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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Plus: The year in IPOs, top sovereign funds deals of 2025 & more December 28, 2025 | Read online | Manage your subscription The Weekend Pitch (Jenna OMalley/PitchBook News) If you talk to anyone who [...] Content analysis details: (5.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. [159.183.175.69 listed in list.dnswl.org] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.183.175.69 listed in bl.score.senderscore.com] -0.0 SPF_PASS SPF: sender matches SPF record 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 4.5 RCVD_IN_MSPIKE_L4 RBL: Bad reputation (-4) [159.183.175.69 listed in bl.mailspike.net] 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted X-Spam-Flag: YES Subject: The AI steps GPs need to take in 2026 <!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;"> Plus: = The year in IPOs, top sovereign funds deals of 2025 & 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;">December 28, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUAgcW5ZM= -2BxPoz4Pw9w8lwcYRBE6DhQKe3lpI3msRzWyw-3D-3D2k-b_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI= 8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuPH1cCx0oU= wPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgSTce5ORqU= Rci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKmetxpPIR27HVXviSaXg2B-2BVCgr6cf= ZDPm5dpfpZJBIo2PKXJmuqFBSCY7x3JK9NWMPotnN-2FgEpkMitjvzrGqHI9TNDxU9A7xSFZXBo= z8qAGjAvxC8PkT3C5bT1EpcY48hreNLEAEaaNqB3obKULh1mZMtMeYkApDDt-2FQBOxdbl7n-2F= wz1SxC0pXcP-2Fo9O2inCHX-2FtIacBbGA-2Fn0revs1KvOa3t8p0SxqodOirZoOF915uh6fgiZ= -2F8xr-2FkyDXD24Iy22tjwl6kzDZdKvzGhEOW2MRrFG6UA9Kr4tx" target=3D"_blank" st= yle=3D"text-decoration: underline; color: #1D5080">Read online</a> &n= bsp;| <a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE7= 0mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5= EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-3DEUQX_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9Ne4k0Zn= bI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuPH1cCx0= oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgSTce5OR= qURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKmetxpPIR27HVXu-2FDIeNgkOvURvl= MwAJcppEUNfA4gJUcMjkUG5sQnNw-2B4h-2BkIQLLNqypWpaZLbMW-2Bt2eqns4cf6BJXwNSM4-= 2BLYwZ7jiKVjDJRTSzt1re7S7xtAiH0nxXEf-2FnJv-2F4PdfGaN9Jy0ehdypX2lY9Q4GoQQxfk= m6PdiIUXjtGTtS0M9eZ23D2CKd9LxMLjDJl-2FwYBP5CzcM8apo5UmbafBK2bYudQ6fsrSzhL-2= BNln-2Bs69psbI015bBowEx-2BVUNop38m865JJgk9HzwOFaaco0P6QS5kG" target=3D"_bla= nk" style=3D"text-decoration: underline; color: #1D5080">Manage your subscr= iption</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Weekend Pitch</s= pan></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</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-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2FN3pfFi2= UusoJUzeo5HesEg-3D-3D3Fa5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY= 2hzIZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48F= IbEebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdh= SuHLhThZZWNSskcgptypKmetxpPIR27HVXs6bxfRmys0CwPWsv5FPfJRkwd0XTtBW6CRZw5Z4hR= 2acn5eFoqAcb3mX58eTHi-2BhkPwUJiuqBQu22JO5sw9jW3J5ZFHK636ffAc4dwRdKHUpg087L5= vrQVF47OBVTHlG7CKXk4KFmZAyZQCmd9f9drFYjV4rtsjjVGQK-2FBa9UEpADqbHByDT5kndySA= Dw350Y098NYivYFA0nCle6xyRPUE8wx6tZHR5kO4OQVH2xEAWa-2BQU4q9Cf43EVTuye-2BSGXg= c8gzyh6z-2Fu4egslAlpeA" universal=3D"true"> <img align=3D"center" alt=3D"" = src=3D"https://img.pitchbook.com/news/71661.png" style=3D"border: none; max= -width: 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Jenna OMalley/P= itchBook 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">If you= talk to anyone who works in the PE industry during this festive period, ch= ances are you won=E2=80=99t catch a single person who doesn=E2=80=99t have = AI on their mind.<br><br> Regardless, few firms have been confident in= their AI deployment=E2=80=94whether it=E2=80=99s in the back office or in = the portfolio.