BUFFALO, N.Y., Sept. 9, 2026 — The 43North Foundation today announced an ambitious new goal: turning its $100 million investment into $5 billion in economic impact in Buffalo. That impact will come through the creation of cutting-edge startups with local roots, established businesses making major investments, and outside companies choosing Buffalo. The Foundation was created from the proceeds of 43North, a $5 million annual accelerator program, which has spent twelve years investing in high-growth startups in return for their pledge to operate in Buffalo.

Leading the Foundation’s ambitious efforts will be Colleen E. Heidinger, currently President of 43North, who becomes the Foundation’s next CEO effective January 1, 2027, succeeding Sarah Tanbakuchi-Ripa, who is fulfilling her two-year commitment to the role. The appointment follows a national search led by the Foundation’s Board. Both leaders will remain in their current roles through year-end to ensure a smooth transition.

“This work belongs to hundreds of founders, investors, and partners across this community who believed Buffalo could compete, long before the results proved them right,” said Bill Maggio, Chairman of the 43North Foundation Board. “Sarah built the strategy that made this handoff possible. Colleen built the relationships that will carry it forward.”

The Foundation invests across four strategies: Radial Ventures, a venture studio with 10 companies in its commercialization pipeline; TechBuffalo, which has enrolled more than 10,000 people in talent pathways; the Ambassador Network, with more than 150 business leaders engaged; and Series B, which has drawn more than 100,000 website visitors since its January launch.

Since 2014, 43North has supported nearly 80 startups, created more than 3,000 jobs, and generated $1 billion in additional investment in its portfolio companies, including a founder base that is 46% people of color and 26% women. The portfolio’s flagship success, ACV Auctions, a 2015 43North winner, is Buffalo’s first tech unicorn, employing more than 600 people locally after a 2021 IPO valued at $3.8 billion.

43North launched as the world’s largest startup competition, built to jump-start an entrepreneurial ecosystem in a city that had spent decades being counted out, and that never stopped believing it had more to give. That success created the 43North Foundation, funded not by a single donor but by returns from 43North’s own portfolio. A decade later, 43North hasn’t just met its original goal, it has exceeded it, and the Foundation’s model is increasingly viewed as a blueprint other cities can study.

“I’m incredibly proud of what we’ve built here over the past decade, real companies, real jobs, real proof that Buffalo can compete nationally,” said Heidinger. “We’re aiming high: $5 billion in economic impact over the next ten years.”

Heidinger has been with 43North for more than a decade, serving as its President for nearly seven years. Under her leadership, the organization has become a defining part of Buffalo’s innovation economy, and a model that’s earned national recognition. Most recently, she was admitted to the prestigious Kauffman Fellows Program, a two-year program designed to accelerate innovator success through peer learning, and a structured curriculum.

Born and raised in Buffalo’s First Ward, she studied entrepreneurship at Babson College, began her career in management consulting, advising nonprofit clients on entrepreneurial strategy, then spent a decade in New York City and Los Angeles in film and television before returning home to Buffalo, and joining 43North.

She remains deeply engaged in the community: she serves on several philanthropic boards, helps shape entrepreneurial curricula at the high school and collegiate level, and restored a historic 1906 building in Buffalo’s historic Larkinville neighborhood, alongside her father. An entrepreneur at heart, she also launched her own yoga studio in that same Larkinville building, putting into practice the instinct she champions in every founder 43North backs.

43North’s own competition holds its final Finals on October 8, 2026, capping 12 years of programming. The Foundation’s work continues beyond that milestone as a permanent investment in Buffalo’s innovation economy.

About the 43North Foundation: The 43North Foundation is a $100 million, 10-year commitment to building Buffalo’s innovation economy, funded by the success of 43North’s portfolio companies, including ACV Auctions. The Foundation operates through four pillars: Radial Ventures, a venture studio building new high-growth companies; TechBuffalo, a talent development engine; Corporate Connectivity, which engages the region’s established business community; and Series B, the community’s storytelling platform for tech, innovation, and entrepreneurship, funded by the Foundation. Learn more at 43northfoundation.org.

