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<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>
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<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>
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<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=
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3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avEe-2BZrl2vn8HWHOKUSMWHWq=
feEpO31tvlXc9Xsqx7BYAWfBnrFBMVFysgx5sfqOv-2BhzhLemYzQZVLtHyqAyc0L2V1mFVRdue=
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iqzW4vFB-2F39GLaR8y9qVgy-2F-2FEs4YH5X5O8aKDX8Jg474y4Czo5Rpza2xPQ8U71vxgMZRY=
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erline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Fidel=
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der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
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=20
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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%;"=
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0%">
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<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis1xNgo0OnZ=
QDd44TtP0ecCw-3D-3DUCgQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z=
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cfGeVXxd6gNPzYi5WZa8CxIo-2Bp1bYjMCyroTQxkGLOR5M-2BvzPMuefwo5ISYMJd6fYLIpAxb=
G5irgnnBHvuUcZPUNnumD3fOjf5Lt9Cb9DibEVowjh38AGcX3jmHwIcBTkKq3xIhyDeq3-2FKk4=
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=3D"https://img.pitchbook.com/news/71187.png" style=3D"border: none; max-wi=
dth: 420px;"> </a></td>
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<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">(Mara Potter/Pit=
chBook News)</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>The Trump administration=E2=80=99s ne=
w $100,000 fee on first-time H-1B petitions has thrown a major wrench into =
Silicon Valley's hiring, albeit with uneven impact.<br><br>
For large AI startups, especially, bringing =
top talent from around the world to work at their US offices in hubs like S=
an Francisco, the added complication to this work visa has left them in a b=
it of limbo.<br><br>
=E2=80=9CI=E2=80=99ve definitely had some co=
mpanies say, =E2=80=98We=E2=80=99re going to pause our H-1B program until w=
e have further clarification," said Maxine Bayley, a partner at law firm Du=
ane Morris LLP and longtime startup immigration attorney. Other companies a=
re looking for alternative recruitment pipelines, or just sticking with the=
ir current approaches, she added.<br><br>
I'm Michael Bodley, and this is The Weekend =
Pitch. You can reach me at <a href=3D"mailto:michael.bodley@pitchbook.com" =
style=3D"color: #1D5080;" test=3D""> michael.bodley@pitchbook.com</a> or on=
X <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisEU3fs1FXyo-2B=
I-2Fu4IaCQwXw-3D-3DlKo1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z=
0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF=
4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJ=
O40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0as9H4izT5mppxrmrRiGahOAKmpI3VwWL=
N-2BsbWtjdGJdGCWjjEAQ92iXqKxVq2l4hfllhw4h5ZboW-2BV12iBFRYeHVISw2c2KfqpMaHKp=
tSCSWHoUpH-2FUW5MwgnzSwAO1Nz51szIZ7VZMVcHrQ-2F04p6rzFalH-2F6-2Ba1Y6-2FnussA=
bhjIU6k3vq8-2BmrZ2HnpMdnDuVXhKoZnowM5Qhy-2Fy-2ByttI1C7Q3x3xKXbFYXYdZwPzf7V5=
QEap7-2BOnul4LE3BwZozJQ-3D" style=3D"color: #1D5080;" test=3D"">@ michael_b=
odley</a><br><br>
The new $100,000 charge is essentially an ap=
plication fee for H-1B visas, which are already highly competitive due to t=
he capped numbers of approvals per country every year.<br><br>
The largest unicorns have prioritized bringi=
ng top talent to the US to work in person=E2=80=94some much more frequently=
than others.</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%;">
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cing=3D"0" lang=3D"x-content-btn">
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ok.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-=
left: 8px;" width=3D"24"> </a></td>
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<td style=3D"height: 25px; line-height: 25px;=
"> </td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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</table></td>
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</table></td>
