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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: Defense PE dealmaking roars back, boutique VCs say smaller is bettter & more February 22, 2026 | Read online | Manage your subscription The Weekend Pitch Presented by Arcesium (Jenna O_Malley [...] 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] 4.5 RCVD_IN_MSPIKE_L4 RBL: Bad reputation (-4) [159.183.175.69 listed in bl.mailspike.net] 0.0 RCVD_IN_VALIDITY_RPBL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. 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} 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: = Defense PE dealmaking roars back, boutique VCs say smaller is bettter &= 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;">February 22, 2026= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXr7qPwZV= HL-2BBhS3jIVV5ng5nsaqLr62q0qv2g5zvnSkA-3D-3D5GmH_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99= MsbOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8P= OjmHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2F= V5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEVJMV= gszbsYcy-2FZo4A2bMQO9qWNCyXZZjeR5qCXyBPTn10m76S-2FVENHY9Fan-2FfWbmdpH79EBIH= MFdndu1QBErdHiBa4rk5NHs01L0RkwmSbmGYE-2B52n551T1IvS0-2BCf2zmELoLLsnHrlSKdis= U-2FdwonXPnTE3xOL0lYUodGAKlKgNJwrQRJhit6pjR8k-2BbTByATfGU-2FPD4NInHVTLL1Ghe= c0XmSO3GqY2D-2FYQLzEuYqXEJeTbR3oyKw9isVXn-2Bf0Qc1bvWlrcR5hOeZGH91uxBk" targ= et=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Read onl= ine</a> | <a href=3D"https://url6380.news.pitc= hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBS= gX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXz= ZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-3DKOEq_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkk= s8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcb= vCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEo= emGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9= TV3QRHocsgASuEWZoVMOFWFJXdQ-2Bf1yPvSpAnAiTcQDeqqnj-2FM0qHJwTtb-2BQyVGJ2r7vI= aqMLYmp7Qkp8Zh8Fdv0J7Cp6pb6k2y7M0Xx9IFC0yuPk-2F4tFdrvWjzxbZ1Cd1hQYFuSpYPmX5= 82O3-2FreNL17XqoDuCc27r2-2Fpre3KkZIRG3JaBa4u7aCKSuX3zP0iuXNlSC94vYcyKiasN-2= FPi3maGO9p4vCsh9w8KrAvg6FiPlqYkNMpnO8se3Y0PT1-2FCPgPb68-2BZV-2Br8OxxAvkVpo7= 6hIBHucV4e73" target=3D"_blank" style=3D"text-decoration: underline; color:= #1D5080">Manage your subscription</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 style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38kAqmK81KKwaYI8cwCjnl-2BPQ-= 3D-3DRtc__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2FdCT= ou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8= y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQ= fntoHjSN30zmhteWM9TV3QRHocsgASuEXOlTLhF27riDGJPj5NM4rmByHerXvsR2CaSkmi4Ikpn= 7nB7tBdFbL0x4bYav5j7Yr7qqXoz9kEN2hngXDyfbFaf54FrqbB-2FJJ79uCgrgQ79LDmRfVF1V= -2FHQhjORqb6jIrn2GZTOP7822s3gjhBLd-2BpJ5VmC3NCwaiC4kwoKjICQzRwunKn8EGUFOwT2= P5GMP501CRCgyaty1UYm48uL0Qu8Z8uZnx2zh9FNt2azMuAJtyeNsHoldaDBAfuoOd5bwOOlQhp= QSjJIWFstc1MFc1K" target=3D"_blank" style=3D"text-decoration: underline; co= lor: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Arcesium</a></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 class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38kKHxrCDKQrHrOTw-2BiUtpzMw-3D-3Dm= oyy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-= 2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M38= 7s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyo= URS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHj= SN30zmhteWM9TV3QRHocsgASuEVPr2njrULDyuVlvzDpxXic8leuFWv-2BcpeWzAKhU0rg02vRv= jdxNWqrBDV-2BgVzJA1GEpnF0gX6gpfvUO8ERtF4GGVFzwBUOo08T-2FX3f0GeSaq2yL7gzkHgD= Kivb9CKGS4zUyM5qoT81vM166XGe5X5Hjii9-2FZSdA-2BLhAMbb55lo50u0-2BKf5BLKJdU-2F= C-2Fttsztl2MMMichfqQszp-2BG98NXSk3jsn76J4QICGhlA-2BKgURVX9i-2Bs3Fy1E5Ix4QCU= O-2FHLfkC9bpPEt6d7n1qpOM-2FHEn"><img