About 43North: 43North is an accelerator program that hosts an annual startup competition, investing $5 million per year to attract and cultivate high-growth companies in Buffalo, New York. 43North portfolio companies also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs. 43North operates through the support of Governor Kathy Hochul, the M&T Bank Foundation and several other sponsors. Funding for 43North program activities has been provided in part by Empire State Development. For more information about 43North, visit www.43north.org.

SOURCE 43North Foundation

SINGAPORE, Sept. 9, 2026 — SuperX AI Technology Limited (NASDAQ: SUPX) (“SuperX” or the “Company”), a Nasdaq-listed full-stack AI infrastructure solutions provider, today announced an update on the progress of its share repurchase program, demonstrating the Board’s and management’s confidence in the Company’s intrinsic value and long-term growth prospects.

The Company’s Board of Directors authorized a new share repurchase program (the “2026 Repurchase Program”) as of August 6, 2026, under which the Company may repurchase up to US$20 million of its ordinary shares over the next twelve months. On September 8, 2026, the Company repurchased 119,360 ordinary shares at an average net repurchase price of US$7.7691 per ordinary share.

The Board and management believe the Company’s current market valuation does not fully capture its intrinsic value and long-term growth potential. Share repurchases serve as a key capital allocation tool to enhance shareholder value while preserving sufficient financial flexibility and sustaining strategic investments in core business expansion. The continued execution of repurchases demonstrates the Company’s confidence in its competitive strengths and long-term growth prospects.

The repurchases have been made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, in compliance with applicable securities laws, including the safe harbor provisions of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and pursuant to Rule 10b5-1 trading plans.

About SuperX AI Technology Limited (NASDAQ: SUPX)

SuperX AI Technology Limited is an AI infrastructure solutions provider, offering a comprehensive portfolio of proprietary hardware, advanced software, and end-to-end services for AI data centers. The Company’s services include advanced solution design and planning, cost-effective infrastructure product integration, and end-to-end operations and maintenance. Its core products include high-performance AI servers, 800 Volts Direct Current (800VDC) solutions, high-density liquid cooling solutions, as well as AI cloud and AI agents. Headquartered in Singapore, the Company serves institutional clients globally, including enterprises, research institutions, and cloud and edge computing deployments. For more information, please visit www.superx.sg

Safe Harbor Statement

This press release may contain forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The reader is cautioned not to rely on these forward-looking statements. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Follow our social media:

X.com: https://x.com/SUPERX_AI_ 
LinkedIn: https://www.linkedin.com/company/superx-ai  
Facebook: https://www.facebook.com/people/Super-X-AI-Technology-Limited/61578918040072/#

SOURCE SuperX AI Technology Limited

• Porustobart, a second-generation Fc-enhanced CTLA-4 antibody, is being advanced across two clinical indications in the neoadjuvant setting, beginning with MSS clinical stage II-III colon cancer
• Phase 2 trial of porustobart for colon cancer will be open for enrollment early in the fourth quarter of 2026
• Financing led by RA Capital Management, joined by Canaan Partners, Forbion and other investors

CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, Sept. 9, 2026 — Harbour BioMed (the “Company”; HKEX: 02142), a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology, oncology and other areas, today announced that Solstice Oncology, its partner company, has launched with a $225 million Series A financing led by RA Capital Management, with participation from Canaan Partners, Forbion and other investors. Solstice is a clinical-stage immuno-oncology company focused on treating cancer earlier, in the neoadjuvant setting.

Solstice is advancing its lead candidate porustobart, a differentiated, second-generation, Fc-enhanced cytotoxic T-lymphocyte-associated protein 4 (CTLA-4) antibody, across two clinical indications, one in microsatellite-stable (MSS) colon cancer and a second, undisclosed indication. Its Phase 2 trial is evaluating porustobart in combination with pembrolizumab in the neoadjuvant setting for the treatment of MSS clinical stage II-III colon cancer, the indication with the largest segment of colon cancer patients, which has yet to benefit from immunotherapy.

