Google
Edit File: 1762078128.M717736P2590465.server-619288.prediksijaya.com,S=104950,W=106920
Return-Path: <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com> Delivered-To: angker@server-619288.prediksijaya.com Received: from server-619288.prediksijaya.com by server-619288.prediksijaya.com with LMTP id UESlKrAtB2kBhycAf7/9AQ (envelope-from <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>) for <angker@server-619288.prediksijaya.com>; Sun, 02 Nov 2025 17:08:48 +0700 Return-path: <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com> Envelope-to: vetyl@ponjosonek.com Delivery-date: Sun, 02 Nov 2025 17:08:48 +0700 Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:8758) by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256 (Exim 4.98.2) (envelope-from <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>) id 1vFV0x-0000000Art9-2huz for vetyl@ponjosonek.com; Sun, 02 Nov 2025 17:08:48 +0700 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=news.pitchbook.com; h=content-transfer-encoding:content-type:date:from:mime-version:subject: list-unsubscribe:to:cc:content-type:date:from:subject:to; s=s1; bh=NtrFUkv96pQF4PiSr/QQqigsHYbL6L8kLe4pFoMfVVQ=; b=dcW/lnk1vORokKKlCSkX2ed71JQQlV/m39AW8655FWMxRZVuAkYlmlUeCT9bU+IL3N9E 78odtXLhvNh6pUsIQAzoLMgYgbgs3djR88cM7nFwjZuQkgUwnndFrn9U4y1pb8wsoogogR e9uCri3T4spdXguY5+zfDkgVonJv2jt00feOwjpZuNNxxfMRBYe9zgjcI7eSOttC6lN/NI +cDVMyPsvYK8tN+YfGFGm/tKe9o5FEIEfn+tYUjuHvtnZA9Th5fWHxJRenk9hB1h95u1+3 GLZWTXDBBk0/oIPgMplGTNxAMf0IZJN5yCBJ/S7IXzOKw78JYoSoC4iam7Mm6tZg== Received: by recvd-796bfbffd6-wn5tw with SMTP id recvd-796bfbffd6-wn5tw-1-69072D85-1C 2025-11-02 10:08:05.482589185 +0000 UTC m=+13023287.339216585 Received: from Mjg0NTYxMDY (unknown) by geopod-ismtpd-3 (SG) with HTTP id Zv1Mk9wrTaOa1U-X1lXdJQ Sun, 02 Nov 2025 10:08:05.423 +0000 (UTC) Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Date: Sun, 02 Nov 2025 10:08:07 +0000 (UTC) From: PitchBook News <news-noreply@news.pitchbook.com> Mime-Version: 1.0 Message-ID: <Zv1Mk9wrTaOa1U-X1lXdJQ@geopod-ismtpd-3> Subject: Trump's $100K H-1B fee is tricky for tech List-Unsubscribe: =?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DUK23?= =?us-ascii?Q?EBU6P5WAW&em=3DX65PN7GSJDIPRVZXJSN5XGVXL3?= =?us-ascii?Q?AFLT7KSBPM3DI&ent=3DEJKJ2TTFOWZ2C=3E?= X-SG-EID: =?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZa5d7rLdiAsxLgSYARk73rxHPd3Aqlcm2Tnrv?= =?us-ascii?Q?pNBcRMFNFcwVOs7OA=2FjzaFr76g=2FisTYQ=2FDTxHEE?= =?us-ascii?Q?K29Kpanc6cKn85Wca5xFVptNEDNrytbnZvnrMCa?= =?us-ascii?Q?KO38iYc7MDE5+IuZbpMtrx7Al6JsjvUpX16uM1M?= =?us-ascii?Q?o3obeCKWEDjRPrv5SRwk8fbGtK5fLdDm122bdV7?= =?us-ascii?Q?fAQw5XlNTmoalgeY4qHP1qO9i4kJZMe=2FiuYJxtZ?= =?us-ascii?Q?+Lds?= X-SG-ID: =?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3Bn35u3LzLPfqu2F8Z96C1+9y4TJqy=2Fmc6jHeE?= =?us-ascii?Q?o=2FpJnOTAc=2FCFPhicD1haMWfiRp7Zo7fFEuB=2Fg4t?= =?us-ascii?Q?ctVpgNE1FvbrVDrW5DorWoqUWkd+e=2FfzcMv6BzX?= =?us-ascii?Q?17tHDtSMgwsOJbzxkMqUqCjBMBarRkXjlEjdeFL?= =?us-ascii?Q?3vR4SYW4sN1OKiXCc2+wxhjsb4+i8udXUHBtKsk?= =?us-ascii?Q?dXwU+5EGaAU+cuRSe9oqQmi1SCMvCnDBdZXhrhS?= =?us-ascii?Q?PfXMLH1BW7Jzt0yjzrvlVFkeSqvP7FuawnL0sMp?= =?us-ascii?Q?JmwgQxkgvKpmXw2=2FcPMH1nrztywiTb0EEPytu4S?= =?us-ascii?Q?WT02SHlx6Yl=2FpLZdy5bumcNedP+v5Tl3s=3D?= To: vetyl@ponjosonek.com X-Entity-ID: u001.YFoIgyol8PWrw0qKNaJxbQ== X-Spam-Status: No, score=0.5 X-Spam-Score: 5 X-Spam-Bar: / X-Ham-Report: =?ISO-8859-1?Q?Spam_detection_software=2C_running_on_the_system_=22server-619288=2Ep?= =?ISO-8859-1?Q?rediksijaya=2Ecom=22=2C=0A_has_NOT_identified_this_in?= =?ISO-8859-1?Q?coming_email_as_spam=2E__The_original=0A_message_has_?= =?ISO-8859-1?Q?been_attached_to_this_so_you_can_view_it_or_label=0A_?= =?ISO-8859-1?Q?similar_future_email=2E__If_you_have_any_questions=2C_?= =?ISO-8859-1?Q?see=0A_root=5C=40localhost_for_details=2E=0A_Content_?= =?ISO-8859-1?Q?preview=3A__PitchBook_Newsletters_M&A_on_track_to_end?= =?ISO-8859-1?Q?_2025_on_a_high=0A___note=2C_what_private_market_expo?= =?ISO-8859-1?Q?sure_really_means_for_401=28k=29s_&_more_November=0A_?= =?ISO-8859-1?Q?___2=2C_2025_|_Read_online_|_Manage_your_subscription?= =?ISO-8859-1?Q?_The_Weekend_Pitch_VC=2C_PE=0A____and_M&A_Presen_=5B=2E?= =?ISO-8859-1?Q?=2E=2E=5D_=0A_Content_analysis_details=3A___=280=2E5_?= =?ISO-8859-1?Q?points=2C_5=2E0_required=29=0A__pts_rule_name________?= =?ISO-8859-1?Q?______description=0A_----_----------------------_----?= =?ISO-8859-1?Q?----------------------------------------------=0A__0=2E0?= =?ISO-8859-1?Q?_RCVD=5FIN=5FVALIDITY=5FSAFE=5FBLOCKED_RBL=3A_ADMINIS?= =?ISO-8859-1?Q?TRATOR_NOTICE=3A_The_query_to=0A_____________________?= =?ISO-8859-1?Q?_________Validity_was_blocked=2E__See=0A_____________?= =?ISO-8859-1?Q?________________https=3A//knowledge=2Evalidity=2Ecom/?= =?ISO-8859-1?Q?hc/en-us/articles/20961730681243=0A__________________?= =?ISO-8859-1?Q?____________for_more_information=2E=0A_______________?= =?ISO-8859-1?Q?______________=5B159=2E183=2E175=2E69_listed_in_sa-ac?= =?ISO-8859-1?Q?credit=2Ehabeas=2Ecom=5D=0A__0=2E0_RCVD=5FIN=5FVALIDI?= =?ISO-8859-1?Q?TY=5FRPBL=5FBLOCKED_RBL=3A_ADMINISTRATOR_NOTICE=3A_Th?= =?ISO-8859-1?Q?e_query_to=0A______________________________Validity_w?