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<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
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min-width: 100%;">
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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 Fidelity Private Shares</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%;">
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<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_574075" id=3D"n_574075" 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>
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<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;"> So someone told you to get a 4=
09a...now what? </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
padding-left: 15px; ">
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<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisKOiPOwJnr5GmN=
GS9ViFxyw-3D-3Dfg-w_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7=
MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2=
Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40Z=
NL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0av4dBIop3MtvLayw3ZsyPMOVEz211NFwXv3n=
3ESnjEd0u4j-2BQayADO2r81odTVVVsFgHGc2-2Blr-2BzyONhz0kpXDHJAjFFJMZAjfNuUKEnA=
mHjGjRVI6wMeCOY4K9kO9GnHUF-2FXxLhL90JMdMd8495GTJRWGRquHpcROLCDpqPd4jZdoHLri=
2AqgoAXZvmvSPY667foN-2BuTeP-2BVUEX4EsWppHbKXUXhD7BVPd-2FgB6DD8S9POfiEMcUKpq=
FBfFEBlIL-2FY-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchb=
ook.com/news/70867.png" style=3D"border: none; max-width: 420px;"> </a></t=
d>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>You probably weren=E2=80=99t planning=
to get a 409A valuation=E2=80=94someone likely told you to get one. Maybe =
it was your lawyer, investor, or founder friend. This guide breaks down wha=
t a 409A valuation is, why it matters, and how to make sure you=E2=80=99re =
not taking a risky shortcut.=20
<ul>
<li>Learn why 409A valuations matter and what=
happens when they go wrong</li>
<li>Understand common myths (like 409A valuat=
ion =3D company value)</li>
<li>Discover the difference between algorithm=
ic speed vs. audit-ready accuracy</li>
<li>Get real insights on what questions to as=
k during the draft process</li>
</ul><a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BA=
biKmxElvRJG5YCMEUisKOiPOwJnr5GmNGS9ViFxyw-3D-3DdRDw_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT=
-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A=
5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYd=
FCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auOr=
5DbQfBsuy-2FZ6AmHyY9-2BA66hAxIzt3I-2FArr8keY1HJi89jYOPPCSSJbZSsbbZtzOz-2Fx4=
INop4-2B6w9zLhrUmcgATAP1RiL3ctZrOY1eSFIUge1p8vgZXZcVBx7GZML1gquH9vfMQnVJtYU=
KXeMzPdasXvH8JLrLwHBccqjLpVpPT9uLwm4IcEb-2F4loO6ICxWS-2BUZSsSQY3e6kBSSeSmK6=
H61KjyqUMtSBGDKC7LntUc77116-2BE-2BROtIdp4F3h6FU-3D" style=3D"color: #1D5080=
;" test=3D"">Download the guide</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-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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisRdxBwou=
jyOMgDvrUSO-2BOGg-3D-3DlNtL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4=
Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhL=
NfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3g=
qwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auN6M4RkKxte9AwjiLuuDM64tgHp=
lHABO7sxk9zEG9MZ02CgYYokxVObp8rBmMyKJxxHqZtO3XCy-2BMVmjfl9ybv-2BY7BMQ3L-2B9=
GESoMRdGkHxdgHSPGX3n50vv-2BmXdJWE7673r4sz7t8oCy30xVr-2BZU0NQGJrPe2srOErp09l=
AYMst4X3LdXCA1BWlAsAkBYf1HIyF-2B8vHrV-2FFH5ldZ2DsyrlrQLTmdG9fpz1-2FeJ1yvgTA=
HruTbfUd7eN0L3rTTylmo-3D" universal=3D"true"> <img align=3D"center" alt=3D"=
" src=3D"https://img.pitchbook.com/news/71167.jpg" style=3D"border: none; m=
ax-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">(Bill Clark/CQ-R=
oll Call, Inc via Getty Images)</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Invest=
or appetite for defense tech has continued to grow in 2025, with defense an=
d aerospace-focused PE firm Arlington Capital Partners=E2=80=99 latest $6 b=
illion fund, which closed on its hard cap in just five months, highlighting=
this trend. How much larger was this fund than Arlington=E2=80=99s predece=
ssor fund, closed in January 2024?<br><br>
A) 18% larger<br>
B) 38% larger<br>
C) 58% larger<br>
D) 78% larger<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>Big M&A totals in Q3 position<br>
