JCsHrAV1O6U6q9MAfuVVsLwMe3axwl6pc8gNyfPvP9WEmEKaNvlQ0vDq2dH2cX2orbuFcAS= IxRE-2B-2FBGgGHxwAsxIAkUGBk-2FxIpfdpLixvbHEJT2EK3HlwpL20sNvOHcGrtaEv5rhH0Ik= CoFHHiZDzvLKhAsQnzpZMsT5N8uZRnPo5ZK-2FrlUowCYjqMK-2FShAj3fY0CM-2BIu6ukFh6q8= TDfLkdCaOSAqaCAUv2vfUK4FCjoHgtdSB05IoyhkiP-2F6oz9O-2B6-2F3kg0RGA8H42kCVfbbH= 4j790ncmgY-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1D5= 080; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"tr= ue">46 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-2BaqM7ONnvsnswouzUoH1hRq= hNFVIoqCTzxP21iNEZ6NyR1gnRQn24mnqSN-2Fg-3D-3DMDj6_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6= JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYggh= UcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-= 2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6cIgJQzO7rYmCLM8Og3dMmgaflwnL2DXYIhCOys= 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tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21iTlJTDiOtyFFRvnEhkvcWTA-3D-3DzHc= R_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWh= X2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4= IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mC= axLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6RC-2BmG8uQK= 2xl-2BHjeAvWe6kL-2B-2FyAC0QXU1gjIl8d0ezCB9xlHaiGAIe1M6cX-2Bd4Xf6-2BN1qmZLZO= na4IxvXvTh5fFGuW8mkehb8mSZECEzo9N04ljFj5B-2BhYwmFbaFGcPGNsvS1BCXVG5dC-2Bzjo= S4vAR-2B-2F8ywjMCyko7XM-2FyNQY8VOO3GfY4YSO-2BjLDdo3ma-2BUddVqjZPlphCBcwDnyc= nT2-2BNkw14Q7omx1K9hmDhucgr8vwdl1IPo0VlvQJoZd4xqkHHUU0HQ8tOX4P0D3Zgt8I-3D">= <img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4561/Churchillmar= chhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; dis= play: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>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>Nvi= dia</b>'s VC arm <b>NVentures</b> invested in Paris-based <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21iE74v6IwrtKTHlN6rwb6Khw-3D-3D= mCkW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2= WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3Kn= Sn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W= 0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6do1lwIwh= jjjlf58Bg-2FMX0GGcLPjZV5bWj5xy1IL2zR4XL2E4s1xaC6R8J6W1eZHkdwzYLc-2FfOpWGT94= wW8IrCm8uqTvNEt3jv-2Bx7xS-2BGyUcSyYk8jADvWlH24ZzNq-2Fr-2B1raXEBRYZWmQmNWV-2= BfCSPDppRHzCf94dLdCPFaFp6tV9CShGjrv3fG-2FogkIV35kkTi-2BVJ57XTC7oXCujloZz9YU= GV0iOX-2BOBHnE8hMkkbtNKo8zfRJSwsRROPUfrFQXsxFNc7jxuFyz-2BEwH9qA2dgc-3D" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">Alice & Bob</a></b>= , extending the quantum computing group's =E2=82=AC100 million Series B.<br= ><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21iHN1eJB= T11FaZlPhwC76v2Q-3D-3Dmezh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2B= mfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqq= YhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8= z9K2JCsHrAV1O6VAXVcHVqmYvXTUUCnkYHeGWgE2DKxBhksy4W4-2FLER6DO7mfajzuyMlQODKi= VqSimdTs2bBD5gBeRbC3AlztgZZC9DS7whB9teLM9ItF-2Fc693nLEwq7adnvwU52DCXo-2FKAZ= fd3e7LlfNKFpZLvyVVzop-2BJ-2BPtaDmSUW5Z8dzY6MNcNuy3aJvduEf44CCpL8CXQ3NhkJCQm= sa6BrF82aAdUuptWxmuWpINbZAbY-2F11RP-2Bbrd3FUkdkkpG-2FuOH2XfHDZPWCblRrKOU2i9= gwRVqEsA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Starlab= Space</a></b>, an aerospace startup developing a commercial space station,= received an investment from <b>1789 Capital</b>.