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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: PE finds its new HVAC, some IPOs are roaring back & more April 26, 2026 | Read online | Manage your subscription The Weekend Pitch (Drew Sanders/PitchBook News) The secondaries market has grown [...] Content analysis details: (0.5 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 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URI: pitchbook.com] -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 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 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 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!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: = PE finds its new HVAC, some IPOs are roaring back & 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 26, 2026 &n= bsp; | <a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7M= SHIF9XWYCMn6GydNywHndQGIf-2BOg6dmFQ-3D-3D_yp4_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb2= 1Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38Lg= kiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXb= CRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOK= qv6YGFIi0cWWRiwBleuxZNGzzcXf3LMaCLXDfTnsTpt63G6cFGQpVDueuft7uBUnMcfiydyIwQP= EFWG389xAu1vlsjshosPeZkb3SJ5-2FaeLADzXMljDvcsEi4gPMnQ4AulM9VjiteIVd-2BiC76f= Ugn1lsEI8g-2B4jRtjjL-2BY1Yk0p6WslxVq6l-2Fp6l0WVTJVCnZh4wsgIRQN1HPrqHNkqK2I7= Wz2Xew-2B5X5rLLH1awhw-2FOvnC3reJDDlTUVtghziUHVKxveNezp0TusmxXXdx3RVHWZ2SLg-= 3D-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #1D508= 0">Read online</a> | <a href=3D"https://url638= 0.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE= 7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBL= rG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQxpZYVDpyvCJULc6js75N834Kg1w= fc9mFqyoHZxYrhZdZD-E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0e= IaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1ku= ZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0O= WF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFIzqWnEVwNix6DU83eMx= jwDiILT5UfmTM9xCPhAgTTmshkVQE6R-2B6wsb4FAHKp7L-2BH-2BmthxV-2B-2FFTX4t52mYQp= TbMSpqnTUtBxHVYIueCirMD0TifvdQZzkno7ZQx1mi2wLdz74fPWAgvYQW7y6QM6X8q5UpoBjAz= ds8GrqPkSmXIbQveq5gL-2FBdYJcHeb8BBiqDt2tp-2BDJnWI9lkw8BRqKieKNRbKvk689oJ18l= opSgpB5IiYxp4Xpm9Nor-2BBZZ-2FQxfpqsJh9XxYkVYAVh-2BsSumA-3D-3D" target=3D"_b= lank" style=3D"text-decoration: underline; color: #1D5080">Manage your subs= cription</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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnzl1njFRDRvcQfOkgJtThFA-3= D-3DAciZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2Frw= sWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2Bl= abN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0n= ELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFI82-2BD9axDudKHbwauALGdbPgkfNZb= ixjiBAxY0la3Qg2NAJGNerv7WFcCzosusUiuqgySoYw7cE-2BJ-2B39iqsBrrrYz0YxiVThtwld= 6YxPaGIFzuLJ5esgQ-2F2wsphzk3yr1Ya3BEFwgEcRoGutzmZVLfnyrVvBaeizEnXaPZdldu7f3= ejJNYZYUXqGMaMUXFT0M6IzIiQxPx1rJJR4b1ZQNO9HflKF1LWW0BUmfDAhR4AjJKE18j91mt-2= BfxCBvAgxCqvG0ALWrN433pAKyeRJduWA-3D-3D" target=3D"_blank"> <img width=3D'1= ' height=3D'1' opacity: 0; style=3D'display:none !important; mso-hide: all;= ' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSo= urce=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3D34K77U4PLONQO&emailName=3D3= DWZSNWFXP2BBWOBOFVVLR2CURLA&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6Z= MZBKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn= =3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKT= uc6WKoQbRmWIVKlzZEeK7F3X34qg6YxfqyqSmDBEMA0-2Blg0Vpqaex2gxOzLL1thXxOgDFWoDI= PTajtVTgu7PhJpFlOtl5gw5yK6-2B9Vtd86U1rjGM0529vZptS-2FQSi1LSN-2BdaTPz2qk6F5N= F8TwWsBCr71NP99oGv0iVNlNVEecDN5Jfj-2BCI5PZD2mFcm9FriMGJoJ7r0F7rsNhXK-2FkHo8= oSluE-2FoXn9U2GhE9E7M9bpC5iGp1vj7NKka8OtaFKSMY3qtT8efS2vmfPEeUfV-2FaT2AFQWT= iaG9jPmeoXA7uEA64cJeIUGmr0J6ygFw5aA2J0xKE98xhQPCK4NJZU2dFRKOe698zfJQ5nGJbDY= 1q-2F6pMXAII13kw6o-2BBtK40htr-2FLDncYNLZm6IYGW-2BqA3gZKqNVeBKH29-2B6O3OE3Ml= jufHiqyitolwHi8-2FRyDHrFjmsuSWBHGpkj730T5bbY2i8dao5jHb6WXLH9MCc22cyTpeSSpHr= bjTm9Rn6f-2Fh2sx9a08jPy-2BwAyIGOoXS8RQUg-3D-3D" alt=3D"" width=3D"1" height= =3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important;bor= der-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;m= argin-right:0 !important;margin-left:0 !important;padding-top:0 !important;= padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !impo= rtant;"/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.co= m/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Weekend Pitch</s= pan></td> </tr> <tr> <td 