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name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Plus: = Our latest US PE Breakdown and PitchBook-NVCA Venture Monitor are here </sp= an></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">October 19, 2025 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXwPxNjYRl= -2Fo0bz8-2BXJtl4Ikgc7ue5BTz8QDjjZxqv1xQ-3D-3DYcPV_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2Pzb= BK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4= a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrp= a4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqvT-2BbbHVxY= YaCWg8K0Cw2xNzJqhC0XDp-2FAajBscFWcspG-2BYgrgk0EWZP7Yo-2FRYoxoScZKgEnWMnPd4M= 6tljJ-2FH9IzKVIWEWESBwE8q9ZuvdRw8WXbjZOrg58uhFdq68J06Op2rVPw3z3gCgkbkCwKqIE= WnghZYUyDsDS9PiUMwrvBRIcCN1mD9hjmkWDaak03nhOZLI0iRZpJAMMDqzBfsDbHHdOyjdakF4= 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style=3D"text-decoration: underline; color: #1D5080">Manage your subscr= iption</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OhSQTUte3StxdiXvWBrXD3g-3= D-3D5KLF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLn= PG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6= ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE= 3-2B-2F5PER6owTHtuPqHbqvtwt7e76jkQQHVljIrVb6EpAh4mnky6RNokTdow3WPNfYEixffzy= QzH-2FkW9wmm6ZYYwy0QCK-2Fs0uVn6B6GQPN4qwk2W2DCsmxZNvT8Zg8CCMHfKOp63qkY8-2Fn= Vwgn6YyjpWsCPWydCgMMvlHDbMpjXGDklqldBW-2FhAgadW0ZSpB-2BToKGByrEP5AVuNsTEsYr= rbLG8098PUQXIxwIBC4mfbu-2BXZuMDci2e7yiO0wQvgHQ-3D-3D" target=3D"_blank"> <i= mg width=3D'1' height=3D'1' 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padding-bottom: 38px"><span>= Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQ3wQ6= WPfRlnUC-2F5wgJledw-3D-3DhF3b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76= AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJD= O-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1A= J4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqscGP8S0EGy1IFnZ9VT3Y3hrKqY30GYs= fe1iCA4AVTAs06RYolojh6QRi4RR8LKT-2BK9RFtXiQ-2BIY3AqUyt-2FJTMIBTq7SRMu0mhQNy= HRxw1u7vGafOwXbGGcgqvV0jU8W0aaH1yraYOCG2ps24bLJ-2BqlqUUXFGgWyVO3lT4ZNVe7XBg= 1TbqhwtACQLHFSU-2BtJWp2CELXnMgstOu74dB-2Fju0Co4RTfy27GTgf23tH4FfyGQ-3D-3D" = target=3D"_blank" style=3D"text-decoration: underline; color: #476990; font= -family: Whitney, Arial;">Deloitte</a></span></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OkepGv2ohk= hhSKxvPFOKdHA-3D-3DaC8F_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45= -2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJX= sB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2= Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqti7vavA16hPkSS0rp00tSkOWE67KXnF0ppiSv= yK4QjiGjplQmxYFGP4diXx2KACRTV5gHM3GBaeDPOyxrXe6n4sVmrXx8VPWpAVAsnV38khNxHXT= qhd0UNeUDFdq7kEtqbcs9J44sEHVCH3zr5N3L5NZGkIPh39b1U1GHwUviGrqOE1ZNPukrOuupjj= ufh5LglYXQpHDP0mrzT7KfS9w8BfqEf5zxlv2Goe7iamVefZg-3D-3D" universal=3D"true"= > <img align=3D"middle" alt=3D"" src=3D"https://img.pitchbook.com/news/7092= 8.png" style=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Josie Doan/Pitc= hBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">When F= ive Point Infrastructure decided to cash in on a long-held water management= business, the Texas-based private equity manager had little doubt that goi= ng public was the move.