Porustobart was discovered and developed by Harbour BioMed. In February 2026, Harbour BioMed entered into a license agreement and equity partnership with Solstice Oncology for the exclusive development and commercialization of porustobart (also known as HBM4003 in Harbour BioMed’s pipeline) outside Greater China, enabling the advancement of the program globally.

In a Phase 2 clinical study conducted by Harbour BioMed, porustobart in combination with tislelizumab, a PD-1 inhibitor, demonstrated a 30% objective response rate (7 of 23 patients) in late-line patients with MSS metastatic colorectal cancer without liver metastases, with responses showing encouraging durability. The median duration of response was 8.4 months, and porustobart demonstrated a favorable safety profile supporting its continued clinical development. These findings provide clinical support for further evaluating porustobart in combination with PD-(L)1 blockade and in earlier lines of treatment, including the neoadjuvant setting.

“We are pleased to see Solstice Oncology launch with strong support from leading investors and advance porustobart into the neoadjuvant setting,” said Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed. “As the originator of porustobart and a partner of Solstice, we look forward to supporting the continued development of this differentiated CTLA-4 antibody and exploring its potential to benefit patients worldwide.”

“We believe the greatest opportunity in oncology lies in treating disease earlier, in the neoadjuvant setting, when the tumor is still present, the immune system is still intact, and disease hasn’t yet hardened its resistance to treatment,” said Caroline Loew, PhD, CEO of Solstice Oncology. “Treating patients early with an immuno-oncology combination therapy like the one we are evaluating in our Phase 2 trial could allow the immune response to act systemically, reaching micrometastatic disease well beyond the primary tumor, which is where we see the greatest opportunity to improve cure rates and long-term survival. Since founding the company in February, our team has moved with the speed and discipline this opportunity demands, filing and clearing an IND and now advancing directly into a Phase 2 trial, for which we anticipate data in the second half of 2027.”

About Harbour BioMed

Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology, oncology and other areas. The Company is building a robust portfolio and differentiated pipeline through internal R&D capability, strategic global collaborations in co-discovery and co-development, and selective acquisitions.

Our proprietary antibody technology platform, Harbour Mice^®, generates fully human monoclonal antibodies in both the conventional two heavy and two light chain (H2L2) format and the heavy chain-only (HCAb) format. Building upon HCAb antibodies, the HCAb-based immune cell engagers (HBICE^®) bispecific antibody technology enables tumor-killing effects that traditional combination therapies cannot achieve. The HCAb-based Antibody Plus technology (HCAb PLUS^TM) provides comprehensive modality solutions for the development of innovative multi-specific medicines in different disease areas. Additionally, building upon the Harbour Mice^® platform, Harbour BioMed launched its first fully human Generative AI HCAb Model powered by its Hu-mAtrIx^TM AI platform, accelerating the development of innovative therapies.

By integrating Harbour Mice^®, HBICE^®, HCAb PLUS^TM, a single B-cell cloning platform and AI technologies, Harbour BioMed has built a highly efficient and distinctive antibody discovery engine for developing next-generation therapeutic antibodies. For more information, please visit www.harbourbiomed.com.

About Solstice Oncology

Solstice Oncology is a clinical-stage immuno-oncology company built around the neoadjuvant treatment setting, the point in a patient’s disease course where the company believes the opportunity to improve cure rates and long-term survival is greatest. Founded in February 2026, Solstice is led by a team with decades of experience building and advancing successful immunotherapy drugs in oncology. The company is advancing porustobart, a second-generation, Fc-enhanced CTLA-4 antibody, across two clinical indications: a Phase 2 study in combination with pembrolizumab in the neoadjuvant setting for clinical stage II-III MSS colon cancer, and a second, undisclosed clinical indication. Solstice’s initial investors include RA Capital, Canaan Partners, and Forbion. For more information, visit www.solsticeoncology.com.

SOURCE Harbour BioMed

Investment by Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds values AAHL at ~USD 18 billion pre-money equity valuation

Editor’s Synopsis

• Adani Airport Holdings Limited (AAHL) has entered into binding agreements to raise ₹9,825 crores (~USD 1 billion) of primary equity capital from a consortium of leading domestic and global investors.
• The transaction values AAHL at a pre-money equity valuation of ~USD 18 billion, establishing a significant external institutional valuation benchmark for the airports platform.
• The investor consortium comprises Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds. Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.
• The proceeds will support airport modernisation and capacity expansion to serve ~ 200 million passengers annually, integrated Adani Airport City development of ~22 million sq. ft. of mixed-use development in the first phase and the continued scaling of AAHL’s ground handling and non-aeronautical businesses.

