Your IP : 216.73.216.104
| Current Path : /home/angker/mail/new/ |
|
|
| Current File: /home/angker/mail/new/1760868558.M68532P2364359.server-619288.prediksijaya.com,S=105527,W=107512 |
Return-Path: <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>
Delivered-To: angker@server-619288.prediksijaya.com
Received: from server-619288.prediksijaya.com
by server-619288.prediksijaya.com with LMTP
id sFP4A8649GjHEyQAf7/9AQ
(envelope-from <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>)
for <angker@server-619288.prediksijaya.com>; Sun, 19 Oct 2025 17:09:18 +0700
Return-path: <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>
Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sun, 19 Oct 2025 17:09:18 +0700
Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:26798)
by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256
(Exim 4.98.2)
(envelope-from <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>)
id 1vAQLi-00000009v4S-48uW
for vetyl@ponjosonek.com;
Sun, 19 Oct 2025 17:09:15 +0700
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=news.pitchbook.com;
h=content-transfer-encoding:content-type:date:from:mime-version:subject:
list-unsubscribe:to:cc:content-type:date:from:subject:to;
s=s1; bh=yb9gKsm25JAc6zcgjnFqgEPQtUeCCIS56E+4Uerjjeg=;
b=VN39mukNGVFl3r9vVdfnGGgaRh/aUMCa9rjUcuEay3nq/xegmu0JfZL1A2c/48b2LTca
2a/NZ0joKJuvTCsUoZAVHFA6hjMxgdxmC6iW1NsGA3nw4GpXVCN2+H0VHi04d1GVkI1nEy
Iv7iF72BEzKWSmVWRgkJY5gBJF5xd5dQ+Z5W+dDRJl13/Uhlimy3hs4gkh3a8qwVSeiILr
HMa2VwPYX+HsOGm61wJGW2K7kvwbxdx/W+FhNsb7G/aNl1lkCnOPzNF/cZt+jKvcMjLp0v
Yf+wyr3NLCcsHL1pCdZuwVfdr6+ON7WTaOrkbiJoBp5CE9I1Xl8OQyRXewtpahBw==
Received: by recvd-796bfbffd6-grxvm with SMTP id recvd-796bfbffd6-grxvm-1-68F4B8A1-27
2025-10-19 10:08:33.303270562 +0000 UTC m=+11813683.791211270
Received: from Mjg0NTYxMDY (unknown)
by geopod-ismtpd-2 (SG) with HTTP
id U2Y28t0CRLGOHsoooqYCrw
Sun, 19 Oct 2025 10:08:33.248 +0000 (UTC)
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Date: Sun, 19 Oct 2025 10:08:34 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
Mime-Version: 1.0
Message-ID: <U2Y28t0CRLGOHsoooqYCrw@geopod-ismtpd-2>
Subject: Want a fair exit? Try listing
List-Unsubscribe:
=?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DUK23?=
=?us-ascii?Q?EBU6P5WAW&em=3DX65PN7GSJDIPRVZXJSN5XGVXL3?=
=?us-ascii?Q?AFLT7KSBPM3DI&ent=3DEJKJ2TTFOWZ2C=3E?=
X-SG-EID:
=?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZa5d7rLdiAsxLgSYARk73rxHPd3Aqlcm2Tnrv?=
=?us-ascii?Q?pNBcRMFNFcwVOs7OA=2FjzaFr76g=2FiiR75u7gaNKW?=
=?us-ascii?Q?YRXxdyuQWKNjWPNfmsTmNA8oDOS7GbujqElFFEn?=
=?us-ascii?Q?s9XFQu9vc8dIsFOd4h1NSVwv5n1wuCl69ugoNTu?=
=?us-ascii?Q?nE5vsVfw8mljR2P=2FRkCNLLeJMTmiSHkL81yqMlZ?=
=?us-ascii?Q?leQRzNLLptm5W4WH0etafyv9Yb2CPr2NBCS6hFN?= =?us-ascii?Q?5tsk?=
X-SG-ID:
=?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3Bn35u3LzLPfqu2F8Z96C1+9y4TJqy=2Fmc6jHeE?=
=?us-ascii?Q?o=2FpJnOTAc=2FCFPhicD1haMWfiRp7Zo7fFEuB=2Fg4t?=
=?us-ascii?Q?ctVpgNE1FvbrVDrW5DorWoqUWkd+e=2FfzcMv6BzX?=
=?us-ascii?Q?17tHDtSMgwsOJby3hYC8sg6Sc0He7Q0WVQ9EMvj?=
=?us-ascii?Q?4V6N0xUj1MG+5iqSme=2Fdqx15TK+WMkM1wF5Bxcb?=
=?us-ascii?Q?fHFdpy9ipjzpSvLEq61+=2FGqcx8ek3qqAsqW9oW8?=
=?us-ascii?Q?R465qgOeOZzW+hL3tptnPmI8LVWnWpA1xGB51fJ?=
=?us-ascii?Q?mKfgcTL1FwHfop23aHB2aP1bbK3r0NASorkKxs9?=
=?us-ascii?Q?ucDMbDumDjSg=3D=3D?=
To: vetyl@ponjosonek.com
X-Entity-ID: u001.YFoIgyol8PWrw0qKNaJxbQ==
X-Spam-Status: No, score=0.5
X-Spam-Score: 5
X-Spam-Bar: /
X-Ham-Report: =?ISO-8859-1?Q?Spam_detection_software=2C_running_on_the_system_=22server-619288=2Ep?= =?ISO-8859-1?Q?rediksijaya=2Ecom=22=2C=0A_has_NOT_identified_this_in?= =?ISO-8859-1?Q?coming_email_as_spam=2E__The_original=0A_message_has_?= =?ISO-8859-1?Q?been_attached_to_this_so_you_can_view_it_or_label=0A_?= =?ISO-8859-1?Q?similar_future_email=2E__If_you_have_any_questions=2C_?= =?ISO-8859-1?Q?see=0A_root=5C=40localhost_for_details=2E=0A_Content_?= =?ISO-8859-1?Q?preview=3A__PitchBook_Newsletters_Plus=3A_Our_latest_?= =?ISO-8859-1?Q?US_PE_Breakdown_and=0A____PitchBook-NVCA_Venture_Moni?= =?ISO-8859-1?Q?tor_are_here_October_19=2C_2025_|_Read_online_|=0A___?= =?ISO-8859-1?Q?Manage_your_subscription_The_Weekend_Pitch_VC=2C_PE_a?= =?ISO-8859-1?Q?nd_M&A_Presented_by_Deloitte=0A____=28Josie_Do_=5B=2E?= =?ISO-8859-1?Q?=2E=2E=5D_=0A_Content_analysis_details=3A___=280=2E5_?= =?ISO-8859-1?Q?points=2C_5=2E0_required=29=0A__pts_rule_name________?= =?ISO-8859-1?Q?______description=0A_----_----------------------_----?= =?ISO-8859-1?Q?----------------------------------------------=0A__0=2E0?= =?ISO-8859-1?Q?_RCVD=5FIN=5FVALIDITY=5FRPBL=5FBLOCKED_RBL=3A_ADMINIS?= =?ISO-8859-1?Q?TRATOR_NOTICE=3A_The_query_to=0A_____________________?= =?ISO-8859-1?Q?_________Validity_was_blocked=2E__See=0A_____________?= =?ISO-8859-1?Q?________________https=3A//knowledge=2Evalidity=2Ecom/?= =?ISO-8859-1?Q?hc/en-us/articles/20961730681243=0A__________________?= =?ISO-8859-1?Q?____________for_more_information=2E=0A_______________?= =?ISO-8859-1?Q?_____________=5B159=2E183=2E175=2E69_listed_in_bl=2Es?= =?ISO-8859-1?Q?core=2Esenderscore=2Ecom=5D=0A__0=2E0_RCVD=5FIN=5FVAL?= =?ISO-8859-1?Q?IDITY=5FCERTIFIED=5FBLOCKED_RBL=3A_ADMINISTRATOR_NOTI?= =?ISO-8859-1?Q?CE=3A_The=0A_____________________________query_to_Val?= =?ISO-8859-1?Q?idity_was_blocked=2E__See=0A_________________________?= =?ISO-8859-1?Q?____https=3A//knowledge=2Evalidity=2Ecom/hc/en-us/art?= =?ISO-8859-1?Q?icles/20961730681243=0A______________________________?= =?ISO-8859-1?Q?for_more_information=2E=0A_________________________=5B1?= =?ISO-8859-1?Q?59=2E183=2E175=2E69_listed_in_sa-trusted=2Ebondedsend?= =?ISO-8859-1?Q?er=2Eorg=5D=0A__0=2E0_RCVD=5FIN=5FVALIDITY=5FSAFE=5FB?= =?ISO-8859-1?Q?LOCKED_RBL=3A_ADMINISTRATOR_NOTICE=3A_The_query_to=0A_?= =?ISO-8859-1?Q?_____________________________Validity_was_blocked=2E_?= =?ISO-8859-1?Q?_See=0A_____________________________https=3A//knowled?