width=3D"460" src=3D"https://img.pitch= book.com/ads/ad4486/ArcesiumHBA.jpg" alt=3D"Ads" style=3D"padding: 0px; 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"> <tbody> <tr> <td style=3D"text-align: center" align=3D"cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38kgb-2Ft-2F= -2FZ-2BpsYKteaDQiaA6Q-3D-3DS0mO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1= CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23Vq= JvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xc= C1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEVH-2BQvsNH4OcB5PeA8Hq= s2iIKazhjkvyuTP8qGb-2B94bKCbjotxkSoUZnkFsNGslmm6XO6ZgJYirZ7K6tUw4MAihoxIgn3= qn3yKShXplsraOAJcPQ2dcNhR3RKDZIEyn2mVNLHTzaPsef8FMk3xNVHdip7K1ySJO6xvR4aC93= Wi1aYpyzIN-2FYlyN7sy48hwNm0dMG9fJ-2FQdpV9PCJzSgpWqL2X-2FJdGCH39HLt3VphOQTd-= 2BnAdlNH-2BUw7I2vrMaa2CgKOJjbZsmJ5CxKk3AiHvmIN" universal=3D"true"> <img s= rc=3D"https://img.pitchbook.com/news/72901.png" align=3D"center" alt=3D"" s= tyle=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Jenna O=E2=80= =99Malley/PitchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <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;">Anthropic's new Cowor= k tools, including one for legal work, sent software stocks plunging this m= onth, but the large language model giant doesn't seem to faze legal AI comp= anies like Harvey and Legora, and their investors. <br><br> Harvey is in talks with Sequoia and General = Catalyst to raise new funding at a $11 billion valuation, Forbes reported. = Meanwhile, rival Legora is targeting a (mere) $6 billion valuation in a new= financing, per Bloomberg. <br><br> Both companies operate as horizontal platfor= ms, marketing their legal AI tools widely to traditional law firms, in-hous= e counsel and non-legal professional services. As for Claude Legal, one of = Anthropic's new Cowork plug-ins, it offers capabilities for document review= and case briefings. <br><br> Anthropic's wading into the legal field echo= es what happened with AI coding assistants. If a large language model provi= der can offer the same applications without having to pay market rates for = third-party API calls, it has an inherent advantage. But it would still hav= e to cross the moats their specialized rivals have built. <br><br> I'm Rosie Bradbury, and this is The Weekend = Pitch. You can reach me at <a test style=3D"color: #1D5080;" href=3D"mailto= :rosie.bradbury@pitchbook.com">rosie.bradbury@pitchbook.com</a> or on X <a = test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5v= I9mibjy38kmrS7E8KjjVORRyCiBk2Bdw-3D-3DMQEJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnf= Hfn4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuC= uSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E= 31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEWvtVJL2-2F= j2-2BOx5OnvSoztBIwLS2bWQrW3LMecZeIR5vjj63Z6FnplaLeebN80lhXm89kTQix0feO6n-2F= OgVi-2B5wHgO9toqmPsQQHWBjaE5Q-2BgEm4NYVrwal2Y-2FpFycuKjOMpYCHj9sSNlpO2YbyXM= -2FG0Tkm9bxV1azmqZxrvLlmMdapHPZ-2BQncAuyEerwv3adVxa7EuIBNMnvyWvK0JyuAPoTH5d= 8Ur-2BwjRbVLc2zQ-2FKFt0igDuUQ3galCoqKn1xO9OQOeqj6a1QBL3Q9nHS2eo">@_RosieBra= dbury</a>. <br><br> "Most of [the legal AI startups] are buildin= g on Claude and ChatGPT, and it is expensive right now," said Tamara Steffe= ns, managing partner at Thomson Reuters Ventures. "But [cost] is coming dow= n, and that's where the talented engineers come in, who can take advantage = of the least expensive model." <br><br> AI application developers are also lowering = their costs by diverting certain queries to cheaper models, among other met= hods. So, in the long term, Anthropic's cost advantage may not be much of a= n advantage at all. <br><br> Moreover, is competing with these legal AI s= tartups even what Anthropic wants?