<br><br> According to the 2025 Frontline Insight Repo= rt by alternative investment platform provider Dynamo Software, only 7% of = the almost 100 global LPs and GPs surveyed said they were using AI extensiv= ely. Another 29% reported that they had incorporated AI into some of their = standard processes, while a substantial 59% of respondents indicated that t= hey were at the early stages of AI exploration.<br><br> In 2026, more GPs will likely be under press= ure, from investors and competitors alike, to prioritize AI as a matter of = necessity, even survival. However, taking AI from concept to implementation= is easier said than done.<br><br> I'm Emily Lai, and this is The Weekend Pitch= . You can reach me at <a href=3D"mailto:emily.lai@pitchbook.com" style=3D"c= olor: #1D5080;" test=3D"">emily.lai@pitchbook.com</a> or on X <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2FzWb8YVy3qSdoQYmu81HiNw-3D-3DU= cJx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFx= hVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BR= LVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6= SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKm= etxpPIR27HVXvgTtaR4GdC088vrFXBtDsp02T4a3L3FGAcsH0hrpCTAn-2BINo0E69MNUHsZrTg= -2BYqNQaBYhzNEgNVgqFuHzp3gS8-2FNKpadA583e7VgzsxyqCQiP-2FxGprJNb-2BT-2F6gawP= KWBhUBHtBOjJ9X7RZrR9mJvG7sfux-2B4BDPZOt-2BA-2BFnAPMv78-2BwzyV0p-2BMPimFfSef= m5PzsdRZgaFO97imdA-2BTXWapOZFO1MUt34wZehMNAQpVG6TzRGb7qnUjocjMVzw05qQK-2BLq= SttKzpzxn8Sgr3HW" style=3D"color: #1D5080;" test=3D"">@ThisIsEmilyLai</a>.<= br><br> There are concrete steps=E2=80=94or New Year= =E2=80=99s resolutions=E2=80=94that fund managers can implement to keep ahe= ad in the industry=E2=80=99s AI race.<br><br> First, data is the fuel for AI. For the tech= nology to learn, find patterns and make predictions, GPs need to feed it wi= th structured and accurate data. However, it is also a huge first step for = GPs to begin collecting data from their own firm history and all their port= folio companies. To keep things simple, GPs should start by focusing on the= data points that can drive value.<br><br> =E2=80=9CWe have such data overload right no= w, and everyone thinks that they can slice and dice information in so many = different ways, but ultimately, what is the value-added outputs that you=E2= =80=99re going to get to that are going to drive what and how you should be= factoring your data?=E2=80=9D said Jeff Welton, CFO & COO at Ark PES, = developer of a cloud-based fund operation platform.<br><br> This can=E2=80=99t just be about today=E2=80= =99s reporting needs; GPs also have to anticipate what LPs will be asking f= or in two years. That means ensuring the data collected is usable and easy = to analyze. For example, it means extracting accurate, structured informati= on from PDF documents=E2=80=94financial reports, board materials, cap table= s and ownership data, compliance and regulatory filings, and more.</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-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2FN3pfFi2UusoJUzeo5HesEg-3D-3= DUHHK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRS= FxhVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2= BRLVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4= x6SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptyp= KmetxpPIR27HVXu8B8VtjwQeKV9n4CUbfh2xCLQzLbe-2FaPYdsk4xPelVAETwrj-2BpqpJR5T-= 2Fh2tKwhDMFrWVgkkaQxQ4rTuJfxc49JY2aBIfRNJcC2kZMOz-2FgPFLI7LHwRuO11pbrk1a21P= o0rx-2FYPa-2BGkamqsQNx1Po1Yf-2BRaffdMwV8Ysawa75PJJ5V9O4w01qp2IczbhsQhGay8Tq= tWpXbTYL7Wdh34kVgb7oYg8sHqpGyOVml4FRlR2wyy-2BS32lYwAA5O5rYefE7t-2FyOb6tUj1k= gcZuoGm8yA" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18p= x; text-decoration: none; color: black; padding-left: 3px" target=3D"_blank= " universal=3D"true">See what AI steps to take next<img height=3D"24" src= =3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertic= al-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">US PE-= backed companies hoping to go public faced challenges in 2025, from tariffs= to the government shutdown, which resulted in only mature, cash-generative= companies testing the IPO waters. Which company raised the most money of a= ll the PE-backed IPOs of 2025?