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s Skims shifts shape, Europe's power surge & more </span></td>
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just:70%; -ms-text-size-adjust: 70%; text-align: center;">November 16, 2025=
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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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<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&A</span></td>
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<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=
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6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfX=
agleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNq=
SDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZvoEj2TWAJFPLzXezw-2BrNaMUwMFf=
ZHJXs3n9ak8HO-2FxGfeoGnz8q1ZFm-2F4B34iF0nXs6PLYbvNEOsbXjn0eobb-2FuG4W70v-2F=
Ar8wSlcIoHTU9rdOXbejnrABXIMTa48vaAIzCc86qkBqlf5UqWlG8K9yf-2Fy7lZiIsgkEQTBRa=
FzywQyPLyg2iwFknusbWNyapzJ-2Bv9-2F3U5hrrNW-2BUlCS-2BbZ-2BXQHn7pi701ksK1DaIn=
V-2FXQAYmncJD7nI3tc06WTj7AA-3D" target=3D"_blank" style=3D"text-decoration:=
underline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">S=
tripe Startups</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-2BaqM7ONnvsnswouzX5-2FERM8TSkVuSTtDhw9sLITev6sUp=
8cOQW-2Bklb46UTPQ-3D-3DB15K_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJnOCUAUrWRu-2F6Xjm=
soizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagle=
OXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqSDyi=
M5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZuRGiAH6DCbWA8NX77U9-2Fdrb4QYvIyL5=
U3wRoaIIaaqbicao7QJ1O5P3Eq3VsPI9sdvAs0NNQPFiVaN65hIrVBgcnczpOuZYD-2F6aYI6jf=
6WNQNzjCWXeIFhKRcB-2B1837ZHvZtFOY0Z386I6UPZfKMa-2F7FKZO-2F0Hb6j-2BFvWnWwhPX=
A2fOGayCuImL6zSY-2BJ-2FqO1lOyIjCW61J2U4u7-2Bj0dwvL8eTsU1GGP-2BZogxTN702Ne46=
n4fPOaQiIvwVlOMZAXg-3D" universal=3D"true"> <img align=3D"center" alt=3D"" =
src=3D"https://img.pitchbook.com/news/71349.png" style=3D"border: none; max=
-width: 420px;"> </a></td>
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<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>
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</table></td>
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</table></td>
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</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">GPs' c=
ourting of the private wealth sector has been pretty hot and heavy lately, =
so it's only natural that institutional LPs might feel a little ... threate=
ned. However, while private wealth can offer exciting opportunities, GPs st=
ill heavily depend on their traditional investor base.<br><br>
A white paper released by The Institutional =
Limited Partners Association earlier this month highlights how the LP-GP re=
lationship is changing. Acknowledging the "sea change" that retail vehicles=
represent, the industry body suggested more than 40 questions for LPs to a=
sk their GPs about their retail vehicles, spanning investments and allocati=
on liquidity, fees and governance.<br><br>
While private wealth has provided a lifeline=
for GPs amid a challenging fundraising environment, they may need to tread=
carefully to avoid any damage to existing relationships with institutional=
LPs.<br><br>
I'm Emily Lai, and this is The Weekend Pitch=
. You can reach me at <a href=3D"mailto:emily.lai@pitchbook.com" style=3D"c=
olor: #1D5080;" test=3D"">emily.lai@pitchbook.com</a> or on X <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzX5-2FERM8TSkVuSTtDhw9sLI0gfVg3nVwk6gODa7uGs9bg-3D-3D3=
OSD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYP=
Dzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJnOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3o=
EgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-=
2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerq=
