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Content preview: PitchBook Newsletters Plus: PE finds its new HVAC, some IPOs
are roaring back & more April 26, 2026 | Read online | Manage your subscription
The Weekend Pitch (Drew Sanders/PitchBook News) The secondaries market has
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0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
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<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnQyQRL28b2=
EgRnQD883LwXA-3D-3DUO3S_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq=
4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcp=
e3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcr=
XXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf24xT9Uo5diHRzo5Sa=
02gtsZFxxZ1rssRTdk1aP-2F-2FRU9Xc7gkeXwEqiEDszni7jq2vhmHXAl7p1h-2Fn2JVLwU500=
IrMduKkumJGg0lD8dW13quQdkdemdQ2-2BbY4NsiRD4Qigm3K0J8uLJakASybXi-2Fi0BgaXnWa=
qRd-2FoJXYo3ID1jYtUFvnpY6bdv2JHg1nXTbGFlP86KUHwPD1sMEtKfB1dwKRoEVmHpAv4qoyA=
MgCMTsQ0VCuCQL-2Bq30xLEnA58IMrrvr8ab1M-2FinID5AHeCdw-3D-3D" universal=3D"tr=
ue"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
3929.png" style=3D"border: none; width: 100%; height: auto;"> </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">(Drew Sanders/Pi=
tchBook News)</td>
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</tbody>
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<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">The se=
condaries market has grown so large now that its investors need an exit. En=
ter tertiary funds=E2=80=94the latest sign that PE's liquidity issues run d=
eeper than anyone wants to admit.<br><br>
Tertiary funds are essentially "secondaries =
of secondaries" that acquire interests in secondary PE funds. While the str=
ategy remains niche, some players are growing quickly.<br><br>
London-based Netley Capital, which focuses e=
xclusively on tertiary investing, has more than doubled its deployable capi=
tal to $825 million in April, up from $315 million at its launch in Septemb=
er.<br><br>
France-based Bex Capital held a $765 million=
final close for its fifth fund in 2024, hitting its target within four mon=
ths. Fund V is dedicated to fund-of-funds secondaries and makes investments=
ranging from $5 million to $1 billion.<br><br>
In the US, Michigan-based Sturbridge Capital=
, which buys LP interests in FoFs, secondary funds and tail-end funds, clos=
ed its Diversified Private Equity Fund III at $288 million in 2024.<br><br>
"The secondary market has now got so big tha=
t LPs in secondary funds need liquidity sometimes too, and that can be for =
a whole host of reasons," said Robert Perry, partner and co-founder at Netl=
ey Capital. "If you could come across a use case for the secondary market i=
n the old side of things, you can apply that use case completely equally to=
what we do in the tertiary space."<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 <a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnc9Ps-2BV-2FmpCOXOrmT5okJ8A-3D-3Dh=
hye_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9j=
C9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5k=
f4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0c=
IMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjl=
DFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfCOjSgp-2Ff0mIa4-2B1NeXEJrsQCMTWVHhB97=
-2B9TXYuplgxJIM8t17miNnsfHXWDMYaDU-2FsUGD6WETWWKxlQdwr3JMZrzPHQjBuDZoAnll2o=
19bA8ackrokW8EjLDv0mkOdHw2uXzvetxiIDBTCUbnVM8MIi-2F8zeWv9O0PW1nbqsru5UdMxgi=
cqKFGVk7qYhBI15DLqUPFDmfZsHkEy2wyvcSuFoNiIMRhRMOJFLvRpj5N0O7pTCYQw5CtDHFWLX=
X63DaNXPm5zCQTrDvVscjurwdA-3D-3D" style=3D"color: #1D5080;" test=3D"">Linke=
dIn</a>.<br><br>
Given these overlapping use cases, the strat=
egy also faces many of the same concerns long associated with secondaries.<=
br><br>
As with primary PE funds, secondaries and te=
rtiary funds also charge their own management fees and carry, so investors =
in tertiary funds will be investing in the same underlying assets with two =
extra layers of fees.</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: =
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mZNbVvcevaDtf80mz-2BH11bfFuJ3qmKj7KZW8ILfxldrZTNuFBKCFjtJhireqeMIKtp5c-2B5Q=
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<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%;">