= =?ISO-8859-1?Q?as_blocked=2E__See=0A_____________________________htt?= =?ISO-8859-1?Q?ps=3A//knowledge=2Evalidity=2Ecom/hc/en-us/articles/2?= =?ISO-8859-1?Q?0961730681243=0A______________________________for_mor?= =?ISO-8859-1?Q?e_information=2E=0A____________________________=5B159?= =?ISO-8859-1?Q?=2E183=2E175=2E69_listed_in_bl=2Escore=2Esenderscore=2Ec?= =?ISO-8859-1?Q?om=5D=0A__0=2E0_URIBL=5FBLOCKED__________ADMINISTRATO?= =?ISO-8859-1?Q?R_NOTICE=3A_The_query_to_URIBL_was_blocked=2E=0A_____?= =?ISO-8859-1?Q?________________________See=0A_______________________?= =?ISO-8859-1?Q?______http=3A//wiki=2Eapache=2Eorg/spamassassin/DnsBl?= =?ISO-8859-1?Q?ocklists#dnsbl-block=0A______________________________?= =?ISO-8859-1?Q?for_more_information=2E=0A___________________________?= =?ISO-8859-1?Q?__=5BURI=3A_pitchbook=2Ecom=5D=0A__0=2E0_RCVD=5FIN=5FV?= =?ISO-8859-1?Q?ALIDITY=5FCERTIFIED=5FBLOCKED_RBL=3A_ADMINISTRATOR_NO?= =?ISO-8859-1?Q?TICE=3A_The=0A_____________________________query_to_V?= =?ISO-8859-1?Q?alidity_was_blocked=2E__See=0A_______________________?= =?ISO-8859-1?Q?______https=3A//knowledge=2Evalidity=2Ecom/hc/en-us/a?= =?ISO-8859-1?Q?rticles/20961730681243=0A____________________________?= =?ISO-8859-1?Q?__for_more_information=2E=0A_________________________?= =?ISO-8859-1?Q?=5B159=2E183=2E175=2E69_listed_in_sa-trusted=2Ebonded?= =?ISO-8859-1?Q?sender=2Eorg=5D=0A_-0=2E0_SPF=5FPASS_______________SP?= =?ISO-8859-1?Q?F=3A_sender_matches_SPF_record=0A_-0=2E1_DKIM=5FVALID?= =?ISO-8859-1?Q?=5FAU__________Message_has_a_valid_DKIM_or_DK_signatu?= =?ISO-8859-1?Q?re_from_author's=0A_____________________________domai?= =?ISO-8859-1?Q?n=0A_-0=2E1_DKIM=5FVALID_____________Message_has_at_l?= =?ISO-8859-1?Q?east_one_valid_DKIM_or_DK_signature=0A__0=2E1_DKIM=5FS?= =?ISO-8859-1?Q?IGNED____________Message_has_a_DKIM_or_DK_signature=2C_?= =?ISO-8859-1?Q?not_necessarily_valid=0A__0=2E1_MIME=5FHTML=5FONLY___?= =?ISO-8859-1?Q?______BODY=3A_Message_only_has_text/html_MIME_parts=0A_?= =?ISO-8859-1?Q?_0=2E0_HTML=5FMESSAGE___________BODY=3A_HTML_included?= =?ISO-8859-1?Q?_in_message=0A__0=2E5_KAM=5FREALLYHUGEIMGSRC___RAW=3A_?= =?ISO-8859-1?Q?Spam_with_image_tags_with_ridiculously_huge=0A_______?= =?ISO-8859-1?Q?_______________________http_urls=0A__0=2E0_LOTS=5FOF=5FM?= =?ISO-8859-1?Q?ONEY__________Huge=2E=2E=2E_sums_of_money?= X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta 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;"> M&= A on track to end 2025 on a high note, what private market exposure really = means for 401(k)s & more </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;">November 2, 2025 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKm= xElvRJG5YCMEUis5MPLAzKJ5O2QB8gffMIWAw-3D-3D2j6P_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2= epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNG= AGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnR= lpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0as2-2FS6= -2BAoonkDvMi55NVnJbeSvqcQWRdfKXsPR18NP5HgSZjoefG00XUCMyLTztBYjyHOChYo97T8go= K113eBYqYYQw-2FqIJf63-2Fr-2Bhwu-2FXEi2ZK5vx8siqPCXAM60Ep3m5JS-2FsD6-2BRxaKN= DGiyfs-2Bsk-2Bpbum-2FtOMJXaIAm6n4ECSlhiNFJB3P3x84JsWd8YPGI0a74h70nIr-2Fdxs3= O5-2BGSpRvGHrEiw5pNc201ZWVKf49yQhVqDk4Oe-2BAbCCnha08Q-3D" target=3D"_blank"= style=3D"text-decoration: underline; color: #1D5080">Read online</a>  = ; | <a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2= yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613C= QL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-3D-LUj_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJ= JT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ= 4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBm= YdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0as= myfAkDQamnUkrRgDdQrsD4dvMAUZfrsFqU-2ByhO5z4EWE0FmGC3lOFUBAJaUEoFjcsEeUrWb5S= ud-2FtBZOtb9TiE7IeiuA2ejlNIOP246GTDkfwiIl0QUsms9PuHR0CaSdaKf8f4ksaqTEq8XQfH= 8-2FoI5s-2Fmo-2B0CxLXeG88bWkPgWNAA7ER1cm5Ly-2BKZKk4J7nlpV-2Bg-2BrBYxw-2FeCx= Vm-2BslnoOn-2FIDd67mhCDGsUcApKLdZsXqwem8pENjUeC6qFWmM-3D" target=3D"_blank"= style=3D"text-decoration: underline; color: #1D5080">Manage your subscript= ion</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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisGPvDv2Qm137zq45mTNHwJg= -3D-3Db93j_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm= 2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEv= wxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6= Lw-2Frly5M6TaH5En4OCJg4u4CujE0avIsuw4p1rL60b2yubdgpJ0dhtFBLDPKmcCcHlnA0ETlB= gi89bFWzh12Bu-2FWzWq2ZgC5z5DWeispTvcgDOBHdCPW9USKFtrNsK8ZFoNGgG2EDvWjmPTeR4= -2BhGD0rqRs8hxQv55ufy648Ce1L3NoGTUtaagEy2HdDniNGP2ejMaT9zdLAjRjThYn8VrVLRMr= mwgejVplJWT9LRLqHE9FKEdnZVYcgEsKLaLIcYmP4Qnfq9h-2F2Y1p0PiO7D1AQJIgZmk-3D" t= arget=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'displa= y:none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel= ?