<br><br> A) Medline<br> B) Venture Global<br> C) NielsenIQ<br> D) Smithfield Foods<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 our most-read articles of the past few days.=20 <ul> <li><b>After a drought in public listings, in= vestors were hoping</b> that 2025 would finally bring back a stream of IPOs= to provide much-needed liquidity. But results were mixed. <a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2FCB7DL-2B-2B0qU9i0C2hhVbw6Q-3= D-3Dc0xl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRSFxhVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHW= b-2BRLVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxRO= tK4x6SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgp= typKmetxpPIR27HVXtgjwp9lKu-2BpEF-2ByU4yEhz-2FqOaM0dtCsmZBrAPyuKX4PgKhQaEbgf= Nj5E1TcmfZdbtdiZgdE7IsL6hvosHNMO3pPz9YO5mU2m162aiJl5o8ROHS1xBlZNMLaGQAcFKW9= P4NfB4CdzE26mK2NKdo4bAd46CArCCdEdaAPG-2Bjn1TBSrAMqzzcBmEzw1Iup42tT0sF810anN= D1rmdBrj6CszvhwJjTWwfVvMFzc6yQYK-2Fac1TUMhU-2FQsBYexhaFAhy55uXkWVpKdmgzU8PL= h8CGkHJ" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Full rep= ort</b></a><br> </li> <li><b>The top five deals</b> that sovereign = funds participated in during 2025. <a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV= HfbNqmdCP5qbc3XoKasw-2Fz9mSzyHO0XqP6grwYjIcBg-3D-3DQ8Lp_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9Ne= 4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuPH= 1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgST= ce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKmetxpPIR27HVXseIFl4fWVnn= w-2Ff1B9x9rPv2IMkYFwPPwK1to4Aj6ikVKvO46oTUF2-2FXaBfAQgkFqU5LpFleHT63TYgViwl= CgzqpiG7ON5HcrmoSkHde-2BgHNlpKXb2YBiqpVk3mpmyJPBVC3FyCgzhvq8hHgekKwRJWTFa5l= ah-2FK2yivmYJZkDSOgOQB3XnenMY6rOElz40phSZ2-2BRYRe9mQ30iqmgzO0WhEIBT2EfezO5H= ETRBg4Ge36Vu7cpmPYyUqkMMWeiUfOfI49qRUlHq8Eewp4keuFmQ" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true"><b>View our list</b></a><br> </li> <li><b>President Donald Trump, in the first 1= 1 months of his second term</b>, orchestrated what private markets investor= s view as the largest policy shift in years. <a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzVHfbNqmdCP5qbc3XoKasw-2FUx8j6cd-2B8lf4qFsHwqydfA-3D-3D1Hhj_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oG= m62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BRLVGIF2O9Xdu= TEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6SZGuDJPk2bi= a6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKmetxpPIR27HV= XvPxd3cfyrS9ojLZ54sC7SYFzBRYa1xMNREde2QHZKQqamK-2FnnOoQ5y9cXckRv2v8-2B9nG11= wP2tBFCjFC2ISiI6CVXu-2BZ2WmpI4ntzpY4ZpjFxxZSnNeVUkrl2oXzwi-2FXQwCSaYMOtJEWY= eEVh2TDVfytQihhdFd5JeLFhQ7AT6d1b8shIdBzOg5QbcgALT2w-2FFOA5plldQ52-2BKDtTxTH= LsaMNlINX6fGgxYQVsEb3YFB6cT3vm-2BICHKekXcixzUEuO-2FFoFe5D5Z9YyanxwiOQD" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the full story<= /b></a><br> </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-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2Fng2uKXN= v7YLJ0m1-2BMaggNQ-3D-3DEsic_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMo= DY2hzIZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi4= 8FIbEebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUO= dhSuHLhThZZWNSskcgptypKmetxpPIR27HVXt1oFUgUznV6Qz0kTsp0pG-2F3iL2Z97YeVs0De-= 2FgwTMMonVW2EkNWPyHt0u17wLFQPXNHJ-2F1exUnUOY7LVV4HjIi4UQK-2FVUL2DX-2Fkz7Hxy= jPcF1gUS8dFhCr8-2BRv20HTugWzt4K-2F6hFQ40yMrr4G7dlqz3BiAHIzmYGxUPrJgl4gUaR-2= F-2Biw-2BT7yixpdRaMvOPb5epz9nLNU7biWJJfERvF2tRzBZJOx9-2B427cSuYXJ3bRvaTH0aA= zeuKhWbOjo1Hw62EyyBW18FIKnOh66BHo408" universal=3D"true"> <img align=3D"cen= ter" alt=3D"" src=3D"https://img.pitchbook.com/news/72030.png" style=3D"bor= der: none; max-width: 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Chloe Ladwig/Pi= tchBook 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">=E2=80= =9CThe last two years have been wild. We see some of the fastest-growing co= mpanies in history, but it=E2=80=99s never been harder for VCs to see throu= gh the noise of bloated numbers.