=E2=80=AF<br><br> This degree of conviction might seem counter= intuitive. PE funds have typically preferred the full realization of an M&a= mp;A deal to help them return capital to investors within the 10-year fund = life. They don't necessarily want to grapple with the hassle of staged equi= ty sell-downs and hefty compliance costs. They don't want to contend with l= ockup periods, which mean it can take several years to fully exit a portfol= io company.<br><br> I'm Madeline Shi, and this is The Weekend Pi= tch. You can reach me at <a href=3D"mailto:madeline.shi@pitchbook.com" styl= e=3D"color: #1D5080;" test=3D"">madeline.shi@pitchbook.com</a> or on X <a h= ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl= w7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OFmBhJGmkLAsYWDuKRBLWkg= -3D-3DJjca_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bY= LnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJT= s6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0m= SE3-2B-2F5PER6owTHtuPqHbquvp3cpAae83YzFBvetOaxNj0uM7dRvyZG3og5nix7aqrnu8ufq= u073PxVDbxxEwyPrhsA4hagSEYxUk-2FZ0CEk9gpuP54dHMSl2kxbfE6MfM0gApJlgiiVnAhGv4= O8YhzJR-2FSW-2FkrRh3G95kzGSD3QmqbtY7Sniq-2BQ60IfyWhEXAAtaM3aBq0SqNV0ZIu7IFM= 3AYdQNm-2B7RqX4Zx-2FDUudX8RxhJAtJZDTtzleS1OMMgqw-3D-3D" style=3D"color: #1D= 5080;" test=3D"">@Madelin94615831</a>.<br><br> Historically, IPOs have accounted for a sing= le-digit share of PE-backed exits in the US. Even during the 2021 boom, whe= n IPO exits peaked, they represented only 7% of the total number of PE-back= ed exits that year.<br><br> But for Five Point's WaterBridge Infrastruct= ure=E2=80=94which handles wastewater from oil and gas production and counts= upstream operators like BPX Energy and Chevron among its clients=E2=80=94a= n IPO offered the clearest path to achieving a valuation that reflects the = company=E2=80=99s true worth, said Five Point CEO and managing partner Davi= d Capobianco.=E2=80=AF<br><br> "We understood where the M&A market was = without having to test it," he said. "And we knew that we would be able to = educate the [public] market and show investors how WaterBridge should be va= lued much more dearly than that."<br><br> In Capobianco's view, strategic buyers "will= look at what's happened historically to determine your valuation." Public = investors are receptive to a compelling growth story and are inclined to pa= y higher premiums.<br><br> In M&A, financial sponsors or corporate = buyers tend to apply a more disciplined underwriting process, pricing a tar= get via thorough due diligence on its earnings or operational fit, says one= senior sell-side adviser. In contrast, institutional fund managers and ret= ail investors may buy a company based on a growth narrative, market momentu= m or simply the hype surrounding a new offering. The risk is that public in= vestors end up overpaying.<br><br> Sensing this sentiment, PE firms are increas= ingly willing to take the extra effort and prepare for public market exits,= especially for businesses that benefit from secular growth trends such as = AI and energy infrastructure, advisers noted.<br><br> Some PE firms are beginning to explore a =E2= =80=AFtriple-track process=E2=80=94weighing an IPO, M&A and continuatio= n funds simultaneously.