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Your edge on global private capital markets</span></td>
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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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVsMTDKm-2B=
e8drEox-2B9As7bSA-3D-3DBcyN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3=
TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL=
5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT=
0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHwQZb6p1Y9rAI2YNuC48F3tJTPj-2B=
HE-2Fo0-2FFE9109azNDnixOV2cA4PCTc-2FFeEpHBoWkzLGLHDZy1Lgo1PZ-2BIGyLcpSN2eOj=
C1Qj6sbKIRwibr7U9o0SCkDStLg3khaqxfFKE5KKezbWa6dibXEJuHMWo9O42Tya8x4KOvpXskL=
Beyj4RMNh9B6wbTFI0bdrKalJOHU3PwTusyvkcJZDbKbn17ek-2B3F1Xxevb0M3rDt-2FNGSgrE=
nzoZ7i61HShxMU8zE-3D" universal=3D"true"> <img align=3D"middle" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/71503.png" style=3D"border: none; max-w=
idth: 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">(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">Scroll=
through your news feed on any given day, and chances are you'll spot a hea=
dline about a private investment firm fronting an eye-popping sum to develo=
p data centers or the energy infrastructure that keeps them running.<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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVdb-2FrIabMlUfPLiKkPSw7=
cA-3D-3DZpt4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJF=
FUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzL=
K-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6=
klfIKWSlK8-2FR-2BDTLNpyPowv2CvHz70gOHSMOTd-2FsAyI-2BB8VJcuWDP7Ug-2FLvitS-2B=
aelz0dF1ilLMuoE7g8ajSozYfxmHIlRxGcyzjFioIPKkEWjAsHdAys8nEUl9Rzem7yUE4zYGlbV=
SZuA2vTSjZN0LpYMaMSKCLY-2B4qfbOwDBy6sCJzzt1-2BccOTMvJ1oRODMqWP64Xjr1F-2BNW1=
gDOUzparjlA5wWQSmF-2F4y5yKjT2onel7sCK3xYviJoZBU-2BaFUJCoFl-2BzdbzBfQ9gUDbzP=
jLRTrXhk-3D" style=3D"color: #1D5080;" test=3D"">@Madelin94615831</a>.<br><=
br>
On Nov. 14, Alphabet said it planned to inve=
st $40 billion in new AI and cloud computing infrastructure in Texas by 202=
7. This came hot on the heels of Anthropic, the creator of large language m=
odel Claude, announcing Nov. 12 it will invest $50 billion in new data cent=
ers in Texas and New York.<br><br>
However, as the mania grows, more questions =
are being raised about the lack of a clear exit path for these massive faci=
lities, particularly those being built to meet technology titans' AI traini=
ng workloads. While less of a problem for corporates, the endgame is import=
ant to the institutional investors that back private equity and infrastruct=
ure funds.<br><br>
So far, few managers and bankers appear to b=
e approaching these projects=E2=80=94some of which cover thousands of acres=
of rural America=E2=80=94with solid answers.<br><br>
"Few investors are large enough to buy such =
mammoth companies or even an individual data center," said Tom Mannion, the=
global telecommunications leader at accounting and consulting firm BDO Glo=
bal. "I mean, they are valued in the tens of billions of dollars."<br><br>
Without viable exits, GPs and their investor=
s could be stuck with a prolonged dearth of distributions or potentially su=
ffer losses if the bets go bad. At best, they will have to juggle the diffe=
ring and evolving duration expectations of their investors.<br><br>
Most of the industry today expects to exit t=
heir data center investments in between five and 10 years, according to a s=
urvey by management consultancy AlixPartners, which polled over 400 PE firm=
s, VC funds, lenders, data center developers and operators, as well as serv=
ices and component providers, between June and July.<br><br>
Only around 11% say they plan to hold their =
data center investments for more than 10 years. That share rises to 21% whe=
n it comes to hyperscale facilities=E2=80=94large-scale infrastructure cate=
ring to the tech giants=E2=80=94and edge data centers, which are smaller fa=
cilities designed to process data locally.<br><br>
Exit horizons are complicated by the fact th=
at no one can say with confidence whether the returns being underwritten to=
day will hold up.<br><br>
Overcapacity is a potential risk, with some =
warning that the industry's frenetic spending on build-out may eventually r=
esult in more data centers than needed.</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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVk2LN-2F4LJM2KdYaAnV5grWg-3D-3=
DKi-N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5=
PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFFUGY974=
oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK-2Bong=
hFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6klfIKWS=
