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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: FOMO fuels VC valuations, a race for the wealthy, PE execs flee to credit and secondaries & more April 19, 2026 | Read online | Manage your subscription The Weekend Pitch (Chloe Ladwig/PitchBoo [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. 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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: = FOMO fuels VC valuations, a race for the wealthy, PE execs flee to credit a= nd secondaries & 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;">April 19, 2026 &n= bsp; | <a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDCr0KBReRy= 4e6N9UNtfKBqQ2WnDJW4CMOfIP6QrUV2w-3D-3DxE8u_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF= -2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1Y= XBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BL= TjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2PcWrpDKSGNig6h= opocGdCyCE-2F04CA4pfg69RCb3Rq4qoviB7mrAWKy964R1-2BFEzNYJhFjvSuKGfAA-2BuiFlK= VrXeyFG7HStf7DfIgaXe0VpAZfkjSDeL8xv9nNazOKBtXAMRrhziWoFwaCbC3EpZHZItGgfizKM= 4oSv9Jk2jCnEFlkDGPKp0p-2BuSaksJEhd5YjBLMQZTaAq-2B5HpWHX1RVROhlLkxHho2-2B54P= 8RRyCXnUCF2aQWPL6tcLkP6azfKAIy6zGYFOHLMM-2FGXUmXPTi0T4zg" target=3D"_blank"= style=3D"text-decoration: underline; color: #1D5080">Read online</a>  = ; | <a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2= yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLy= aXhmtZcu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oRt95U99Dcs2eVuP4ojBepwdhZEx_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dC= GBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTd= u-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3p= cHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn= 14spFqm0QUaxUHJ2PcWqx7osUhTcLruC8y1lOnty9tivyAjFUc7-2B-2FUoD3U5H4fyjj2ByLnZ= -2FgyGCNEAqw-2FRqJs9T2Vyrd2hTU9GyTkgyxHK6-2BsNDmz7cqVTJ-2BW4fD-2FtgdnEUMYjk= iQU4zMShVx4B-2FIpuMa0K-2BgdO1QEWGWUIIuXR44VHtiNT5JC-2FdtS8qwHoPXKiB1e6YHiNh= mdCMobQoYtLCRcy7YEOpgxQ0zXRAG-2FH0YAXzm3i4-2Fe59tXMoIyoE4KpOguP4sdSixU2-2B1= vBdVfy1vEbk3M-2BQEWHQNdaL" target=3D"_blank" style=3D"text-decoration: unde= rline; color: #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVDCr0KBReRy4e6N9UNtfKBZfPs1RqfNYtMLghlVumUWQ-3= D-3DyBe0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYE= K6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKK= nlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dt= FzkN8khCJn14spFqm0QUaxUHJ2PcWplISgJOAheb0fG9k5oN-2Bjkc2HgD8qSk3C9tCGln3EIrA= 0h1UEIN7KSPXSCAbK-2FnUczmQDEXPioaxCzJyIfq1nyAlOhhlcBGtLFK23Qhz9ppLi2qbikBXA= ylcO0nTK-2FVcoloF1DM1HDQWke9Wjqi9aGPLXwSo8Dqx9NzhCQC9-2BVs1GS4sq1NSznsmN5LH= oeTDi9VvuUuuaPdQMdZ-2F3P-2Fc1JvTo2noUMHnbm-2Fh-2F9I8jMBC12DRNuE7l23IDZzzgbW= Skb8adcpqtzm0e7XO-2F5q9HB" target=3D"_blank"> <img width=3D'1' height=3D'1'= opacity: 0; 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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-2BaqM7ONnvsnswouzVDCr0KBReRy4e6N9UNtfKBC67ZHzkpN= rjrgZNr-2BRDObg-3D-3D-DFi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-= 2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqb= khQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0= sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2PcWqqofrZgoXs97whZuoJ91xrQXlMJ7D= Ung7Met07usHfD41bAaUfPxSM-2BwrBIdLRADTn0mk0XbkTOmVfrMZqpvEE-2F2-2BkbeCzhdjr= Qgh61xLYI5d52bE0gZuoyhPJDDE0NXvRzYqPmmDRomfCBGWwh5q71KNnTbbHhQxWV-2F0UoZstV= HL8gCVPLJugvip3iyBlIPKPTOyBYWD86ubPwqEgQDtMFQzAoWuJtmfAoLh1An7Zd3T4dQzH-2Br= 1SN2IC80UcwtON3l4dZzI8UISmg1Zlvf2o" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/73830.png" style=3D"borde= r: 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">(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">Employ= ees at the most valuable private companies approaching IPOs are increasingl= y declining to sell into tender offers worth billions of dollars, even as i= nvestor demand to buy their shares far outstrips what's available.