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OkepGv2ohkhhSKxvPFOKdHA-3D-3DX= wi0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz= 9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16g= JwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRX= xE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-= 2F5PER6owTHtuPqHbqslTRnvPs-2Fh2Toc75LSr-2FA6ML7V28ZQjx-2B-2BalxnPq1gpK6eZy8= bVPYXHDU12HVSgTDuDGPYmxXTx0jqP7RrdsLby1TVDxkwr8b6BjxVghWurPW3GJG0tAochbXZEi= 8I2wN3Z2CtMr8FeLBvGIhBmtEjMcMsEubVISr5zEH8ylQ8sZhcZylOblde4D3-2Bb998wcUnrki= tn8rxbUoZkVMgDOoKu0JPHurtaQRvWc3-2B348Klg-3D-3D" style=3D"font-family: Robo= to, Arial, sans-serif; font-size: 18px; text-decoration: none; color: black= ; padding-left: 3px" target=3D"_blank" universal=3D"true">read more<img hei= ght=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" s= tyle=3D"vertical-align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Deloitte</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573671" id=3D"n_573671" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Catching the wave: The PE port= folio CFO=E2=80=99s role in maximizing value on exit </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 1= 0px; font-family: Whitney, Arial; color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image" style=3D" font-family: Whitney, Arial; font-size: 14px; line-height: 22px; color: #7= 8766F;"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non= e; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"padding-bottom: = 12px; text-align: right"><a href=3D"https://url6380.news.pitchbook.com/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJ= w5zCx3OQ3wQ6WPfRlnUC-2F5wgJledw-3D-3Ddo80_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdm= GqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPs= MHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyi= ddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqu4SJkPkQ2-2F86RcorM= 3-2B2iIPiaHsaqwvUe252BiQLq7yKkBsFd8GJHdIjaWsg5b-2B-2Blkkklc1VawIZ4jgyzE81wl= ZgS54eNbp5O2231C8hT9SZDcxC5J8KGQbtkjf6zhyaO2DFyGebF4FFgEkQ-2FBtPLydVYcQZw8t= azyIqzHkJOCTaIx8pWQlGb7Jlbg9udG0MFZkmjiNQ9UhEfF3WNEzxqTW8XU7bXLlBn6c-2FKyll= kTyQ-3D-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co= m/news/70864.jpg" style=3D"border: none; max-width: 420px;"> </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table>The role of the CFO has never been mo= re challenging=E2=80=94with increasing demands and expectations layered on = top of their core role as =E2=80=98guardian of the numbers.=E2=80=99 These = challenges are heightened in a private equity (PE) context, with responsibi= lity for planning and leading the exit process typically falling to the CFO= .<br><br> So what should portfolio company CFOs be doi= ng to ensure that they are in a position to maximize exit value and success= fully =E2=80=98catch the wave=E2=80=99 of anticipated PE exits?<br><br> To answer this question, Deloitte conducted = over 200 one-to-one interviews throughout 2024 with CFOs and CEOs of PE por= tfolio companies, as well as operating partners and deal team members from = both large-cap houses and mid-cap investors around the globe.<br><br><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQ3wQ6WPfRlnUC-2F5wgJledw= -3D-3D3beG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bY= LnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJT= s6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0m= SE3-2B-2F5PER6owTHtuPqHbqv9nSffJ00zxUn6CNlUi78yHfiAvXGeaSESko3YS7vXquXssQ-2= FlfkLm2FMQOizvxvdGoRwtsuKJm-2Flx4LdIiVPpx0OIzDqeU8F29XT-2BQAALKynQu1jG8e-2F= 1Vuj6os7Bb0IGRa-2B-2BB4T3KhucgglsFzyuUaUKMGVF9c6QeQBGdnVXHdxt0VzSoz39vfTbZP= wcCY1uRuJKrBPjXm1zEOPXZzA4nbKbsER8SgYwbDMnJO-2FHdA-3D-3D" style=3D"color: #= 1D5080;" test=3D"">Learn more</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =20 <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">PE fir= ms are taking more of their portfolio companies public this year, capitaliz= ing on an improving market environment that VC-backed companies have also b= een leveraging. Through the first three quarters of 2025, more PE-controlle= d companies have gone public than did in 2024. How many PE-owned companies = have gone public in the US so far this year?