lK8-2FR-2BDTLNpyPowv2CvHxjmgDtU336BFRG0n-2B7JqP2Sg-2BjYamCyiTbJatC253gPZhjM=
R7gS0KQfYWpKx6jID1326vAYjRphiYO9AbnrD2eqVS-2BAMVT2J-2FzOXQCYYXq9rUDwUD6YjtY=
y4Px2IG4R9PAHYQScnBruEAVU3-2FV8-2FZggSLhDSl2JWrBKrHAkCA-2FMheDNoCuRjwjFQXwD=
1s6f-2FWR6frFzmGMa0pMuzS0t9lHib8VIxgD5pYtPSEQkdIVJ6e8a-2BX0O4wbUfcwH49zj2k-=
3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-=
decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer=
sal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com=
/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: =
8px;" width=3D"24"> </a></td>
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<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" 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">Bank o=
f America's November fund manager survey gave some insight on how investors=
are viewing the AI bubble, including that a majority of respondents believ=
e companies are overinvesting. What percentage believe that the AI bubble i=
s the biggest tail risk to markets?<br><br>
A) 15%<br>
B) 25%<br>
C) 35%<br>
D) 45%<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 the past week's most-read articles.<br>
=20
<ul>
<li><b>Crypto-focused entrepreneurs are shapi=
ng up to be among the newest and most innovative players</b> transforming t=
he private fund industry. At the center of the trend: tokenization. <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVSmmJd4JIuVH9UH5QwX6GJ=
Q-3D-3DDqO7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFF=
UGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK=
-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6k=
lfIKWSlK8-2FR-2BDTLNpyPowv2CvHxKY4imxwdYFJXwSAfiT-2FNHo2g6li41XcmnLR01bGZ-2=
FJN0JHH6YzovovRHxjv8B3tOnkrVsZuE-2B-2FEwomLvTkTTuUAqlL2VVqxL3vriPiRwEWFQPm-=
2F9haHKoQ22b63f2x0ta-2FmuLXGfose8UQwMNwHNacLgvVO1wcPe1n9eOLv-2BLRODo8Su-2B0=
DbMNWha6Cue8yd545vqqBpo4bM73lJlynzs1XNYWdHKGFZfB8pVJGdhEPrZzn0YD2dMNlBhM5Qh=
9vs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the =
full story</b></a><br>
</li>
<li><b>Calstrs is shopping for income-produci=
ng investments</b> to speed cash back from its $1.3 billion sustainable PE =
portfolio. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWV3=
igvEm60lkiI1HrWOY2hww-3D-3DuWTc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOza=
UIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJ=
ROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81Yk=
PruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHzJLFxyxi4RcBCeh7ncFfnx3VU=
-2FYS7y9B5Nxsy-2FLhlvYpiNm8hvChmSGRKQjSC9Stab8jA4iFMghM0jTSgX6kNgeHztSIDlJI=
0-2BcVEeCQmMZ4xD-2B4B9-2ByKJ2MDPdBcAcfU3o8B-2FFdPvP4C9JwjFdjXkf6VXPFLRZKDlC=
j2EIF1zo5bXzS5NNt1uZ7wmixEiTJMG3wI8TErvmHVBeQXw2NUHJhQ4ryur9eRDy-2BHS1Wnh1R=
AvymgV6YZ1xOiYm9ZQvQI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true"><b>Read more</b></a><br>
</li>
<li><b>GPs have been busy courting the privat=
e wealth sector.</b> But those GPs still heavily depend on their traditiona=
l investor base. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3Z=
wWVDI7Vl0F4shzCwj-2FhDpjpEw-3D-3DY0Xu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqie=
DuIOzaUIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b1=
5wMGqJROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVE=
We81YkPruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHzYED29R9YmxuEfHkY3B=
nMLgDPdkLLoHE3HTh9vy3mcVH9WRv0JtCALI5CeTPJrEkOdPdJREe3eMbL2W-2BbrvMWCvcUWj3=
Q2dDEODxn3UysKvDNsPbihUa-2Fgvdi8jsA2h-2Fj7TlOKR59qHDhOx90TXbC7M-2BqR9W4RFZj=
wdBZ3AnYbpKasqiVFx03-2BS08bAiJ-2F4uYAE-2FhZkksffNi8ZPBJQjIHzcwoJknsFa343Qlk=
HOoipnxlVdSHEyFXcZrsEIssKUk-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true"><b>Complete report</b></a><br>
</li>
<li><b>As capital expenditures at tech compan=
ies balloon</b>, more investors are asking if AI might not live up to the h=
ype. These charts <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYK=
zMHvrMKQqawlgXxBfR5Ru2fZD2ow-3D-3DB2HK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqi=
eDuIOzaUIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b=
15wMGqJROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pV=
EWe81YkPruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHy5Yac5unJPqEp4ZOc1=
fb-2FCUE4rvssUN1UsMw-2B4bGXknrJtJ3EFdfhK2RtuvE2gZlfz1QRLTbq-2FpWO3tKssDgvmw=
O8iY-2FAmotbKjSdX3jh2-2FbgA0zXu7-2FlKgn9m7kuZ5ykmYmE5ZEC1z0f5EVeRGBaUd25Rdc=
R-2FVVqboJ2l6ZvCPVr7uviP0czz9o8xRXjJdMyuV2J7XQWAyescCSw0q8elbJxBkx5e8z7TsDr=
jpaI6XGQETaFo7HXLh3IzzAiYb6A-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true"><b>dig into the AI bubble debate</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-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYKzMHvrMX-2BUlK=