<br><br> Austrian clean energy startup <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21iOa3usex6WMC-2BWjdoJFHTvw-= 3D-3DaIRt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy= 3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hI= qiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6YVH= 9EBcmxnNkXNiIVk13AT-2BPhlJ3a0jP2R37yVrDqFsnnsRo-2FSO-2BB77S2QzitMYflJa2MtX7= 4H9FB24nTczesLoi5Y5eFHmHVuOOEDUQI0zleWSaOK9HONEraQ99DmIVQpFTx5cT94r2bKd-2Fe= ctiupYU9OAgsR-2BB3C0i2UxX-2FoGwvbY5vWWeW1NO51512EwuUWqvf9l-2FiDjM6OFoljOahf= hgxGDs6h8RzMs6LiF1PcAUMdbfhS9uIXoV4wZm9liWQKOD8w1joB0I4Thw8VO2js-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">REPS</a></b> raised $23.6= million.<br><br> AI therapy platform developer <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21iMRuBdsaCKZwiIm0Lrr53tw-3D= -3DuyIc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= Fe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j= 3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqi= C4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6cuMax= IWR4MjTM1W2Iki7eL-2BZSA5pybNf-2BpE17T4FtYmkdvLOU2dSJt8yVx2dFWYoRALFBG4jknUt= vwAsLtEx-2Fc-2FPLF1DDDlljE-2BavEf8LvIeme1YhfQuPfnZrryYq2rVLODAvkpVc1CrtlM2f= sbu9hRU0fQn7jfeYZpQ1x-2FkpQ3FjxemmJbGMfUW9P9rjqYGgxST-2BaCtykt9DxSt0DPvvu5T= dg0itmUfiOuiC7XLkm-2Ba5STHu3v4z6A-2BKf72poTFw9HJEdF0bgAjV03gVt6pFs-3D" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">The Path</a></b> raised = a $14.3 million seed round led by <b>Prime Movers Lab</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>CVC= Capital Partners</b> and Belgian investment group <b>Groupe Bruxelles Lamb= ert</b> launched a =E2=82=AC10.7 billion take-private bid for <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVIoqCTzxP21iDoFTQvV7WjfTZSpBzHKhqw-3= D-3DdBAa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3= j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIq= iC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6Rwnd= oiGBWCUJO0OZQvU-2FOuJa-2FMYa9cEcKNZ4NKnUGIvEMfJYHwyW0HuPfuluXYI3fXc3-2Bgpkh= QSw4XNaHy5vR6u9YZdXNj4OucfGdMPR-2FIjetU3b9Z8j80px7dm3EuRiZdI-2By3s0QuUjKYcl= DBYBkk2ILkOk9N-2FsygMCB9JNzLYX3t7DL4pBNrUjldPJrMg70HXW9QHrEPoM1mTTOCSxa0aXE= 1ZpVZaZtFA6i9QwPss2o-2BX3SScWSUYcA4UpcJEqzvVRqcCV8xoqQrGcRSSOPM-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Recordati</a></b>, a Mila= n-based pharmaceutical group.<br><br><b>CapVest Partners</b>-backed <b>Curi= um</b> offered $7 billion for a take-private deal for Nasdaq-listed radioac= tive imaging company <b><a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUoH1hRqhNFVI= oqCTzxP21iuooip2vtIjbofCwhAy8Z0g-3D-3DbKNq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijk= fmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQH= FdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY= 5mZy6niC-2FBVbe8z9K2JCsHrAV1O6btIaPaespaeRCSUYK7zhJsNBTCt-2BQJiNGglcN7fZU7g= HMl46fX3jmmXlFE9YObeAglIUakwyggQ-2B22JubugDxlQ7fUTPCRj4iu6s73p-2BW5H6HjyJwY= fDfqZbpHz4HPqmsDvqvA1OqrbFFw9CP1YTsLBE9F0DKdW0pnuQOykD-2BUUJP0yQXO-2FHuckBC= ojFyU8GtZz7yKA3-2FL-2F4jDltj21NUYOIIMNofkGiGUBXY18PsZBgIHdEXA-2FfF9bJE441M2= eFTJDhItJS7BKkTfhnA-2B6t4k-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Lantheus</a></b>, Bloomberg reported.