AHMEDABAD, India, Sept. 9, 2026 — Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL) and one of India’s largest private airport operators, has entered into binding agreements to raise ₹9,825 crore (~USD 1 billion) of primary equity capital from a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds. The transaction values AAHL at a pre-money equity valuation of ~USD 18 billion and represents one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector.

The participation of a consortium of long-term domestic and global investors represents a significant institutional endorsement of AAHL’s scale, operating capabilities and long-term growth potential. The investment brings long-duration institutional capital into the business at a time when India’s aviation sector is entering a sustained phase of passenger growth, capacity expansion and infrastructure investment.

AAHL and the investors have entered into a Share Subscription Agreement and a Shareholders’ Agreement pursuant to which the investors will subscribe to new equity shares of AAHL in three tranches, with the final tranche expected to be completed by July 2027. Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.

The proceeds will support three strategic priorities: expanding and modernising airport infrastructure across AAHL’s portfolio; accelerating the development of integrated Adani Airport City ecosystems around its airports with development of ~ 22 million sq. ft. of mixed-use development planned in the first phase; and scaling passenger-facing and other non-aeronautical businesses including our ground handling business. These investments are expected to increase capacity to serve ~ 200 million passengers annually, deepen commercial monetisation, enhance passenger experience and further strengthen AAHL’s integrated airport ecosystem.

The transaction follows AEL’s successful ₹15,000 crore qualified institutional placement (QIP) in July 2026, India’s largest QIP by a non-financial corporate. Together, the transactions reflect continued access by the Adani portfolio to significant pools of long-term domestic and global institutional capital.

“This partnership marks an important milestone in building out the Adani Airports platform, and we are privileged to have such marquee, long-term investors alongside us on this journey,” said Mr. Jeet Adani, Non-Executive Director, Adani Airport Holdings Limited. “India’s aviation sector is one of the most powerful multipliers of the country’s GDP growth. Every expansion in air connectivity catalyses trade, tourism, employment and regional development well beyond the airport gate. With the backing of these partners, we will continue to invest ahead of that growth, scaling our infrastructure, city-side developments and non-aeronautical businesses to build one of the world’s leading integrated airport platforms.”

“We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform,” said Mr. Arun Bansal, CEO, Adani Airport Holdings Limited. “This ambition is buoyed by the exponential growth opportunities across India, the rising spending power of the Indian consumer, and the momentum of our city-side developments as powerful economic catalysts in the country’s major urban centres. We are deeply grateful to our partners for their confidence and look forward to continuing on this path together as we build a truly world-class airport platform for India.”

The key advisors to the transaction were Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India Private Limited, SBI Capital Markets Limited and Ernst & Young LLP.

The transaction is subject to customary conditions precedent, including receipt of applicable approvals.

SOURCE Adani Airports

Funding will accelerate global expansion, product development and the deployment of ZeroRisk across major payment providers.

ZeroRisk aims to dominate the emerging risk orchestration segment in the payment processing market.

DUBLIN, Sept. 9, 2026 — ZeroRisk the Irish cybersecurity company helping payment providers manage and reduce cyber risk across their merchant portfolios, has raised $10 million in Series A funding.

Founded in 2023, ZeroRisk gives banks and payment providers a single view of cyber risk across their merchant portfolios. It brings together risk monitoring, compliance, education, guided remediation and protection services in one platform. Merchants receive clear guidance on the risks that matter to their business and the steps they can take to address them.

The round was led by MiddleGame Ventures, with participation from existing investor Elkstone. The investment will support ZeroRisk’s expansion globally, further product development and the operational capacity needed to deploy the platform across large merchant portfolios.

ZeroRisk is already working with payment businesses including Bank of America, Global Payments, Checkout.com and Trust Payments. The company expects to grow revenue threefold in 2026 as contracted programmes move into deployment and its international customer base grows.