</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-content-btn" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0"> <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-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38kgb-2Ft-2F-2FZ-2BpsYKteaDQiaA6= Q-3D-3D1vuW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2Fd= CTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4Jh= R8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAc= dQfntoHjSN30zmhteWM9TV3QRHocsgASuEWMnnQn-2BhO78hTpBnIEDcS8j4GQogi7WUk6madVM= 21DGRSKWHrAlqW8qvCbbvwR9XmYz0RSlW6Wgv3mkHLq9CFuv46tSmK9OaRmEZr5MdJtTJu2NQxl= R9RehbxymYZXz06Y9ZlUrWqyVQITT8KWYbyJ1Qc-2BRjF-2FwYAfQoPwUVluBnDsy1vQOxPUq-2= FmDvWWOlJF7fVUKBpmm0Ho8gQuRbouTKdFGkHJlnn8Lw-2Be-2F7J45xOhqaQB69jdR7vZgJUc0= 5HvtMhyHdSmC3wHRu4-2FMcJWn" style=3D"font-family: Roboto, Arial, sans-serif= ; font-size: 18px; text-decoration: none; color: black; padding-left: 3px" = target=3D"_blank" universal=3D"true"> Read more<img src=3D"https://fonts.pi= tchbook.com/newsletter/arrow-right.png" width=3D"24" height=3D"24" style=3D= "vertical-align: middle; margin-left: 8px;"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Arcesium</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_577476" id=3D"n_577476" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> To build or to buy? Here=E2=80= =99s the tech strategy for private market success. </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38k5lUK0t58mYVO3Vn= k8cLlHA-3D-3D6K32_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-2F= 7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz-2= FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy= -2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEXfO6VcgMK2fO-2BfryKCJelb48yKD9GdOZn= UIl9eg53uF8Cr267wEyqol2alTN5yE1Dd4W7R0vmlr0rhIu-2F7Emao8KBFmcbInHRMs4-2BMma= BLT-2Byq-2Bb3kUoqJHnqXADXlGZh2PCqDTwuttrIVaELpY-2BJJ-2BAEAD-2BXSYaFpWyngwS6= OSjwq3bZdx6xMZgsS8AueI-2B2Bu2kXYm0F2WKeUiInid-2ByXD2EbV6Aft-2BXqel-2BvOe-2F= trLKSixgpPSCIOP9y0WzYYpYAyuWb5Xe-2BFnSw9-2Bcj53B"> <img align=3D"center" al= t=3D"" src=3D"https://img.pitchbook.com/news/72672.jpg" style=3D"border: no= ne; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Today=E2=80=99s leading private marke= ts are rethinking their data foundation strategies and technology decisions= to become more agile and competitive. But it=E2=80=99s not simply a matter= of deciding whether to build a new data foundation or to purely buy a new = platform.<br><br> Discover why a hybrid approach is critical t= o moving forward and how private markets can take control of their tech wit= h this strategic guide from the financial data platform experts at Arcesium= .<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38kFTL90q7gl= EjCPm8X3P7SbQ-3D-3D9wSz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbM= Ulf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBu= iDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8= eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEWTJDyERdlSqMOg6LXWNwbjMMjkJpw= HsUCx7-2BzBnPh6M4Vn9h-2B2S4lohTAYsclMYvF9KUa8qkUZ09iQsYaw-2FeoOz-2FF7v2bXGs= EaiY1XdAG-2Fmj0JXgbTeJg0SfObx4T19vWrHCHFSD-2FnAUveb-2BFZT24VscRIYHYNVINfMBo= zK5P2r7n2koFLOWMC5r-2BS7Y-2FjZFfwFmwxSlhzDw75qjoFniJ-2Br5aBdU500c8hQuVx-2B0= oo0UFWRJdEKzIDeqJfRpmL4H9KLZ59uQqwUJMjv-2BJig1gI" style=3D"color: #1D5080;"= test=3D"">Read the guide</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =20 <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The ae= rospace and defense sector is having a comeback with record PE deal activit= y recorded in 2025, especially toward the end of the year. The sector saw $= 55.6 billion invested across 357 PE deals in 2025, hitting a new five-year = record. In those last five years, which year saw the smallest total PE deal= value in the aerospace and defense?