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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; 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 23, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU0xZ66UT= 3ho9wlSVM3ZwWV-2FkBJxhqyaGo1A-2FlZDyoE0w-3D-3DiBmS_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4J= IjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3= VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwB= W1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHwokLdM= FTxTwc8dZglIH6KCeCKMO5Vehm-2FCtqWGILV5c7LCVBwuq01kxnpWuil-2FBgF0hmkGLraMyr7= 4-2F1cjwiakhUTWhqWSZkcMAGKFiyblXkmo6P3P8j1Gv-2Bb-2Bz9tJXY82EgkbY1A-2FcmcFWx= eyUEH3AovCcdzwkgvXKIH0no-2BlK-2Bfdw6Drs59YIto3kLZU3ei7PdjwKPnjvXYo6JL3ReP-2= FAk1WHEOiurZ8m4QlX5YPrQJUZFPIZgSCEVYlFWZp8o0-3D" 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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVfIfACaWH8tqG64f7uS56Ug-3= D-3DGp0K_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFFUGY= 974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK-2B= onghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6klfI= KWSlK8-2FR-2BDTLNpyPowv2CvHzAi-2BVZdVHWuIf2KVw3ZOnPVYNmP6XV80NR0i-2BFau5ArD= r7NihV0HC0dIh3ClwQMFoklmCtszhaRueWHuqdyQWbfFGNjlowcPr7ZdDhk24GaNSdk-2BEWEhX= xiw5OH5fHWMASREdrax8HQ-2FDyKYcWrfdQkS0cLmnfJEdbVijkaCa-2F7Vrp1CQQCHWPfBXyb3= gFlu-2BcXe1JQcyylPBctwqdfTdgiVZ7dYKE8tkK4z8iGfv7rRfJbjwWQjQqVCxbFIZUl1o-3D"= target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'disp= lay:none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pix= el?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emai= lId=3D3D4TTQUUHTRV6UY&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M= 6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZ= BKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn= =3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8jV= 8K1CY9gkXbcPZeHuqF87Hj4rGlBEQUZQIAteV4VK7fyuVmzY1w38pdST3jL1bkvW1rBfXom0GuI= X9RsyDZZ1jY-2FKUgq8GbGbBBnFZM5acCLUb7JIpsNiWC3QSddlYv5AMbkY69O56QEHh8dTBPNv= bvTh-2B6uVXNL-2FsORs-2FAnabXapjOOFIAtmRywB5zBuBmbulrSy0-2FGmYBgEk1dUid0Ech6= Ef6zy3-2FJMAggQ2r9VB3ag2eBy-2FXxStvwZz01udBc-2FJzPhDakbzvRR9EnNK2TyI75INUNh= 0drYE0L8MlC-2BUcjTpcAnb0PzL9fvFRNj2k7NSunK-2FSJDZfDKp0oAbMveetIoaw-2FGZ6qro= OCC4x2fiVxnDQ579ZDawVi8W7Chv112OsmJa6wsxF3nFz5pLVODP5TS2JQ3KX4m1-2BIjd6Si3y= 1x9vnggJleCYzWqU3GmPJ3fpSQv0ZWZQKiQhXlKu-2BJt3n-2FacOrc3DSPvJKJViMBY-3D" al= t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important= ;width:1px !important;border-width:0 !important;margin-top:0 !important;mar= gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;= padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !impor= tant;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"h= ttps://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>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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVsMTDKm-2B= e8drEox-2B9As7bSA-3D-3DBcyN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3= TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL= 5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT= 0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHwQZb6p1Y9rAI2YNuC48F3tJTPj-2B= HE-2Fo0-2FFE9109azNDnixOV2cA4PCTc-2FFeEpHBoWkzLGLHDZy1Lgo1PZ-2BIGyLcpSN2eOj= C1Qj6sbKIRwibr7U9o0SCkDStLg3khaqxfFKE5KKezbWa6dibXEJuHMWo9O42Tya8x4KOvpXskL= Beyj4RMNh9B6wbTFI0bdrKalJOHU3PwTusyvkcJZDbKbn17ek-2B3F1Xxevb0M3rDt-2FNGSgrE= nzoZ7i61HShxMU8zE-3D" universal=3D"true"> <img