Merchant cyber programs have traditionally focused on annual compliance exercises. The risks facing smaller businesses now extend well beyond compliance and include scams, stolen credentials, website vulnerabilities, attacks on connected devices and the ability to recover when something goes wrong. ZeroRisk also helps payment processors turn their compliance responsibilities into revenue opportunities through the distribution of value-adding services to merchants.  

Speaking today, Gary Nolan, co-founder and CEO of ZeroRisk, said: “Payment companies have spent years trying to manage merchant risk through annual compliance exercises. That is no longer enough. Their customers are dealing with scams, credential theft, website vulnerabilities and attacks on devices every day. Our job is to give payment providers visibility across the portfolio and give merchants a clear route to action.”

“ZeroRisk has moved from proving the product to deploying it at scale. This investment will allow us to expand the team, deepen the platform and support the payment providers that have chosen to build their next-generation of merchant cyber programmes with us.”

The company currently operates in Ireland and the United States, with offices in Dublin (Ireland), Atlanta (USA)  and Longford (Ireland).

Patrick Pinschmidt, Co-Managing Partner at MiddleGame Ventures, added: “The ZeroRisk team brings a unique combination of commercial and technical expertise, reinforced by working hand-in-hand with leading payment providers. As former operators in the space, they understand the fundamental pain points firsthand and have built technology that transforms a critical financial services workflow, making it more intuitive and seamless for payment providers and merchants alike. We’re thrilled to be partnering with Gary and the team as they build the new standard for this critical function.”

Niall McEvoy, Head of Venture at Elkstone, said: “Elkstone first backed ZeroRisk at seed stage when Gary and the team presented their compelling vision on where the merchant cybersecurity and compliance space was heading. The commercial progress in a short period of time has been impressive, and this Series A funding round further validates investor confidence that ZeroRisk can deliver transformational change in the sector globally. We are pleased to deepen our support alongside new investor MiddleGame Ventures.”

Notes to Editor

About ZeroRisk

ZeroRisk provides merchant cybersecurity and compliance technology to the payments and financial services industry. Its platform is used by acquirers, processors, PayFacs and financial institutions to monitor risk across their merchant portfolios and help merchants take practical steps to protect their businesses. ZeroRisk was founded in Ireland in 2023 and serves customers in Europe and North America.

Issued on behalf of ZeroRisk by Gordon MRM

Investment to accelerate Tanda’s product innovation and global growth

BRISBANE, Australia and SAN FRANCISCO, Sept. 8, 2026 — Thoma Bravo, the world’s largest software-focused investment firm, today announced a strategic growth investment in Tanda, a leading workforce management, payroll and HR platform for shift-based workers. Thoma Bravo’s investment will support Tanda’s continued product innovation, including the company’s AI roadmap and its expansion into new markets. Tanda’s co-founders will remain significant shareholders and will continue to lead the company, with Jake Phillpot remaining Chief Executive Officer. Terms of the transaction were not disclosed.

Tanda is the market leader in workforce management for shift-based employers, serving approximately 8,000 businesses globally across hospitality, retail, quick-service restaurants, healthcare and other frontline industries. Tanda’s integrated workforce management platform combines employee recruiting, onboarding, rostering, time and attendance, gross wage calculations and payroll on a single codebase. This natively built product suite enables employers in complex, highly regulated markets to manage compliance and ensure employees are paid accurately. Trusted by thousands of organizations, Tanda’s platform powers the daily operations of some of the most demanding frontline businesses in the world.

“Taking on an investor was a very big decision for Tanda,” said Jake Phillpot, Co-Founder & Chief Executive Officer of Tanda. “We’ve been a bootstrapped company with no outside capital since we were founded 14 years ago. What started as an idea when we were still housemates at university has become a global business that we have built without taking shortcuts. Through a lot of hard work, we have market-leading products, growing market share and so much more room to grow. We thought the time was right to take on our first investor.”