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<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 PitchBook</span></td>
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>
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dth: 100%;">
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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%;">
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580133" id=3D"n_580133" 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%;=
">
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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;"> Put your brand in front of pri=
vate market decision makers </span></td>
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<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">Reach =
the C-suite leaders shaping private capital with trusted data, actionable i=
nsights, and high-impact advertising solutions designed to elevate your bra=
nd.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnycDqluL=
IkB3LWyanPhalbg-3D-3DK_sR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fgqj=
Fq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovI=
cpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnO=
crXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfQHympI74-2BHUR9=
-2Bl8XJvW5iEdZwpMHt6jxZ-2BXFsW2dEaklp9fL2AS5YWLYSUhDAapidRP80k9kdlPOx0WQ9Hb=
8-2F7kU4sC9DhqTPfa1wn-2FOqaTRJdIKOPz8NmanVFnhy1vG-2BpAZLtUg2mbSJ0-2BPDwOkEQ=
Nfy5a-2FkM-2FiQJGShvvjYTeVa90yuYhXjs-2FAhK6NQOV0A7KqVPrskXMGs9QsPPfAdFhqQT7=
jXJ8Hs1neg0kKbxm4SQTscVWHTOjR7Bs1gKCouQLbOGpy6cHoI-2B4brbb0w-3D-3D" style=
=3D"color: #1D5080;" test=3D"">Explore advertising and custom research oppo=
rtunities</a></td>
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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>
</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 exi=
t value in European B2B defied a broader, sluggish PE exit environment in Q=
1, doubling over the last quarter. While deals are getting bigger, the volu=
me is shrinking, with exit count for the sector dropping below 100 for the =
first time in five years. Still, the vertical is on track to double its exi=
t value from the last year. How much PE exit value did European B2B generat=
e in Q1?<br><br>
A) =E2=82=AC43 billion<br>
B) =E2=82=AC29.7 billion<br>
C) =E2=82=AC56.1 billion<br>
D) =E2=82=AC36.5 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 our most-read articles of the past few days.=20
<ul>
<li><b>Garage doors are PE's latest HVAC-styl=
e rollup obsession.</b> With 26 deals in 2025 and an $800M platform acquisi=
tion priced like a software business, the trades are officially a blue-chip=
play. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMn2pvLjWH=
vB-2Bw8tp1tn8XhlQ-3D-3DrtqW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fg=
qjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4o=
vIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbr=
nOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfWyXE0y8gozt3K=
oWyOjLdfzwlkBJk0kSsjSYSQEBlTpwTWGhz1QVbsg59mP-2BHECtD-2FxmHQBhyPSEeihukgnXr=
nl3TTSszYRM0msSB7bpLoFbR8Yy5zDXyphN1q4kb1Ff8d4cBJwzPv9J4mkrBl6YFajk-2FlpjHP=
tHV3d737V2rqmOpkOL0KkyIXfVd-2BNXBqbWGS7V-2BfKb-2FwpJLQeQjWi9Q4EsOGfPqPno41h=
08W8BUOMNRxJvImceIStybOuGFzv1gMitcvMtjaww2Aje9oF-2BqNA-3D-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true"><b>Learn more</b></a><br>
</li>
<li><b>Employees at the most valuable private=
companies approaching IPOs</b> are increasingly declining to sell into ten=
der offers worth billions of dollars, even as investor demand to buy their =
shares far outstrips what=E2=80=99s available. <a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnlKXbUNt9tOYgNOtTARJddA-3D-3Dw7tw_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0d=
qulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj=
715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-=
2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4w=
xBylQtJWFXe4aPTfhM5c-2FOfM5PdljUZ70Xwnl8Yo0-2F80yfoUpWt-2BFza-2BCyNLqyFPMSy=
mpeU0fIbY66iDGylct0DeN7y4qpugXM7wk-2BWTTDyBgdeyaAv3A6vs28HnteKYrG5W9Lgs8Lf1=
aQSbtXHH6syb7vLQnmc5Fx7c8OezAVa5TnXaTlzybQdDMtTgXT2GGViuVwpgN2v9YeK8DyWMhcN=
Hv-2BLklRil4yXWaoN-2BBN4eDsQTUSKNwhstQDiRAXFCMVHdb23yzvBEF6-2BIHPmU-2BbM-2F=
uIHPA-2FnvWylGJ2UnGejvw-3D-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true"><b>See why</b></a><br>
</li>
<li><b>Software company Medallia is likely go=