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailI= d=3D3D5QS2HTGQBOWBU&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6Q= HVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBK= VWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du= 001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKD6muu= orp91mQNpKUjXHM-2FF4WQDWw-2FEbnu-2B820EQCWjLD-2BHOSvOpX5Ex2FcDpgQVuXud0DUvw= yM6vu33GZzIfQraWgk7cykv6fj10SQ8v360QT7fUcfinisNG6Y9V4exu2Tjdm8A-2B1C4NGX9EG= mSNHgFCem6QyoJ0-2BvsX6zqoOnC-2BG5ZrnnW6s-2FmAfbxENX1HFKakHQ3GaVQ2V8yBKoQgQY= IO3nX-2BD0tBJtHI43Ngm2bBzB-2Fj4TYFTftIdN3Ze09iShYbMBYp-2FbbSRepY-2BiHUm06kq= JhhjjfPoYJ528z7EEXO2R7K4ULUMs8tKTcH2SdVN2jlUQIOl6isFFLOFEkVAIWs-2Btw-2FN4JA= we8V6C3I3pOVQed6kEYnWuAOyR7ePha-2BksO0KOvng0m3pnbsTF6Fz2LnF6BXRSJWkNTa5GFEj= 3s8lHtI1drof-2BHGtXZ90D40AXuoz08lOuwWBmRHVMp-2FKizEEjnB9fR2KrrL-2B-2BdFoEo-= 3D" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !imp= ortant;width:1px !important;border-width:0 !important;margin-top:0 !importa= nt;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !impo= rtant;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 = !important;padding-left:0 !important;"/><img width=3D"141" height=3D"39" sr= c=3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png"= alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Weekend Pitch</s= pan></td> </tr> <tr> <td style=3D"text-align: center; font-family: 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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisKOi= POwJnr5GmNGS9ViFxyw-3D-3DHQDW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9Ac= G4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2x= hLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex= 3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avEe-2BZrl2vn8HWHOKUSMWHWq= feEpO31tvlXc9Xsqx7BYAWfBnrFBMVFysgx5sfqOv-2BhzhLemYzQZVLtHyqAyc0L2V1mFVRdue= t0l3KPHZeKCR0BXla-2Fq8jRop9XnXS2A8rZN8R7NjHkj9NzDZjCTW22PacDZSbg-2B-2BGtRZr= iqzW4vFB-2F39GLaR8y9qVgy-2F-2FEs4YH5X5O8aKDX8Jg474y4Czo5Rpza2xPQ8U71vxgMZRY= vjcwuGbKq3xukw8OL7gPlCE-3D" target=3D"_blank" style=3D"text-decoration: und= erline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Fidel= ity Private Shares</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-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/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis1xNgo0OnZ= QDd44TtP0ecCw-3D-3DUCgQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z= 0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF= 4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJ= O40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auY1OKj1qM-2Fh4EVddpZERLOdxvH1I-= 2FVpnD7ugRtXoQOC9zQRwcj3QuXijSHR2IrRXKWo2pyL6LOUorsDmePZ0sNLX-2F1ZZWFmt-2Br= cfGeVXxd6gNPzYi5WZa8CxIo-2Bp1bYjMCyroTQxkGLOR5M-2BvzPMuefwo5ISYMJd6fYLIpAxb= G5irgnnBHvuUcZPUNnumD3fOjf5Lt9Cb9DibEVowjh38AGcX3jmHwIcBTkKq3xIhyDeq3-2FKk4= wj1NUI5nExFzX1I-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/71187.png" style=3D"border: none; max-wi= dth: 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">(Mara Potter/Pit= chBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table>The Trump administration=E2=80=99s ne= w $100,000 fee on first-time H-1B petitions has thrown a major wrench into = Silicon Valley's hiring, albeit with uneven impact.<br><br> For large AI startups, especially, bringing = top talent from around the world to work at their US offices in hubs like S= an Francisco, the added complication to this work visa has left them in a b= it of limbo.<br><br> =E2=80=9CI=E2=80=99ve definitely had some co= mpanies say, =E2=80=98We=E2=80=99re going to pause our H-1B program until w= e have further clarification," said Maxine Bayley, a partner at law firm Du= ane Morris LLP and longtime startup immigration attorney. Other companies a= re looking for alternative recruitment pipelines, or just sticking with the= ir current approaches, she added.<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.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisEU3fs1FXyo-2B= I-2Fu4IaCQwXw-3D-3DlKo1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z= 0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF= 4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJ= O40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0as9H4izT5mppxrmrRiGahOAKmpI3VwWL= N-2BsbWtjdGJdGCWjjEAQ92iXqKxVq2l4hfllhw4h5ZboW-2BV12iBFRYeHVISw2c2KfqpMaHKp= tSCSWHoUpH-2FUW5MwgnzSwAO1Nz51szIZ7VZMVcHrQ-2F04p6rzFalH-2F6-2Ba1Y6-2FnussA= bhjIU6k3vq8-2BmrZ2HnpMdnDuVXhKoZnowM5Qhy-2Fy-2ByttI1C7Q3x3xKXbFYXYdZwPzf7V5= QEap7-2BOnul4LE3BwZozJQ-3D" style=3D"color: #1D5080;" test=3D"">@ michael_b= odley</a><br><br> The new $100,000 charge is essentially an ap= plication fee for H-1B visas, which are already highly competitive due to t= he capped numbers of approvals per country every year.<br><br> The largest unicorns have prioritized bringi= ng top talent to the US to work in person=E2=80=94some much more frequently= than others.</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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis1xNgo0OnZQDd44TtP0ecCw-3D-3= D0K3J_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq= 0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD= -2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFca= SDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2F= rly5M6TaH5En4OCJg4u4CujE0atO0SGQgXeNNdSQsVezklpxMpQ9v7F1J6kJKSIHgDLT-2Fiz2D= -2FOT9VMq-2F8zidDdactoIc1sD3iqH9KupsjbN2AwQSezFzyigXHH3c2vfpip8DL5GRcYZGyCR= cUgtSWgeCYS8XTVO7nTmYf3SZm8PSekt5jMxK6vmrcSV2BaEolodq-2FJZm6XZd9KICwRoJ3WkW= qFaRAb1VE-2FKaK5Ad1B4as40700f0WKQtS9TlNDOK5RoTm63Cu5QE11CC1o4FtJ5LiM-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">Read the full article<img height=3D"24" src=3D"https://fonts.pitchbo= ok.