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font-size: 1px; display: none !important;"> Plus: = A debate on AI bubbles, GPs still depend on traditional investor base &= 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; 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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 23, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT= 3ho9wlSVM3ZwWVRG1RkElIA3BUyV4hNhcRkw-3D-3Dl5gZ_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITc= Tm7SI88bakzkKTF6T2ekAZlCmfz-2BawTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlp= a52SMjO3SL3dgSvFturINTGxrZGY6xsMMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN= -2Bv55c0SAOAZzg4AFUMt7-2BMZwNsgbz0OLTDDhNdvUNpkPWeiuAzMXjPg102iVxI5WIUPjbYe= V-2FdDEqeYXRqXqaj-2B5IJLHes-2BlvAkjQWmznpUXthnGDi62UMGT8OM183SQd62Wj-2FctAV= nWGqXhAG3u-2BWswkZZtz1bPzwyyOmeXKWsjChJkmcqEfPMkM7iGtG-2BzcfgAk4eqvWZ1hmTRa= 2l8rDborKWtczGu9A4AWsjrsvue7PBiD1XcvNCUm93FLvKuvHEcX1O1t0PWVzH03xGMHZM7TjUZ= PnZnLOsfZfFg1ocTxj-2FYX3k6Ss-3D" target=3D"_blank" style=3D"text-decoration= : underline; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVfzaM-2FZ-2BcMkQV9gHvcZv0= rw-3D-3Du5NW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekAZlCmfz-2BawTN= vZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturINTGxrZGY6xsMMJ= n9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt7-2BMZwNsgbz0= OLTDDhNdvUNpkPWeiuAzMXjMMjXFiDYcbYJ36qlMPsY8p17yvazh3PJfIs53m3zaaPGQ9pG5aZI= kaHvm-2Feb0G2PUK2RXfT0Vj2EOFM9WaM2Qpd2A7jZKf6KcVUzWv8ZW8pBTNBqqwrcDGFqXHJLN= cNXOS1hPVlu2HnhLJ3ebfAU88ktZKqdnDo4-2FbQbBIt8y0qT3cz7hcPYVkJIkdAYTgsuei21G5= 5YxhIWtM05KZnI9T66eDaiypPSrSscaPso6nIfaHCHijwWugSwvgtghdDuc-3D" target=3D"_= blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'display:none !im= portant; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D= 3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3D4TTQ= UUHTRV6UY&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQL= U2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif= '/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9G= sF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKSJjR8SjmLMmbS4J= Kzqp5PB6DFJ2DfeA-2BjTCNgG6dvvZAO4P826FaY0FqbiLmll-2B7afKocVSOgoG0BoPMiN79fk= tU8DgSEk9OACbDhYjSDs4ljAr3zrKL7efMeF3zq4AM-2FczTeYpNclPp5S2TTrXkPBaxmgIYVhz= M5WHe6Ckfp-2F4Q695QACOqwD54KIXo-2BOkJtU0BOmczzw7LU5odr3-2FXlHhBR2-2FcbwALl4= P8YkuuvDahSkyrSvXIeQ6zWq6lEgkNpLATom19u3zYjM1W4qHovn17xKZRJL8ob-2B1JLSxrDhr= bxgNrnEEe-2Fz68HTkCNTV9G4l-2FkuJCyvsYeS5QFQyy4IHjLWQuHDHWB-2BI7R3x-2Ftfs1Hx= Tvv2kywUMC7iRlfseOIR5UKoQ-2F1qcdUjxOMlirkEOkoqptt6q6mzuvisyjut59-2Fa-2BYtMW= uJjG70LUtYrmQjx-2FiMfyouzReSKZrNBBtfooCUgfVS8aeeWPWanDYLJM-3D" alt=3D"" wid= th=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important;width:1px= !important;border-width:0 !important;margin-top:0 !important;margin-bottom= :0 !important;margin-right:0 !important;margin-left:0 !important;padding-to= p:0 !important;padding-bottom:0 !important;padding-right:0 !important;paddi= ng-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https://fon= ts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBoo= k"> </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>PE, = VC 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>= Your edge on global private capital markets</span></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVD3QgQ-2B5= 