<br><br><b>Brookfield</b>, = <b>TA Associates</b> and Indian healthcare chain <b>Cloudnine</b> are compe= ting to acquire a stake in <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIF= MJH8BFFtRuGf2Acw8OL3HBCcgbQqe4tt31DbKA-3D-3DnAX3_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6J= cuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghU= cWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2= BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6bAUWBS6fuiRNEkBh4IpO7vT1J1T8m6ZlJpIkbeY= XFQ3V8q74k-2FPASRdGXcci9fPSZc1gGZuc7gULS-2FUx59nOVZAZkrxAfoCKHvB1vqRGqJNSNC= 8t6cUNhx0ASSfNJogfq9aQCoYdzOhQsYskJqq3AjpMQn1cNHSy4bqaVfsDCkY5NShR-2BCYqopl= GE8cV3mk-2BZQfyH8HofdWFT5IUHRnzMm5C9OvmzzCMNxdijAEvvcQBE7q8PwfkYKWfRyo6Ca-2= FPBeH1mpiwz5mbCQwMRwTJ4Q-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">Fakih IVF</a></b>, a UAE-based fertility clinic operator that cou= ld be valued at up to $1 billion, the Financial Times reported.<br><br> Singapore sovereign wealth fund <b>GIC</b> i= s in talks with <b>Isausa</b> and <b>Equipav</b> to bid for a take-private = deal of <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2Acwd= O16F-2BKpyhxV6M4jcz9xNA-3D-3D4Be7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8= yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsou= eKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-= 2FBVbe8z9K2JCsHrAV1O6VaUZayhN8cHa8R3Yhke7bJBzrd5XrcGY-2F2VdZ3f6DfOXbLFbAeZA= mWOOWQT1YHCXqpjIilppK-2B19GaaaGxrjfifKSLDwqzzi7aYQjliYNO-2FOSWwG6sSD9IpAo-2= FUfdFlF0h4mz1qwAdvmQnDO08gNjJEv10Ny8ytHH7RB3or37YtBASxoXrts75c9y6m1xzepioHs= -2FX8sbAMrrjlg1sq4f4G6-2BHIreVr0tZX1FejSk9UBfpBKdgOQJ4dGEfduBjTEcud6kY1dCq5= Cy2WPGJr2aw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Copa= sa</a></b>, a water sanitization company based in Brazil, Bloomberg reporte= d.<br><br><b>OMERS</b> agreed to exit its 25% stake in <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2Acw-2B0eZSCJNsnlteolSIF7eKA-3D-3Dk= y23_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2W= WhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnS= n4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0= mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6bYhD6ghTk= wa6x5hbHhdAweXXYXyGI-2B0mGQytJiCxRicJuK3QC0enhlP8pL7nDZXawq6pqGSI1VMAnFgguh= QPMcZ5FH1ByQja4Wd3wq-2F6Wdo18-2FQFAMYJ-2F6gV75hmH7lN7jBuYCfSg1oFORZiAeXsV33= JXC26Z03pUA2MIlcCI0A0pPnGOBo2KZhHzdg9Ft14gFJl45FHzBTOV-2BTiH1IeLHX0ovuhKAZN= gXPh26pIWSznK8rgkMIuANfhx4vipzcje5qD-2BnDpoG4rjr5BIFhNS4-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Exolum</a></b>, a Madrid-based ene= rgy logistics operator. <b>Stoneshield Capital</b> is buying 15% of its sta= ke, with the remaining 10% going to an undisclosed investor.