<br><br> A) 2021<br> B) 2022<br> C) 2023<br> D) 2024<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>Blue Owl Capital accelerated plans to = return capital</b> to investors in one of its non-traded funds as a solutio= n to a failed merger attempt, amid heightened jitters over private credit's= exposure to software. <b><a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat= 5vI9mibjy38kRC8jJLA-2FyIwtxaVsdy8P0g-3D-3D6ZRx_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99Ms= bOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POj= mHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5= jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEUWcbP9= 3m83Y-2F7BVR1NsfSVYTM-2BM1au9nH5IM-2F6p5pk-2BH6FHF-2F-2FYHOc6wbGQabWtr07jVK= 6gUBIxF4g-2F8cwaf-2B1t9Nghwh4wxhi5JBY5WZongXhL9nJ8ThNuvYTmqUkIaIruQ2UY2VF7S= Y1-2F8mWStUA-2F1xiOHzreOEihMURcmh8G59duIrm-2FDbwNNe-2F1Kd4ZBMcQLjPiq2yQjpMm= jI1m2G-2BF593c9QuOmw5rrKUgKbkZHvbdthtm30ngDQxDgTnyaRX2WZ8Wmh8yzyx2OZbCdEw" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read more</a></b><br= > </li> <li><b>Nuclear fusion has captured Silicon Va= lley's imagination</b>, even as investments in the technology break every V= C norm. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38kI= w35g36-2F8jYLnMQU3O2wlQ-3D-3D2Dhf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zN= Y1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23= VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1= xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEVZcZuSA4Wn4ilmdw-2F= K8D-2Bb2NKQauyiGofw-2BNPCEUm0BwUfvXGq7DjLK2-2FC5YuW-2FnhH4ecJSESnEF9nHhFrQk= V7njCD-2FT7g7aXitdcWhiRh-2F6YfXU5VNGGt4v-2FfkPasPqtMSOiFIQP-2FPw-2BJ-2BP7Gm= JuPJdHRbw3Bo4EzUh6YtgquwTqXhu6StS6f-2BBtQ9f9KcimuREzhuUwObutB5HsrQ5AVla6I3L= ZZhgrl8avvYPP8mHE9Yf9onS0LCRrz5lzaFDLVLW3Kh5bQWmaSknVrQJu-2F" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">View the cohort of "fusion bulls"= </a></b><br> </li> <li><b>Mister Car Wash will be taken private<= /b> by Leonard Green & Partners, marking the return of the business to = its former owner and ending a disappointing spell in the public markets. <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38ku5sg8go4WEo70= whBnbyRhA-3D-3DOqp0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-= 2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz= -2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBx= Ey-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEX3EMUKIDkHG8mubU5Blh-2B0s5pMq53pG= cQQ89VivNq8DAhYsyjpNyw8rt3Ywn01KHXrLo5VsdW8NFgEYE9ZvdXE-2FkPMr0iwYdT8hQ-2B5= VwV6QLFiuRgfUGtpNQC51DgH-2FQC1S5FX7MttRZi6HC-2Ba-2B9MN6fayrmzODwQhMQPc9GBQ5= wzMiePerNG-2BOeDEQeE5GQzY34AFg-2B1tMGOMIHCZD3GldTkIB9VDVI2SiV6zQdNJrDqYAjlJ= d6fj4JsBppdKMDNFcd59n2eIbh9OQ2OuYlJM" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">See the top car wash PE investors</a></b></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-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">"In a = market where everything is getting bigger and more expensive, keeping fund = sizes the same and staying with the same strategy is difficult."<br><br> =E2=80=94Kyle Stanford, PitchBook's director= of VC research, speaking about how the average Series A has tripled in siz= e since 2015 and how some boutique VC firms are choosing to keep their fund= s small in this changing environment. Read more about the fund math for Ser= ies A rounds, and the ways boutique VC firms like Benchmark have been able = to stay afloat <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqCDG6Pcat5vI9mibjy38= ka6NSBQwtYmJd-2B-2F0gEp-2BCzA-3D-3DlL-w_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn= 4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSu= QI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31y= THTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEXZF7TvY6IPBKM= bZvR7uEnanVI6nITqJ7Vz7RdsegGCGtYFyHwYq83jdi-2BXm-2FiboAdMPIAQ0mehAUzN3VNoqf= Y41ijxn3-2FlvD-2BqbDgwZ3YPjJT6dbSBgsluSfgW5226xjVkkVwPR451peLjKEhchLYoFRakx= X8KE-2BIQa8t3skRSyfMRbzcWIIY3JvhXCdJ-2BogqQHY9OsMGfF4jYan5bSctOhxtkc3O0JKRQ= 