“Thoma Bravo was the obvious choice as our financial partner,” Phillpot continued. “They understand software at an extraordinary level, have spent decades helping companies like ours scale and share our ambition for what Tanda can become. By partnering with the world’s number one software investor, we intend to become the global category leader in our space. Most importantly, the things that make Tanda precious won’t change. The founders will still come to work every day, and we’ll still obsess over how we can make our products better for our customers.”

“Managing and compensating employees accurately is a fundamental obligation of all employers, yet it remains a universal challenge, particularly for businesses with shift-based employees,” said Carl Press, a Partner at Thoma Bravo. “Employers are frustrated by a patchwork of legacy systems that cannot address their complex needs and expose them to operational and legal risks. Jake and his co-founders identified this problem and built Tanda from the ground up with customers and their employees at the center of every product decision. In doing so, they’ve laid the groundwork to become the definitive AI-native workforce management solution in the shift-based economy. We couldn’t be more thrilled to help them drive the next chapter of accelerated growth and innovation.”

“Tanda has everything we look for in an investment: market leadership, a fiercely loyal customer base and a product-first founding team with deep domain expertise,” said Adam Kinalski, a Principal at Thoma Bravo. “Jake and his co-founders have built a rare business that matches strong product-market fit with exceptional operational execution. We’re excited to partner with them on their mission to make Tanda the global standard in workforce management and payroll software for shift-based employers.”

Barrenjoey Advisory Pty Ltd is serving as financial advisor to Tanda, and SBA Law is serving as legal counsel. Piper Sandler & Co. is serving as exclusive financial advisor to Thoma Bravo, and Kirkland & Ellis LLP and Allens are serving as legal counsel.

About Thoma Bravo
Thoma Bravo is the world’s largest software-focused investment firm, with approximately $170 billion in assets under management as of June 30, 2026. Partnering with some of the world’s most sophisticated investors, Thoma Bravo’s private equity and private credit platforms reflect a focused investment strategy, supported by disciplined execution, deep sector expertise and leadership continuity. Over the past 20-plus years, Thoma Bravo has acquired or invested in approximately 600 software and technology companies, representing more than $325 billion of aggregate enterprise value (including control and non-control investments, as well as add-on acquisitions). Learn more at thomabravo.com and on LinkedIn.

About Tanda
Founded in 2012 and headquartered in Brisbane, Australia, Tanda (operating internationally as Workforce.com) is an all-in-one payroll, HR and workforce management system for businesses with shift-based and hourly workforces. Tanda’s platform brings rostering, time and attendance, award interpretation, compliance, payroll and HR onboarding together in a single system, helping employers in hospitality, retail, healthcare and other frontline industries schedule efficiently and pay employees accurately. The company serves thousands of customers across Australia, North America, the United Kingdom and Southeast Asia. For more information, visit tanda.co.

For Thoma Bravo

Abby Farr
Vice President, Communications & Marketing
+1 646-957-2067
[email protected]    

For Tanda

Georgie Pollok
Head of Marketing
[email protected] 

SOURCE Thoma Bravo

Across 41 California funds, WNC has invested more than $4 billion in acquired portfolio assets across 350 properties in 180 communities

IRVINE, Calif., Sept. 8, 2026 — WNC & Associates, Inc. (WNC), an Irvine-based family-owned business known as both a pioneer and leader in the affordable housing industry, announced the closing of WNC Institutional Tax Credit Fund X California Series 23, L.P. (CA23). The $66.3 million fund is the company’s 23^rd consecutive California-focused multi-investor affordable housing fund for institutional investors. Over its 55 years, WNC has sponsored 41 California-focused funds and invested in 350 properties across 180 communities in the state, in addition to its national footprint.

“Closing CA23 is an important milestone for WNC as we celebrate our 55^th year of operations. We are proud of our California roots and the role our home state has played in WNC’s growth into a national affordable housing organization,” said Will Cooper Jr., president and CEO of WNC. “In states where housing is in short supply, our work to create and preserve tens of thousands of affordable homes has a real and needed impact.”

WNC’s 23 consecutive California-focused funds have raised nearly $1.5 billion and supported 161 affordable housing properties representing 15,573 homes and $4.2 billion in total development costs. The investments span 34 counties across the state, supporting both the creation of new affordable homes and the preservation of existing housing in urban, suburban, and rural communities.