=E2=80=9D<br><br> =E2=80=94Marina Davidova, co-founder and man= aging partner at VC firm DVC, speaking about AI companies' reliance on ARR = over valuations as a standard metric. Read more about the unpredictability = of ARR and why VCs are struggling with inflated numbers <a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2Fng2uKXNv7YLJ0m1-2BMaggNQ-3D-3D6= 0yL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFx= hVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BR= LVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6= SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKm= etxpPIR27HVXtzqMQUaZC2WXy1uTM34mEJ-2BuBIZ-2FOcB2YnpORKzB8ZTVyO3Dd0qBRhzOKY1= Nyk5GiA8KTEHcHyFNAE8YitN9oqmg2sbKYLdVMsHe-2FO-2BRSw76fksUr1rSqr2ij99UUda7iJ= LxhmEyBytBRY8mDn6CLHSuw9vJoBMN2gH6K8fY9DopdKTGs8HpWFyufdXyzjzXzQ4mvtFkoj0NO= Dze-2BwP0SdUo5uB-2FqEf-2Fr7ntvqGk0F3Zvy94aMihnQqZ6XPuvIN0XN-2BnGyahkBejShsJ= dqBTBh" target=3D"_blank" 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>Analyst Note: AI Propels Next Phase of Cy= bersecurity Investment</li> <li>Analyst Note: 2025 Impact Update</li> <li>Analyst Note: Commercial Aerospace Parts<= /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 lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"> <center> <b> <h2>Trivia</h2></b> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;">Answer: A <br><br> Medline, the medical supplies company backed= by a multitude of PE investors including Blackstone, GIC and The Carlyle G= roup, raised $6.3 billion in its December IPO, making it the biggest of 202= 5. I Squared Capital-backed Venture Global went public in January at a high= er valuation, but raised $1.8 billion. Read more about 2025's PE-backed IPO= s <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVHfbNqmdCP5qbc3XoKasw-2FsVhsmaJpOM= qapmVScQU99w-3D-3D1GX9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9Ne4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hz= IZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuPH1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbE= ebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgSTce5ORqURci59d4AjswFjuedjGEUOdhSuH= LhThZZWNSskcgptypKmetxpPIR27HVXtvXJzjRfV5uqLcFG3J8PNhtuDYvECaQ4eIWTSbiXQQDU= cJ1jqDndVnuC-2FT3INsLLmi3hDdtrN16SXjMsHPC-2BDabsMgTvn6pNm6mL0xzXEVcPgfs9WeX= EOytTD-2BVrya2DvHShBCRZC7ONDmv7BCXJBxcehFstpGGABqNy7-2BZ1z2i9t8d1QCc02Zol77= P1-2FII4v4ohtvGWkIKO3RnWIaBluEY8x-2FKB9BeyvfGn7sttwaGmsuiJXGA4w1EJp0gwL45jf= 9Q2tpuJHFWcUl96-2FQhUrD" target=3D"_blank" 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 Emily Lai and Nadine Manske. It = was edited by Andrew Woodman and Michael Bruning.<br><br><em>Were you forwa= rded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVH= fbNqmdCP5qbc3XoKasw-2FDkcsjzOWAs73txAf9l-2Bm2g-3D-3DgQf5_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRSFxhVc7L3Oy1oGm62tsVNFb9N= e4k0ZnbI8EfXzYNjoi-2FPttnxsMoDY2hzIZ59oOmEglAPHWb-2BRLVGIF2O9XduTEandGXjmuP= H1cCx0oUwPdmFSccHXbTTA-2FDRi48FIbEebhjErNwR7NxROtK4x6SZGuDJPk2bia6sq2KAYEgS= Tce5ORqURci59d4AjswFjuedjGEUOdhSuHLhThZZWNSskcgptypKmetxpPIR27HVXuA2n-2Fcv5= x1Bs9H-2FDClzxdhA8MyDhtRokcLNVrZUzIRT5zEAeafPWLh1s96SIzqi4XU7awjdZXLVOYV9Wl= B4rz2oA-2FHrfYxDmcVuwMXVo9tsFMfnFZ1U7rJp0lUByHF4IVS9SxAuIdRFDGHLwjb9mLcwoxw= 6jgY-2B37VDwmSnjyEtFo1lDyOtfXiIcg14CZ-2BLE-2FHSWjfPvmGkibQSudS1mMOoHrXu3Xv4= nPVg8mzCoMVghHG4vpidPWiQ9ChJ-2FEpbJTixVZDZCgceaIFTtxPtxFs" 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> <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"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-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since 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: 33.= 3%; min-width: 33.3%; 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;"> 2 </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:= 33.3%; width: 33.3%; text-alig= n: 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;"> 34 </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: 33.= 3%; min-width: 33.3%; 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;"> 12 </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-bottom: = 13.3px;"><!--[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/free-tria= l" 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; 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