= =?ISO-8859-1?Q?ge=2Evalidity=2Ecom/hc/en-us/articles/20961730681243=0A_?= =?ISO-8859-1?Q?_____________________________for_more_information=2E=0A?= =?ISO-8859-1?Q?_____________________________=5B159=2E183=2E175=2E69_?= =?ISO-8859-1?Q?listed_in_sa-accredit=2Ehabeas=2Ecom=5D=0A__0=2E0_URI?= =?ISO-8859-1?Q?BL=5FBLOCKED__________ADMINISTRATOR_NOTICE=3A_The_que?= =?ISO-8859-1?Q?ry_to_URIBL_was_blocked=2E=0A________________________?= =?ISO-8859-1?Q?_____See=0A_____________________________http=3A//wiki?= =?ISO-8859-1?Q?=2Eapache=2Eorg/spamassassin/DnsBlocklists#dnsbl-bloc?= =?ISO-8859-1?Q?k=0A______________________________for_more_informatio?= =?ISO-8859-1?Q?n=2E=0A_____________________________=5BURI=3A_pitchbo?= =?ISO-8859-1?Q?ok=2Ecom=5D=0A_-0=2E0_SPF=5FPASS_______________SPF=3A_?= =?ISO-8859-1?Q?sender_matches_SPF_record=0A_-0=2E1_DKIM=5FVALID=5FAU?= =?ISO-8859-1?Q?__________Message_has_a_valid_DKIM_or_DK_signature_fr?= =?ISO-8859-1?Q?om_author's=0A_____________________________domain=0A_?= =?ISO-8859-1?Q?_0=2E1_DKIM=5FSIGNED____________Message_has_a_DKIM_or?= =?ISO-8859-1?Q?_DK_signature=2C_not_necessarily_valid=0A_-0=2E1_DKIM?= =?ISO-8859-1?Q?=5FVALID_____________Message_has_at_least_one_valid_D?= =?ISO-8859-1?Q?KIM_or_DK_signature=0A__0=2E0_HTML=5FMESSAGE_________?= =?ISO-8859-1?Q?__BODY=3A_HTML_included_in_message=0A__0=2E1_MIME=5FH?= =?ISO-8859-1?Q?TML=5FONLY_________BODY=3A_Message_only_has_text/html?= =?ISO-8859-1?Q?_MIME_parts=0A__0=2E5_KAM=5FREALLYHUGEIMGSRC___RAW=3A_?= =?ISO-8859-1?Q?Spam_with_image_tags_with_ridiculously_huge=0A_______?= =?ISO-8859-1?Q?_______________________http_urls?=
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;"> Plus: =
Our latest US PE Breakdown and PitchBook-NVCA Venture Monitor are here </sp=
an></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;">October 19, 2025 =
| <a href=3D"https://url6380.news.pitchbook.co=
m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXwPxNjYRl=
-2Fo0bz8-2BXJtl4Ikgc7ue5BTz8QDjjZxqv1xQ-3D-3DYcPV_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2Pzb=
BK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4=
a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrp=
a4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqvT-2BbbHVxY=
YaCWg8K0Cw2xNzJqhC0XDp-2FAajBscFWcspG-2BYgrgk0EWZP7Yo-2FRYoxoScZKgEnWMnPd4M=
6tljJ-2FH9IzKVIWEWESBwE8q9ZuvdRw8WXbjZOrg58uhFdq68J06Op2rVPw3z3gCgkbkCwKqIE=
WnghZYUyDsDS9PiUMwrvBRIcCN1mD9hjmkWDaak03nhOZLI0iRZpJAMMDqzBfsDbHHdOyjdakF4=
J5PgYuW4Wg-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; co=
lor: #1D5080">Read online</a> | <a href=3D"htt=
ps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYC=
Q-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JN=
NkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQa=
sEdfyU-3Dht-0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg=
4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2y=
ZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fv=
t0mSE3-2B-2F5PER6owTHtuPqHbqvodLvSgfuoy1ma13OVMG56bLkQtZ4ZWaTw-2FL-2Bl9nGPB=
E4asLvgKvzhOzn1zFB09mWa1V1TSlgCRzZx2bCw4Qev-2BW2OUevXi4K4NQ8e-2Fke1BqppJm9Q=
NZpnJAOoxXpSNNRfH4PEwSNE5kWSJXcjlgqrBCCGIlSGQhLeJbD-2B-2BFKRus2vxlJ4aDTuX5E=
B5J88ACeUcmAbhvlZs8lTDFptRJ0xLhbFexQNW-2BOgeHvxgmxlMw-3D-3D" target=3D"_bla=
nk" style=3D"text-decoration: underline; color: #1D5080">Manage your subscr=
iption</a></td>
</tr>
</tbody>
</table></td>
</tr> =20
<tr>
<td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OhSQTUte3StxdiXvWBrXD3g-3=
D-3D5KLF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLn=
PG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6=
ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE=
3-2B-2F5PER6owTHtuPqHbqvtwt7e76jkQQHVljIrVb6EpAh4mnky6RNokTdow3WPNfYEixffzy=
QzH-2FkW9wmm6ZYYwy0QCK-2Fs0uVn6B6GQPN4qwk2W2DCsmxZNvT8Zg8CCMHfKOp63qkY8-2Fn=
Vwgn6YyjpWsCPWydCgMMvlHDbMpjXGDklqldBW-2FhAgadW0ZSpB-2BToKGByrEP5AVuNsTEsYr=
rbLG8098PUQXIxwIBC4mfbu-2BXZuMDci2e7yiO0wQvgHQ-3D-3D" target=3D"_blank"> <i=
mg width=3D'1' height=3D'1' opacity: 0; style=3D'display:none !important; m=
so-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6=
P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3D6NJMZEX6TWORG&=
emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYF=
SZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img sr=
c=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5=
zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKXrUKNEOnzENzHYDCqwvIpan8E=
pIx6dn3eTbcAhNDXy8jlouXGme0skjBqrccUdEpS1L80UXu4LGymB2coDRmf3enjPmK0UxBJgx3=
o47U6-2F8gbOftoHqXCY4ErglIiO7d7j3mXpZiUty0n-2By11wcOQRZCxGubRuFst4wcbu9AG6t=
lnJykozL2Oag7nipUe6GJoNDWK7b2w08a-2BwZmmznS5CcbIgzj0F4K9re8h8S5U-2FG20BGPn-=
2B4IUpzvC6V0HrhTlnXbmi2s9UcxyrMVOA6WFnwXjBW-2F3BsDG454B88Q0vAhMWnQv-2FckyJg=
hKw2jVj1jylNeVkwmyBcIU67XwZqDLdqiyggqPI8vpwACUpgYOOu83fpCr2tIb8mMqDBsst1Yl2=
463i2J-2Bkrn1IqaEHlHW-2B9Ad6kWQbULxzBy4jc2mj8fgUzQ9SKExfnjUqvyRvlqjoRSQSmMM=
7-2BKI6tzS7qkrESvkoD5cB6SFVscjS1miPQ-3D" alt=3D"" width=3D"1" height=3D"1" =
border=3D"0" style=3D"height:1px !important;width:1px !important;border-wid=
th:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-r=
ight:0 !important;margin-left:0 !important;padding-top:0 !important;padding=
-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"=
/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.com/newsl=
etter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </a></td>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Weekend Pitch</s=
pan></td>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, =
PE and M&A</span></td>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>=
Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQ3wQ6=
WPfRlnUC-2F5wgJledw-3D-3DhF3b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76=
AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJD=
