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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: = Sizing up GP-led VC secondaries, stablecoins' rise meets friction & mor= e </span></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 26, 2025 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovN= fZdkHTTLk6YdPQd6Eq48eaMFiwGXw2JVB4A-3D-3D4e1F_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbK= nbCZ-2BLAoDDrIP6vc7ske6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1Ji= X7ocYYviYmQV23T3kPW04KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU2= 2mWCnT1Ck8zOxgVJHeVIgmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0Ed-2FW6-2B-= 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Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, = PE and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>= Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPocP1g= zyTCVvBm3AKu-2F6xUg-3D-3DiBzT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6= vc7ske6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3= kPW04KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJ= HeVIgmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0G-2Bip-2FmhfsBxHkcIf45GDU2V= c8gwLjk3HZ1oJOTmu3UV4QWz0lEaeN8OiDHuoBq7xGVwdxh-2BJAKcuHlMjOy7AjwyfkGqgmDcI= pAnFgqVjEwfKlbwDPVzc0QGOk73hmBLrTpdfMvNuJhDADQw7Ez9yTeO-2BQz9sCcdTCRcVxARyw= 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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-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdP5jLa85Jdp= aEQSHnlXZwtRw-3D-3DMC-D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske= 6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04K= SIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgm= ILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0G7rlWfcttEbIgNlEgQ15valMJ79UU0Tl6= POGiJFXh0puaDEL2SKf72v68hJGPbtu-2Far43wmo96ssOzJhsmFfuGSC2S9-2F9-2BTNYWOzXC= Ao6ocysnILLjsHMPswuyaDN-2B20IJJrdhkeygoC6lTAQbQiKAF0eOyVFZL-2BrIWWC8C3-2FJV= UAhITokUQo2LXZAU6qfGQEyQsTcsB5Bf2YiKAx1pDd7SVQ0irIi9Fgzkr1G9RxZSQ-3D-3D" un= iversal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbo= ok.com/news/71048.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">(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">As tec= h startup valuations continue to climb, venture funds focused on filling ou= t pro rata allocations are emerging from obscurity.<br><br> These funds offer a way for smaller VCs to h= old on to investment allocations in high-growth startups without the necess= ary capital=E2=80=94an especially attractive recourse for emerging managers= , who continue to face a tough fundraising market.<br><br> In exchange for helping a seed-stage VC fill= out its allocation in a portfolio company's later funding rounds, these sp= ecialist firms get access to some of the most sought-after startups.<br><br= > There are only a handful of firms in this ca= tegory, such as SaaS Ventures and SignalRank. They represent an alternative= take on startup secondaries, which are also booming amid liquidity needs a= nd soaring valuations.<br><br> "We've observed that the venture ecosystem i= s moving from seed, more traditional VC and growth [equity] to just seed an= d growth," said Rob Hodgkinson, managing director at SignalRank. "So, you'r= e having more and more growth funds come in earlier than before, and this m= eans the seed and pre-seed funds are getting squeezed, and the dilution is = happening earlier."<br><br> I'm Michael Bodley, and this is The Weekend = Pitch. You can reach me at <a href=3D"mailto:michael.bodley@pitchbook.com" = style=3D"color: #1D5080;" test=3D"">michael.bodley@pitchbook.com</a> or on = X <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPVItJl-2BknUXVRKh= bnOgQvOg-3D-3DcHHR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8L= V0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04KSIjuv= g8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgmILrtp= HjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0FsWUE9kYMBAsrfUeKQ9sosKg7kASRJvkov8Tc4= LMaZFPwtTIimHK9tF-2Fqr2aKFS3ulWkFMAJN3sYdBX361I9b-2F-2BcRDObi3mMRSoQYlFi5e0= GlT-2FRQEgR8mpXYFooV9l2SQcSIY8dVwNhcTeZpQuOfh0biPFYe-2Fo7SPSI6jHqaudqP9xXVp= bk4XFRexuiI4iuxr3Sowm-2B3bmv0kZ5-2Biom-2B-2BuPLn-2FT5khuzHfeHTZianhg-3D-3D"= style=3D"color: #1D5080;" test=3D"">@michael_bodley</a>.