CA23 includes six new-construction affordable housing properties totaling 650 homes across Los Angeles, San Benito, and San Diego counties; financing from the fund will help four developers bring their projects to completion. All six properties will serve families and utilize 4% Low-Income Housing Tax Credits (LIHTCs), with 25 units receiving rental assistance through Section 8 vouchers.

“While the affordable housing industry has changed considerably over the past five decades, WNC’s commitment to affordable housing remains consistent,” said Christine Cormier, executive vice president of investor relations at WNC. “Our ability to evolve with the market, develop strong institutional relationships, and continue supporting our developer partners has solidified our role as a trusted partner in advancing affordable housing.”

Since its founding in Orange County in 1971, WNC has grown from its California roots into a national affordable housing organization, investing in communities across the country while maintaining a significant presence in the state.

About WNC & Associates, Inc.
Founded in 1971, WNC & Associates, Inc. is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies—Community Preservation Partners, The Cooper Housing Institute, and Preservation Equity Fund Advisors—specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $22.1 billion in assets across 49 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 18 states, WNC has partnered with more than 400 developers and 175 institutional investors. To learn more, visit: https://www.wncinc.com/.

MEDIA CONTACT:
Jacqie Boggess
[email protected]

SOURCE WNC & Associates, Inc.

The Orlando-based defense venture capital firm underwrites every investment for a 3-5x return on its own, arguing that a portfolio built to depend on one breakout winner is a slower and riskier way to generate returns than the industry assumes.

ORLANDO, Fla., Sept. 8, 2026 — Most venture funds are underwritten to need one enormous outcome: the single company that returns the whole fund and then some. Backswing Ventures, an early-stage defense venture capital firm, argues that a fund built around disciplined, independently justified bets can outperform one waiting on a unicorn, and do it faster.

The Unicorn Model Is Slower Than the Pitch Decks Suggest

Venture capital’s standard model asks a large majority of portfolio companies to underperform so a single winner can pay for the fund. Backswing says that math is getting harder to rely on. Outsized outcomes still happen. They’re simply taking longer to turn into cash that reaches investors.

Carta’s Q1 2026 fund-performance data shows the gap. Among 2017 and 2018 vintage funds, the ones with enough time to have realized outcomes, fewer than 20% have returned even 1x DPI to their limited partners. Paper valuations don’t pay LPs back. Distributions do.

SpaceX makes the same point on a bigger stage. The company was founded in 2002 and didn’t hand shareholders a liquid outcome until its initial public offering closed in June 2026, 24 years later. It may be the clearest unicorn outcome venture capital has ever produced, and it still asked its earliest backers to wait a generation for a payout.

“The venture math everyone learned assumes one company in the portfolio has to do all the work,” said Kyle Asman, Founder and Managing Partner of Backswing Ventures. “We’d rather build a fund where no single company has to.”

Entry Price Carries as Much Weight as the Exit Headline

If a fund isn’t counting on a unicorn, what it pays going in starts to matter as much as what a company might be worth someday. PitchBook’s data makes the case for why:

• Median U.S. venture-backed acquisition, 2023: $60.6 million
• Share of U.S. venture exits that were acquisitions, 2023: approximately 69%

Most venture-backed companies don’t need to dominate an industry. They need a buyer, and a reasonable one is usually available well below unicorn status.

“An 8% stake in a $250 million outcome and a 1% stake in a $2 billion outcome pay the same,” Asman said. “One of those is a lot easier to get right, and it starts with what you pay to get in.”

In Defense, a Single Component Can Be the Whole Business

Backswing applies the same underwriting logic to its core sector. A defense startup doesn’t need to build a complete weapons system to produce a venture-scale outcome. A sensor that fits a dozen different platforms, a power system, a navigation or communications layer: each can be a durable, sellable business without the company ever building the program around it.

Rocket Lab’s 2025 acquisition of Geost put a price on that idea. Rocket Lab paid $275 million for Geost’s electro-optical and infrared sensor technology, a component built to plug into many different national-security platforms rather than a single finished system.