q-2BVZl7U-2FNMWIPPYwg-3D-3D0bfu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOza=
UIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJ=
ROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81Yk=
PruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHwkESkXZFe7Bt4KfUrI6GGxP0X=
CCZ0ptXeU5cv02kfx-2B054LBdSFXCow-2BkRNEOEtxxgzlXwRFpYDeXOPS-2BJZvWbqWB9P99d=
ObuXw0DDgzpIqRRwOXb2glE7NV973ILN-2FL0hM5VyeO-2BVLETnukg11GZhejv-2BguFBPw8HK=
q4N6-2BeVCcqQnNSoHKIKhU2qzgvAdEsVxUmzVdBLImbqOKZhZeXawFF7JV6sBwRPdP9FuEVQcf=
fsQ3RB0F7aqLBNwT4kjfw-3D" universal=3D"true"> <img align=3D"center" alt=3D"=
" src=3D"https://img.pitchbook.com/news/71487.jpg" style=3D"border: none; m=
ax-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">Wellcome Trust's=
Geoffrey Love, from left, Leyla Holterud of Vintage Investment Partners, a=
nd Speedinvest's Oliver Holle at Slush. (Courtesy of Erica Dezonne)</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">"There=
's a vast, vast, vast majority of companies out there taking still a very l=
ong time to get to scale=E2=80=94and by scale, I mean 500 million-plus of A=
RR or whatever metric. For most early-stage investors, that means very, ver=
y long duration of fund life, so we're talking about 15 to 18 years, right?=
"<br><br>
=E2=80=94Leyla Holterud, partner at Vintage =
Investment Partners, speaking at the Slush startup conference in Helsinki a=
bout the boom in secondary transactions. Read more about how VCs and LPs ar=
e navigating a new environment where portfolio companies are <a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYKzMHvrMX-2BUlKq-2BVZl7U-2FNMWIPPY=
wg-3D-3DXSJX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJF=
FUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzL=
K-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6=
klfIKWSlK8-2FR-2BDTLNpyPowv2CvHy1nkh0IPKHAwImjqcUkIgqv-2FWK4-2BPTn9getXPFdu=
KK07epNPTzYBMHGvv6vJjpZqKOyQdqu2zh-2BdJu1hlXRPwnhvReIbXKBpAYjz3zKg3Dil3Xfib=
RSlGnMD3wZcCHRdiv4aJMrDQkujtxM-2BUnmUO4y6WRWQO4PO3Ljg55iuKcYhH7iH3cZJVeb5b8=
0OtvePRKHFLrrcQLLINA2rgLn7DoU3SXTa-2BgrmLrM-2BrUTmminsAHl1Nv471-2BPgmbttJfc=
gQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>voluntaril=
y staying private longer</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>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 AI VC Trends</li>
<li>Analyst Note: Global VC Ecosystem Ranking=
s</li>
<li>Q3 2025 Public PE Roundup</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=
: D.<br><br>
Forty-five percent of respondents believe th=
e AI bubble holds the biggest tail risk to markets, and that investors are =
overinvesting in the category compared to potential returns.<br><br><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYKzMHvrMKQqawlgXxBfR5Ru2fZD=
2ow-3D-3D7nXz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJ=
FFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpz=
LK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs=
6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHzpDj9wCMfSmAnNdBZDuS2ydPUBAzK36M0Hf7YhAl073=
m-2F4ncBwH8e2QmUpjmuveZBxCKvV4PmPIW4-2Fbt3doGsRb69wjVdPh-2BqrTKtoS4ER9MSfoE=
R6nqcY6u97CLllvxE-2FFSJDK4n3rtfgmokRrwVN9Lvgx-2FApWpCdwapPWeFJQ4BQkA8Y1Xp2N=
07U03dMGvY7FFX1L4H4MLO1kcvhdRcIsmMJhPCQYbhYJMgTPo4b38vr8ybgbJwgRHeqf-2BiHmE=
c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See more da=
ta</b></a> about the survey and read what fund managers are saying about th=
e potential of an AI bubble.</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>
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</tbody>
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</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 Nadine Manske. =
It was edited by Rod James and Clarinda Simpson.<br><br><em>Were you forwar=
ded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJ3=
pXgtTcEk-2BVLYKzMHvrMBr3IdpbMKpQcO35fxd0ZgQ-3D-3DcV5M_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77J=
Z4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt=
5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcE=
cwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHyQt=
UvTpcjHVgibTOEa17-2FOPb-2FlHQbOIXVzJ-2Fg5UZtaIRaTO7wcC0kOIi39XIAE3PgkgsCwmp=
oPfUSwNBczskkH4qrGVNqBQsVsFiLVm70cto20IbgxCpj1K58U8YJotbWbw-2BmZUpnbRaESkGf=
TkfG9Ox2Cq724Ie7oEvHcbsVyFPmjk-2FiWRPC44KUSptSYepHdU-2BWj-2B1sv0yWwh5e47RF1=
83kax463I823P0lxFy44zKXVPxrBnNd95V3weMRsdmQ-3D" style=3D"color: #1D5080;" t=
est=3D"">pitchbook.com/subscribe</a></b>.</em></td>
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</table></td>
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</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>
<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;
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