align=3D"middle" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/71503.png" style=3D"border: none; max-w= idth: 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">(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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVdb-2FrIabMlUfPLiKkPSw7= cA-3D-3DZpt4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJF= FUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzL= K-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6= klfIKWSlK8-2FR-2BDTLNpyPowv2CvHz70gOHSMOTd-2FsAyI-2BB8VJcuWDP7Ug-2FLvitS-2B= aelz0dF1ilLMuoE7g8ajSozYfxmHIlRxGcyzjFioIPKkEWjAsHdAys8nEUl9Rzem7yUE4zYGlbV= SZuA2vTSjZN0LpYMaMSKCLY-2B4qfbOwDBy6sCJzzt1-2BccOTMvJ1oRODMqWP64Xjr1F-2BNW1= gDOUzparjlA5wWQSmF-2F4y5yKjT2onel7sCK3xYviJoZBU-2BaFUJCoFl-2BzdbzBfQ9gUDbzP= jLRTrXhk-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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVk2LN-2F4LJM2KdYaAnV5grWg-3D-3= DKi-N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5= PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFFUGY974= oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK-2Bong= hFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6klfIKWS= lK8-2FR-2BDTLNpyPowv2CvHxjmgDtU336BFRG0n-2B7JqP2Sg-2BjYamCyiTbJatC253gPZhjM= R7gS0KQfYWpKx6jID1326vAYjRphiYO9AbnrD2eqVS-2BAMVT2J-2FzOXQCYYXq9rUDwUD6YjtY= y4Px2IG4R9PAHYQScnBruEAVU3-2FV8-2FZggSLhDSl2JWrBKrHAkCA-2FMheDNoCuRjwjFQXwD= 1s6f-2FWR6frFzmGMa0pMuzS0t9lHib8VIxgD5pYtPSEQkdIVJ6e8a-2BX0O4wbUfcwH49zj2k-= 3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-= decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer= sal=3D"true">Read more<img height=3D"24" src=3D"https://fonts.pitchbook.com= /newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: = 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWVSmmJd4JIuVH9UH5QwX6GJ= Q-3D-3DDqO7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJFF= UGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzLK= -2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6k= lfIKWSlK8-2FR-2BDTLNpyPowv2CvHxKY4imxwdYFJXwSAfiT-2FNHo2g6li41XcmnLR01bGZ-2= FJN0JHH6YzovovRHxjv8B3tOnkrVsZuE-2B-2FEwomLvTkTTuUAqlL2VVqxL3vriPiRwEWFQPm-= 2F9haHKoQ22b63f2x0ta-2FmuLXGfose8UQwMNwHNacLgvVO1wcPe1n9eOLv-2BLRODo8Su-2B0= DbMNWha6Cue8yd545vqqBpo4bM73lJlynzs1XNYWdHKGFZfB8pVJGdhEPrZzn0YD2dMNlBhM5Qh= 9vs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the = full story</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-2BaqM7ONnvsnswouzU0xZ66UT3ho9wlSVM3ZwWV3= igvEm60lkiI1HrWOY2hww-3D-3DuWTc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOza= UIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJ= ROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81Yk= PruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHzJLFxyxi4RcBCeh7ncFfnx3VU= -2FYS7y9B5Nxsy-2FLhlvYpiNm8hvChmSGRKQjSC9Stab8jA4iFMghM0jTSgX6kNgeHztSIDlJI= 0-2BcVEeCQmMZ4xD-2B4B9-2ByKJ2MDPdBcAcfU3o8B-2FFdPvP4C9JwjFdjXkf6VXPFLRZKDlC= j2EIF1zo5bXzS5NNt1uZ7wmixEiTJMG3wI8TErvmHVBeQXw2NUHJhQ4ryur9eRDy-2BHS1Wnh1R= AvymgV6YZ1xOiYm9ZQvQI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true"><b>Read 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= wWVDI7Vl0F4shzCwj-2FhDpjpEw-3D-3DY0Xu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqie= DuIOzaUIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b1= 5wMGqJROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVE= We81YkPruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHzYED29R9YmxuEfHkY3B= nMLgDPdkLLoHE3HTh9vy3mcVH9WRv0JtCALI5CeTPJrEkOdPdJREe3eMbL2W-2BbrvMWCvcUWj3= Q2dDEODxn3UysKvDNsPbihUa-2Fgvdi8jsA2h-2Fj7TlOKR59qHDhOx90TXbC7M-2BqR9W4RFZj= wdBZ3AnYbpKasqiVFx03-2BS08bAiJ-2F4uYAE-2FhZkksffNi8ZPBJQjIHzcwoJknsFa343Qlk= HOoipnxlVdSHEyFXcZrsEIssKUk-3D" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true"><b>Complete 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= zMHvrMKQqawlgXxBfR5Ru2fZD2ow-3D-3DB2HK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR= FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqi= eDuIOzaUIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b= 15wMGqJROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pV= EWe81YkPruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHy5Yac5unJPqEp4ZOc1= fb-2FCUE4rvssUN1UsMw-2B4bGXknrJtJ3EFdfhK2RtuvE2gZlfz1QRLTbq-2FpWO3tKssDgvmw= O8iY-2FAmotbKjSdX3jh2-2FbgA0zXu7-2FlKgn9m7kuZ5ykmYmE5ZEC1z0f5EVeRGBaUd25Rdc= R-2FVVqboJ2l6ZvCPVr7uviP0czz9o8xRXjJdMyuV2J7XQWAyescCSw0q8elbJxBkx5e8z7TsDr= jpaI6XGQETaFo7HXLh3IzzAiYb6A-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=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-2BVLYKzMHvrMX-2BUlK= q-2BVZl7U-2FNMWIPPYwg-3D-3D0bfu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOza= UIT3TzNF3FLEeMrxMJFFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJ= ROWL5wbapDLAWPmCpzLK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81Yk= PruT0vomLr-2FTNYXs6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHwkESkXZFe7Bt4KfUrI6GGxP0X= CCZ0ptXeU5cv02kfx-2B054LBdSFXCow-2BkRNEOEtxxgzlXwRFpYDeXOPS-2BJZvWbqWB9P99d= ObuXw0DDgzpIqRRwOXb2glE7NV973ILN-2FL0hM5VyeO-2BVLETnukg11GZhejv-2BguFBPw8HK= q4N6-2BeVCcqQnNSoHKIKhU2qzgvAdEsVxUmzVdBLImbqOKZhZeXawFF7JV6sBwRPdP9FuEVQcf= fsQ3RB0F7aqLBNwT4kjfw-3D" universal=3D"true"> <img align=3D"center" alt=3D"= " src=3D"https://img.pitchbook.com/news/71487.jpg" style=3D"border: none; m= ax-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-2BVLYKzMHvrMX-2BUlKq-2BVZl7U-2FNMWIPPY= wg-3D-3DXSJX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJF= FUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpzL= K-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs6= klfIKWSlK8-2FR-2BDTLNpyPowv2CvHy1nkh0IPKHAwImjqcUkIgqv-2FWK4-2BPTn9getXPFdu= KK07epNPTzYBMHGvv6vJjpZqKOyQdqu2zh-2BdJu1hlXRPwnhvReIbXKBpAYjz3zKg3Dil3Xfib= RSlGnMD3wZcCHRdiv4aJMrDQkujtxM-2BUnmUO4y6WRWQO4PO3Ljg55iuKcYhH7iH3cZJVeb5b8= 0OtvePRKHFLrrcQLLINA2rgLn7DoU3SXTa-2BgrmLrM-2BrUTmminsAHl1Nv471-2BPgmbttJfc= gQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>voluntaril= y 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-2BVLYKzMHvrMKQqawlgXxBfR5Ru2fZD= 2ow-3D-3D7nXz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsF5PAUVlTcJE-2B2PZ9-2FtqTRc77JZ4JIjX24lMvVVqieDuIOzaUIT3TzNF3FLEeMrxMJ= FFUGY974oeHY-2FpqPk1-2BURQpsALsuZZt5P3VKoTLboXve7b15wMGqJROWL5wbapDLAWPmCpz= LK-2BonghFGIxS312eWOCAIRercozDF3XcEcwBW1O79v5Dn8pVEWe81YkPruT0vomLr-2FTNYXs= 6klfIKWSlK8-2FR-2BDTLNpyPowv2CvHzpDj9wCMfSmAnNdBZDuS2ydPUBAzK36M0Hf7YhAl073= m-2F4ncBwH8e2QmUpjmuveZBxCKvV4PmPIW4-2Fbt3doGsRb69wjVdPh-2BqrTKtoS4ER9MSfoE= R6nqcY6u97CLllvxE-2FFSJDK4n3rtfgmokRrwVN9Lvgx-2FApWpCdwapPWeFJQ4BQkA8Y1Xp2N= 07U03dMGvY7FFX1L4H4MLO1kcvhdRcIsmMJhPCQYbhYJMgTPo4b38vr8ybgbJwgRHeqf-2BiHmE= c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See more da= ta</b></a> about the survey and read what fund managers are saying about th= e potential 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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