<br><br> The holdouts are reshaping how pre-IPO liqui= dity works at the three most valuable private companies: Anthropic, OpenAI = and SpaceX. Tender offers from US startups hit $18.4 billion in 2025, accor= ding to PitchBook research. For employees at these companies headed for meg= a-IPOs, the math has changed.<br><br> I'm Michael Bodley, and this is The Weekend = Pitch. You can reach me at <a href=3D"mailto:michael.bodley@pitchbook.com" = style=3D"color: #1D5080;" test=3D"">michael.bodley@pitchbook.com</a> or on = <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDCr0KBReRy4e6N9UNtfKBVaWfKoSedlK15UK5qr= VdZA-3D-3DUkqT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2B= XoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAzty= OxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ= 8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2PcWqSbJl0YIV794zU8Dkf0FTzxcCM8WaFe9e08qSusH= fJ31MG-2FXvk-2F0Aka4twckfc6EnufoXY6pf5mw5rj44HnX7wJBNm-2FHVZ4JLktAv4ai7vI8A= IWpkBZ2mx6nzT7eMxvjtEHBultzowIM84wu8Dl9NGZbXZdV-2BP-2BLTYDtSVwMYqx0EzcjLMrf= PO6nKhhGsYjapseytMpBG344w1TZN6JGv1vBPRZ3FhRotbYM7DwBqsh-2BOyUiFpgwmE7RJREA-= 2B5RmCqniv51UK8dtgeY3ogs8sR" style=3D"color: #1D5080;" test=3D"">LinkedIn</= a>.<br><br> "There is less incentive to sell into a tend= er the closer a company gets to an IPO, as the employees can sense a liquid= ity event on the horizon," said Shriram Bhashyam, COO of Sydecar, an SPV ex= ecution platform.<br><br> Anthropic's most recent tender offer fell sh= ort of the roughly $6 billion of equity investors had hoped to purchase, as= employees held on to shares at a $350 billion valuation, according to an i= nvestor in the company who spoke on the condition of anonymity. The company= 's annualized revenue has surpassed $30 billion=E2=80=94up from roughly $9 = billion at the end of 2025, Bloomberg reported.<br><br> OpenAI expanded its tender last fall, from a= $6 billion target to $10.3 billion to accommodate investor demand, accordi= ng to reports. But employees ultimately sold roughly $6.6 billion in stock,= leaving $4 billion in unfulfilled buyer interest. That $6.6 billion tender= alone accounted for 6.2% of all 2025 US secondary transaction value, accor= ding to PitchBook data.<br><br> It's unclear whether SpaceX had a similar ga= p in employees willing to sell their shares in its December 2025 tender off= er valuing it at $800 billion, though the company was already said to be ta= rgeting a $1.5 trillion valuation for a 2026 IPO.</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-2BaqM7ONnvsnswouzVDCr0KBReRy4e6N9UNtfKBC67ZHzkpNrjrgZNr-2BRDObg-3D-3= DclZQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFG= ZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6E= ivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlU= Mr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzk= N8khCJn14spFqm0QUaxUHJ2PcWqMyHGPpW2CBg4pu2Vn2-2BRcTQLHK3wZTyceYKuDCNGkCnw1Y= 2n3jBwezp8TKoghkarKNi0Tlv9-2F75W6F-2FA7z9pFNqOtCaJyfnoeJ2zT2b4ho-2BCxt142t2= 86NXAYMiKKsD-2FCtH0nMYEwcz-2BJqAOH31ryQlwBg-2B3zwMXtnQX-2BDDsPDhsa4Idx0K0M9= kskVMJEZ4cLacK9De-2BtrWs1SJ2NNsZmpA62Li3-2BhdqBt1IkcAGdGQR6BukbjlhIQbL4Viiy= ss5kxXmvZCejc6OpZy2-2FJZbr" 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 height=3D"24" src=3D"htt= ps://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-alig= n: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from PitchBook</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_579831" id=3D"n_579831" 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;"> Create a bespoke data-driven r= eport with PitchBook </span></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;">PitchBook's Custom Re= search team works with you to design a bespoke, white-label report on a top= ic of your choice =E2=80=94 backed by premier financial data and expert ana= lyst insights. The result is a high-quality, data-driven piece that's yours= to