O-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1A=
J4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqscGP8S0EGy1IFnZ9VT3Y3hrKqY30GYs=
fe1iCA4AVTAs06RYolojh6QRi4RR8LKT-2BK9RFtXiQ-2BIY3AqUyt-2FJTMIBTq7SRMu0mhQNy=
HRxw1u7vGafOwXbGGcgqvV0jU8W0aaH1yraYOCG2ps24bLJ-2BqlqUUXFGgWyVO3lT4ZNVe7XBg=
1TbqhwtACQLHFSU-2BtJWp2CELXnMgstOu74dB-2Fju0Co4RTfy27GTgf23tH4FfyGQ-3D-3D" =
target=3D"_blank" style=3D"text-decoration: underline; color: #476990; font=
-family: Whitney, Arial;">Deloitte</a></span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor=
der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
<tbody>
<tr>
=20
<td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma=
x-width: 460px; padding-left:5px; padding-right:5px;">
<table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"=
0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
>
<tbody>
<tr>
<td style=3D"padding: 0;">
<table 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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OkepGv2ohk=
hhSKxvPFOKdHA-3D-3DaC8F_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45=
-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJX=
sB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2=
Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqti7vavA16hPkSS0rp00tSkOWE67KXnF0ppiSv=
yK4QjiGjplQmxYFGP4diXx2KACRTV5gHM3GBaeDPOyxrXe6n4sVmrXx8VPWpAVAsnV38khNxHXT=
qhd0UNeUDFdq7kEtqbcs9J44sEHVCH3zr5N3L5NZGkIPh39b1U1GHwUviGrqOE1ZNPukrOuupjj=
ufh5LglYXQpHDP0mrzT7KfS9w8BfqEf5zxlv2Goe7iamVefZg-3D-3D" universal=3D"true"=
> <img align=3D"middle" alt=3D"" src=3D"https://img.pitchbook.com/news/7092=
8.png" style=3D"border: none; max-width: 420px;"> </a></td>
</tr>
<tr>
<td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Josie Doan/Pitc=
hBook News)</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">When F=
ive Point Infrastructure decided to cash in on a long-held water management=
business, the Texas-based private equity manager had little doubt that goi=
ng public was the move.=E2=80=AF<br><br>
This degree of conviction might seem counter=
intuitive. PE funds have typically preferred the full realization of an M&a=
mp;A deal to help them return capital to investors within the 10-year fund =
life. They don't necessarily want to grapple with the hassle of staged equi=
ty sell-downs and hefty compliance costs. They don't want to contend with l=
ockup periods, which mean it can take several years to fully exit a portfol=
io company.<br><br>
I'm Madeline Shi, and this is The Weekend Pi=
tch. You can reach me at <a href=3D"mailto:madeline.shi@pitchbook.com" styl=
e=3D"color: #1D5080;" test=3D"">madeline.shi@pitchbook.com</a> or on X <a h=
ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl=
w7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OFmBhJGmkLAsYWDuKRBLWkg=
-3D-3DJjca_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bY=
LnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJT=
s6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0m=
SE3-2B-2F5PER6owTHtuPqHbquvp3cpAae83YzFBvetOaxNj0uM7dRvyZG3og5nix7aqrnu8ufq=
u073PxVDbxxEwyPrhsA4hagSEYxUk-2FZ0CEk9gpuP54dHMSl2kxbfE6MfM0gApJlgiiVnAhGv4=
O8YhzJR-2FSW-2FkrRh3G95kzGSD3QmqbtY7Sniq-2BQ60IfyWhEXAAtaM3aBq0SqNV0ZIu7IFM=
3AYdQNm-2B7RqX4Zx-2FDUudX8RxhJAtJZDTtzleS1OMMgqw-3D-3D" style=3D"color: #1D=
5080;" test=3D"">@Madelin94615831</a>.<br><br>
Historically, IPOs have accounted for a sing=
le-digit share of PE-backed exits in the US. Even during the 2021 boom, whe=
n IPO exits peaked, they represented only 7% of the total number of PE-back=
ed exits that year.<br><br>
But for Five Point's WaterBridge Infrastruct=
ure=E2=80=94which handles wastewater from oil and gas production and counts=
upstream operators like BPX Energy and Chevron among its clients=E2=80=94a=
n IPO offered the clearest path to achieving a valuation that reflects the =
company=E2=80=99s true worth, said Five Point CEO and managing partner Davi=
d Capobianco.=E2=80=AF<br><br>
"We understood where the M&A market was =
without having to test it," he said. "And we knew that we would be able to =
educate the [public] market and show investors how WaterBridge should be va=
lued much more dearly than that."<br><br>
In Capobianco's view, strategic buyers "will=
look at what's happened historically to determine your valuation." Public =
investors are receptive to a compelling growth story and are inclined to pa=
y higher premiums.<br><br>
In M&A, financial sponsors or corporate =
buyers tend to apply a more disciplined underwriting process, pricing a tar=
get via thorough due diligence on its earnings or operational fit, says one=
senior sell-side adviser. In contrast, institutional fund managers and ret=
ail investors may buy a company based on a growth narrative, market momentu=
m or simply the hype surrounding a new offering. The risk is that public in=
vestors end up overpaying.<br><br>
Sensing this sentiment, PE firms are increas=
ingly willing to take the extra effort and prepare for public market exits,=
especially for businesses that benefit from secular growth trends such as =
AI and energy infrastructure, advisers noted.<br><br>
Some PE firms are beginning to explore a =E2=
=80=AFtriple-track process=E2=80=94weighing an IPO, M&A and continuatio=
n funds simultaneously.</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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OkepGv2ohkhhSKxvPFOKdHA-3D-3DX=
wi0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz=
9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16g=
JwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRX=
xE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-=
2F5PER6owTHtuPqHbqslTRnvPs-2Fh2Toc75LSr-2FA6ML7V28ZQjx-2B-2BalxnPq1gpK6eZy8=
bVPYXHDU12HVSgTDuDGPYmxXTx0jqP7RrdsLby1TVDxkwr8b6BjxVghWurPW3GJG0tAochbXZEi=
8I2wN3Z2CtMr8FeLBvGIhBmtEjMcMsEubVISr5zEH8ylQ8sZhcZylOblde4D3-2Bb998wcUnrki=