<br><br> A) 100<br> B) 47<br> C) 20<br> D) 75<br><br> Find your answer at the bottom of The Weeken= d Pitch!</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>AI stays in driver's seat for US VC</b= ></h2> </center></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQxeQhtMe7= 94k1LllotvRUQ-3D-3DKShT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45= -2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJX= sB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2= Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqt9j2Yf63DeY-2BJqvsblX-2FYoqabWvUO6moa= -2FVZ3fD9UbJ5riUfTITO4rAfpPuto8zR3XZgSIz5gyhvnn0w7nmpTrltaQFUGEAQjsP5M2vSLS= lQhcOEBxXPwkM1EHpSr4Vnbtoa0J-2FWVHVEz6z5Y-2BemEzHaJPpuNK6p-2BN5LOLwzxBvWSzp= KM4Ntn6yE1EpBywLvqhKvWaKv4c-2B38wLzHcBeeRrthfYXtRzPC1vlMos-2FFKXQ-3D-3D" un= iversal=3D"true"> <img align=3D"middle" alt=3D"" src=3D"https://img.pitchbo= ok.com/news/70858.png" style=3D"border: none; max-width: 420px;"> </a></td= > </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">AI con= tinues to fuel US VC, representing nearly 40% of dealmaking in Q3. It's als= o driving funding, with nearly every $1 billion-plus deal in the asset clas= s focused on AI.<br><br> But the surge in exits has been less exubera= nt, according to the <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJ= w5zCx3O6JTbWjRcEGqlPrrjp4QSHw-3D-3Dcta__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGq= nviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMH= NOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyidd= wYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbquwQ7dJaXgrxupKFvru3Js= csoH3HNmG1G1aOLGHXE5hE-2FO7hMdOnnSMoPf5QifY2T553BRwo9wCus5PYLIBEphfpT4p2-2B= 02G7peNiCzSFjerDwkGi72XuNv5BXBwFFQC6XfEJuZQ3y5oU2cysM4gh36p0azAouiHkhHZ7gT8= Y9109TgCm7Du4Z-2FN0-2FaLouwNGBzn6BAokWf8iX6ijnmN8-2B-2BAn26eWXBASZI9HZMAiyf= 3g-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q3 2025= PitchBook-NVCA Venture Monitor</b></a>, sponsored by J.P. Morgan, Dentons = and EisnerAmper. Despite several high-profile public debuts, the IPO market= is pacing to end 2025 on par with the past few years.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OQxeQhtMe794k1LllotvRUQ-3D-3Dt= voi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz= 9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16g= JwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRX= xE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-= 2F5PER6owTHtuPqHbqvOFE32l-2FnkIiXyQL9k7kDTQRZVV7FuwrXbs5mvEom-2FJw9YOpvtqM1= EUxt7AM5cvp1h3J5g13cWkeItwL-2F98I-2BS8U7YrUhQBDpS2LZPwvSwneRLxIdnPiCNYJtwb7= 8j7yxPlnwbMIwJa4w-2FYVYvRduYrKaA-2BVqDxM8BXxwJIzXgfZTqkKhVTI-2BuzuE2ne7GjzL= KaOb5-2FH1XYp1TTPnt8IYvlOZKhV-2BxUOmdezXk-2BVgiPA-3D-3D" style=3D"font-fami= ly: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; colo= r: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Download = the full PDF<img height=3D"24" src=3D"https://fonts.pitchbook.com/newslette= r/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" widt= h=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Dealmaking frenzy propels US PE</b></h= 2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OVIxx-2BOj= s2vq4e7bu0Vufnw-3D-3D2bzu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX= 