2025 to end on a high note</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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis0b46h90=
-2B9WAGV9jTF4dFtw-3D-3DsZNx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4=
Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhL=
NfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3g=
qwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auMEbRgt46DBbOxz2rT2m-2BKmAE=
3FPsyy-2FnE-2BtRwEYJKUczsLIu4SqKSAuSpnzfZLsct1CoCjCf2yeOX8FU9VDD7itw7l0moN5=
AEHbqZfF4bUtRn9TLxa9BB4kUfifIvMAclrWvszCo5P7pZWke2kGJmMBBhXN7YF00QAd6jb3nj1=
6vCqVgW-2B-2FWM2otPqJng01BFXVg75AIVVZrc0zLyDak7XFQ3PmXqxzWV9K2fhsJ1fuoeN9It=
QXsMh7xH3ea53dk-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/71155.png" style=3D"border: none; max-wi=
dth: 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">Global=
M&A pushed even higher in the third quarter, reaching levels not seen =
since the 2021 peak, with nearly $1.3 trillion in total deal value across a=
lmost 13,000 deals. A surge in mega-deals drove much of the action.<br><br>
The strong dealmaking totals in Q3 set up 20=
25 to end as another year of growth in terms of M&A deal value, our <b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSkAOxLM2TnBag1U=
0qd0QjbQ-3D-3D4Xp6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7M=
UJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2B=
k9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZN=
L2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avUnX-2BBA-2B8YsqH-2FwkIH5o9NLAjXyJ89=
3t-2Fx5ZKvzRCk-2B1pT3RESwP-2B6lSLhDmdn-2BvYkKcXbJhclfHpiSr3uersqVVIcnXJ9GpV=
Lmjd7PTiDyb82HwfxIXrw34hr1IWCU-2Fjr8KfEfxXXhZo1vVbmmnv-2F-2FhE0BESjNil8QqBi=
0CVufrG0Dl-2F3jVDetRb9jPBJCvFVIgSivW4QW7tLTQ-2B6QT9ECOdlIwIqYwJI1cTt3ete-2B=
ZdobZlDgoXP5psZl8nUEVQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Q3 2025 Global M&A Report</a></b> finds, while deal count is pac=
ing for a record year.<br><br>
Greater market clarity and continued rate cu=
ts allowed sponsors to join corporates in the increased dealmaking. While n=
ot out of the woods yet, with headwinds such as inflation and tariff-relate=
d uncertainty still in play, buyers are getting a better sense of the marke=
t outlook, resulting in an increased appetite to get deals done.</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 #40C2C9"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis0b46h90-2B9WAGV9jTF4dFtw-3D=
-3DY0Id_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
Rq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2Xw=
vD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxF=
caSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-=
2Frly5M6TaH5En4OCJg4u4CujE0avV1YvFYmZcs9-2FHbUqqGEX4DyeFtb6tlxvaz3NiuK0kyPJ=
JeVg0aFc8plEzW8KE33pHolhT9UVE1dPb3dav450ovAPdHPyStwd4kEYsA4EzJCH6ryL2-2F9oD=
pY6IN-2FkRPOF6RELdPxyeA3pjlHsQr5FosnY16aRDost2C9yDvlGrMSW5OEZVNyS26wOIp5ALF=
FTS8XeA34BmwEiSAsUNOxZ-2BrLHN1Fu9EdiIgAgf-2B9JehV3hEtNCoWCKUTvuZo-2FFu04-3D=
" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de=
coration: none; color: black; padding-left: 3px" target=3D"_blank" universa=
l=3D"true">Read the full report on M&A's big quarter<img height=3D"24" =
src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"ver=
tical-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"> =
=20
<center>
<h2><b>Democratizing private markets=E2=80=94=
will 401(k) investors get what they expect?</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-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbS-2BbTjweg=
RJ8EUGsieYU6v7g-3D-3Dxhzi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk=
1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNf=
eF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqw=
EJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0aufZjWBn46nAl16GXSfQVASaL8w4z-=
2B-2BBr4hIfqFnnsDVEZOtd8tdVD86lRtl-2FCafedPfYvWe-2Bn1sfLJtaGP6-2BEz7-2FamNT=
q-2B4NwNK6uveSxiaFKJaA8njfUeoIvP-2BJpQe-2FFb2SrrI0JLEN0nFe2BuSQwTZIXq4eA-2B=
zinabKhMh015yhJxuyBHLFsEy4ebS2OkjZab1J-2BSIiG19fD3gmDrha86X-2BNofHcEBHLp1JB=
3qgPyAIPC3S1fk8BHgTXOEXs-2FZE-3D" universal=3D"true"> <img align=3D"center"=
alt=3D"" src=3D"https://img.pitchbook.com/news/71190.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">Excite=
ment is building as the UK=E2=80=99s Mansion House Accord and the US push t=
o democratize alternative assets open private market investing to 401(k) sa=
vers.<br><br>
But what investors get may not match expecta=