use across campaigns, driving leads and establishing thought leadership= with your target audience. <br><br><a test style=3D"color: #1D5080;" href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWmIIEXA9W0gbQ8zzWSY0HToQVHZhk1i4BWHItxPWtjJw-3D= -3DSOQh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK= 6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKn= lUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtF= zkN8khCJn14spFqm0QUaxUHJ2PcWrtKB4C-2BXahHOXq4wKcW58MIEGXvxKrVBgM2kk7Rb3k8-2= FIASOoVe1mO0d4-2BXui-2BLYUqS2DtJ9u1JAgjKw5pSTZHC4OLpb84U1z-2FOXk2-2FP8uiXfL= bdmc6igmtilvmlkPz8fS0qwEagk2vTdw6lwGZcqXUCB9WjaY68ODc5jkFKQF9VKvSMwgAxDXnmb= mAn9QnqMRKNe2OByLHkuc8-2F3xlHHqz4a5DDuonZfQHHOdrtzlrq8uqBgi9QqmDTMGtBvFMhiQ= hMPQh2pXD8GdiYuYcP0X">Get in touch with the Custom Research team</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">VC dea= lmaking and exits both rose to new heights in Q1 2026, but the uneven distr= ibution of deal and exit value in the US tells a different story. Exit valu= e hit $347.3 billion in Q1, but by what percentage does this number fall if= the top five largest exits are excluded?<br><br> A) 56.6%<br> B) 66.6%<br> C) 76.6%<br> D) 86.6%<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>Wealth management firms are selling fa= ster than ever</b> as PE and asset managers race to capture the booming ult= ra-high-net-worth market. <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmIIEXA9W0= gbQ8zzWSY0HTzzIldEVTdl53qKjBFmHm0A-3D-3DZRil_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa= rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGg= F-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1= YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2B= LTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2PcWqM0AYnT9ZD= m0171iYTqjPZFK8A0X-2F5eSAX8ymBFeozdZIr6IsOB9pQbJ08zJHwDujFTKzUHWvQ4-2FXxCdS= 1bw14yuxnIhp0-2FzpperuU-2Ffyh4NSaCsakyxhv32JFjnB8P53XqZnBU8KcW1arO6-2FhGNyo= mp2WWJ4LeSNz0BTGPpTPs2VXYQJk70HlOF-2FWm7i3zrIvqk-2Bslzbc6l4acf7YzYZsh8ozOVm= gFUDlICVGfuXJvUQlAHxKb11dsIAYLAlmns8rcK9XmaOKRQCZ6Y66Z2VT" style=3D"color: = #1D5080;" test=3D"" universal=3D"true"><b>Go deeper</b></a><br> </li> <li><b>The SaaS-pocalypse has created an oppo= rtune time</b> for bargain hunting, Thoma Bravo founder Orlando Bravo said,= amid a sell-off that has wiped trillions of dollars off the value of techn= ology stocks. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmIIEXA9W0gbQ8zzWSY0HT= YElGQ7-2FfYye09v11RMEY1w-3D-3DNlrG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FD= a3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIh= WpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5= LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2PcWo-2BiZ-2B9-2BI3yC7fP= jIRgqnK1vzL-2FqtLKgfHcJHd1CCutLyYQgoPHZ71W1rtX2ASJaWhDYRs5dQzbTWGfHbthnl67C= s-2BS-2FDCXLd3sHDnIX5XAOsa-2FlOgSqaLE0GbFq2xOi1n5djhAtteJmni0dnMkR1sl4JxSyu= dmQRjEZkTkSIEtgqoDoNy9gE-2Bdd0do0dshaqJuiVpOC8Mswp7g80FEbwA7vMItwGCM8vcY7MV= 6kiFEqVp-2FmImuihnzu7c4rthca9QOUV4lS3oQ5cn0qNSQg-2BR2" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true"><b>Catch up on his comments</b></a><br> </li> <li><b>A deal drought is driving PE executive= s toward credit and secondaries</b>=E2=80=94but returning to buyouts may be= come less straightforward over time. <a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zWmIIEXA9W0gbQ8zzWSY0HTrPNqubJ5gNFf1HO21zPwLg-3D-3D_acQ_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8o= JlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC= 1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F= 18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2Pc= WqOaQMHMvf3RkmzHJA-2BLhBsE0P5xQ2Jwt4H62Al4Ai2aPu2luBbcsaNMZftm1cE0JC7mbY3c2= hQhT-2FSPzNupLMUpMmLZHTd99NQqqeuuzne5ZkddVdBKd9qwt-2Fv2EOZ-2FNctZ01SmnxJp1-= 