DOdZ635r3okgHf4BoZu2ijM-2BdYqOI-2BJpq6UUcgZCTr2JODu68MI-2FFVhrYn1ET3-2B62fF=
lF5-2FuenziJ0oeLdCIgMf9Ezy-2FSn6mIJF5CDtl6YqECuZOBHUJj2pLWc9bKujRos-2B74zyQ=
JhCf8sjw7MqQsCSXE9XK-2F5qq29TJzZXXCQdhAQGRCBLgcnKSUMn3a-2Bj9zOzima10wFgHj6X=
WaDqPU1csyO-2BLIr1tU1nAT5C8USAgPew2Akor9-2FCZPMyaxqH1OUeHJ6MlC-2Bp5fXJiUR0-=
3D" style=3D"color: #1D5080;" test=3D"">@ThisIsEmilyLai</a>.<br><br>
One area the ILPA suggested LPs keep an eye =
on is the competition for GPs' time and attention.<br><br>
Because evergreen vehicles are open-ended, t=
hey typically require more investments than closed-end funds. This not only=
puts strains on resources but can also divert talent from deal teams worki=
ng on traditional funds.<br><br>
Kasia Thevissen, a private funds lawyer with=
Ropes & Gray, recommends LPs review their fund documentation to protec=
t their interests.<br><br>
Thevissen notes that while evergreen structu=
res can save time that would otherwise be spent raising new closed-end fund=
s, that extra effort might not be focused on existing closed-end funds.<br>=
<br>
"As a result, institutional LPs may be takin=
g another look at the key person covenants in their closed-end products to =
ensure that enough time is spent on the products they are invested in," she=
said.</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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<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=
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-3DvfXC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
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ih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthY=
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eerqDOdZ635r3okgHf4BoZue0Z2TuAKK8jto9k-2FYq2OvUBSkam1rXBBn7Vsmeoe4NmdOFQV-2=
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0Jj1eUOwFsVms12IMvt7zGwBzsKgwUfM-2FpGM9oHbZjs5JUOLY8tVcFRwY9EVfg0UyFxfiZRSe=
g-2BdwWu4XEjgL5G6W6uDoiyqe0Cb5s10yu0kM-2Fe78VVbhUmB-2BdIY5ur9ZW9TY-3D" styl=
e=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decorati=
on: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"t=
rue">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com/newslet=
ter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" wi=
dth=3D"24"> </a></td>
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<td style=3D"height: 25px; line-height: 25px;=
"> </td>
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<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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</table></td>
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<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
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<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 Stripe Startups</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_574678" id=3D"n_574678" 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;"> Build, iterate, and scale fast=
er </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;">
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<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; ">
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<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-2BaqM7ONnvsnswouzX5-2FERM8TSkVuS=
TtDhw9sLI7EgwKFhl6-2BbB7zI5x1liJA-3D-3DFkq1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJn=
OCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2=
BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7lH=
Bw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZtIKYzP2C7S3tz-2BN=
uf9615c7U7OvK1fa9XsdkKvbN60FhCHFDG-2BKCtxTRRzMAgswTK-2FzUXaHEXzVOP-2F9lSc-2=
Bsk-2BvCxGnrXf5E-2B1GROXJpTGgE4dopO5spRCgwomPOY-2B8WSbrbJjnCWQLSK6kZS4QFfEy=
W86KvNK4Ls6xloszK2GxLpZ4VPx1u-2FhmEnHICWhzybyBSejSYQdre1dXpPR1rmE4j362vIAH1=
72Rt-2B7txxgUFLsjQjswJsN8ug-2BY8FZPko-3D"> <img align=3D"center" alt=3D"" s=
rc=3D"https://img.pitchbook.com/news/70880.png" style=3D"border: none; max-=