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> </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_574075" id=3D"n_574075" 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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisKOiPOwJnr5GmN= GS9ViFxyw-3D-3Dfg-w_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7= MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2= Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40Z= NL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0av4dBIop3MtvLayw3ZsyPMOVEz211NFwXv3n= 3ESnjEd0u4j-2BQayADO2r81odTVVVsFgHGc2-2Blr-2BzyONhz0kpXDHJAjFFJMZAjfNuUKEnA= mHjGjRVI6wMeCOY4K9kO9GnHUF-2FXxLhL90JMdMd8495GTJRWGRquHpcROLCDpqPd4jZdoHLri= 2AqgoAXZvmvSPY667foN-2BuTeP-2BVUEX4EsWppHbKXUXhD7BVPd-2FgB6DD8S9POfiEMcUKpq= FBfFEBlIL-2FY-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchb= ook.com/news/70867.png" style=3D"border: none; max-width: 420px;"> </a></t= d> </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-2BaqM7ONnvsnswouzX-2BA= biKmxElvRJG5YCMEUisKOiPOwJnr5GmNGS9ViFxyw-3D-3DdRDw_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT= -2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A= 5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYd= FCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auOr= 5DbQfBsuy-2FZ6AmHyY9-2BA66hAxIzt3I-2FArr8keY1HJi89jYOPPCSSJbZSsbbZtzOz-2Fx4= INop4-2B6w9zLhrUmcgATAP1RiL3ctZrOY1eSFIUge1p8vgZXZcVBx7GZML1gquH9vfMQnVJtYU= KXeMzPdasXvH8JLrLwHBccqjLpVpPT9uLwm4IcEb-2F4loO6ICxWS-2BUZSsSQY3e6kBSSeSmK6= H61KjyqUMtSBGDKC7LntUc77116-2BE-2BROtIdp4F3h6FU-3D" style=3D"color: #1D5080= ;" test=3D"">Download the 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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisRdxBwou= jyOMgDvrUSO-2BOGg-3D-3DlNtL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4= Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhL= NfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3g= qwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auN6M4RkKxte9AwjiLuuDM64tgHp= lHABO7sxk9zEG9MZ02CgYYokxVObp8rBmMyKJxxHqZtO3XCy-2BMVmjfl9ybv-2BY7BMQ3L-2B9= GESoMRdGkHxdgHSPGX3n50vv-2BmXdJWE7673r4sz7t8oCy30xVr-2BZU0NQGJrPe2srOErp09l= AYMst4X3LdXCA1BWlAsAkBYf1HIyF-2B8vHrV-2FFH5ldZ2DsyrlrQLTmdG9fpz1-2FeJ1yvgTA= HruTbfUd7eN0L3rTTylmo-3D" universal=3D"true"> <img align=3D"center" alt=3D"= " src=3D"https://img.pitchbook.com/news/71167.jpg" style=3D"border: none; m= ax-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">(Bill Clark/CQ-R= oll Call, Inc via Getty 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">Invest= or appetite for defense tech has continued to grow in 2025, with defense an= d aerospace-focused PE firm Arlington Capital Partners=E2=80=99 latest $6 b= illion fund, which closed on its hard cap in just five months, highlighting= this trend. How much larger was this fund than Arlington=E2=80=99s predece= ssor fund, closed in January 2024?<br><br> A) 18% larger<br> B) 38% larger<br> C) 58% larger<br> D) 78% larger<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>Big M&A totals in Q3 position<br> 2025 to end on a high note</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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis0b46h90= -2B9WAGV9jTF4dFtw-3D-3DsZNx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4= Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhL= NfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3g= qwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auMEbRgt46DBbOxz2rT2m-2BKmAE= 3FPsyy-2FnE-2BtRwEYJKUczsLIu4SqKSAuSpnzfZLsct1CoCjCf2yeOX8FU9VDD7itw7l0moN5= AEHbqZfF4bUtRn9TLxa9BB4kUfifIvMAclrWvszCo5P7pZWke2kGJmMBBhXN7YF00QAd6jb3nj1= 6vCqVgW-2B-2FWM2otPqJng01BFXVg75AIVVZrc0zLyDak7XFQ3PmXqxzWV9K2fhsJ1fuoeN9It= QXsMh7xH3ea53dk-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/71155.png" style=3D"border: none; max-wi= dth: 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">Global= M&A pushed even higher in the third quarter, reaching levels not seen = since the 2021 peak, with nearly $1.3 trillion in total deal value across a= lmost 13,000 deals. A surge in mega-deals drove much of the action.<br><br> The strong dealmaking totals in Q3 set up 20= 25 to end as another year of growth in terms of M&A deal value, our <b>= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSkAOxLM2TnBag1U= 0qd0QjbQ-3D-3D4Xp6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7M= UJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2B= k9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZN= L2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avUnX-2BBA-2B8YsqH-2FwkIH5o9NLAjXyJ89= 3t-2Fx5ZKvzRCk-2B1pT3RESwP-2B6lSLhDmdn-2BvYkKcXbJhclfHpiSr3uersqVVIcnXJ9GpV= Lmjd7PTiDyb82HwfxIXrw34hr1IWCU-2Fjr8KfEfxXXhZo1vVbmmnv-2F-2FhE0BESjNil8QqBi= 0CVufrG0Dl-2F3jVDetRb9jPBJCvFVIgSivW4QW7tLTQ-2B6QT9ECOdlIwIqYwJI1cTt3ete-2B= ZdobZlDgoXP5psZl8nUEVQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">Q3 2025 Global M&A Report</a></b> finds, while deal count is pac= ing for a record year.