</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-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdP5jLa85JdpaEQSHnlXZwtRw-3D-3Dq= JMy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFJQ1= iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8LV0zRx9NrjgOuQM1= 0THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04KSIjuvg8IwdEAUs4ru4KX= dIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgmILrtpHjyzBU6MVw13j-2= BWlQOJdKNj-2BUVZ9m5LV0HkXx76TtPa7ibUKYQi2D5if-2BHTvDe3f-2Fh3M1REN0h-2FzLV8b= e-2FyxOuyObZGo8Vbph0dXtZpTDFOoK93nabdXNtF-2FSBraRI-2FojSesCu7DMIUKIDvhWYYcE= 4ZajVsr1l1uxlZGu7x43PUYbIACrWJHhMrQCFjlK48xNIykfYiKY5acmMk4aDmNIao3lMXfdlYZ= tw-2Fdvaaz2dMbRtkDLM-2FpL78KGT4tYZrhuQKwBjtieQBTg-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">More on t= his story<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> </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 Fidelity Private Shares</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <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_573680" id=3D"n_573680" 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;"> So someone told you to get a 4= 09a...now what? </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPocP1gzyTCVvBm3A= Ku-2F6xUg-3D-3DAUW5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8= LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04KSIju= vg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgmILrt= pHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0FwBNWEOLFVgPIk7-2FzO36-2BK2JCWCfoD-2B= 3URytkQnjqBlr705BR9gssaHjMQdCMwOkPF70HbhOksuvmkSSsOPQQoQb3IXTPrDZkJSUEZ-2Bw= pQDqmToc0Xl0q07NdI8f1typBtYAf2SjE8Iz9dVT9XWBRJ94UBM0mUA81ltMYMACLygQHWVpOTH= XuTd-2Fu9osUUkn7VJ8bStrJGe7WwdRGpu2FPvbZStVBPOcwnwvUr62vBZw-3D-3D"> <img al= ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70867.png" st= yle=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>You probably weren=E2=80=99t planning= to get a 409A valuation=E2=80=94someone likely told you to get one. Maybe = it was your lawyer, investor, or founder friend. This guide breaks down wha= t a 409A valuation is, why it matters, and how to make sure you=E2=80=99re = not taking a risky shortcut.=20 <ul> <li>Learn why 409A valuations matter and what= happens when they go wrong</li> <li>Understand common myths (like 409A valuat= ion =3D company value)</li> <li>Discover the difference between algorithm= ic speed vs. audit-ready accuracy</li> <li>Get real insights on what questions to as= k during the draft process</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZl= sovNfZdkHTTLk6YdPocP1gzyTCVvBm3AKu-2F6xUg-3D-3DQFqM_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNh= w9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lR= rVg1JiX7ocYYviYmQV23T3kPW04KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW6= 6MHWU22mWCnT1Ck8zOxgVJHeVIgmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0GtKdt= VtPajo2-2B96FO5GAJaMG8ALxWRS5Ojchy94ZSM21eaCAVcZqLNFiD0iMjKdatviFvRnc-2FSA2= 4uJCDcQd3wGYi9bW1xSdRAaenCeLpAFvBaDDOnkjkL8cLuljcMs1n-2FLW-2BFxFclNk8rZzTl1= xK-2Fsg7z3-2BwjO6UytsXhdjfC3CaKPkRglz1cT5njtaXfZkn7epQOW7ne8aBv7-2Fmsvb0UO2= ebr8ck3ITuTwS7yrD3nw-3D-3D" style=3D"color: #1D5080;" test=3D"">Download th= e guide</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =20 <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdP90-2FqMTg= qkCKfpYpjFPhlUA-3D-3DYVul_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7s= ke6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW0= 4KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVI= gmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0G8Wtgn-2Fo1j3Qc05QOL1WcHRV-2B6-= 2F8aX-2FgB5IhN1-2B1oSUShH8wg-2F8NmEwrt0ck-2BKSnHAqIQQ0ZZ9ff2zwtCATpvl7mPQ0Z= o3-2Fyt5NCuKjyHAsV-2F-2BDa9Ib7WLkqk4UtmiORdI6k5f1ZIMwrWIEvR40O0gF3-2FS0y1bo= rzeZ89cL0z56A1CSksiDXDDAy4wwDTqosziIq-2B2nD1UrsDdT61igWA2mKudsnOuG8cMfCK9Kp= 5nFg-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https= ://img.pitchbook.com/news/71017.jpg" style=3D"border: none; max-width: 420p= x;"> </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">(J. David Ake/Ge= tty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The US= government shutdown is set to enter its fourth week with no end in sight a= nd is now the second-longest in the nation's history. How long did the long= est shutdown last?