45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2F= JXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ= -2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqsDwp8rFd1dbYwSpFuOdl955DDdrgq9eqyTu= hX1Vu-2B2qkajC-2Bs8y-2FEBZE2E-2BZiMhQZIRh2lnYSdosD-2Bq6i-2FqI7lxGKOf0aMaDkb= z7aIViNFeamYZPwwJMIOp71ihrzgc1e72jrm-2FBrnsQmzyqwuJLSrTZAapqNjsdHAWMoo8nqNY= 4CqGDo3HVv-2FIr3v4rgDKtxU2zEucC-2FPjuWLcnPON7RMhYCB8H2KA0y-2FJwqu3dQraw-3D-= 3D" universal=3D"true"> <img align=3D"middle" alt=3D"" src=3D"https://img.p= itchbook.com/news/70897.png" style=3D"border: none; max-width: 420px;"> </= a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">PE has= emerged from the haze of uncertainty as it looks to put its best foot forw= ard.<br><br> Dealmaking remains elevated, and overall fun= ding has already surpassed 2024. The improving sentiment for exit activity = has set the asset class up for year-over-year growth.<br><br> Greater market clarity and a September rate = cut, with the potential for more in Q4, have set PE up to end the year on a= high note. Our <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx= 3OVIxx-2BOjs2vq4e7bu0Vufnw-3D-3D9WTG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnvi= WBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOl= b9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYx= P4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbqscd8-2FMlAp6gJ-2Bjs9LbGu= Z-2FvijcY1h4GSvyXOrFrke2T-2Bx4H4VIMlJH6Q2SqrneDdvdL4AeuRqpAMVOmxiu0Y1sh-2FE= 8giPTfTmr6x95v-2BcTktnvXKOVwD61ncJxapl3U2aPnmKjukQrCTSva4-2BHPiC0CQ0b5iXp9W= Ctmgegz8nk6bDmWysWL64dn7fMGML1tS6t2dI5SDIZr5eA08fmGEX49m2Q776Oodr3CM4Kz4yzK= w-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q3 2025 = US PE Breakdown</b></a> covers the latest trends=E2=80=94including areas of= momentum, and weaknesses that could challenge sponsors into 2026.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3OVIxx-2BOjs2vq4e7bu0Vufnw-3D-3= D_JlI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRt= Ez9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG1= 6gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ide= RXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2= B-2F5PER6owTHtuPqHbqs3IoyLKeQetGZHkiorkX4taOjbSFgjjSe6lWyQY2o54V0aprOKYBSi6= 0xSgHKb7fdcZ-2Bl9vip34L-2BLxgjs-2F7P1uOMQF-2FdCZU8ZRpeUxRYIlkqK1e-2B6I7JNYl= pjFSaGcGIdJlIkdsCfRdXCOHnB8wuixVgH97jrNNuSmZO5X7hhj-2FSthvx8xi-2B9i-2B81DHO= H7VIHwcsWgij9ihZacFKrsmpHji9oWdIB4XwT1gBja-2Fo6Yw-3D-3D" style=3D"font-fami= ly: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; colo= r: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Read the = breakdown<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/a= rrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" width= =3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Stay tuned</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Keep a= n eye out for these insights and research reports coming out this week:=20 <ul> <li>Analyst Note: European DefenseTech Overvi= ew</li> <li>Q3 2025 Healthcare Services Comp Sheet an= d Valuation Guide</li> <li>Analyst Note: Stablecoins are Imperfect b= ut Inevitable</li> <li>Q3 2025 Enterprise SaaS Public Comp Sheet= and Valuation Guide</li> </ul></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Quote/Unquote</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdiSDBtRztRvKSJw5zCx3O2-2BgMoAn= SWQafR-2B5HdXQbUg-3D-3DHJLq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AE= tX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-= 