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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnmM7uPS75u= dWQroa24kS61g-3D-3DMq8Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2= B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV= 1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusX= i0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFInxnnhK3KU9ivHk5= L3r24Mv7Y-2BG-2BeUFa8j53tqPuZ47GIv7tfQni5pwCf6tPp7HYAwNuTVfdMlrgovJJEWxzLo-= 2FXJ3a5oflWLPwWm34Xriw8B9Qrljau4Kxx-2FYE023P9GyoJy0ftsDm9oLPCEDSMuYD2-2F5HP= 88owQKr8jky7HSbk7P5Zt-2FKxa9XKjl-2BkVZ7wdhJzlkVPtXaK1-2B8I0VKscxKIb6n8UoYz8= 6z34Mw16iG0l2TmJpcp5DVmLlALDo9U9TPC-2Fse5V-2BmPPB7QfM-2FQjUQ-3D-3D" univers= al=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co= m/news/73929.png" style=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">(Drew Sanders/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">The se= condaries market has grown so large now that its investors need an exit. En= ter tertiary funds=E2=80=94the latest sign that PE's liquidity issues run d= eeper than anyone wants to admit.<br><br> Tertiary funds are essentially "secondaries = of secondaries" that acquire interests in secondary PE funds. While the str= ategy remains niche, some players are growing quickly.<br><br> London-based Netley Capital, which focuses e= xclusively on tertiary investing, has more than doubled its deployable capi= tal to $825 million in April, up from $315 million at its launch in Septemb= er.<br><br> France-based Bex Capital held a $765 million= final close for its fifth fund in 2024, hitting its target within four mon= ths. Fund V is dedicated to fund-of-funds secondaries and makes investments= ranging from $5 million to $1 billion.<br><br> In the US, Michigan-based Sturbridge Capital= , which buys LP interests in FoFs, secondary funds and tail-end funds, clos= ed its Diversified Private Equity Fund III at $288 million in 2024.<br><br> "The secondary market has now got so big tha= t LPs in secondary funds need liquidity sometimes too, and that can be for = a whole host of reasons," said Robert Perry, partner and co-founder at Netl= ey Capital. "If you could come across a use case for the secondary market i= n the old side of things, you can apply that use case completely equally to= what we do in the tertiary space."<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 <a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnm2iZ0-2BVwJpr7fiNV6OTycg-3D-3Dl3O= N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrkseJ= 8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2FrwsWc0Mkj= E2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2BlabN6L5Q= 1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0nELgMypd= RaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFIhziXqnbBXKNwtJXGRz52XSrtdgzTSx0InZL4-= 2B2Ka9ui5RdQLcKoQjAyF9mmGaML0853igHvEsefytomAnAUC1JEPOY-2FWUJpluKGtOy8C5E-2= BBW4cZk1G8iZvJIccRnReV-2F6PgeRa9PpNujm5wJkUDztE2jigVIzwNXyhWHFn478Sj4VkAoiD= x0syMUl-2Fb-2FmWxH8K2PIa11yakDGbb2dXFe8E8q61PqLZyNIfy7GmQsV3fpfA-2BiJqiFLa7= TxAKVEsr85Bqe99m3FhTL13RKRDsaw-3D-3D" style=3D"color: #1D5080;" test=3D"">L= inkedIn</a>.<br><br> Given these overlapping use cases, the strat= egy also faces many of the same concerns long associated with secondaries.<= br><br> As with primary PE funds, secondaries and te= rtiary funds also charge their own management fees and carry, so investors = in tertiary funds will be investing in the same underlying assets with two = extra layers of fees.</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%; 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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_580133" id=3D"n_580133" 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;"> Put your brand in front of pri= vate market decision makers </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">Reach = the C-suite leaders shaping private capital with trusted data, actionable i= nsights, and high-impact advertising solutions designed to elevate your bra= nd.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnFjh3kTN= bhUuNuRfFtA2y8g-3D-3DDcHq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB= -2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqC= CV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNu= sXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFI37bW91m0TRfPh= hh7MIHk5KUHSbyjjz3hEpXU9h58egsFG8L5d6o87YgBVV6UgnD-2FmY1WPVAGNBoeHYnmT7-2Ft= HqOvXF-2BDIN5LMJEI7hCDQdpSPuVjwzxIaznSuXmAC2bL8sSK7VHrvYRTC3m8WB-2BhVp37T-2= FgrY3Vuo7I5QQqM7Lbhile8joIGsjyY-2BNZk0PVEant7CJ32baeOmn3UnCvewamGHT-2Fi-2FR= 3hWq4zUJjRged9QPSE59FZjyDDH4aDmKm2ZL-2BdJg8zJHB-2BT0EmIAkxCw-3D-3D" style= =3D"color: #1D5080;" test=3D"">Explore advertising and custom research oppo= rtunities</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">PE exi= t value in European B2B defied a broader, sluggish PE exit environment in Q= 1, doubling over the last quarter. While deals are getting bigger, the volu= me is shrinking, with exit count for the sector dropping below 100 for the = first time in five years. Still, the vertical is on track to double its exi= t value from the last year. How much PE exit value did European B2B generat= e in Q1?