6rxbFySfvlThfMVSVETf4cM2r-2FweDOYrXPkPfoiutB2TrmITYiEI" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true"><b>here</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>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV2QyjkKvCL0098MHizf-2FRa3Xft-2F= 26nxohc059A8K7g9A-3D-3DPiFX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlr= yzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDk= sRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1= rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEUnChXu4ZDTvgABTsMfGs0z-2B= SmI0qv25titPTYkIzHRk7kP9sccJfz969yq9so6-2BL0HD0duJ64J7Tp1uBYzNlYzrclARPAfBJ= p1DMQmB2Mhcz-2BDQklY0iuhJwjBP9P-2FToAubrljTfWapXjJRjWXo2hTMwkyAyg5SOdsKU4Ap= hK3v-2FFph6YDRQy67TIofPXaUPcv64es4C-2FFpgkUGJUcWeMWJ-2B8yKI5Xgm7wk1wDsUrpfp= c2k3SZnJJiM3uOWjnVT3NmxLtRt7vZK2p9eZknqM9Q" universal=3D"true"> <img align= =3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/72860.jpg" style= =3D"border: none; width: 100%; height: auto;"> </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">(Chris McLoughli= n/Getty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Answer= : C.<br><br> In the last five years, 2023 saw the lowest = PE deal value and count in the aerospace and defense sector, with just $24.= 6 billion spent across 220 deals, compared to the record-breaking numbers o= f 2025. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV2QyjkKvCL0098MHizf-2FRa3Xft= -2F26nxohc059A8K7g9A-3D-3DIvbH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1C= KlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvCf3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJ= vDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoemGgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC= 1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV3QRHocsgASuEXxKniQbkkvR5Wrv1CTWX7i= hvv22QsXnutoRIGAjYSISJVF-2BuF3rpMLI-2BY4Uq5pEcPBxY1mXoQQPnvVyYRZYeoLWAQ39Je= 5FQ1EW-2FU1jjGTQrto5vzXtzLeJnR9NfYxm4LzmMCvvG826Kr3-2FkyCWlkpsroBB5VUQzTJ4a= G0ujE-2BcvAkeHHYbyaRKbXW4MZEQGIyc4nLRmaqsOl-2FMiR-2BUFD4uQH-2FQoiJNlmsgIAPi= 9DR46q9ERF1TRt7W7Bheo0BtdSS-2FSkbOuetl-2BkByCnx3xdU" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true"><b>Read more</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>2025 Annual US VC Secondary Market Watch<= /li> <li>Q4 2025 Agtech VC Trends</li> <li>Q4 2025 AI Public Comp Sheet and Valuatio= n Guide</li> <li>2025 Annual VC Emerging Opportunities</li= > <li>Q4 2025 Medtech Public Comp Sheet and Val= uation Guide</li> <li>Q4 2025 Pharma Biotools VC Trends</li> <li>Q4 2025 Healthtech VC Trends</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>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 Rosie Bradbury and Nadine Manske= . It was edited by Kia Kokalitcheva and Clarinda Simpson.<br><br><em>Were y= ou forwarded The Weekend Pitch? Sign up at <b><a href=3D"https://url6380.ne= ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzV2QyjkKvCL0098MHizf-2FRa-2BkyvHLWvEUEgBJoM4TADyQ-3D-3D22FE_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR7N-2FyrVBmFzgkks8= zYJR-2BRxC-2BP99MsbOnfHfn4m72zNY1CKlryzbMUlf-2F7X-2FdCTou4M387s-2BoovtLcbvC= f3W5QF0rOkd9af8POjmHuCuSuQI0F23VqJvDksRBuiDcz-2FYQ4JhR8y2QTyoURS9LlV9BFEoem= GgY9-2Bu9DLUt-2FV5jZ2E31yTHTCO1xcC1h1rSI8eeBxEy-2BeAcdQfntoHjSN30zmhteWM9TV= 3QRHocsgASuEWEXb44vA5R-2FaH6jgwnl357B-2FnxmhkSvfHwxA6rWMS0OzVTvpZQq3XOekK57= Y8RiN2wUXQcHPM3ZkwhIlmJQlp0zX-2BVbRSwqE-2Brhvpetv6cHDhnMFwSDnXb6MXcSs2Drimw= ZCppVDeZ7eplUhfyp-2FfGHZ16aA9xtyTynJt1mr8-2BC24QUj6wzORcvmPEMMmub21NGqPMt-2= FznawtvHH5dQJFPZYhVvwuYCsx-2BXta3nJcapk5-2F8ddpIXYZfdGDnsGUT8-2BIIUE0GBxC-2= BcYC-2FBrl23Aq" 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;"> 11 </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;"> 66 </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;"> 23 </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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