<br><br> A) 14 days<br> B) 28 days<br> C) 22 days<br> D) 35 days<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>VC secondaries grow; GP-led deals lag<= /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-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYbyknXqn= kqbrUX2dujY9u7Q-3D-3DcMZX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7s= ke6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW0= 4KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVI= gmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0GP4xyJ34HOlPhJ4HJItD0nWxhrtV376= 2Ei1QDaZ24f815ciMgYpNhg6nfqgNSnr8bE39tdF1O3ohMn7YfXZaDKoV4eyorGAr3rGKT5hV1V= VmNaFI66ditQR6O9OA7J-2BgXNAhtuiS6c9wusN0IS9fOp00Q3mu8UnG6GDQo3ldDNgibaI8J1D= -2BzA2ifVF0en0q8WrHBBu3W3n7mmA9hHNqQPCaNx1h3wyeusw8xjsI7dUw-3D-3D" universa= l=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com= /news/70902.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">Annual= GP-led VC secondaries have reached around $14.6 billion and are projected = to grow by $1.5 billion in the next two years, according to our recent <a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYbyknXqnkqbrUX2du= jY9u7Q-3D-3DeZXX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8LV0= zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04KSIjuvg8= IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgmILrtpHj= yzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0HjK-2BuMU6UUIayqAd4h2MoR7D3385nX-2FMuhAr= 0F1AyE-2BdexBpgvq3hS6wVqyiKkmYEWUYxuzfGAn9hHoosnunTNIWEfN3pm4A1MrIBpCaYqY9F= hHzgpwOxOgtsqsz-2F-2B3-2BP2ssOOqxoL-2BxsV3KFVwKaM5AgKtAu-2FjqWyw64hj2NP7cc-= 2Fu99Aslq-2F-2B0VlcH1lf00s0DZHzIP4Ru5UORjc0VtQIy8-2FsbiIeR-2FcneYmPtHq5Q-3D= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>analyst note= </b></a>, with continuation vehicles driving much of the growth.<br><br> Direct secondaries, meanwhile, are hovering = around $60 billion in annual transactions, up from $50 billion last year.<b= r><br> Much of the activity in the US venture secon= daries market has revolved around direct deals. They're cheaper and require= less due diligence from the buyer, while so-called strip portfolio sales h= ave proven to be a tougher sell. Still, portfolios that include stakes in s= ome of the top AI startups could garner better interest.</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-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYbyknXqnkqbrUX2dujY9u7Q-3D-3= DhG-r_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFJ= Q1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8LV0zRx9NrjgOuQ= M10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04KSIjuvg8IwdEAUs4ru4= KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgmILrtpHjyzBU6MVw13j= -2BWlQOJdKNj-2BUVZ9m5LV0E50q7Fp7pO-2F5zpAyNz4nSwAS8Sij2inYnbLYvoF-2Bfce-2BF= Z-2Fi-2FmNW7agGVZ5-2FMWfe1AeEyBzWsAw-2FJDZ-2FXt-2BVewi1eq1NHVZpmzq-2BdECztH= vjSu-2Bk-2FbYAy3sSqT-2B3wPAUa2CbCEMPv4cN9UQrNaUatIBiUQ-2F2EogbIcndITPMrXnjZ= tFxGK-2FZs9BRaGCWd7N9XiHgvWW7GcVETMNS42dcQLKWUpCr0Qrs3ImTxaihYGBA-3D-3D" st= yle=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decora= tion: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D= "true">Get our analyst's note today<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> </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>Stablecoins' rise meets friction</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-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYbml1dT3= 8FRwikHa2Kbm3NQ-3D-3Diy1b_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7s= ke6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW0= 4KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVI= gmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0GCoReYiHYcNEJq5zPJgBEQCynmcrSkE= OjCGZIeySa-2BL42eZEX-2B-2BpAMr8RA2R-2BkDpwUfz0ehp6yFx8rSTpAY8iSrNm5q-2BKiMs= gz5BntaI1l3YF3aB9RfQwdEyfIKlrYhC46l6DliuQCxDJ-2B6aWq-2BGxQigErgcJHSs5TbAqQU= dzfMh6coL7U-2FoJ1yfJEADciAy5-2FlQVvT-2BSEIYBGy7YZrA-2B60HvkUPd-2FsEYUWygfas= mypg-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https= ://img.pitchbook.com/news/70973.png" style=3D"border: none; max-width: 420p= x;"> </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">(Adriana Hansen/= PitchBook News)</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">As sta= blecoins rapidly become indispensable to traditional financial institu= tions, their limitations are also becoming more difficult to ignore, accord= ing to our <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQ= Y1zebeFr2e0ZWObeFUx8uiA-3D-3DmaWH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDD= rIP6vc7ske6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV= 23T3kPW04KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zO= xgVJHeVIgmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0GhIbZ5JJEgXOo7aqtKUkByU= HKEQCcA4Hcqq3V29utZoZd0KRo-2F9onkyuchpKkMKw0glkOQSeemHHZG9uyLTTBuZpayzHTdUM= mxGnkDaffGMhwGP6djuVChOwREftBXr-2Bnhx1I-2FyvICynquEkqCCswvc3TDMxSjz1FHbaO2e= 6FCOXj-2BTK1NZBoKCnV9i7EwFoQ-2FYr9t-2B4y-2BjZIzdAIoEqOQ6pmahVduXjU32KCr5I7W= hA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>analyst= note</b></a>.