tn8rxbUoZkVMgDOoKu0JPHurtaQRvWc3-2B348Klg-3D-3D" style=3D"font-family: Robo=
to, Arial, sans-serif; font-size: 18px; text-decoration: none; color: black=
; padding-left: 3px" target=3D"_blank" universal=3D"true">read more<img hei=
ght=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" s=
tyle=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>
</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 Deloitte</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_573671" id=3D"n_573671" 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;"> Catching the wave: The PE port=
folio CFO=E2=80=99s role in maximizing value on exit </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: 1=
0px; font-family: Whitney, Arial;
color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image" style=3D"
font-family: Whitney, Arial; font-size: 14px; line-height: 22px; color: #7=
8766F;">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non=
e;
padding-left: 15px; ">
<tbody>
<tr>
<td align=3D"right" style=3D"padding-bottom: =
12px; text-align: right"><a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJ=
w5zCx3OQ3wQ6WPfRlnUC-2F5wgJledw-3D-3Ddo80_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdm=
GqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPs=
MHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyi=
ddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqu4SJkPkQ2-2F86RcorM=
3-2B2iIPiaHsaqwvUe252BiQLq7yKkBsFd8GJHdIjaWsg5b-2B-2Blkkklc1VawIZ4jgyzE81wl=
ZgS54eNbp5O2231C8hT9SZDcxC5J8KGQbtkjf6zhyaO2DFyGebF4FFgEkQ-2FBtPLydVYcQZw8t=
azyIqzHkJOCTaIx8pWQlGb7Jlbg9udG0MFZkmjiNQ9UhEfF3WNEzxqTW8XU7bXLlBn6c-2FKyll=
kTyQ-3D-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co=
m/news/70864.jpg" style=3D"border: none; max-width: 420px;"> </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>The role of the CFO has never been mo=
re challenging=E2=80=94with increasing demands and expectations layered on =
top of their core role as =E2=80=98guardian of the numbers.=E2=80=99 These =
challenges are heightened in a private equity (PE) context, with responsibi=
lity for planning and leading the exit process typically falling to the CFO=
.<br><br>
So what should portfolio company CFOs be doi=
ng to ensure that they are in a position to maximize exit value and success=
fully =E2=80=98catch the wave=E2=80=99 of anticipated PE exits?<br><br>
To answer this question, Deloitte conducted =
over 200 one-to-one interviews throughout 2024 with CFOs and CEOs of PE por=
tfolio companies, as well as operating partners and deal team members from =
both large-cap houses and mid-cap investors around the globe.<br><br><a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQ3wQ6WPfRlnUC-2F5wgJledw=
-3D-3D3beG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bY=
LnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJT=
s6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0m=
SE3-2B-2F5PER6owTHtuPqHbqv9nSffJ00zxUn6CNlUi78yHfiAvXGeaSESko3YS7vXquXssQ-2=
FlfkLm2FMQOizvxvdGoRwtsuKJm-2Flx4LdIiVPpx0OIzDqeU8F29XT-2BQAALKynQu1jG8e-2F=
1Vuj6os7Bb0IGRa-2B-2BB4T3KhucgglsFzyuUaUKMGVF9c6QeQBGdnVXHdxt0VzSoz39vfTbZP=
wcCY1uRuJKrBPjXm1zEOPXZzA4nbKbsER8SgYwbDMnJO-2FHdA-3D-3D" style=3D"color: #=
1D5080;" test=3D"">Learn more</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: 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"> =
=20
<center>
<h2><b>Trivia</b></h2>
</center></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">PE fir=
ms are taking more of their portfolio companies public this year, capitaliz=
ing on an improving market environment that VC-backed companies have also b=
een leveraging. Through the first three quarters of 2025, more PE-controlle=
d companies have gone public than did in 2024. How many PE-owned companies =
have gone public in the US so far this year?<br><br>
A) 100<br>
B) 47<br>
C) 20<br>
D) 75<br><br>
Find your answer at the bottom of The Weeken=
d Pitch!</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">
<center>
<h2><b>AI stays in driver's seat for US VC</b=
></h2>
</center></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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQxeQhtMe7=
94k1LllotvRUQ-3D-3DKShT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45=
-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJX=
sB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2=
Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqt9j2Yf63DeY-2BJqvsblX-2FYoqabWvUO6moa=
-2FVZ3fD9UbJ5riUfTITO4rAfpPuto8zR3XZgSIz5gyhvnn0w7nmpTrltaQFUGEAQjsP5M2vSLS=
lQhcOEBxXPwkM1EHpSr4Vnbtoa0J-2FWVHVEz6z5Y-2BemEzHaJPpuNK6p-2BN5LOLwzxBvWSzp=
KM4Ntn6yE1EpBywLvqhKvWaKv4c-2B38wLzHcBeeRrthfYXtRzPC1vlMos-2FFKXQ-3D-3D" un=
iversal=3D"true"> <img align=3D"middle" alt=3D"" src=3D"https://img.pitchbo=
ok.com/news/70858.png" style=3D"border: none; max-width: 420px;"> </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">AI con=
tinues to fuel US VC, representing nearly 40% of dealmaking in Q3. It's als=
o driving funding, with nearly every $1 billion-plus deal in the asset clas=
s focused on AI.<br><br>
But the surge in exits has been less exubera=
nt, according to the <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJ=
w5zCx3O6JTbWjRcEGqlPrrjp4QSHw-3D-3Dcta__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGq=
nviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMH=
NOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyidd=
wYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbquwQ7dJaXgrxupKFvru3Js=
csoH3HNmG1G1aOLGHXE5hE-2FO7hMdOnnSMoPf5QifY2T553BRwo9wCus5PYLIBEphfpT4p2-2B=
02G7peNiCzSFjerDwkGi72XuNv5BXBwFFQC6XfEJuZQ3y5oU2cysM4gh36p0azAouiHkhHZ7gT8=
Y9109TgCm7Du4Z-2FN0-2FaLouwNGBzn6BAokWf8iX6ijnmN8-2B-2BAn26eWXBASZI9HZMAiyf=
3g-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q3 2025=