<br><br> Greater market clarity and continued rate cu= ts allowed sponsors to join corporates in the increased dealmaking. While n= ot out of the woods yet, with headwinds such as inflation and tariff-relate= d uncertainty still in play, buyers are getting a better sense of the marke= t outlook, resulting in an increased appetite to get deals done.</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-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUis0b46h90-2B9WAGV9jTF4dFtw-3D= -3DY0Id_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= Rq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2Xw= vD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxF= caSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-= 2Frly5M6TaH5En4OCJg4u4CujE0avV1YvFYmZcs9-2FHbUqqGEX4DyeFtb6tlxvaz3NiuK0kyPJ= JeVg0aFc8plEzW8KE33pHolhT9UVE1dPb3dav450ovAPdHPyStwd4kEYsA4EzJCH6ryL2-2F9oD= pY6IN-2FkRPOF6RELdPxyeA3pjlHsQr5FosnY16aRDost2C9yDvlGrMSW5OEZVNyS26wOIp5ALF= FTS8XeA34BmwEiSAsUNOxZ-2BrLHN1Fu9EdiIgAgf-2B9JehV3hEtNCoWCKUTvuZo-2FFu04-3D= " style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de= coration: none; color: black; padding-left: 3px" target=3D"_blank" universa= l=3D"true">Read the full report on M&A's big quarter<img height=3D"24" = src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"ver= tical-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"> = =20 <center> <h2><b>Democratizing private markets=E2=80=94= will 401(k) investors get what they expect?</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-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbS-2BbTjweg= RJ8EUGsieYU6v7g-3D-3Dxhzi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk= 1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNf= eF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqw= EJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0aufZjWBn46nAl16GXSfQVASaL8w4z-= 2B-2BBr4hIfqFnnsDVEZOtd8tdVD86lRtl-2FCafedPfYvWe-2Bn1sfLJtaGP6-2BEz7-2FamNT= q-2B4NwNK6uveSxiaFKJaA8njfUeoIvP-2BJpQe-2FFb2SrrI0JLEN0nFe2BuSQwTZIXq4eA-2B= zinabKhMh015yhJxuyBHLFsEy4ebS2OkjZab1J-2BSIiG19fD3gmDrha86X-2BNofHcEBHLp1JB= 3qgPyAIPC3S1fk8BHgTXOEXs-2FZE-3D" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/71190.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">Excite= ment is building as the UK=E2=80=99s Mansion House Accord and the US push t= o democratize alternative assets open private market investing to 401(k) sa= vers.<br><br> But what investors get may not match expecta= tions of high-octane private company exposures as credit, real estate and i= nfrastructure are a better fit for defined contribution and evergreen struc= tures, <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbStfs4-2B= y1Cix0-2B2S5S3rOWqg-3D-3Dl7wA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9Ac= G4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2x= hLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex= 3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avQueMqZcBHRLHF5udHTYVAZed= Bjeo89lfN0r0m0Zl128HxzBkx6gABvkYR-2FXPjRSuQhjGua-2FwDod5K-2BE9Ftb7mc4k5gc-2= Fri85hTcFqcFlVXKPe8vHfbauFE1JDkW609F3btyoxaDlu-2BRyp9vVVOU7RNc4PR6HZwDXeD8H= mVMc2ErmIIg-2FjY8REJ-2FhlJ9qxiyt-2BJeq8b-2BwIju0vs6QaJnZ9OtjXBv8xsRubC2yBbp= Lkh6YQio435gRlL5rJEAHpads-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true"><b>according to our new analyst note</b></a><b>.</b></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-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSvyHb9ZFkPb7P0yBede4-2BpQ-3D-3= DCFhm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq= 0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD= -2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFca= SDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2F= rly5M6TaH5En4OCJg4u4CujE0auBAPOztrPC35EDnx5gMgX8J8l0Jl89L-2Bs7w9eUq7yrD0tmH= Y3chFZ5x5r-2FOIIy0Y-2FW-2FOZDEsuhgKedKQWuvrL-2BNvBwiQh-2FHGyNYUuNSJuLs22y-2= F-2BvUll4C50YXq1j-2BPp-2BhAZFBsCt10L63Hbc4dbxyDM9Ogx-2FPXBDzX5G5RVLJqulqRzf= tCKrFqE1vYyXcszqZWgZ-2Ba6hy1M2SxJaVjQzTNSXoJ4rxpfNrbOX8sHHhS2eA9za8UlQ958ps= 8ai-2BTS4-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 1= 8px; text-decoration: none; color: black; padding-left: 3px" target=3D"_bla= nk" universal=3D"true">Read Hilary Wiek's analyst note<img height=3D"24" sr= c=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"verti= cal-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">=E2=80= =9CWhen it comes to AI, the US is leading in software and hardware. The US = is setting the policy standard, telling countries like China you can=E2=80= =99t have access to X, Y and Z. Whoever sets the standard, that=E2=80=99s w= ho gets the most attention.