width: 420px;"> </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>AI companies require unprecedented fl=
exibility and a revenue suite that scales. Used by 78% of the Forbes AI 50,=
Stripe powers the financial infrastructure for the AI economy=E2=80=94incl=
uding payments, billing, invoicing, and tax=E2=80=94so that you can monetiz=
e faster, experiment with pricing, and grow revenue.<br><br>
For early-stage, venture-backed founders=E2=
=80=94Stripe Startups is where to start. Enroll in the program and receive =
access to credits on Stripe fees, expert insights, and a focused community =
of other founders building on Stripe.<br><br><a href=3D"https://url6380.new=
s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzX5-2FERM8TSkVuSTtDhw9sLI7EgwKFhl6-2BbB7zI5x1liJA-3D-3DfThM_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IY=
iVGAk4OHjG5qA5IcdJJnOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1=
sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0z=
g4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4=
BoZvsuz-2BiwP0XELaKvzIFQJ7gRXUtIYSAkCtVTacFLieOHsIGy1eDCH6PaJE9JLeHST41GAhQ=
vHdQ-2BVyBVp2DuXmlsOhD9noUGQgYUMHvxhkDcH8624ofvIdvQJJHDEexPBA9dUzjwSV1sLunf=
qh4fpu4XTirwppEqsc7Ao3d35FsWdMJ-2BnaQt3axjEdIYKF4C0zCXTT0AOQXs9N-2F6-2FA58z=
79a7rkVkQhiZku-2Btsv6EV2Z8fgoytwsihTgrlSmCZgU1E-3D" style=3D"color: #1D5080=
;" test=3D"">Apply now</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 inv=
estment in Europe's energy sector is popping as AI drives increasing electr=
icity demand. With deal value already surpassing 2023's total and closing i=
n on 2024's mark, how much capital has been invested in the sector so far t=
his year?<br><br>
A) =E2=82=AC38.6 billion<br>
B) =E2=82=AC42.0 billion<br>
C) =E2=82=AC40.5 billion<br>
D) =E2=82=AC36.9 billion<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>ICYMI</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">A sele=
ction from this week's most-read articles.=20
<ul>
<li><b>Skims, founded by TV personality Kim K=
ardashian</b>, said the undergarments brand wants to become a "predominantl=
y physical business." <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5-2FERM8TSkVu=
STtDhw9sLICi7MEoUZWIemM6tf-2B8pVeQ-3D-3DkY7d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJ=
nOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-=
2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7l=
HBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZsMnLGokgBs65ShK3=
ptBWlBJKG7mSQKqVrXMO1sM-2BAsr6SdVl5UgfhGXkzGpcX7QJYfMTxWfli4OihF-2BFwxKYS2A=
6ThntaeP9Zzl4Vre5BCP47hzrJGGd0DfGfKAhlAmSuAbZFxxzkRYxynBHVOTp9pE0fAeeS3R5Ny=
6IvDd7C4YyJmmWEnChHqe377UAM6qdKkJy7KeTIVOjBqv6Vf6Yhof4ewLm3OU9hvPtZVH-2BCd9=
lUb1K8luCYlVPR489YybIA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true"><b>Read the article</b></a><br>
</li>
<li><b>LP-led secondary deal activity has sur=
ged</b> as investors, many of whom are selling for the first time, seek mor=
e liquidity for their portfolios. <a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5=
-2FERM8TSkVuSTtDhw9sLImWecpePvDSk0IVtO-2FkqFBA-3D-3DV6SK_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4O=
HjG5qA5IcdJJnOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ=
-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGS=
CkQlP1cyGZ7lHBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZtcws=
AJAOWMra6tbeBOKjJw5RF-2B6mdatySL9IFOCodzJbjVJ-2F8qVUh2m1AEDpSxmtupEj746OIG1=
4LTqi1Va5QnS2VvMG0B2D5N1YmsavTU9P-2F4cN6uzzL2Mbuf09aUVd1uxg3xqpyPedvCejdyHC=
VygkhRp8VsZmBhEUGNEnByPsGuiNG-2BncL68H1-2F2YlA9uSZQiRUpKz-2Fmj-2B4qzJHOCoXA=
pVECV4LM7u6KFeRqlggqUSLvrwNGe6s4XBk2GBS3tA-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true"><b>View Emily Lai's report</b></a><br>
</li>
<li><b>Many PE managers who went all in durin=
g the pandemic are now suffering the consequences</b>, as the widening disp=
ersion of fund performance drives more capital toward fewer managers, accor=