0ivB5maEEGQvSiQ-3D-3DYXwN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekA= ZlCmfz-2BawTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturIN= TGxrZGY6xsMMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt= 7-2BMZwNsgbz0OLTDDhNdvUNpkPWeiuAzMXjPmx-2Fy8s-2F0DjcZoGuaFXYgr3KvmNIFOqYYWa= 73D40Ae5SzgrQEFNB2iWBfYJbRV-2FboqUnkVnax8kW0hzfsCJpC4BQgcVosv07T9WPh5kbC61v= dwAzOAtNQZBhFNCmrlZS2SilikZDJfdK8pt0puAw4wwJ72kkEn6-2Fg59HcGcfCF3ZrWmxsKFxi= IDxUWM314ERaxo2pmDL2hgyLppr0-2B-2FGN4PFY-2FES8RKRTk1YuQwT58QXXACi5qLYI6luxo= lSSfzBY-3D" universal=3D"true"> <img align=3D"middle" alt=3D"" src=3D"https= ://img.pitchbook.com/news/71503.png" 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">(Josie Doan/Pitc= hBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Scroll= through your news feed on any given day, and chances are you'll spot a hea= dline about a private investment firm fronting an eye-popping sum to develo= p data centers or the energy infrastructure that keeps them running.<br><br= > I'm Madeline Shi, and this is The Weekend Pi= tch. You can reach me at <a href=3D"mailto:madeline.shi@pitchbook.com" styl= e=3D"color: #1D5080;" test=3D"">madeline.shi@pitchbook.com</a> or on X <a h= ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl= w7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVRB0xgO-2FHT673RAjMh8ud= Mg-3D-3DPdm1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekAZlCmfz-2BawTN= vZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturINTGxrZGY6xsMMJ= n9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt7-2BMZwNsgbz0= OLTDDhNdvUNpkPWeiuAzMXjN42nnVLFdxvmf4oAw-2FPk3v8zEJmorvv9zLTaMYBpI5eH9FDQt8= Z0H31XOSOwVBAXJrJKz8o0jKp37Erka-2Fvm3HpiGJ555aeRvW23ygqxftJjV9-2BuQjq2wuhUY= Hi9ItV1deTixLSfS9YTLtYAdauyg2QCOzr79SoT5ZDnDDy4myWD59bQWfz4aryG3-2BffOVxJ3c= AvY8ZMG4Fb-2FM8HL0wqYdr0SMQxFBx-2FlgKBJhk2PWnolrTDlQBY4-2FzNRpwm-2BUHOY-3D"= style=3D"color: #1D5080;" test=3D"">@Madelin94615831</a>.<br><br> On Nov. 14, Alphabet said it planned to inve= st $40 billion in new AI and cloud computing infrastructure in Texas by 202= 7. This came hot on the heels of Anthropic, the creator of large language m= odel Claude, announcing Nov. 12 it will invest $50 billion in new data cent= ers in Texas and New York.<br><br> However, as the mania grows, more questions = are being raised about the lack of a clear exit path for these massive faci= lities, particularly those being built to meet technology titans' AI traini= ng workloads. While less of a problem for corporates, the endgame is import= ant to the institutional investors that back private equity and infrastruct= ure funds.<br><br> So far, few managers and bankers appear to b= e approaching these projects=E2=80=94some of which cover thousands of acres= of rural America=E2=80=94with solid answers.<br><br> "Few investors are large enough to buy such = mammoth companies or even an individual data center," said Tom Mannion, the= global telecommunications leader at accounting and consulting firm BDO Glo= bal. "I mean, they are valued in the tens of billions of dollars."<br><br> Without viable exits, GPs and their investor= s could be stuck with a prolonged dearth of distributions or potentially su= ffer losses if the bets go bad. At best, they will have to juggle the diffe= ring and evolving duration expectations of their investors.