</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"><b>Fou= ntainVest</b> is considering a sale of high-precision components maker <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2Acwhq8k4O3wJ-2Fn4V= PMmjf8y4g-3D-3D1_Hr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeI= DIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yu= FR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCs= HrAV1O6TNbfs0w0pP-2FwqJrTwpnntxY9dnB5Uybw7nTI4BipUlorz0Zc2jxccareLL-2BL92v4= clnviIYtBtHAprZuv7gHs-2FSUmXwUKqONfLfXA8KsW8fcebH9z2-2BqppJXOE8E69esWu14pQE= bE5HE-2FQtfuJdsIc5mw3nift17kZb5XBWU6vKSlTpBl41U-2FU3pnqAZmF5ftMt21vjTDT-2FD= xA-2BALmnPZWPu5IFTLxKeGZ7zbnVU7U5oh5eKoRFDUs7L2LdupZ8MMoJDYMR5MjwJE9QKRgCTW= s-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Small Precisio= n Tools</a></b>, which could be valued up to $1 billion in a sale, Bloomber= g reported.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFt= RuGf2AcwRFS9FU8oyIGADH1kr3Y1JA-3D-3DADZJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfm= GXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFd= PYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5m= Zy6niC-2FBVbe8z9K2JCsHrAV1O6aiAKX06xqPSToOUUi-2FIhz3To7Uec8s2jhEKkWFgjNIH4R= gEzHS4VsRDj2xWuzpn8Ms0pMLkXt9Qao-2FYIEv-2FOflAaLoTQapyBG-2Bj5v7bAxexH63rgJI= V9mTIrfsd4i9p-2FtW1TIHcqD2K2vzZA2RzHorA64YGcY3jNt7ny-2FljEygUZBlTUwcIkBq64D= XWTDDMbK9GY8mXkz-2BVDwPwSdeyQ-2BtpYyqXSsE80s-2F6eM2NGueD9Y2hAgZwylukkEumqL3= Y34wTDr7-2B5TajVBMzWi2od7k-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Brunt Workwear</a></b>, which specializes in footwear for trade = workers and is backed by investors including growth equity firm <b>Stripes<= /b>, is exploring a partial or full sale that could value it at over $1 bil= lion, Reuters reported.<br><br><b>Tiger Global</b>-backed semiconductor mar= ketplace operator <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtR= uGf2AcwLmu-2FvQmw7y4zArh1yFe2Cw-3D-3D4EM1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkf= mGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHF= dPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5= mZy6niC-2FBVbe8z9K2JCsHrAV1O6V0jvCT7IPzL1D-2BoxedygvK1YPkSNWxMxM-2FWj-2Bp9p= 5FzCHgV5EI7DRMYu2uaJ183Digl1RKjPBUThbFtFpn9xLAfNfPvWWWAZcKoFaFTE3PZPgWGZngT= IOxs3bwCSDQZiVIPmKk9sxkpiIzZtRbS04oRoX6PpkXbcgvCkShhXk0OwjSjrFjDZKAoZHvc-2F= tMwWXVPsaw5mWVJiC9hwfJTP5lUQIUbDCpiXevq61daQkVTA-2B2b4cg51LAq4gLfiWfx7847-2= FeXFcKkx66cGUJbV-2Fco-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Moov</a></b> agreed to be acquired by <b>Axion Semiconductor</b>.</td= > </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2AcwTAnfYm60tw0wTmS7c= UroHA-3D-3DN2xS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQc= sJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4i= HN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV= 1O6Y9YmswzslF6sL0a4f-2Fxibqms0NfJVSCbweA8vXkQAFBbq0ab0x6DPsqALDqs4WM-2BoXRf= MzpZUzKoVf39XoSDseT1aOYP9T9KGHsclvXMNySNB-2Bd859tU5mHRsVepAHY6DxvtHuSDheXNL= MBVJfR5JrPLi2sDN510uKqI02bYvLm08ARR7YVBM4zbjWdPF3WpV1-2BPcKTN-2Fqr0n79c-2FQ= nvbe1lSsma7sVyM93BQEaGZ4Hp-2B7rUyJuI7khWknzuCKmRiULGN-2FPzwp4N8-2BhDVk9Hks-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">NGP Energy Capit= al Management</a></b> is seeking $2.5 billion for its latest fund to back o= il and gas companies.