ding to executives at KKR. <a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5-2FERM8=
TSkVuSTtDhw9sLIcHfJOjTNFK-2BNJ6glGmvInA-3D-3DQ_HR_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5=
IcdJJnOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB=
0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1c=
yGZ7lHBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZvc7sS0KF5NO=
c-2F8mwP6K5Bn1ZN0-2Fuz-2FTbhpIJJB-2BUrP8dh-2BY5D65alvTRbkRNxd9qRvTmtgmKG0sd=
5BxfDyN1mwtyaCLVNTIW7Gewp8njd739s82PxZafH-2FDYpn1HUQm59yd9YCzkVJ9EbBV2JnAx-=
2BvNmp9672ZdQklIkhb5Llfwa46loYZsd0zv2lQOZ73h6J8Kw2pNBDDhUwx1BvOrhBCYleXc52E=
3kyOUaNW7hVqZCmYaFxv0X8gXjNiZFtzrjA-3D" style=3D"color: #1D5080;" test=3D""=
universal=3D"true"><b>Read the full story</b></a></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-2BaqM7ONnvsnswouzUdJVSoJyyp-2BeB9SHBFZDdwQrR54xi=
yMgxVVJCcWczLcQ-3D-3DMUEv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJnOCUAUrWRu-2F6Xjmso=
izbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOX=
vBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqSDyiM5=
fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZviN-2BHfNNnsdUU3gM0yHaLqAA3QZ06SQV5=
ExdbzDmbTvu-2BtHXScJoLLlPDCvo-2BKF1wRUpjo-2FH4AD5Bv9Ha8s0ujadshlib38zTF-2FO=
nZpouPK6laN5q6CmLQy5eBZ754o69xravVsbEWAEi43tWIvPoQa5AmWFwVp6KPd0uF6clVQA-2F=
1LWcRBhB-2FpCKt9fIDeZW7SACQJTG6DHjmwhQ9rpE8ANI1DP37NRC3-2F69v8G4anO6audXvML=
Qk-2FPxu0eFPxRI-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/71371.png" style=3D"border: none; max-wi=
dth: 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">(Adriana Hansen/=
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">"Reall=
y, what it=E2=80=99s all proving is you can=E2=80=99t hit a window; the shu=
tdown is just another proof point of this =E2=80=A6 the volatility coming o=
ut, there=E2=80=99s just this sense you can=E2=80=99t control it."<br><br>
=E2=80=94Lise Buyer, partner and founder of =
the IPO advisory firm Class V Group, speaking to PitchBook's Jacob Robbins =
about the impact the historic 43-day <a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zUdJVSoJyyp-2BeB9SHBFZDdwYCuKvSohsAPugUMdX-2B-2Bp1A-3D-3DTdK1_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiV=
GAk4OHjG5qA5IcdJJnOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa=
7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4=
-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4Bo=
ZueZ9jaS6SMX7CkmBZVhOSD60-2Bo4DFkyjON27R77xJ2RJDN6-2BJcvvp7lLSMGirHsKt3jibs=
KF-2Fl3kipPwBLjCIMIpUOZRdErkXh-2FEzJYadBKHIZ4lIPoqWUAUFle5RvM0BlIz5hstV2X-2=
FzMeKg4J3dl25O9PEOwWMHQpxfYi9fMsTsn1LXXrVHlSNg4dmMDEkApvW8KP9P-2FKRtASuMAQU=
-2B0xRxztlZUM1nMr7hYcU-2BNBD67QFRGq1A9N4k8784P078-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">US government shutdown has had on the IPO=
environment</a>. The damage has been done, investors say, but a possible s=
ilver lining? The growing acceptance that uncertainty is here to stay.</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 Agtech VC Trends</li>
<li>Q3 2025 Healthtech VC Trends</li>
<li>Q3 2025 European VC Valuations Report</li=
>
<li>Q3 2025 Healthcare Services PE Update</li=
>
<li>Analyst Note: Five Takeaways From the Sup=
erReturn Secondaries North America Conference</li>
<li>Q3 2025 Construction & Engineering Re=
port</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=
: A.<br><br>
According to PitchBook data PE investments i=
n Europe's energy sector hit =E2=82=AC38.6 billion (about $44.7 billion) in=
deal value across 245 deals. If activity continues at this pace, investmen=
t could surpass last year=E2=80=99s total of =E2=82=AC42 billion. Read more=
about what's driving the growing activity by reading Andrea Gaini=E2=80=99=
s latest analysis <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdJVSoJyyp-2BeB9SH=
BFZDdwLd2eBe8FBGTIoY4vgZC5CA-3D-3DULTQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJnOCUAU=