=E2=80=9D<br><br> =E2=80=94Dimitri Zabelin, a senior AI analys= t at PitchBook, discussing the trend of sovereign wealth funds around the w= orld investing in US-based AI companies. Read more about how sovereign weal= th funds, especially in the Middle East, are turning their eyes towards US = AI innovation <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbS= igjQEzvld1jrnHnne5PD2Q-3D-3DWU1C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb= 9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXp= F2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf= 7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avibYCCVC-2F-2BKwIlz0CP= ZxuLVsw1MgDM8pmG7eS8oya2dSZCrIGhl6oUF4ErzMK0tMkxwktYPOlClLxi476sllx9jFpVq9y= -2BBQOyPMiEnESJuWaDj2YJurx7hgOlnddEbCW3Wu2bJZk5nshjHIPfdftmnYt0MbpPdXO2lNHf= zLNJVN2lzhut-2F5sXNU5NKh-2BweNhrkjSqzV5jI3pvEwNfEnXyyBuKixJZfsRWq3laugWVH8v= ZNvI-2B9JMx6Z-2FAjYPoOOA-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>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 Retail Fintech VC Trends</li> <li>Q2 2025 PitchBook Private Capital Indexes= </li> <li>Q3 2025 Food and Beverage CPG Report</li> <li>Analyst Note: A Look at AI Deal Activity = in APAC</li> <li>Q3 2025 Medtech VC Trends</li> <li>2025 Global Fund Performance Report (as o= f Q1 2025)</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= : C.<br><br> Arlington Capital Partners VI closed in Janu= ary 2024 with $3.8 billion in commitments towards defense tech, while Arlin= gton's October 2025 fund closed on $6 billion, 58% larger. Read more about = defense specialist PE investors and trends in the aerospace and defense sec= tor <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2BAbiKmxElvRJG5YCMEUisRdxBwouj= yOMgDvrUSO-2BOGg-3D-3D9L-L_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4G= k1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLN= feF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gq= wEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0auDInowEe2jB64jRVUhXYvzJLc2fx= fofDm1b8K4-2FjfE7DTI8b7FmC9EqFTINEgMzz-2FL6DE6UDrS-2FOiqAww9Td13p1T95UGTZNd= 4azHIfie577TWulEgKCL2cqkQN2tb87T4-2FytTfMp71H5Rrtjd-2Fn6j6426z-2BOI76IS1Izl= d3rzP-2Blq8K1qjTEaqK-2Fm3AzJaMVLn6ihH-2F8r6tmVaooHgxdf-2BVd2Jj6atXpVp1tDxI2= aJ1B9ueLTOKVnlDj15hnzxnQ-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 Michael Bodley and Nadine Manske= . It was edited by Kia Kokalitcheva and Ron Prichard.<br><br><em>Were you f= orwarded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzWV1gJXqac1UntLdFsc3MbSTlJY3W7apD-2BkrMt99JG5uw-3D-3D13o9_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2B= vIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ= 2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b= 2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4Cu= jE0avBl8UyiQcd58RGGwYK8JNUm8BOMakb3RHOOfQyCBtz9P-2BUP17PJlJmbvNnJ0u-2FUqIt9= a4FW7ciguafQXJgBCCPomXWN4c7djPC8yL9bbERX9t1VlDBAAs3OOvjb-2BDZbQCJe-2FmlRrJe= oILxm-2BvGKkdC2mEbGpmQkFMLgOtuAkA66pTzPOU0osP2oDznAvplSSSxfN1V3dSAP7gq5u29d= 3tJB6XdoLVH8JCqNnAyqCHsteGgU7QScxpVq0fjBsERIWU-3D" style=3D"color: #1D5080;= " test=3D"">pitchbook.com/subscribe</a></b>.</em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSguU3HYx9wEHolGUW3xtCXQ-3D-3DuDJ= -_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMe= I2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2Fu= cMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXH= FBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5= M6TaH5En4OCJg4u4CujE0asJT014H2N9YXbouddwLBwHwzh7qBAsIQiuVLPP9fKmlTUPQaLSkOI= hEDqwxlzgxQ8nLGqfBrN-2BzwJqug91gl9HUoZkboqOfFgBIhdZ4NjM-2BiiUjrqFSdrI-2Be3b= 9gGqlMfYest0gCPUDISSRCo1IcHRyPjyogmQQOMXRs5o2spZsqLxDXsU97g-2FarGBngrOXCWtp= drVwu9qLGomtdEY5xsL-2Brsii6Cke95FyWmhTZufxeLjABOwbxNIA-2BVwZ1AeVoA-3D"><img= width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4379/fidelityhorizont= al.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; displa= y: block;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"width: 20px; min-width: 20px;"></td> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si= nce yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 32%= ; min-width: 32%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 45 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 32%; width: 32%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 113 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; width: 32%= ; min-width: 32%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 18 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding: 0 133px= 13.3px 133px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/products/= platform" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <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= 6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSqp-2FQdz2nbPWwCNm-2B-2Bk3Y5g-3D= -3DkFOU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= Rq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2Xw= vD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxF= caSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-= 2Frly5M6TaH5En4OCJg4u4CujE0auPwT2Jbm9K6wXx8D5Ggf49SYktclrPDTGDzSKSCQ2GXS7b9= lctPxKzIvLnXjOffpBMvQT-2BqboiJkP0EZjFczJrVnx6aXstfAt6MJvxs13am4hvPnyiQv44wt= VPOsbdAJkXGN4t-2Be-2FIFgyvApAivYakgvXUvARy7JnpJl9a4eyUAkjMUpEMsglN3sHe9oDkL= N1m6Z-2FubVO0pjclQNmSSJscZSSUXwhpC46ue3ZyRRkPk7qrI4nusntCKZC-2FkFprO60-3D" = target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E;"> Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> <td style=3D"width: 20px; min-width: 20px;"></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"> <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding: 0;"><a target=3D"_blank" hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbSguU3HYx9wEHolGUW3xtCXQ-3= D-3DPIv3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2X= wvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwx= FcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw= -2Frly5M6TaH5En4OCJg4u4CujE0avg7vFjC2J25YPgh0vuJ1nlGDPyAAlJV-2B0Sz6MTbsk6IX= MhmK1kQNJA3bFTee8d7pRisGCpsk-2Ffnb-2Ful-2BeQBNF-2ByK9QcFBHMPeR59wpS-2Flx7LW= 3Ds0n8nI6PZKwgKlLzRsDxr0Z6xwlkAGeDQEiLH8-2FTYybTaouXOKJsQfMfYxsehsi-2FL1Qf2= M2i5FgfyxE-2FTitsLP6anZezUrowoHfJBkm2quwhg07DlfeDJ9W1e1fRCWYLS8s9crrquiZidj= nEhU-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4380/Fid= elityvertical.