<br><br> Berlin-based VC <b><a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2Acwep5-2FvGSxitCxa9fYMTCV6w-3D-3DOutl_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx4= 1TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq= 2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoP= MEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6aAVbPUR-2FSitljGW= XZf1UYz6mjue3-2BA-2Fzkhslu-2BqhOU3wfqpImjsLZ3wNMBLDIOPBKUfuki0CLwP65tcdH9V6= iZYGXSm5vmfK3a7K0IWvtoV-2Byj8Qytr3E-2FIiNnLX-2BKL8OMXqx4EH2lgd0VVeRJ8pM-2F-= 2BcEvhPSMToxHycAmsKgWRI3BtSEhV1eK9QgCnpjYl6Tqo1AQK-2B4Qc8GqUpsHXaKtSNMNcGLU= vwnaTehO9EQw40nyvrJtiiId6Ft9JP2lOhXXSo5ymF4uK-2Fu1mWQWvatg-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Earlybird</a></b> is raising a = =E2=82=AC500 million defense fund in partnership with French investor <b><a= href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2AcwC3-2FTe7dW8hcX-2= BdErL0Q0Xw-3D-3Dt0kB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtae= IDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8y= uFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JC= sHrAV1O6fhynTQMczKUDx5XprAI5aTWu7ve9m1NEyvNuIpqYmW7YAGXti4lBIekFwcEvQ2mpvuq= PRwKyqGRnJzTpVb78lNlQ-2BeIGhDsGURx9h4yhslbatEzXHNilDOgxRYkMbgNErY6wzk8Xz9aP= o3vWILPpUwfgiZebLIuLUv3PmZXkpETEv5lb9m1Wcf-2FYNy1iS4iF0FXs2j5YN2yJsL1w2PMt9= oDFg-2FK1hko7jA1JoKo6bL0J9AHrkhtb-2F1PFt9i-2BXroh8jBa6B0jotSQH2IuvM3S24-3D"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">AVP</a></b>, Sifted= 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>Corporate M&A</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-2BaqM7ONnvsnswouzXYrTIFMJH8BFFtRuGf2Acw0MbntY-2Fzxu9whk4= -2FPrg6Dg-3D-3DGCNh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeI= DIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yu= FR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCs= HrAV1O6fvrZDueWfCxWaPRIPIKUZuYoEwsrx-2FUhWjJkSqAEo1qc2bA-2FRfvjEEcZ8qB7pj7z= 90EHDePSwFKVmZOxo0AdoSunchyS-2BHJMuK0DUNRJ-2FAmdA8WsfSK-2FK5XA27uPY1IWLuKAg= M4I9tyvLFUfgj-2BATTgj0gUI0YTKotzQJnM1jePGIST53RMt9YxVr4oA0KyrgFqxrstPmDuKtv= NXtyayKtzU55qk3fr9nHTMF7rirHv6YzNg0PYD74-2Fu-2B-2FpHqOQ5hFyZahU0bQ6PimkFwuh= wuI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Est=C3=A9e L= auder</a></b> and Barcelona-based <b><a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zXoFHO62JQpH1sHEIMksSsKJO2GhuTrUSZ9QbftukOqxQ-3D-3DvnyC_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adS= lnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETF= yuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXycX= MKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6Y3VVOgVCNEi34SPYHLxxqKGFXxM-2FuM= Ff-2B58Y-2FZ38ClR436irGUWjqketg8EP34mpOD5dztWIpR1iq3ddmIs-2F5jmBG1BufgYqYSb= vjOFWZb9rmkV-2B2VraECDWK1pcvyiFEauuGbxeuQRAyWIdhki7SquBBGzLCZNxuJC460mY9WDP= VXzAwByAQdFPIBXok5VWMz8TbioEIjZjshfGxcQxt1zD8TX-2B6bmptX424LjT6LTWeiQJMI5ag= yZA64x-2FGZPtJGSjgrYp3nf5Veof6Ekq3A-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Puig</a></b> terminated merger talks that would have co= mbined the two premium beauty companies.