tions of high-octane private company exposures as credit, real estate and i=
nfrastructure are a better fit for defined contribution and evergreen struc=
tures, <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbStfs4-2B=
y1Cix0-2B2S5S3rOWqg-3D-3Dl7wA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9Ac=
G4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2x=
hLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex=
3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avQueMqZcBHRLHF5udHTYVAZed=
Bjeo89lfN0r0m0Zl128HxzBkx6gABvkYR-2FXPjRSuQhjGua-2FwDod5K-2BE9Ftb7mc4k5gc-2=
Fri85hTcFqcFlVXKPe8vHfbauFE1JDkW609F3btyoxaDlu-2BRyp9vVVOU7RNc4PR6HZwDXeD8H=
mVMc2ErmIIg-2FjY8REJ-2FhlJ9qxiyt-2BJeq8b-2BwIju0vs6QaJnZ9OtjXBv8xsRubC2yBbp=
Lkh6YQio435gRlL5rJEAHpads-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true"><b>according to our new analyst note</b></a><b>.</b></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
<tbody>
<tr>
<td valign=3D"top">
<table 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 #40C2C9"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSvyHb9ZFkPb7P0yBede4-2BpQ-3D-3=
DCFhm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq=
0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD=
-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFca=
SDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2F=
rly5M6TaH5En4OCJg4u4CujE0auBAPOztrPC35EDnx5gMgX8J8l0Jl89L-2Bs7w9eUq7yrD0tmH=
Y3chFZ5x5r-2FOIIy0Y-2FW-2FOZDEsuhgKedKQWuvrL-2BNvBwiQh-2FHGyNYUuNSJuLs22y-2=
F-2BvUll4C50YXq1j-2BPp-2BhAZFBsCt10L63Hbc4dbxyDM9Ogx-2FPXBDzX5G5RVLJqulqRzf=
tCKrFqE1vYyXcszqZWgZ-2Ba6hy1M2SxJaVjQzTNSXoJ4rxpfNrbOX8sHHhS2eA9za8UlQ958ps=
8ai-2BTS4-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 1=
8px; text-decoration: none; color: black; padding-left: 3px" target=3D"_bla=
nk" universal=3D"true">Read Hilary Wiek's analyst note<img height=3D"24" sr=
c=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"verti=
cal-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>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-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=9CWhen it comes to AI, the US is leading in software and hardware. The US =
is setting the policy standard, telling countries like China you can=E2=80=
=99t have access to X, Y and Z. Whoever sets the standard, that=E2=80=99s w=
ho gets the most attention.=E2=80=9D<br><br>
=E2=80=94Dimitri Zabelin, a senior AI analys=
t at PitchBook, discussing the trend of sovereign wealth funds around the w=
orld investing in US-based AI companies. Read more about how sovereign weal=
th funds, especially in the Middle East, are turning their eyes towards US =
AI innovation <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbS=
igjQEzvld1jrnHnne5PD2Q-3D-3DWU1C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb=
9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXp=
F2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf=
7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avibYCCVC-2F-2BKwIlz0CP=
ZxuLVsw1MgDM8pmG7eS8oya2dSZCrIGhl6oUF4ErzMK0tMkxwktYPOlClLxi476sllx9jFpVq9y=
-2BBQOyPMiEnESJuWaDj2YJurx7hgOlnddEbCW3Wu2bJZk5nshjHIPfdftmnYt0MbpPdXO2lNHf=
zLNJVN2lzhut-2F5sXNU5NKh-2BweNhrkjSqzV5jI3pvEwNfEnXyyBuKixJZfsRWq3laugWVH8v=
ZNvI-2B9JMx6Z-2FAjYPoOOA-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">here</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>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>Q3 2025 Retail Fintech VC Trends</li>
<li>Q2 2025 PitchBook Private Capital Indexes=
</li>
<li>Q3 2025 Food and Beverage CPG Report</li>
<li>Analyst Note: A Look at AI Deal Activity =
in APAC</li>
<li>Q3 2025 Medtech VC Trends</li>
<li>2025 Global Fund Performance Report (as o=
f Q1 2025)</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>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>
Arlington Capital Partners VI closed in Janu=
ary 2024 with $3.8 billion in commitments towards defense tech, while Arlin=
gton's October 2025 fund closed on $6 billion, 58% larger. Read more about =
defense specialist PE investors and trends in the aerospace and defense sec=
tor <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisRdxBwouj=
yOMgDvrUSO-2BOGg-3D-3D9L-L_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4G=
k1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLN=
feF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gq=
wEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auDInowEe2jB64jRVUhXYvzJLc2fx=