PitchBook-NVCA Venture Monitor</b></a>, sponsored by J.P. Morgan, Dentons =
and EisnerAmper. Despite several high-profile public debuts, the IPO market=
is pacing to end 2025 on par with the past few years.</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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQxeQhtMe794k1LllotvRUQ-3D-3Dt=
voi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz=
9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16g=
JwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRX=
xE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-=
2F5PER6owTHtuPqHbqvOFE32l-2FnkIiXyQL9k7kDTQRZVV7FuwrXbs5mvEom-2FJw9YOpvtqM1=
EUxt7AM5cvp1h3J5g13cWkeItwL-2F98I-2BS8U7YrUhQBDpS2LZPwvSwneRLxIdnPiCNYJtwb7=
8j7yxPlnwbMIwJa4w-2FYVYvRduYrKaA-2BVqDxM8BXxwJIzXgfZTqkKhVTI-2BuzuE2ne7GjzL=
KaOb5-2FH1XYp1TTPnt8IYvlOZKhV-2BxUOmdezXk-2BVgiPA-3D-3D" style=3D"font-fami=
ly: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; colo=
r: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Download =
the full PDF<img height=3D"24" src=3D"https://fonts.pitchbook.com/newslette=
r/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" widt=
h=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">
<center>
<h2><b>Dealmaking frenzy propels US PE</b></h=
2>
</center></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-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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OVIxx-2BOj=
s2vq4e7bu0Vufnw-3D-3D2bzu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX=
45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2F=
JXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ=
-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqsDwp8rFd1dbYwSpFuOdl955DDdrgq9eqyTu=
hX1Vu-2B2qkajC-2Bs8y-2FEBZE2E-2BZiMhQZIRh2lnYSdosD-2Bq6i-2FqI7lxGKOf0aMaDkb=
z7aIViNFeamYZPwwJMIOp71ihrzgc1e72jrm-2FBrnsQmzyqwuJLSrTZAapqNjsdHAWMoo8nqNY=
4CqGDo3HVv-2FIr3v4rgDKtxU2zEucC-2FPjuWLcnPON7RMhYCB8H2KA0y-2FJwqu3dQraw-3D-=
3D" universal=3D"true"> <img align=3D"middle" alt=3D"" src=3D"https://img.p=
itchbook.com/news/70897.png" style=3D"border: none; max-width: 420px;"> </=
a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">PE has=
emerged from the haze of uncertainty as it looks to put its best foot forw=
ard.<br><br>
Dealmaking remains elevated, and overall fun=
ding has already surpassed 2024. The improving sentiment for exit activity =
has set the asset class up for year-over-year growth.<br><br>
Greater market clarity and a September rate =
cut, with the potential for more in Q4, have set PE up to end the year on a=
high note. Our <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx=
3OVIxx-2BOjs2vq4e7bu0Vufnw-3D-3D9WTG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnvi=
WBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOl=
b9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYx=
P4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqscd8-2FMlAp6gJ-2Bjs9LbGu=
Z-2FvijcY1h4GSvyXOrFrke2T-2Bx4H4VIMlJH6Q2SqrneDdvdL4AeuRqpAMVOmxiu0Y1sh-2FE=
8giPTfTmr6x95v-2BcTktnvXKOVwD61ncJxapl3U2aPnmKjukQrCTSva4-2BHPiC0CQ0b5iXp9W=
Ctmgegz8nk6bDmWysWL64dn7fMGML1tS6t2dI5SDIZr5eA08fmGEX49m2Q776Oodr3CM4Kz4yzK=
w-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q3 2025 =
US PE Breakdown</b></a> covers the latest trends=E2=80=94including areas of=
momentum, and weaknesses that could challenge sponsors into 2026.</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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OVIxx-2BOjs2vq4e7bu0Vufnw-3D-3=
D_JlI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRt=
Ez9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG1=
6gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ide=
RXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2=
B-2F5PER6owTHtuPqHbqs3IoyLKeQetGZHkiorkX4taOjbSFgjjSe6lWyQY2o54V0aprOKYBSi6=
0xSgHKb7fdcZ-2Bl9vip34L-2BLxgjs-2F7P1uOMQF-2FdCZU8ZRpeUxRYIlkqK1e-2B6I7JNYl=
pjFSaGcGIdJlIkdsCfRdXCOHnB8wuixVgH97jrNNuSmZO5X7hhj-2FSthvx8xi-2B9i-2B81DHO=
H7VIHwcsWgij9ihZacFKrsmpHji9oWdIB4XwT1gBja-2Fo6Yw-3D-3D" style=3D"font-fami=
ly: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; colo=
r: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Read the =
breakdown<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/a=
rrow-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">
<center>
<h2><b>Stay tuned</b></h2>
</center></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">Keep a=
n eye out for these insights and research reports coming out this week:=20
<ul>
<li>Analyst Note: European DefenseTech Overvi=
ew</li>
<li>Q3 2025 Healthcare Services Comp Sheet an=
d Valuation Guide</li>
<li>Analyst Note: Stablecoins are Imperfect b=
ut Inevitable</li>
<li>Q3 2025 Enterprise SaaS Public Comp Sheet=
and Valuation Guide</li>
</ul></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">
<center>
<h2><b>Quote/Unquote</b></h2>
</center></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-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-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3O2-2BgMoAn=
SWQafR-2B5HdXQbUg-3D-3DHJLq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AE=
tX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-=
2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4=
PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbquXvuIxA0oIounJ5Y1mq5FhMZBzSPucOCN=
lly-2FUMgOwWcCvrw1TU9cxceOY91Xw3FmbYddf11jBGkaWMvSlueBwKfJg5OjxTBZgI-2Fu-2F=
h4Y8yFVPVrbtduTmkRfxtXjuOBFPdlmyoWo79AHNONCecvEGNa6-2FYTuM-2BOQa1bPHOx-2FGJ=
bpVTCYbfTKx-2BP3i5nUc3nkD1Oo9a-2FkaYlbfHt1tXrM3GSTq8UeW7kPW8ZRgok4nYg-3D-3D=
" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pit=
chbook.com/news/70923.png" style=3D"border: none; max-width: 420px;"> </a>=
</td>
</tr>
<tr>
<td align=3D"right" style=3D"text-align: righ=
t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;=
