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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfe;"><strong>The activity in June was a good indicator of what the latter half of 2026 holds in store. Our funds experienced an impressive acquisition and exciting, groundbreaking developments for several portfolio companies. We look forward to finishing out the summer, and the rest of the year, strong! Enjoy the latest from Serra!</strong></p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>The Serra team is very pleased to share an important update regarding our position in Dragos, which we hold as a result of the 2024 acquisition of our Serra Capital III (SBIC) portfolio company, Network Perception.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>On June 18, 2026, Accenture announced it has agreed to acquire a majority stake in Dragos at an enterprise value of approximately $3.2 billion. According to Dragos CEO Robert M. Lee, this equates to an estimated equity value of approximately $65 per share, subject to customary closing adjustments and transaction expenses. The transaction is expected to close in August or September 2026, pending regulatory approvals.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>The announced transaction price represents a meaningful uplift from that valuation, and we are pleased with this outcome.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Background</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>Network Perception was spun out of the Information Trust Institute at the University of Illinois, and the Serra team had a relationship with the founders prior to the formation of the company. We were proud to lead their first institutional round of funding — a $2.7million Series Seed in December 2020 at a $3.85 million pre-money valuation — and we supported the company through its Series A as well.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>In late 2024, Network Perception was acquired by Dragos.  Both Serra Capital III (SBIC) and a special purpose vehicle managed by Serra (Serra Network Perception, LLC) received Dragos preferred stock as their consideration in the transaction. The initial transaction reflected a 3.6X multiple on invested capital (MOIC). The acquisition of Dragos by Accenture, pending resolution of indemnity escrow, working capital and related issues, is expected to yield a MOIC in excess of 5X for Serra's SBIC Fund. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fff;"><strong>We are extremely proud of what the Network Perception team built and the outcome they achieved. We look forward to providing a complete accounting once the transaction closes. As always, please don’t hesitate to reach out with any questions.</strong></p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>It has been an exciting month for Leo Cancer Care, subsidiary of Centaur Health, a portfolio company of Serra Capital III and Serra Capital III SBIC. Marie® by Leo Cancer Care made history at Stanford Medicine, with the world’s first in compact upright proton therapy. The first ever therapy treatment was performed on a child, making this milestone the moment upright proton therapy moves from innovation to adoption — and reflects exactly what Leo Cancer Care built Marie® to achieve.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><em><strong>"This milestone represents an important moment not only for Leo Cancer Care, but for the future direction of radiation oncology. For decades, proton therapy has delivered remarkable clinical benefits but has remained limited by the scale, complexity, and infrastructure demands of traditional systems. By enabling treatment in an upright position using a fixed-beam approach, we are helping redefine how proton therapy can be delivered — making it more compact, more flexible, and potentially accessible to far more patients around the world,” said </strong></em><strong>Stephen Towe, CEO, Leo Cancer Care.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>To view the entire article, follow </strong><a href="https://www.businesswire.com/news/home/20260609870736/en/Marie-by-Leo-Cancer-Care-Makes-History-at-Stanford-Medicine-World-First-in-Compact-Upright-Proton-Therapy" rel="nofollow" style="color:#fff !important;"><strong>here.</strong></a><strong> </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>More About Leo Cancer Care</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>It's estimated that we spend two-thirds of our lives upright, standing, sitting, or moving in our natural position. At Leo Cancer Care, we are committed to challenging the conventions of radiation oncology by reintroducing upright treatment to radiotherapy practice.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>Our Marie® suite of upright positioning and imaging solutions was created with two complementary goals: transforming the patient experience and expanding access to advanced radiotherapy. By shifting from machine rotation to patient rotation, Leo Cancer Care enables more compact treatment environments while allowing patients to remain in a more natural and comfortable position.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>This approach supports improved patient interaction, potential motion reduction, and more flexible treatment delivery, while also helping healthcare providers overcome infrastructure and cost barriers associated with traditional systems.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>Leo Cancer Care is proud to be working alongside leading healthcare institutions and industry partners to support the evolution of radiotherapy — enabling more accessible, sustainable, and patient-centered cancer treatment worldwide.</strong></p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>SWARM Engineering, the decision intelligence company for agrifood and manufacturing, announced this month that it has raised $10 million in an oversubscribed Series A funding round, with participation from Serra Ventures. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>“In agrifood and manufacturing, every operational decision has a downstream consequence,” said Shail Khiyara, CEO of SWARM Engineering. “Most AI platforms learn your business over time. SWARM is different because it’s built on the ontology of these industries – the decision logic, the constraints, the relationships between variables that can take decades to accumulate. That domain knowledge is native, not acquired, and that’s not something generic AI can replicate.” </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>Swarm was one of the earliest investments in the Serra Capital Ag Tech Fund, with the original investment taking place in February of 2021. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fffdfd;"><strong>"Shail and the SWARM Engineering team have built a powerful agentic AI solution for the agrifood and manufacturing industries. The company is tackling very difficult logistics and supply chain problems for a growing contingent of enterprise-scale customers," commented Rob Schultz, Serra Managing Partner. "Serra supported the company very early in its startup journey, and we're pleased to participate in this important follow-on funding round."</strong></p></div>
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