<br><br> Most of the industry today expects to exit t= heir data center investments in between five and 10 years, according to a s= urvey by management consultancy AlixPartners, which polled over 400 PE firm= s, VC funds, lenders, data center developers and operators, as well as serv= ices and component providers, between June and July.<br><br> Only around 11% say they plan to hold their = data center investments for more than 10 years. That share rises to 21% whe= n it comes to hyperscale facilities=E2=80=94large-scale infrastructure cate= ring to the tech giants=E2=80=94and edge data centers, which are smaller fa= cilities designed to process data locally.<br><br> Exit horizons are complicated by the fact th= at no one can say with confidence whether the returns being underwritten to= day will hold up.<br><br> Overcapacity is a potential risk, with some = warning that the industry's frenetic spending on build-out may eventually r= esult in more data centers than needed.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVeRR1tNtIfCA0-2BNEXp2IsxQ-3D-3= Dxdbm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR8= awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekAZlCmfz-2BawTNvZX4MM1= 5uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturINTGxrZGY6xsMMJn9l7-2F= 6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt7-2BMZwNsgbz0OLTDDhN= dvUNpkPWeiuAzMXjP3Kfk2GLyhM12rzixeRaTpui-2Bz2jEhzm6i1KKjI9OXrlT2ltszJTzMp-2= FIiJfPqOtW9zM7mwWVQYavhR1pjE4W2CL7XFYrImEz93cwvonWmCApebNSg6k1rRQCX1T1IfNBd= icBJ8WSlb9OnpU5BLtCZMQc55cOMZT39ACgI-2BMdGEfF2uafFCB9VX17t9l3jdwnSzPT6coOdA= gTJmVWHhDmxuHbZNwTnNaj-2FwKpVX4MmCeorm-2FeVesmGZGrwVMyhTrI-3D" style=3D"fon= t-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none= ; color: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Rea= d more<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arro= w-right.png" style=3D"vertical-align: middle; margin-left: 8px;" width=3D"2= 4"> </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" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =20 <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Bank o= f America's November fund manager survey gave some insight on how investors= are viewing the AI bubble, including that a majority of respondents believ= e companies are overinvesting. What percentage believe that the AI bubble i= s the biggest tail risk to markets?<br><br> A) 15%<br> B) 25%<br> C) 35%<br> D) 45%<br><br> Find your answer at the bottom of The Weeken= d Pitch!</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>ICYMI</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">A sele= ction from the past week's most-read articles.<br> =20 <ul> <li><b>Crypto-focused entrepreneurs are shapi= ng up to be among the newest and most innovative players</b> transforming t= he private fund industry. At the center of the trend: tokenization. <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVSAF5GsqT7QCQTfGMM-2Fa= oUw-3D-3DwW-7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekAZlCmfz-2BawT= NvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturINTGxrZGY6xsMM= Jn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt7-2BMZwNsgbz= 0OLTDDhNdvUNpkPWeiuAzMXjNHzbjf6cq6c5lXVtV8HmJPQFQC5SU3cHvdPs6pZk0AfvXqJvah5= 1jRkC6LKXq5nZY8qkkmf-2BLbsNRrVxB2QdBM9LsrY6uOOgXBKOyww0aQBXvgc8QR10hC-2BRGS= EeVpbawamctuf8gqelo3zbMBoyxyU9N9PYtxdJQtNBdMji-2BU6fPrAWeoekwLmc-2BBlBWMgmJ= cg1h-2B-2FBjref2KuJVNAJ9xJ8nXT51g8USoE4-2BiPrutrOei4ose2gal3KjUbx5Y-2Ftc-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the full s= tory</b></a><br> </li> <li><b>Calstrs is shopping for income-produci= ng investments</b> to speed cash back from its $1.3 billion sustainable PE = portfolio. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWV8= jbEMdzoFhEPQUwmHBuMmw-3D-3DM_hN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF= 6T2ekAZlCmfz-2BawTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSv= FturINTGxrZGY6xsMMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg= 4AFUMt7-2BMZwNsgbz0OLTDDhNdvUNpkPWeiuAzMXjOpDEQzduq85HkRHN1jkNIVqnCn2g8nhNC= GHD8xL8hi-2B3I7fbE9Zyhjyl6DVo9Jo1ZrVG-2FOUtW6xcEdJrR5SEagP-2FOB7oRHMDrsGjO9= ZIezT4ExLNOvGNbAoEs6AnghEvOQZsqcOez0lVi2CQqacHSorilpHoxSaA04yi4XAdIKkr3SC3p= WPu6ihdkW4p304N-2FvaUAEeCLCQjGeYrW8Q3dP6UTtbKx8qyDq-2F-2FQJaGfR6Y7f3fTow0W1= EkKlfy5LPJ0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>R= ead more</b></a><br> </li> <li><b>GPs have been busy courting the privat= e wealth sector.</b> But those GPs still heavily depend on their traditiona= l investor base. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3Z= wWVN60O7z31S2mRBHRu4QCvXQ-3D-3DukXh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakz= kKTF6T2ekAZlCmfz-2BawTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3= dgSvFturINTGxrZGY6xsMMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAO= AZzg4AFUMt7-2BMZwNsgbz0OLTDDhNdvUNpkPWeiuAzMXjOMEtOS1h1VBNrjAF-2F2YpUVgwyqY= hmnS4HALCdAOaV0NykIDYnz4mj5WQ8xiSqvjfDYFr0oBnmsJ8qAFAXMDQjABe0ETkNGK3Ywr6ND= sb8uqgsJ8IWlMtYnM9wMBc3l9aKkJviLFGGbW5F96HJCltv1sd3nxg8RJnk1d89xWFiiSvzZ-2B= rsZ-2FSn1rUq3zgecBMvgX4jY19mabjSddIYUdE3Aq3M-2Fv7geRZ9vpwwQQZ8PKeVhlH3c4av5= tS1YIrHTsP0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>C= omplete report</b></a><br> </li> <li><b>As capital expenditures at tech compan= ies balloon</b>, more investors are asking if AI might not live up to the h= ype. These charts <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYK= zMHvrM8oi-2BLsWrCn18cNg8auhfvg-3D-3D2IHA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI8= 8bakzkKTF6T2ekAZlCmfz-2BawTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMj= O3SL3dgSvFturINTGxrZGY6xsMMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55= c0SAOAZzg4AFUMt7-2BMZwNsgbz0OLTDDhNdvUNpkPWeiuAzMXjP0Ih2sxdghobEmQrgYVnCgdH= X9GqlUAJac8YCx6-2F3clhJ5YmarErbsLP44Do-2F7Hgtpyj6ilrF-2B7Ex8mAvPXnQpfn38Kc0= i-2Bx7yq2dICn8D8HSBHBj6iRn9BDUCYLB43xPxe-2Bu4jCuATOuEKtZmARd0NcogjYWbTXM-2F= cG3DO3HYqdGxBjDv6OVNGZDxDvRDuD-2FjsZeTgvTBOrYp93W18DtEqAnokMrh2S5hD0sgfk9dg= kQp1qzxdk8keG-2FFrFTqz3c-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true"><b>dig into the AI bubble debate</b></a>.</li> </ul></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Quote/Unquote</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYKzMHvrMussYQeB= uZmRAxPeyI18Wjg-3D-3D55aD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekA= ZlCmfz-2BawTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturIN= TGxrZGY6xsMMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt= 7-2BMZwNsgbz0OLTDDhNdvUNpkPWeiuAzMXjNp33M1xQDQOo8edptAlspcqjhxsNk4sgCGgVN3y= Zmrnm3Sp3V-2BhiTZYnXEYb52d-2Be5YPqKuekBdQJn6viuvNNss4tzS-2BNvgtlLFra-2BXtel= IQBOEkiYi-2FBeQ08dAU89GUZZK9evrzvlluk2M-2BiNQAp3a8v0f0xKYqf1Xk9JSnVO0SkojvZ= oydikmu2jQi5t1BkSQYu2X341DtBOlh8t2-2F1l-2BXGAjpClijee5kXBaeUwZyJzh6jFvgJEbp= eeoQ-2FWgE8-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/71487.jpg" 