font-family: Roboto, Arial, sans-serif; font-weight: 300">(Jenna O'Malley/=
PitchBook News)</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"We ha=
ve people who have previously been vocally, completely against the technolo=
gy come to our studio in the last few weeks, asking, 'Ok, how do we start t=
hinking about this?'"<br><br>
=E2=80=94Naeem Talukdar, co-founder and CEO =
of AI video generation startup Moonvalley, which is taking a self-proclaime=
d "ethical approach" to woo Hollywood studios and skeptics. In her latest, =
Rosie Bradbury sat down with Talukdar and <a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzXdiSDBtRztRvKSJw5zCx3O2-2BgMoAnSWQafR-2B5HdXQbUg-3D-3DOv6R_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd57=
4NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGW=
pyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrI=
pu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuP=
qHbqv0Ux4PE-2Bge8dCsSJUMk5WvTB3viItBKK-2F9Zcp4GqZOjIoyCT14Ra0IcYTneWXYFYML3=
snSg4jvXlx-2B9RChI34GincrA7Zi0BBiinxG8F0obFWRwa2mYNB3zKEysh-2B7lEkOtb-2FJKf=
CuwBfxX-2BEib3IyPLgqC1O1rJ8-2BR1PzbN7eRig1WSpcTM3k0h2NJbIqVecnbi2XJYMVM3J9T=
fcfdlyY3PEE2MU4eQ-2FtsnO8PkaeEQ-3D-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true"><b>explored his own skepticism surrounding AI</b></a>, h=
ow Hollywood is slowly changing its tune on AI and how Moonvalley plans to =
beat Sora and Runway.</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">
<center>
<h2><b>Trivia</b></h2>
</center></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">Answer=
: C.<br><br>
Twenty US-based companies under PE ownership=
have gone public through Q3, surpassing last year's full count of 18. And =
in Q3 alone, eight PE-owned companies went public. You can read more about =
what=E2=80=99s driving the trend=E2=80=94and if it's sustainable=E2=80=94by=
reading Janelle Bradley and Madeline Shi's <a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzXdiSDBtRztRvKSJw5zCx3OSDFmxIXjy9VyZQsFeSQnYg-3D-3DOWe-_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574N=
C0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpy=
Kh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu=
5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqH=
bqu1tdLTwkKQl7sD9vsfMhr1fiyL4OJpV4cEyPGSgyFeEUQlFFmD-2BIDzR5HToCsHm7MYVR-2F=
7WGWDk8WlZTMNS9Gz-2Bx0QJs3r0qY8yHbZ-2BN8IovKTl8IvRorMqZqyFIXNJBYAGAEYk3iIUE=
s-2FEFtM-2BHEloj5O9g0ucrVwMPfIcG7GA1SsaYsJVaw1KHFNFjst7-2BdNO7Fv1o-2B3H9qep=
D44AKs63B30vm6QXxg13vAPgnY3JA-3D-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true"><b>latest reporting here</b></a>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<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">
<center>
<h2><b>Sign up for our newsletter</b></h2>
</center></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">This e=
dition of The Weekend Pitch was written by Madeline Shi and Jacob Robbins. =
It was edited by Heather West and Clarinda Simpson.<br><br><em>Were you for=
warded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.pit=
chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
XdiSDBtRztRvKSJw5zCx3O1FcruHSKcHoygpnp5rnCvA-3D-3DzimQ_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9y=
j2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTN=
VEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajM=
rBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqtdbSLX=
TLPqldGQmSXUCS-2BL9-2F4hke4K42sBMd-2BkdRWzPvWUD-2FxNtVp9fPVMSkTArEysxKT7WqN=
o0N0HT87bAb6a6nS4JG4HrFKfi4-2FZU9nN1WvWgen-2FWP3pg8jBHCskObQA1z9D2BTk0jcTaM=
Zlt3i4ySUx6T-2BMfxt-2BRgnkLuCcAtIavmbVT-2Bl3yH7UQf4a5VyhfTK9V7MXR96LYvd6GgR=
m52dcXdSwNu6YveDiWcekMQ-3D-3D" style=3D"color: #1D5080;" test=3D"">pitchboo=
k.com/subscribe</a></b>.</em></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQ3wQ6WPfRlnUC-2F5wgJledw-3D-3Dk=
fzd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz=
9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16g=
JwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRX=
xE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-=
2F5PER6owTHtuPqHbqs-2FQ7EEdddhwW9bkkhC5N9VWezSRVbwrPoo3a7d5JUedZFKD2P4p-2Bk=
44SQb4HkhJuD7-2FpiSlzknsf9cJz-2F2cOnJ7mp3Pu7w0SqHKog5NDYOKwI5Rhjcya4Xos0yY1=
GHpwkbMZDEvAQvfcwimUsw-2B4I5D5qle69UTQK5wFMIOeaJ0kNtvxR-2F2TMgdfdgB94O-2B3g=
-2B1HvkcHESiVDylGGRYLuhD6-2FJDu-2B36Qoc-2FTH-2BUf4QlA-3D-3D"><img width=3D"=
460" src=3D"https://img.pitchbook.com/ads/ad4350/deloittepehorizontal.jpg" =
alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: block=
;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"width: 20px; min-width: 20px;"></td>
<td style=3D"padding: 10px 0 5px; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td align=3D"center" style=3D"font-family: Roboto,=
Arial, sans-serif; font-weight: 700;
font-size: 14px; line-height: 27px;=
color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
<tbody>
<tr>
<td style=3D"display: inline-block; width: 32%=
; min-width: 32%;
text-align: center; flo=
at: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
48
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Deals
</div></td>
<td style=3D"display: inline-block; min-width:=
32%;
width: 32%; text-align:=
center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
50
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
People
</div></td>
<td style=3D"display: inline-block; width: 32%=
;
min-width: 32%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
30
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Companies
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
<tr>
<td align=3D"center" style=3D"padding: 0 133px=
13.3px 133px;"><!--[if mso]>
<v:roundrect xmlns:v=3D"urn=
:schemas-microsoft-com:vml"
xmlns:w=3D"urn=
:schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/products/=
platform"
style=3D"heigh=
t:43px;v-text-anchor:middle;width:148px;"