<br><br> To deliver on the technology's promise of mi= nimal-cost transactions, stablecoins will likely need more liquidity and lo= wer currency conversion costs to gain market share.<br><br> The market capitalization of all stablecoins= grew more than 66% year-over-year to nearly $290 billion as of Oct. 1, acc= ording to the research. And adjusted annual transaction volume reached more= than $7.2 trillion=E2=80=94more than half of Visa's annual payments proces= sed.</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-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYbml1dT38FRwikHa2Kbm3NQ-3D-3= DOExo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFJ= Q1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDDrIP6vc7ske6RJ8LV0zRx9NrjgOuQ= M10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV23T3kPW04KSIjuvg8IwdEAUs4ru4= KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zOxgVJHeVIgmILrtpHjyzBU6MVw13j= -2BWlQOJdKNj-2BUVZ9m5LV0Hkab0m4bb5xfFj7Da6Oj6pQtBcfoTPExesaKjyWsxW93pOVvYwe= 6Y3Ri-2F3tG-2Bpss7P9qiSl3p3y4GJHIdS0fY977yIZRwvjbhTv6lPIWW-2FcuDgrhDtNij0cs= E7D4YFqZDZ2qr7q9ItN1cmavrp4bhjqCULPKb6moudx92KrM5nUefer51IK5jBYn0Oj94N2KEYT= efaRem5xNOGutJjlKB7vzRPT3l983hVE3J7uaAadw-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">Get our analyst's= take<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> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Quote/Unquote</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"There= is more to be gained through discussion and engagement than there is via g= uerrilla warfare."<br><br> =E2=80=94New York State Sen. Andrew Gounarde= s, co-author of the AI safety bill, the RAISE Act, addressing the VC commun= ity during a <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQ= YiFWbQTfDb5D-2Fn4Jp3w6Pzw-3D-3DgQx3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAo= DDrIP6vc7ske6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYm= QV23T3kPW04KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8= zOxgVJHeVIgmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0HL-2FDywEUJgs-2Blks-2= BZ4xFjeB-2BVeCwZGJjeiT9oQYXDcgLE4bjy44KATh-2FtX71XBNYR-2BTzvxMAPdql-2FZsgIB= ANqPw9EHB8jltV4uq2u21CC8-2FNchOF7nSKc9dxlnIHb2wOo7grcSHHiGr0GWb4o3qevwvM-2B= E-2FtLsC0teG0swzOofgERRqxzXB-2FMmyT2RlSVcTaelffvDOYO060LHVCbGqZNLqJgL4MajOX= H79a7mcPfzQw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= <b>Q&A with PitchBook's Jacob Robbins</b></a>, in which Gounardes discu= ssed his battle against the bill's opponents. The law was passed four month= s ago, but hasn=E2=80=99t been signed by Gov. Kathy Hochul.</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 Enterprise Fintech VC Trends</li> <li>Analyst Note: The Trillion-Dollar Capital= Frontier: Sovereign AI</li> <li>Q3 2025 Global M&A Report</li> <li>Analyst Note: Takeaways From HLTH USA 202= 5</li> <li>Q3 2025 Clean Energy VC Trends</li> <li>Analyst Note: Seed Under Pressure</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> Starting in December of 2018 and lasting unt= il January of 2019, the longest US government shutdown lasted 35 days. The = current one <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdP9= 0-2FqMTgqkCKfpYpjFPhlUA-3D-3D_Gqe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFJQ1iCOA-2BZ4n8ctx-2Ft6om-2FDNhw9fZbKnbCZ-2BLAoDD= rIP6vc7ske6RJ8LV0zRx9NrjgOuQM10THSPuuJXSnh7v8-2FGWHQbS9lRrVg1JiX7ocYYviYmQV= 23T3kPW04KSIjuvg8IwdEAUs4ru4KXdIq6OkNKRDH3vN-2Bd16hIiMEW66MHWU22mWCnT1Ck8zO= xgVJHeVIgmILrtpHjyzBU6MVw13j-2BWlQOJdKNj-2BUVZ9m5LV0FlUVfU-2BB2vo1TYM7abE5H= wQnY26kPzSdM2pCqQVsHvswGJGPlGIVYz72-2FaBvTMtzFC1wMh-2FUV6Si2dovcQCL-2Bma2xr= gsTY3BD1NNTyqd2weyYxNPiN-2F8bUUADlmV-2BoyYfBew6vqoxXVX2r2c7nIrmrv3Rp7LSK9LW= zbvTzRUS9dgaumC7ZHir-2FLa2qLclvF1Kyo6ekU7Qfz7-2FPaTXSWNqlbMGNulfXm6l0TuRjHL= -2B7iQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>has= put IPOs on ice</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 Michael Bodley and Jacob Robbins= . It was edited by Kia Kokalitcheva and John Moore.<br><br><em>Were you for= warded The Weekend Pitch? 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