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: = 0px; display: block;"></a></td> </tr> <tr> <td style=3D"padding: 0; height: 20px; line-height= : 20px;"> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWV1gJXqac1UntLdFsc3MbS-2B8Oo0wwDo= sY9sudyZwBqHw-3D-3D6B27_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z= 0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF= 4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJ= O40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0asQqAOtKu4AkD2ANjln8NANeIbSoPftH= eLhmsW-2F3A69SSOPwIqGcYposmD5EITIo8q-2BcqDwkIh-2B-2FM40yis2aYTjVp6JBt3MDIDc= uKjSfH7ZprWzX0lv3yX-2FV-2B5mKNKskFbOW2nAJqOBnrD0lcP9qwJutns6g9BnuouvDZhX0z7= OUaRRehcUXwhgML8fASEemc7R-2BWCv49UBUFI2VCOGa3H8V-2FkxH7WHyferTUu1oyGEo7TTK5= aHuEXygmp-2BerZ7AeY-3D" target=3D"_blank" style=3D"text-decoration: underli= ne; color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzWV1gJXqac1UntLdFsc3MbSg8x6xFaT-2B-2BNra-2FF5RhLm-2FQ-3D-3DrDGb_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87= p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmP= Yga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPa= X11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En= 4OCJg4u4CujE0auzy7PE-2F5lEdgNy3PIeHE6LJTh5yRGfSz-2BMqPQBY-2FpWQEMN-2BzVOw2x= cDey8BxsLHMzr6l4Nle1lFaQzig9zPwBBu3foTzKUGw15HaFhlxJw0b1z8XFBQg2WAThcAD4iL0= 0b3CGD9NptufjLDVHa0u0Kl1WwWuGvj04IlTcQfCTON8mXyFTMYtJHn7ghSJCSAGA2EDMrAhaDW= PnLgiDp6QqU-2Fot027Ov3w9BtItRMp1POO-2BM-2Bqy9lZqSqi8TKvDl6nk-3D" target=3D"= _blank" style=3D"text-decoration: underline; color: #1D5080" universal=3D"t= rue">Terms of use</a> | <a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLL1WWIy0FNflGNc= Zewr5hQg8-2B-2BKVr740a1MzL2LQ5NQ-3D-3DScUn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsm= e4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2= BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2= FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0atzAsTBMFR2Bz= IrKpWS39qMPUG2lDc8pWERfala3ANp-2FVTgOznt3jbNQ9wvjlVWUYbtLQdoILKGfKl4M3rYPCD= 5s3T3BxZ0hS7slomlTQMFPnAohClS3-2BXSKLp8vTKMBulJbH0-2BbUOjmaOY6HGQoMtvA8f99M= 5FlJceoTROfUViuj5fzJh2IEWMCHs9eGTknxwd4eMXUXq5aRE6IODU2Cch2CqrO8kYLJirNtxme= oSR73BZX0rJgNCwQ4zPUHy3N-2F8-3D" target=3D"_blank" style=3D"text-decoration= : underline; color: #1D5080">Advertise with us</a> | <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzXLL1WWIy0FNflGNcZewr5hU8tlBQyaZ-2FrCZi-2F87D0aHA-3D-3Dr5Qh= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI= 2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2Fuc= MxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHF= BCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M= 6TaH5En4OCJg4u4CujE0asVH7ElhQjgE8meJZktJCBsd3bcOdeVxnlkH-2BtLCHLWGssvHXBeMM= s1CHZGStpwIUuR1cNGvZpGQyLQXMpHVF48Kj1LjM4SXgluQlN5XTyus-2BhlZDtCyAe2gFLTZ0W= -2BkZzmTwSb-2F3ENlM63fRgBE5EfsLWZHg2L5op4ieklJ5ji6Xh12fRQ3NAPmW2I5a2-2BG-2F= vJBLnTqe0Kr-2FkVJMC-2B1B7fomtvRfQgCO6sywv7Bd2xpvfwOagbsDks9vH4GmRr6lw-3D" t= arget=3D"_blank" style=3D"text-decoration: underline; color: #1D5080" unive= rsal=3D"true">Contact</a> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"= border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"padding: 15px 0 0;" align=3D"center"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"= 0"> <tbody> <tr> <td style=3D"padding-right: 10px; font-size: 10px;= ">Follow us:</td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXLL1WWIy0FNflGNcZewr5hhjVYRepK3Y5oErWUF9aotw-3D-3DSUHD_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a= 91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMx= HWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBC= MMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6T= aH5En4OCJg4u4CujE0auNcpX01YIEuQrrN0LobAJdXWrRKcGRAHsSmNdEf28qdWsV0p-2FH5y98= rE-2FakXTixM0McqHoQ74QNy-2FWXfCatyn-2BuKf4jj6hCeiDiEvHqJMZb0cj0u2zDK9mmNojk= H4XdlnLBpstfAfnDeAuskWGQzIBwedO3pPO0X-2BIzcJZq4ztWUQFFX1oIh4tXEO1PdXOIYMCCD= gXNl3vFXQU4TPBN6s0fbZYaL4tcNPThlYYoDyTzTBIuLKKBeMynMuHHt5TM1Y-3D" target=3D= "_blank" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbo= ok.com/newsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style= =3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </a></td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXLL1WWIy0FNflGNcZewr5hJCYN076tDS46RSywJF0d1Q-3D-3DxxVS_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a= 