<br><br><b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXoFHO62JQpH1sHEIMksSsKXz0QOlhFXePbvY-2BkIp5VmA-3D-3DmpP-_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx= 41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXY= q2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfo= PMEoPNkjpoAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6S6ZtQ2HabFOi4Om6= sgGqt0nZHIsUkSTJJSb-2BzsR84Im-2FIIoWdSrUhyO7r6yYFYCUUut0mPsxc4xXDYnDtKBsn72= zYgU7YJIwCUgM0WauxskfJUY-2FzMk5DXdIH4KyIDgRTZsM2lMJqgT9o42LkpGu4456bv-2Fn-2= FjeK4LVdHe6-2B5XwZ9GZNxU5l9BDQvUB8BePZEtRwPgK1dzPYcLmGdoJFqLbX-2FSQMcnT0fyP= O-2B0KUi-2FdNhN6cph7xcAaUSullb80sm9QuaOaF3-2Bw3jRsUf-2BxoQM-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Uber</a></b> is considering a f= ull takeover of Germany-listed <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXo= FHO62JQpH1sHEIMksSsKpmgp94DkeSu-2F-2BuFC6B53nA-3D-3D5myR_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8ad= SlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMET= FyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjpoAuXyc= XMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6XV38zV2SQXdHzjhNzJJraig3ukFR7dU= LPCgSiby-2BBLDw3Ikwgginb8oygXRrxjJftpKKhlkaz56r9UGhY-2F6x88b6sljIccplVDcsCB= kW-2BHdzTkMeDUaxrULafEjXbZz6qUAPuPhpA6-2FIAGEnoTIQtsbqAmZSAvb3gVI4I6UTUZJCk= 6V7uWYL11-2B02D-2BXQ0ZLrwHbeWyqsER7lrtPjdt68JVxQLrIjyTYLb5EK-2BJNeCj3NzMeTO= tAJG1Pzkc9x1Aoz2eGOFv1tZsMDXAuiWRR8w-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Delivery Hero</a></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>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-2BaqM7ONnvsnswouzXoFHO62JQpH1sHEIMksSsKB0n2ZQRga= 4gWQiHc-2F7214A-3D-3DhouM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArtax6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2Bm= fDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBCIZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqY= 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valign=3D"top">PE has= delivered the strongest cumulative growth among private capital strategies= since 2014, posting roughly a 4.8x increase.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXoFHO62JQpH1sHEIMksSsKKSt0-2BAfs4Egc0WFJZ9NsnQ-3D-3DcLZq_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFe2WWhX2xFx41TJpArta= x6D8adSlnRWB6JcuGijkfmGXaQeS8yir1-2BmfDtaeIDIQcsJkZSy3j3KnSn4IAJXYq2Nj4xNBC= IZOMETFyuYgghUcWeCQHFdPYUjsoueKaBsqqYhZQ8yuFR4iHN49hIqiC4W0mCaxLfoPMEoPNkjp= oAuXycXMKDAt-2BNKBIY5mZy6niC-2FBVbe8z9K2JCsHrAV1O6eaKF-2FHkIfZtkO9joptd2oFV= Y5OcQFVKc6VX0gvjnGNCzJn8Ye8K4dSJ88PqXOqoCjd7007-2FwvFAe9Zb2uNcA3S7nsE1TDGTw= jChtR9U5ov9QagmZ3mObcdSXmR1IVnFtgV-2BEGfnkjRudh8n-2Frqh6RBsLLFCy-2BT199Hdce= VdAUSPpU-2FO4DU1wNGibBf02-2F93ILdO1zcYq5BdwS6wq-2BRHkOPTHh9ueN18i04WsrTV6cz= YncvG0K0i3Du1NgWePPT6tqg0f7AjbRp6BPsHK1rGkXA-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Q1 2026 Private Capital Return Barometers</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> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"> <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding: 0;"></td> </tr> <tr> <td 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