fofDm1b8K4-2FjfE7DTI8b7FmC9EqFTINEgMzz-2FL6DE6UDrS-2FOiqAww9Td13p1T95UGTZNd=
4azHIfie577TWulEgKCL2cqkQN2tb87T4-2FytTfMp71H5Rrtjd-2Fn6j6426z-2BOI76IS1Izl=
d3rzP-2Blq8K1qjTEaqK-2Fm3AzJaMVLn6ihH-2F8r6tmVaooHgxdf-2BVd2Jj6atXpVp1tDxI2=
aJ1B9ueLTOKVnlDj15hnzxnQ-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">here</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">
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<h2><b>Sign up for our newsletter</b></h2>
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<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%">
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<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 Michael Bodley and Nadine Manske=
. It was edited by Kia Kokalitcheva and Ron Prichard.<br><br><em>Were you f=
orwarded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.p=
itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzWV1gJXqac1UntLdFsc3MbSTlJY3W7apD-2BkrMt99JG5uw-3D-3D13o9_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2B=
vIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ=
2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b=
2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4Cu=
jE0avBl8UyiQcd58RGGwYK8JNUm8BOMakb3RHOOfQyCBtz9P-2BUP17PJlJmbvNnJ0u-2FUqIt9=
a4FW7ciguafQXJgBCCPomXWN4c7djPC8yL9bbERX9t1VlDBAAs3OOvjb-2BDZbQCJe-2FmlRrJe=
oILxm-2BvGKkdC2mEbGpmQkFMLgOtuAkA66pTzPOU0osP2oDznAvplSSSxfN1V3dSAP7gq5u29d=
3tJB6XdoLVH8JCqNnAyqCHsteGgU7QScxpVq0fjBsERIWU-3D" style=3D"color: #1D5080;=
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<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
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</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=
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width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4379/fidelityhorizont=
al.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; displa=
y: 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;">
45
</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;">
113
</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;">
18
</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;"=
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<tr>
<td align=3D"center" style=3D"padding: 0 133px=
13.3px 133px;"><!--[if mso]>
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xmlns:w=3D"urn=
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<center style=3D"color:=
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ly:Roboto, Arial, sans-serif;
font-size=
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Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
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;
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>
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<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=
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<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
">
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<tr>
<td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
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nEhU-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4380/Fid=
elityvertical.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: =
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<td style=3D"padding: 0; height: 20px; line-height=
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</table></td>
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</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=
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<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-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbS-2B8Oo0wwDo=
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OUaRRehcUXwhgML8fASEemc7R-2BWCv49UBUFI2VCOGa3H8V-2FkxH7WHyferTUu1oyGEo7TTK5=
aHuEXygmp-2BerZ7AeY-3D" target=3D"_blank" style=3D"text-decoration: underli=
ne; color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
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<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
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<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
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<td style=3D"padding-right: 10px; font-size: 10px;=
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<td style=3D"padding-right: 10px"><a href=3D"https=
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