“Selling into an ecosystem is a smaller, more repeatable bet than trying to own an entire platform,” Asman said. “Those are the kinds of businesses we look for.”

A Fund That Isn’t Waiting on One Company

Backswing describes its process as a series of individually justified bets rather than a search for a single breakout winner. Each investment is expected to clear a 3-5x return on its own: price, ownership stake, market size, and a credible buyer all have to line up before the firm considers what happens if a company outperforms.

“A 3x return isn’t a disappointment,” Asman said. “A $200 million exit isn’t a failure just because someone else’s company sold for $2 billion. Our job isn’t to find the company that returns the whole fund. It’s to build a fund that was never counting on one.”

About Backswing Ventures

Backswing Ventures is an early-stage venture capital firm focused on dual-use and defense technology companies. The firm invests in businesses building next-generation capabilities across aerospace, autonomy, defense systems, infrastructure, cybersecurity, and national security technologies. Backswing Ventures‘ Fund II surpassed 1.0x DPI in under three years, making it among the top-performing 2023-vintage venture funds in the country.

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Backswing Ventures
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SOURCE Backswing Ventures

Oversubscribed fund builds on TrueBridge’s venture platform to pursue a growing opportunity set across fund and company secondaries

CHAPEL HILL, N.C., Sept. 8, 2026 — TrueBridge Capital Partners, a venture capital investment firm, today announced the final close of TrueBridge Secondaries II, L.P. (“Secondaries II”), with $508 million in commitments. The fund received support from new and existing investors, including foundations and endowments, pension funds, family offices, and high-net-worth individuals.

Secondaries II invests in venture funds as well as direct secondary investments in venture-backed companies, with an emphasis on opportunities where the firm’s relationships, information, and underwriting capabilities provide an advantage.

The Fund launches at a time of significant growth in the secondary market. As venture-backed companies remain private longer and traditional paths to liquidity have become less predictable, investors, employees and other shareholders are increasingly turning to secondary transactions for liquidity. At the same time, a larger and more mature universe of private technology companies has expanded the opportunity set for secondary investors.

“The evolution of the venture market has created an important role for secondaries, both as a source of liquidity and as another route for investors to access high-quality venture assets,” said Andrew Winslow, Partner at TrueBridge. “Our relationships across the venture ecosystem give us access to secondary opportunities that are often not broadly available, including sought-after venture funds and companies that can be difficult for investors to access through traditional channels. That access allows us to be highly selective and build concentrated portfolios around the assets where we have the greatest conviction, while our deep familiarity with the underlying managers and companies gives us an additional advantage in evaluating those opportunities.”

TrueBridge’s secondaries strategy draws on nearly 20 years of investing across the venture ecosystem. Longstanding relationships with leading venture managers provide the firm with visibility into thousands of venture-backed companies and potential fund-level opportunities. The firm’s direct investment platform provides an additional perspective on individual companies, their markets, and their financing histories. Together, these capabilities allow TrueBridge to identify, evaluate, and access secondary transactions with a depth of context that can be difficult to replicate.

The close of Secondaries II follows TrueBridge Secondaries I, the firm’s first dedicated venture secondaries fund, which closed with $230 million in commitments in 2024. The strategy is part of TrueBridge’s broader venture investment platform spanning fund investments, direct investments, secondaries, and customized solutions.

About TrueBridge Capital Partners
TrueBridge Capital Partners is a venture capital investment firm managing more than $15.0 billion in assets.* Founded in 2007, TrueBridge invests across the venture ecosystem through access-constrained venture funds, direct investments in venture-backed companies, secondary investments and customized investment solutions.

TrueBridge is the data partner behind Forbes’ Midas List, Midas Seed List, Midas List Europe and Next Billion-Dollar Startups and is a regular venture-focused contributor on Forbes’ platform. TrueBridge is headquartered in Chapel Hill, North Carolina. For more information, please visit truebridgecapital.com.

*AUM reflects Regulatory Assets Under Management.

Suzanne Kirschbaum | [email protected] | 919.442.5201

SOURCE TrueBridge Capital Partners