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AOYSfnFG1aOBkXK2zj3aVI-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>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 Emily Lai and Jacob Robbins. It =
was edited by Andrew Woodman and Michael Bruning.<br><br><em>Were you forwa=
rded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUd=
JVSoJyyp-2BeB9SHBFZDdwrO-2FXkzT5PA8kV4wdDmkytg-3D-3DfL3P_Pr966knuaHmaw6c7pK=
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Bw9-2BhgrJIo3qHH9QTGDRFetCkQg1VxLIkRVQ-3D" style=3D"color: #1D5080;" test=
=3D"">pitchbook.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-2BaqM7ONnvsnswouzX5-2FERM8TSkVuSTtDhw9sLI7EgwKFhl6-2BbB7zI5x1liJA-3D-3=
D2QNx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz=
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<img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4398/StripeHBA.pn=
g" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: bl=
ock;"></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;">
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%;">
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;">
57
</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=
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platform"
style=3D"heigh=
t:43px;v-text-anchor:middle;width:148px;"
arcsize=3D"50%=
"
strokecolor=3D=
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F79B3E">
<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
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=
6GFa-2BaqM7ONnvsnswouzUdJVSoJyyp-2BeB9SHBFZDdwG15ReWg3goY5cWHu-2F6mk1A-3D-3=
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lank" style=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;"></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-2BaqM7ONnvsnswouzUdJVSoJyyp-2BeB9SHBFZDdwXy1eAjArD=
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qVdAGcKkoRPKgK1fJkf-2BD9gLCzP4uM-2BoZUD6VX2kEWtE9dRrmFegOtzTK4Sc2kx8vA9lI-2=
BKS9AzIN-2Fd9tUhqaP7-2BxfoELdOWKh0rNTWLj4hat7-2Bd4B-2FtuvJB-2FFaT5V1sMRPCij=
ADZKkwkL-2B1t-2BRGg-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=
nswouzUdJVSoJyyp-2BeB9SHBFZDdwqb-2FLA5RWXRbag8AkvysTZg-3D-3DH6iC_Pr966knuaH=
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1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0=
zg4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqSDyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf=
4BoZuClNP7x2V4gPGh9e32qWWawx7LMvUMxt0hfruClsCylPo-2FZeG-2BbRitSTE2MGGDLyY1H=
kvLq4V-2Bu33-2FgmRkFz8pSLJhK5gMUG5UDiDtLNJS6FlFDM4BJWBlYjTqHph9coopaKUXfEQc=
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dHAZrWPgcX7S7-2Fi2obyejsN8HR32Wzbd3O947GVtrJnNzEB0-3D" target=3D"_blank" st=
yle=3D"text-decoration: underline; color: #1D5080" universal=3D"true">Terms=
of use</a> | <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdJVSoJyyp-2BeB9SHBFZDdwYS=
jmIxlGhbEdx0UyqTerUQ-3D-3DWXgQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGAk4OHjG5qA5IcdJJnOCUAUrWRu-2F6=
XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7vjwZ-2FXjQB0Amx-2BcCCnvHTZLfXa=
gleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2BGSCkQlP1cyGZ7lHBw1UZIfkSyNqS=
DyiM5fwwnEuMNehirZsQwNseerqDOdZ635r3okgHf4BoZvCMepeqphhcs0KP2B1Pezg7jAMg8U1=
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V-2BIanYGdDx7cHx5SAEvMUJdLzb-2Bw09LoM2kPjc1vDLbKFrjmwucEu5gVsh-2BY4lK51vAJF=
4yGEXphbPvVDyU4nADaBhDQwXD2lNhdEtC-2BQbpqjNirT-2B46NCgBtrV3Y0UsGVyVy7D9ZXbV=
z3fvUtPjpXDZyY-3D" target=3D"_blank" style=3D"text-decoration: underline; c=
olor: #1D5080">Advertise with us</a> | <a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzUdJVSoJyyp-2BeB9SHBFZDdwWWOMLmETQBXZgnoO4JZRvw-3D-3DrajC_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRzYPDzc15rL6hRTb9IYiVGA=
k4OHjG5qA5IcdJJnOCUAUrWRu-2F6XjmsoizbQbhdGD-2BCVlvbNih3oEgMDOyTSLq5sif1sa7v=
jwZ-2FXjQB0Amx-2BcCCnvHTZLfXagleOXvBvdLl49HxN8s0DthYtOd-2FZDCxtbM9zaO0zg4-2=
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