2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4= PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqHbquXvuIxA0oIounJ5Y1mq5FhMZBzSPucOCN= lly-2FUMgOwWcCvrw1TU9cxceOY91Xw3FmbYddf11jBGkaWMvSlueBwKfJg5OjxTBZgI-2Fu-2F= h4Y8yFVPVrbtduTmkRfxtXjuOBFPdlmyoWo79AHNONCecvEGNa6-2FYTuM-2BOQa1bPHOx-2FGJ= bpVTCYbfTKx-2BP3i5nUc3nkD1Oo9a-2FkaYlbfHt1tXrM3GSTq8UeW7kPW8ZRgok4nYg-3D-3D= " universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pit= chbook.com/news/70923.png" style=3D"border: none; max-width: 420px;"> </a>= </td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Jenna O'Malley/= PitchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"We ha= ve people who have previously been vocally, completely against the technolo= gy come to our studio in the last few weeks, asking, 'Ok, how do we start t= hinking about this?'"<br><br> =E2=80=94Naeem Talukdar, co-founder and CEO = of AI video generation startup Moonvalley, which is taking a self-proclaime= d "ethical approach" to woo Hollywood studios and skeptics. In her latest, = Rosie Bradbury sat down with Talukdar and <a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXdiSDBtRztRvKSJw5zCx3O2-2BgMoAnSWQafR-2B5HdXQbUg-3D-3DOv6R_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd57= 4NC0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGW= pyKh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrI= pu5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuP= qHbqv0Ux4PE-2Bge8dCsSJUMk5WvTB3viItBKK-2F9Zcp4GqZOjIoyCT14Ra0IcYTneWXYFYML3= snSg4jvXlx-2B9RChI34GincrA7Zi0BBiinxG8F0obFWRwa2mYNB3zKEysh-2B7lEkOtb-2FJKf= CuwBfxX-2BEib3IyPLgqC1O1rJ8-2BR1PzbN7eRig1WSpcTM3k0h2NJbIqVecnbi2XJYMVM3J9T= fcfdlyY3PEE2MU4eQ-2FtsnO8PkaeEQ-3D-3D" style=3D"color: #1D5080;" test=3D"" = universal=3D"true"><b>explored his own skepticism surrounding AI</b></a>, h= ow Hollywood is slowly changing its tune on AI and how Moonvalley plans to = beat Sora and Runway.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Answer= : C.<br><br> Twenty US-based companies under PE ownership= have gone public through Q3, surpassing last year's full count of 18. And = in Q3 alone, eight PE-owned companies went public. You can read more about = what=E2=80=99s driving the trend=E2=80=94and if it's sustainable=E2=80=94by= reading Janelle Bradley and Madeline Shi's <a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzXdiSDBtRztRvKSJw5zCx3OSDFmxIXjy9VyZQsFeSQnYg-3D-3DOWe-_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRtEz9jpK1Nwep2zd574N= C0Dk8C9yj2PzbBK9WATdmGqnviWBclm76AEtX45-2F4CSRkKg4bYLnPG16gJwXOXiyUnbJFGWpy= Kh7PkjTNVEVR4a1FeNbPsMHNOlb9SJYJDO-2FJXsB2MTMLx2yZJTs6ideRXxE2nIoI8A8YTrIpu= 5XpbVajMrBnrpa4kYjHyiddwYxP4SJM1AJ4PJ-2Bl1FFS-2Fvt0mSE3-2B-2F5PER6owTHtuPqH= bqu1tdLTwkKQl7sD9vsfMhr1fiyL4OJpV4cEyPGSgyFeEUQlFFmD-2BIDzR5HToCsHm7MYVR-2F= 7WGWDk8WlZTMNS9Gz-2Bx0QJs3r0qY8yHbZ-2BN8IovKTl8IvRorMqZqyFIXNJBYAGAEYk3iIUE= s-2FEFtM-2BHEloj5O9g0ucrVwMPfIcG7GA1SsaYsJVaw1KHFNFjst7-2BdNO7Fv1o-2B3H9qep= D44AKs63B30vm6QXxg13vAPgnY3JA-3D-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true"><b>latest reporting here</b></a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Sign up for our newsletter</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">This e= dition of The Weekend Pitch was written by Madeline Shi and Jacob Robbins. = It was edited by Heather West and Clarinda Simpson.<br><br><em>Were you for= warded The Weekend Pitch? 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