2B04Dbe1rd7RLrgUn6EpOIE1xf0GH1TfJGoF5EpRQIX3Jcf8HBwDYc6my3rs2nXn47EA-2FdG1d= eGsnK9r4LIQNXhu60g-2BTqImzCF2pXBDjWverKf5278cPModO-2B0w-2FxD-2BdU5fiZTcoS6"= style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</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-2BaqM7ONnvsnswouzWmIIEXA9W0gbQ8zzWSY0HTRIeelM6eH= CbGZCn7-2F-2BPuNw-3D-3DXEdS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFM= L-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHL= qbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1S= J0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QUaxUHJ2PcWrnslq8r8K5fohn9N2JCpjV-2Fgr= dj382qW4rA7zMbpTtVrqG7jWHQuHoFQHATN-2FYb4OQ6uH2llBW-2Fa4FKZFVe9z1LZTPtdRv0h= HGOl-2BxAxS8BeB8A4xaaAxDl3lKxSg2HLqoFAraLh6jF8WuyMB6jG0S3MK1HpQi5QSz-2FFBuK= lqIfrXo3i8RVyEs1qyHAXhvXFnoTkgtTgYce9qIyuJ3PrJksbJWNp-2FETOAye-2FRU919IO9w1= OMefLbI6vTompR3t0E1iBXOpGQfl7df9q9a4Fh16" universal=3D"true"> <img align=3D= "center" alt=3D"" src=3D"https://img.pitchbook.com/news/73813.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">(Gary Yeowell/Ge= tty 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">=E2=80= =9CWe see the UK government=E2=80=99s AI fund as a drop in the ocean when i= t comes to investment needed within the domestic ecosystem. Whilst the gove= rnment=E2=80=99s backing is better than none and is likely to help earlier-= stage companies where check sizes are smaller, we believe significantly dee= per levels of capital are needed from an institutional level to ensure that= UK startups can compete not just on a European level, but on a global play= ing field.=E2=80=9D<br><br> =E2=80=94Navina Rajan, PitchBook senior anal= yst, discussing the UK's new sovereign AI fund targeting investments in dom= estic startups. Read more about the UK's <a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWmIIEXA9W0gbQ8zzWSY0HTRIeelM6eHCbGZCn7-2F-2BPuNw-3D-3D-wA2_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORkQIs= Hd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6QO8= yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fLykf= JV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm0QU= axUHJ2PcWrtIOUAl4A7PePeJeHkzE7MLuTfWVizhndQzwgzT9V6k0XxD1FwBcvty-2Barl9StIv= lHhCXTemmWyuyN-2Bge-2BXlR6aKvqUpFK33b-2BmYz5yKmWcq3fIhLhUR0aymnGmw0778rg46u= o8I5hSyG4jskXIqs8SDyPucE361z9950Y2-2B7AlC7xWUHr25TZpURkXNxigLjIhBBUQ7QM-2FM= JiZoI5eQ-2BCbYMUhAypfa171vW-2BqY1KEO6v5Su-2FbrN7JPDfhadrp11MuI-2FzEjfbpdczl= ussZe44" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>quest fo= r homegrown AI technology</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-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> Excluding the top five exits of Q1, exit val= ue fell by 86.6% for the quarter, demonstrating extreme concentration in th= e VC market to start off the year. Read the <a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzWmIIEXA9W0gbQ8zzWSY0HTA-2BVCXpocz739-2FmLltxFnng-3D-3DjugL_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFGZFvp2dCGBptORk= QIsHd4LWA8oJlE4t8x3ZGgF-2F1N-2FDa3nMdFML-2BP6PfLe-2BXoiTYEK6EivqutTdu-2FgX6= QO8yDvZTrdC1NTbvRqAeC1YXBhZROiIhWpkUyHLqbkhQGp3cAztyOxXrKKnlUMr2Vw3pcHa27fL= ykfJV8Xn-2F18cx4-2F-2BLTjLhMe5x5LG42N1SJ0sG-2F0y6MsZ8eb1dtFzkN8khCJn14spFqm= 0QUaxUHJ2PcWrir7U6qmjjm05OhOCPeo2w-2B-2FIaa3ej32EK8rbZMXdYapuogMRlUeikLXvlu= fAfIlmbwHHLw3FzpUV4A-2Bh9VlblB4aGxof6dDl8ZAQMcNKWwqis0l5wxarZisvIEHsYo1djxe= 6VvUjsDzTB1q266F8-2B9vZ74AEMYs-2BCTiqjQ9B1ZPR743-2B2-2F6geY4374YiQPLePV1qDY= b15JBeuAgKtQBYy50pjKQn7I2rWrteHrlHeVG7ANBhaWiZPi5fMCy1jH8A14blSMdpdGFdSJH6c= g1Ca" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q1 2026 Pit= chBook-NVCA Venture Monitor</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>Sign up for our newsletter</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">This e= dition of The Weekend Pitch was written by Michael Bodley and Nadine Manske= . 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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;"> 10 </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;"> 62 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; 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