arcsize=3D"50%=
"
strokecolor=3D=
"#F79B3E"
fillcolor=3D"#=
F79B3E">
<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
ly:Roboto, Arial, sans-serif;
font-size=
:12px;">
Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIjkNgm8JP72D-2F22oVjeiSSSVgg-3D-3=
DkxG__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRt=
Ez9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG1=
6gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ide=
RXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2=
B-2F5PER6owTHtuPqHbqvnh72c1sNt-2F4Skalo15FcMtSgq8VR6nGH-2Fcg5TSpl4fLkAjast9=
0z-2FAYc4IXa-2Bf50Oxj-2B1MlkdCDxuiDv27t95BmAS1xKbz-2BHeK5hygpXPOjofRBoBVkpe=
zKJXTnWNtYekDXj3DkslIKX9pTLeS8smPgUjvLhNcONjy24l82DLgVqaF3z9pJMabsC-2BUOZUb=
3HuBIpORrkgtvBLxDN7E3lH-2FFnkBe537T6c2jrvFj9Mhw-3D-3D" target=3D"_blank" st=
yle=3D"display: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
text-decoration: =
none;
line-height: 24px=
;
text-align: cente=
r;
padding: 9.5px 21=
.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;"> Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
<td style=3D"width: 20px; min-width: 20px;"></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td height=3D"20" style=3D"line-height: 20px;"> </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;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIjkNKxYAue3a0GovyiGvXHQ9ug=
-3D-3Dv8w3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bY=
LnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJT=
s6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0m=
SE3-2B-2F5PER6owTHtuPqHbquRGp5BfD00HJt6TneRJ-2BiQ88B5PHfhBhwklX0bP0J0P0izUR=
gQbdhCF9WxszIEQBjGLnj-2BcDqtNcmJRZkgc2Y-2FxVtcmvWMeCPh8JDQx6RR7YeIM4azZGgo9=
dXVjTJIJn3aO0LSwkIUdf2kbQhpVmKtW6HycyPzLKYFyGzsG8DW-2BcpvoHDD1OFUlzxjPPouMi=
D-2FkOZMWGZtonI-2BcGewG6T8IBdZpkRPfrEnY6UWwO0r6w-3D-3D"><img width=3D"160" =
src=3D"https://img.pitchbook.com/ads/ad4342/deloittepevertical.jpg" alt=3D"=
Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: block;"></a>=
</td>
</tr>
<tr>
<td style=3D"padding: 0; height: 20px; line-height=
: 20px;"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr> =20
<tr>
<td>
<table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
ding=3D"0" border=3D"0" style=3D"min-width: 100%;">
<tbody>
<tr>
<td width=3D"460" class=3D"container">
<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor=
der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;">
<tbody>
<tr>
<td style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c=
enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIjkNPBHHpMklh=
ztZV3Jazp2GGw-3D-3DP6vr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45=
-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJX=
sB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2=
Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbquYZ3CS3SD8W5Jx0HASqnkK4Bm94dmIxugOkVy=
ykxpAgVoO4YZMnnUOS6ew2mq1wbzv0fOluX-2FLTK6O8e9TH6kpml1Yc9s6QLjU0Pj1-2FZVKGs=
uAxvWmnbkM8-2BKM5ATSCsHGZMELnrmBSEwSM7iQvNUHrT7Q-2BXdzwfCwjwFFWy4XgfxRijvmS=
P4nNuuX4uLh9d5WXiaE-2BbpH6CXe1XG3e6JHbCRAIJYyrSY-2Fq4j-2FRtYJXw-3D-3D" targ=
et=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">About Pi=
tchBook</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIj=
kN3akwwIRdclTn1sw6c-2FlsoA-3D-3D4-79_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnvi=
WBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOl=
b9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYx=
P4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbquYlLztHd7iyi-2FajFsw8h3G=
eonKcmkm5ibHojymDx-2BsZ-2FOYUv6Odajk6J59fW18MVVeRr8SwCDsYnAa1JcOPmYUs8uevLE=
by5a727Uyyz7mgGffJc7TM8rQxukGyMj4GmqiV2uQT19hptDmg-2Fj1uNF-2Fe1-2BkhthMEQ9o=
mBOlQu185YfzWud60LwJT4ZQJqrc9CRE268gB90LVRBT36Y-2FyK8gya4qSb9PpYqpayDLh7Tp7=
A-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #1D5=
080" universal=3D"true">Terms of use</a> | <a href=3D"https://url6380.news.=
pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzXL50pJ6H7iSRPQn-2F7XIjkNgVcGhIPPyUa9T-2Bpd0COlHA-3D-3DXTHc_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC=
0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyK=
h7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5=
XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHb=
queOaCzQY4kpyb1sjTCP-2BuM-2BFaxPh1dxaQ3omVQ2fh4n1Irya63P46lz5s01QuaPeNwsMAp=
Uu3lDUBY8zUEW9O9V8CahEI6S55Wz2e6y7qMsGBzFo6U-2FOgg-2BUH2qAqEp70kYohGCR-2FuN=
Z2fINm3LQAop4caHFdVbGwHb02jlUEKc1P2dq56vDFqfcAvhT2Qi-2BIrg-2FIUJtESBfJ27GlA=
zudnzbIbuV1pcYtr4vbNC7YqPg-3D-3D" target=3D"_blank" style=3D"text-decoratio=
n: underline; color: #1D5080">Advertise with us</a> | <a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIjkNPx-2Fw72rpddh8YDG3cP4-2FCw-3D-3Dl=
UCJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz=
9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16g=
JwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRX=
xE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-=
2F5PER6owTHtuPqHbquyHD5fUpJ-2FosZzBcCC75aLSGkgURwCNNaaDmTeBnwowBxCu-2FkWZLI=
rJBN5YMvSOiY7myCEt4Vx3LBNASTtxRJBVg8NsCugnAjTOO-2FP6BW4kbWXQ9SmZxMD6lB3s7s-=
2FMBDx3-2FprtyTOP2ACwIlWvkWC3V7xTJGFpTCMxYcFKEqr-2BiX-2BRZZjLuwY3PpQUVIjCQ3=
Bv2H-2BP9HRFLPhSgclU4zPXkOAVm6e4sDL6RhCPdb8Zw-3D-3D" target=3D"_blank" styl=
e=3D"text-decoration: underline; color: #1D5080" universal=3D"true">Contact=
</a>
<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
border=3D"0" align=3D"center">
<tbody>
<tr>
<td style=3D"padding: 15px 0 0;" align=3D"center">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0">
<tbody>
<tr>
<td style=3D"padding-right: 10px; font-size: 10px;=
">Follow us:</td>
<td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIjkNf04N2aHeCULqIE3hmiXQ9A-3D-3DT-a0=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jp=
K1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwX=
OXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2=
nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5=
PER6owTHtuPqHbqvlCSeN1OBgaChWNNM-2FQa0U56rr49t-2BxJodzRlBIf2GEQFMdJSVJKLGSq=
6G0TOUG1wIj1RRAnknqNGZlovV7NiBQ-2BpjVBq3rVjyIwvHQ6Ez0N-2Few9UAzVPvLUvrDvDoH=
Bo8jjbo4Au3yEXKtuZzipkqG662NYct3-2FqpxIB8d6LDAFEYI9Dp72Q7oXczIS7B-2B2pQmRMt=
HM-2BcpAvhFToboLVPzTSWMS6WcRhUGq6Zd89-2FTA-3D-3D" target=3D"_blank" style=
=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.com/newslet=
ter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style=3D"border: no=
ne; padding: 0 0 1px; vertical-align: middle;"> </a></td>
<td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXL50pJ6H7iSRPQn-2F7XIjkNctSWf4nxgoggLJv7Xgbp6Q-3D-3D0_8Q=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jp=
K1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwX=
OXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2=
nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5=
PER6owTHtuPqHbquku-2B3qzCvfb1EwJ5PTOFqhY3wFPF35PN1-2BXJ6LmNEVTIPksuKWSsVs6Y=
kl1GRupeiMUSugjx7-2FcNT5RjkjVrbLd-2FZk3s-2Fiv1QMNrrE4M4jFtIPHId2LM-2FmV0gOo=
0wXWa-2BNUjRai0-2FffPGFktBiFoufTh9hIPb79Kg5fZMLTX9Do0UQfxnkRHYnEpP0M61m84pO=
IA8ZjyYwCsihQ-2FyvPu1MZ9X0q4RgA467cxHWXceW1A-3D-3D" target=3D"_blank" style=
=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.com/newslet=
ter/twitter.png" width=3D"25" height=3D"25" alt=3D"twtr" style=3D"border: n=
one; padding: 0 0 1px; vertical-align: middle;"> </a></td>
<td><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXL50pJ6H7iS=
RPQn-2F7XIjkN47RX9YYUCq7FBpba5k5pyA-3D-3DNApd_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9W=
ATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1Fe=
NbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kY=
jHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqsFKkdFJaqvUq1wa=
Azzq-2FRPUAOKCq0fA-2Fp-2FPo0vAGsq-2F12uTDZVYoyhzxV-2BMPQZFOiCPzETxNg2ys-2Fy=
-2F7S-2F2Yn9LcTp7Zw7DRQhJvse-2Bo5KLF7up2QjB7ucP5bNjX7VptpqkHWesBIztZCaEPgW-=
2BsO5MHzPvqPFN-2BYdVGx0B-2BfB7F5-2FNCL7DtXMAAh2eWmXdtN1FwePI2q-2BBNIqCbo8Uk=
mytDVSusQR7zNttZ-2FqNth2Yw-3D-3D" target=3D"_blank" style=3D"text-decoratio=
n: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/facebook.png" =
width=3D"25" height=3D"25" alt=3D"fb" style=3D"border: none; padding: 0 0 1=
px; vertical-align: middle;"> </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<p>This email was sent to <a rel=3D"nofollow" style=3D"te=
xt-decoration: underline; color: #1D5080">vetyl@ponjosonek.com</a> via the =
PitchBook Platform.</p>
<p style=3D"margin-top: 14px">Click <a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx=
1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTf=
dSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-=
3D7vG0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
tEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG=
16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6id=
eRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-=
2B-2F5PER6owTHtuPqHbqufE8N9Rssqc3QR-2FpvH6sxErwTCz5lUTDa9-2FGaUWwvbUjTyP2Cr=
rtEelH3QgvKLU5iWz-2F-2BIq4L9ul95SuYUvNB0VHzeIdqbqOR88JnRlubSn43UimcgXOM0E1i=
KqdoIYTL3d6n-2BMCukaRzss6AEg18pJrLeENyigohumnqRZbpiRhKOvcaFEizuJJRJOnMCJRpt=
ybZ6xvGHgxyaDrwrI-2Bz0xMTJhsdLDmgeHFv3cQ1txw-3D-3D" target=3D"_blank" style=
=3D"font-family: Roboto, Arial, sans-serif; font-size: 10px; text-decoratio=
n: underline; color: #1D5080; -webkit-text-size-adjust: none;">here</a> to =
manage your subscriptions, or if you no longer wish to receive these emails=
, you can <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCbp5fVdgUVvM0uKhBfShb0-2FXm4=
f84Oam-2FsIf-2BQHY-2F6l9Vc44O6YYP5nyZstiuA0hPHiOTJvTphTwYVVcDj-2FgzVFL55dZK=
zjozFN3yY7gCEJIYIrzSMor6WWroWX0bXV0YUZSSv0rx-2BGIUB1ul-2F6MQugC_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574=
NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWp=
yKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIp=
u5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPq=
Hbqv-2BAnlhrZQ6RJD5V-2FMGVgJ3aokVxS9AOnb8ZVJR58WUx2tc2FRcJ2adRb58J28-2B8mIL=
xvgvLxLOKyGTeoq6mWgmTZe31rTm14YefzQHBKLUzDtp0kyiclhgQEpVoHWU8QGM1I2KMVNiWZu=
7-2BuwxAwz1qSiprNSxq9RG9T2hbyTLxiLhd1t63h75LSlCgYQM2YNdUiSLhV7xzMoIP1aSTFLU=
3kFa-2FfZV-2Bdzet9gzQ5zP-2FQ-3D-3D" target=3D"_blank" style=3D"font-family:=
Roboto, Arial, sans-serif; font-size: 10px; text-decoration: underline; co=
lor: #1D5080; -webkit-text-size-adjust: none;">unsubscribe.</a></p>
<p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi=
fth Avenue, Suite 1200, Seattle WA 98164, United States</p>
<p style=3D"margin-top: 14px">=C2=A9 2025 PitchBook. Win =
what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; =
style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo=
ok.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY=
5D5PSLQI&emailId=3D3D6NJMZEX6TWORG&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG=
625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DPED7RLFD4GN3BVMRTF=
QEHYZOOJCKA34MS5JA35Y.gif'/><br></p></td>
</tr>
</tbody>
</table></td>
<td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">=
</td>
</tr>
</tbody>
</table></td>
</tr>=20
</tbody>
</table><!--[if (gte mso 9)|(IE)]>
</td>
</tr>
</table>
<![endif]--></td>
</tr>
</tbody>
</table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pLVW=
4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9j=
pK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJw=
XOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE=
2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F=
5PER6owTHtuPqHbqv6DoUM-2B2jHhpFPH6-2FhL4QayD8SCKziVCOdlRip9OiHt2RD5BYU2xUqN=
RrCEgZTOsocptqbUcxJDORCZDuc1AAge-2Fe7W4IYRJuPtb3U86UaeO7j7NqXs4Wn7I4DAhH-2B=
W2LtU-2BtT3DMge-2FczDnPRhjKnzEvoKFiT8lB-2Bq0phLuLySi2JuLvr2WiwBNWH7mFw92YLE=
AkdZ2pVrZyUut30HvdREoDDW12mQL3ZzDdCgarJJQ-3D-3D" style=3D"display: none"></=
a>=20
</body>
</html>