91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMx= HWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBC= MMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6T= aH5En4OCJg4u4CujE0av3bEVZlRRxZU5R8OWYnPcf-2BSjK65V34T-2B-2FBpJiHrUNBOTFK558= B02wj8MN2ik0D3iFlfZkWPPJhv2HyTwPPfCcwyjih5rON8D1Y9KLVgYk7tHPnxJAJ-2BmfzAg1d= VgbrPpXjhbM4rsScPjreLE-2B4LDj3CxfGwZ4ZHcrbKMv2kxVsoQOeZj3UQG-2FwYgZbjAgsMt8= HUrPGakNLThewOxCBK7-2FYuq-2BUa-2FL11F3MKnoj-2FCvESPplPjEbZfr-2BtxjKv9oblY-3= D" target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https://f= onts.pitchbook.com/newsletter/twitter.png" width=3D"25" height=3D"25" alt= =3D"twtr" style=3D"border: none; padding: 0 0 1px; vertical-align: middle;"= > </a></td> <td><a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLL1WWIy0FN= flGNcZewr5h-2F2-2BQTaY-2BAgvQxmn7bwhjbw-3D-3DQLxT_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2= B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5P= NGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFC= nRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0avVUmC= QSrkRUPiNQSDsjRPicsPuoC3ANDyB5zqLt3yW7zoMWyAX34Gnb8PJ-2BB-2Br0NNH5vnAFWzPI7= 3wK1Q3qKWnoZ47yCT8fRAMfo9GptTLHZKNzrCLyDPi1LySvYR1wRgksVyo3gM5HkfLzDUQTIyqJ= qJbj2h4lP5z0Yn1IX0El6dUMCID30Q3hyMe1-2BPwhcguJMVB3-2B7-2FdKZj-2BWmM9xvd-2BE= pFrfEVRsYjtlUd5Rwum6ERYPFku4wBNMvassvTbUc-3D" target=3D"_blank" style=3D"te= xt-decoration: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/fa= cebook.png" width=3D"25" height=3D"25" alt=3D"fb" style=3D"border: none; pa= dding: 0 0 1px; vertical-align: middle;"> </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <p>This email was sent to <a rel=3D"nofollow" style=3D"te= xt-decoration: underline; color: #1D5080">vetyl@ponjosonek.com</a> via the = PitchBook Platform.</p> <p style=3D"margin-top: 14px">Click <a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx= 1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTf= dSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-= 3DbNCp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= q0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2Xwv= D-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFc= aSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2= Frly5M6TaH5En4OCJg4u4CujE0av00xfl0OZlgKE6aawKre83C5pe47GO-2F-2FoT4bkHwQFOIk= RCYec1LYpIzAc-2F4-2F8lJuADkAgxWzjN1fYxm8YmbhlvJbS4BcA2W51yMFDZDCiZE5AqU5rUT= 1X5O21D1JGs-2BmIUB8XnrN-2BuK3ysAUf7e8XU6XCrRdq5n-2Bf-2FtfwbdTvmZR-2FInGUeWd= wBYCPqbEIsy8PVUk55KWyEd6KVqGlBvr6w7FAdiCI5PKIqsftPZggNNOCS6VxB-2F1U6va2w-2B= Ffb7js-3D" target=3D"_blank" style=3D"font-family: Roboto, Arial, sans-seri= f; font-size: 10px; text-decoration: underline; color: #1D5080; -webkit-tex= t-size-adjust: none;">here</a> to manage your subscriptions, or if you no l= onger wish to receive these emails, you can <a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2= FnJ3PNCbp5fVdgUVvM0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQHY-2F6l9Vc44O6YYP5nyZstiu= A0hPHiOTJvTphTwYVVcDj-2FgzVFL55dZKzjozFN3yY7gCEJIYIrzSMor6WWroWX0bXV0YUZSSv= 0rx-2BGIUB1ul-2F6M4FQ4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRq0MMeI2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0= NK7MUJfVjXQm2XwvD-2FucMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4= q-2Bk9wMYXEvwxFcaSDXHFBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO= 40ZNL2ZoGku6Lw-2Frly5M6TaH5En4OCJg4u4CujE0aso8zJsieEioENl5wIiHILfVWvihfHvZX= W1RTWtjTnKrW4Mab0P8BDVW5fsWXfzQwedpUkCQpNRuDnrKmKSrMB-2FmpOzLracOtekDRRk87X= L3A5ArNBd6tRNu-2BTiQzsaB4-2Bej6-2FXkHmpnjaQnLTmIpu445YIq-2F4ESJziBUU9iOI5pS= mmDyUP2TSrkkLL8n2Irh-2F1llbEenZ8a5JsijTOgxiNDPJWjBuT6-2B65IYGcSD-2B-2BgVSb9= 9YcWp20M04xf9iKs9M-3D" target=3D"_blank" style=3D"font-family: Roboto, Aria= l, sans-serif; font-size: 10px; text-decoration: underline; color: #1D5080;= -webkit-text-size-adjust: none;">unsubscribe.</a></p> <p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi= fth Avenue, Suite 1200, Seattle WA 98164, United States</p> <p style=3D"margin-top: 14px">=C2=A9 2025 PitchBook. Win = what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; = style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo= ok.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY= 5D5PSLQI&emailId=3D3D5QS2HTGQBOWBU&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG= 625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DPED7RLFD4GN3BVMRTF= QEHYZOOJCKA34MS5JA35Y.gif'/><br></p></td> </tr> </tbody> </table></td> <td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">= </td> </tr> </tbody> </table></td> </tr>=20 </tbody> </table><!--[if (gte mso 9)|(IE)]> </td> </tr> </table> <![endif]--></td> </tr> </tbody> </table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pRVO= P_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq0MMe= I2a91d87p-2BZmZ-2BvIHqJJT-2B2epLsme4py3SltOb9AcG4Gk1z0NK7MUJfVjXQm2XwvD-2Fu= cMxHWhmPYga-2FUcCZ2lFfJ4A5PNGAGr-2BHmVEm4RXpF2xhLNfeF4q-2Bk9wMYXEvwxFcaSDXH= FBCMMiPaX11GWTr63b2YbBmYdFCnRlpN-2FK6RRoQNhf7ex3gqwEJO40ZNL2ZoGku6Lw-2Frly5= M6TaH5En4OCJg4u4CujE0asNOhlks23Pkzky28omSK-2F8norYXK3itl8qhgUIKoxw3RrSFTeAy= -2BYnYjxoBH4mFHc7KaJ-2FW3jKRBZzU95lF-2BzgzSczSkmubzcaTJZejueHdV67vmfZh2oqMt= TETZCmeP0juF99wN9Qox2pCCUig4RRSjIgrpv3ZUYC-2FZ1u-2BYhlz9eetN6vWcahVmJTkeKZT= 3gbT4Pm9SQGEKVeC7M19Xr40Lil0NK893uqs0hoAoXOYlPyOGam2VapYs1pw-2B-2FhjXU-3D" = style=3D"display: none"></a>=20 </body> </html>