ing to be taken over</b> by its private credit lenders after months of mark=
downs in private credit funds and suggestions that restructuring was likely=
. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnirRyev-2F1-2=
FPT9CSyQXGchng-3D-3DKk7v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjF=
q4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIc=
pe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOc=
rXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfSn67I9LqbhJY7uqW=
-2B4Y-2BbhIICs6PhVCn-2Ba6h4XS67OVCSKq2CITxwpjF5mIPe7wYSEVne5MGeP-2F7Xx1-2F1=
MraWz7OXxo-2FB2sSesMbVsGAjBgxbDNf-2Fgd-2FUJScfPqqIxXNNR46pSBMzDCGY64K0jmQx4=
4bpnfkfxv4N7oJrkHyVouG2Gl5xiGQtqKhEhJsY54k8QeFF74rAZ6aHXynLBqwe9EZ8hoVges2B=
Mh3ikL76ZrTFqVzgGCX9pnKhnp-2FvIsGHrpSXfIr-2FQY0zP1iCd8mxQ-3D-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true"><b>Read more</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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnS6B1WpnoF=
Dlt-2FSV9Lvmm3w-3D-3DotVU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fgqj=
Fq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovI=
cpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnO=
crXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfvqamhYgLJA7j94Z=
0ePD4MRFGwycXhmVdr8TOaPGuc71Yioog3gPTZPOJPHYfnwVijqExAMblSsEyZdhDzHAikBcpMf=
a2Lmf8Q-2Bu8a6-2BRSrJlpCtibkTCvr59oIAGTLGcsAoyrqhovu2QhajXgLG33zOvgbhZ75OeK=
VG5iI92A6b690hMLTGdIqZeM-2FPjk5lANil7Crkc9ifuDORctjj5d362b-2BDSspfojN5yFej2=
A3-2F78kyVKrdcUkrVhL-2BqUFw76ZSb65CwCy0juq9x7TUobg-3D-3D" universal=3D"true=
"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/739=
32.jpg" style=3D"border: none; width: 100%; height: auto;"> </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">(Angela Weiss/Ge=
tty)</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">=E2=80=
=9CIf you=E2=80=99re a smaller issuer, you want to get out before that truc=
k comes through. No one knows how much money is going to be left on the tab=
le. We=E2=80=99re talking about the biggest IPOs in the history of mankind.=
=E2=80=9D<br><br>
=E2=80=94-Steve Brotman, managing partner at=
Alpha Partners, a late-stage investment firm, talking about the potential =
rush of companies going public before SpaceX does. You can read more about =
the IPO landscape in Michael Bodley and Kia Kokalitcheva=E2=80=99s latest r=
eporting <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnS6B1W=
pnoFDlt-2FSV9Lvmm3w-3D-3DWXW-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7=
FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx=
4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QU=
brnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf7FwNnnEo2c3=
Q3Ll2xBttA-2BMhsIlLjnIZ9ZQF2zFhhHRGRBIHc4yVAAqj2wV14oPgJqHgEGuyUFjCS3ZPwcEM=
TSDbLZEvETPlgZ-2FSiC-2Fnmiam0s8xlE1ONl7EQeaq7aFKL5MlSxRrIjECWTlb5bb7icK38Nd=
ldocItKH7axKYqQvPJzdh7rMBp0eNW3usd6-2FNbfJtkBgBNxqFChdb8SuheT2papY7Kwj1xbUA=
0Jxl11gYsc-2BJuvQ6POhYJAREF4OGYRwbvWvwq8oFOF1BfcVZuQ-3D-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>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>
In Q1 European B2B saw =E2=82=AC36.5 billion=
in PE exit value. That makes Q1 2026 the best-performing quarter in five y=
ears. You can read more about what=E2=80=99s behind the rise in exit value =
by reading Emily Lai=E2=80=99s latest <a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzX3CMaFBTw9oHjRg1t2p3slhIX4IWfWnkbVS-2BeRevm8KQ-3D-3DvEUx_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2B=
IYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqC=
xTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0=
NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJ=
WFXe4aPTfhM5c-2FOf-2ByIiwNDKC56IJURg-2BSSO985YGiihfk6xxRLr1eEg3WQkEgUJ6jUOG=
gVgK77Z73wrBtRxPFvZBNxsEsqaKH74jqIR-2FxHcBMhqIeNx3el6X3ZiV7UiofCyyxVn0jH0oh=
tRAYFMhBl4kbcR3xErOR-2FD7fHaNg8syaoAR3szDCYNHbGNnhZ9zzEu1FU4lBvAkHDgq3EF45H=
hud6Gdqz6tbmiDeMHXVVfJ9hxDjnwOxjr42jat1zkkUFu4VexWzI4VVoX9DfyMPSVrvgnaFX4BU=
8egQ-3D-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-2BaqM7ONnvsnswouzX3=
CMaFBTw9oHjRg1t2p3slDtrrwmOnyVcn5QAfR9dBNw-3D-3DNRmH_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95=
ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz=
8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4=
bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4a=