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">Wellcome Trust's= Geoffrey Love, from left, Leyla Holterud of Vintage Investment Partners, a= nd Speedinvest's Oliver Holle at Slush. (Courtesy of Erica Dezonne)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"There= 's a vast, vast, vast majority of companies out there taking still a very l= ong time to get to scale=E2=80=94and by scale, I mean 500 million-plus of A= RR or whatever metric. For most early-stage investors, that means very, ver= y long duration of fund life, so we're talking about 15 to 18 years, right?= "<br><br> =E2=80=94Leyla Holterud, partner at Vintage = Investment Partners, speaking at the Slush startup conference in Helsinki a= bout the boom in secondary transactions. Read more about how VCs and LPs ar= e navigating a new environment where portfolio companies are <a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYKzMHvrMussYQeBuZmRAxPeyI18Wjg-3D-= 3DVtdB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= 8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekAZlCmfz-2BawTNvZX4MM= 15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturINTGxrZGY6xsMMJn9l7-2= F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt7-2BMZwNsgbz0OLTDDh= NdvUNpkPWeiuAzMXjOblwIf-2BGEX9p-2FhmR3-2BGXlYYT-2F6090Q84hiGXuwQ94BL300S4SY= 70Qh-2BwH9osShF5QrKCP-2FmFRS8cn5wp53EpUt0-2Bh5LnIqxpwJluQvrQLMY86GYmNpz3Udn= G9zmTkqaiysMIa769bGJD1jRoPGpZz5QXAg0rrfhxkrdNfPwjJFNe4Duk9lMhr7L9jI1WQ9-2BZ= 4U2jxjTLxpNRI3a9Xn4K6JLriPHWDZc0dWA469Af0VU0wVOVJNPP3H3q-2BQSs0epqw-3D" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>voluntarily staying = private longer</b></a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Stay tuned</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Keep a= n eye out for these insights and research reports coming out this week:=20 <ul> <li>Q3 2025 AI VC Trends</li> <li>Analyst Note: Global VC Ecosystem Ranking= s</li> <li>Q3 2025 Public PE Roundup</li> </ul></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Answer= : D.<br><br> Forty-five percent of respondents believe th= e AI bubble holds the biggest tail risk to markets, and that investors are = overinvesting in the category compared to potential returns.<br><br><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVJ3pXgtTcEk-2BVLYKzMHvrM8oi-2BLsWrCn18cNg8a= uhfvg-3D-3Dg7g3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVR8awF7CwyWC78UduCQNkoBe1C8VSfgyeYITcTm7SI88bakzkKTF6T2ekAZlCmfz-2Ba= wTNvZX4MM15uU7qOcwDOMdXYVHcIFvKLn4QoOgeXGJlpa52SMjO3SL3dgSvFturINTGxrZGY6xs= MMJn9l7-2F6U8xjtkt49MPuWV3jkTKiCcZbo6aUuFYJN-2Bv55c0SAOAZzg4AFUMt7-2BMZwNsg= bz0OLTDDhNdvUNpkPWeiuAzMXjNYJFwWkDE0ryF8VEu9T5nJoXAp0O1yFEAvX9Vbm6eL-2By1IB= NZETHRuffZfGx5XM7bi4m3a2-2FCj9-2BUw3guoZg7pyDHKOCBN4RznGudTVkxk9TtmSblvrQ3m= H-2Fc7QCQwguxCfU8f0L7gDJOGt6lGRiQOLw9j1YyYY50t9HvgrnOppM6rRzJD6ITdO22-2FrfC= MjVdGs-2F-2BZSb8rLJybxkBNpw3vR1snP9CoOGl944Y6AgOUYUQ9dc1g40FuM9iFEOtXoDo-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See more data</= b></a> about the survey and read what fund managers are saying about the po= tential of an AI bubble.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; 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