PTfhM5c-2FOfMDNIIsLA13FT1U3bDiXz-2BDNMx1U35Sgv3nL-2BO5b5h3dd4KPe7MqsR620oCZ=
f94HlF6od14OPVkEMnqQnv6gBt-2FJAStPhu7yYoAt309iNjBPedF1nqokofRzflms6jJ2FIOAa=
-2B003kHulWcUNOrIuJWKJ6vn8LrZ2i5eCcnYwZy3h8QXbwYdxOt0EuiEnrTjBldBt7t3kRmGWX=
o5EivRnc9SkvsohkjkBWQcRUzgU1uFqKLZfOR7x9pN0IYlBJ2lN4oNZF8W2BKMWOpsNSWlCpg-3=
D-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>
<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"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-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since 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: 33.=
3%; min-width: 33.3%;
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;">
17
</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:=
33.3%;
width: 33.3%; text-alig=
n: 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;">
199
</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: 33.=
3%;
min-width: 33.3%; 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;">
116
</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-bottom: =
13.3px;"><!--[if mso]>
<v:roundrect xmlns:v=3D"urn=
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xmlns:w=3D"urn=
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t:43px;v-text-anchor:middle;width:148px;"
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<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
ly:Roboto, Arial, sans-serif;
font-size=
:12px;">
Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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8SD-2FHIG9BpI0-2F5Cv2OKm6RqKb9Hlya6SOA-3D-3D" target=3D"_blank" style=3D"di=
splay: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
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none;
line-height: 24px=
;
text-align: cente=
r;
padding: 9.5px 21=
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border-radius: 99=
9px;
background-color:=
#F79B3E;
width: 150px;
mso-hide: all;"> =
Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
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</tr>
</tbody>
</table></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=
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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-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slpfphdqWxHka=
kFYCKJFlEjQ-3D-3DlaJf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z=
64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3=
F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXX=
kcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf3-2BWWiW8UnATHzES1X=
1hwdECoT-2BWB2IVgcDvJ6-2B4RwQbW6HeV5UhRyTmJSBo27i57e29xcUKxp8XgnUiJGyMARyln=
OCw8niPAQMAHQsfyhVvZkFU9Bjzrpxr0pqLjxwjNs6L7brM9K-2FRxKY2LYFpxTtYeXqM17v9-2=
F6ovmjPNUapDP4wc0x-2BYve69lxvau19-2BsQkjbw-2Ft256mESgj86Qlt6qhKPUptgR0LExAv=
f7CF7kJnf7Wy4uS4Mxafhu-2BfpEvvJlY6qj4WHB5A1aAWdeJh0g-3D-3D" target=3D"_blan=
k" style=3D"text-decoration: underline; color: #1D5080">About PitchBook</a>=
| <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
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64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3=
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kcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfyVK4L9EvbFCkVwFKZ1p=
7BD7T2xhLLTszuysy1fMRgHUMJslGm-2FBwFWKz4-2BejfJEr52Gr8-2FeozULy7JH0LdN4saNx=
jQpdpnzQUhVkM-2B81QbtVnIluzML1ZqMrAih-2Fgbl1QzrXJNPOsTVtZGNrM6Qlw-2FW-2FzNd=
4dBvcvnn15LSsQCp4CVuPZQ1uGKEM3oGd-2BKw9LrF0FxT4lSjjl98Au6HlAu-2B0iI1sVnITrT=
Z5zRcXMqnKwAl92YwQWGU7KaavjpslcwMhd2haRl2E8w5iXtNjHg-3D-3D" target=3D"_blan=
k" style=3D"text-decoration: underline; color: #1D5080" universal=3D"true">=
Terms of use</a> | <a href=3D"https://url6380.news.pitchbook.com/ls/click?u=
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<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0">
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<tr>
<td style=3D"padding-right: 10px; font-size: 10px;=
">Follow us:</td>
<td style=3D"padding-right: 10px"><a href=3D"https=
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K9bUm4jVaOQRejgCg1RGLunTcqKjRMzb-2BcxZJUg31KV0lf6Td3AaPJbk-2BLWfJv1rNvggNiG=
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0 0 1px; vertical-align: middle;"> </a></td>
<td style=3D"padding-right: 10px"><a href=3D"https=
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ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9o=
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