<br><br> A) =E2=82=AC43 billion<br> B) =E2=82=AC29.7 billion<br> C) =E2=82=AC56.1 billion<br> D) =E2=82=AC36.5 billion<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>Garage doors are PE's latest HVAC-styl= e rollup obsession.</b> With 26 deals in 2025 and an $800M platform acquisi= tion priced like a software business, the trades are officially a blue-chip= play. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnmi5GbAF= p85X3FEetoVqcoQ-3D-3DLoip_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB= -2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqC= CV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNu= sXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFI4-2BAdWXbIvK9= 0O-2Bgn263rGWDBxsDADLfWBfZQXXlFYDmt86E75NxZHxBnZLmNFhkuNs-2FWBrSwVdFhv7hjUf= A2-2BuGL9aVg6HQ322F3zPnntXDKxflNofvGVRJdeW6kt-2Btzjs0HEokrWUBBOBEMKV9y7d4Kf= 2DQbLmDJ0-2FP9RIqmVX4TxZITnZ4hOKriigUJVYd1PqDs-2FXgkV2QV0iYpC4ySSbFc4AtEaZe= tOHf9HgEz51C827o4yeTXlX2-2FJqTa2mFL8uS0JglZgaLd5478Wo8Zg-3D-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true"><b>Learn more</b></a><br> </li> <li><b>Employees at the most valuable private= companies approaching IPOs</b> are increasingly declining to sell into ten= der offers worth billions of dollars, even as investor demand to buy their = shares far outstrips what=E2=80=99s available. <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnC9pQiu0nzjXZJb8aqDZWiA-3D-3Dk5qY_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6= fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2= xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP= 40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLr= gPPLW3WnHRftU6VOHWOKqv6YGFI6NKSSf2AwW0CM0MWhUbUaQU9mwu4r7F-2BQpw2xJHTDMYzpg= g6m9TDXIBYG7b4rmC1zkD8a0yu19EljaCh5kpuUIKe6NCpe1h-2B7ezPuUtGPU6CndJ9KzcUA-2= Fb66RPO6Qf2n21ZB6-2FLeM1UVKPRpsv5-2BUpvE1zJpkQJgKiVe14su3MBDrrQlMzD5KQjQh8V= UDry8HD6GG6kBUyCrjIZqLcMW3Y6eyBbbF1VUDfwHvhOTwFfnL-2F-2BHtDbNKgGK-2Bbdhw4NO= xHAePofruuKrlVyQByKuA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true"><b>See why</b></a><br> </li> <li><b>Software company Medallia is likely go= ing to be taken over</b> by its private credit lenders after months of mark= downs in private credit funds and suggestions that restructuring was likely= . <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnwwA5EV8n0-2B= MdnCAbf-2BTzsw-3D-3D1lzF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-= 2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCC= V1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNus= Xi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFI4IFdzXIRaacsiL= wedrDxYsNoWvrlrwrLu03NrWqOvqfPYfNxXITocN0CKoWErQWvpvja4JV-2BziyEq8KsO8SRe1S= tpz-2Fefsq8u9vJOIrINgZpAoVA3xv-2FP5AzlYvxyyeLnlw9ALmWO9bM-2Ba-2FjH4IydzCJuB= DjZrgrdqrC-2B4iV3cwlg7SxBxId7MQtkG17ZxspgHxd5pThONtGYwmCGvuTNwEhdCib5BgwuoF= C6LrCkmLt6350QA3NiNGgcisuM-2F52I0wc7miAgDWJ5amDEinyKQ-3D-3D" 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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnH60UAmXjc= 9QuqpI4PazsbA-3D-3DufGs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2= B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV= 1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusX= i0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFIhlcAsjmJ4Hzu5-2= Fgd8EQqReQURALLlRl8mzggZnvXXpi26LFkAtUYkX1cot3v3m-2F3L0WVTPYq7hwHY0ey0SDNHx= BQ5Ydgl3i3G6Bl61bNtayp-2Bc5YCiUS80qX8IHwSBLnv7TJ0wg-2BjOrMCFHEpn98ANIk91-2B= fSdSvBJCK0AUMCDwcIKHDy-2F3mycTQWRCjIodMxQC6ezss9yhkRheYQUa0UsWZiFrlJx2dYUsg= KQxqNFFdy2Hg6u-2BFf-2FOo3gqUzdYPcyzAXeProLJQA0olx6SSSQ-3D-3D" universal=3D"= true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news= /73932.jpg" style=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">(Angela Weiss/Ge= tty)</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= =9CIf you=E2=80=99re a smaller issuer, you want to get out before that truc= k comes through. No one knows how much money is going to be left on the tab= le. We=E2=80=99re talking about the biggest IPOs in the history of mankind.= =E2=80=9D<br><br> =E2=80=94-Steve Brotman, managing partner at= Alpha Partners, a late-stage investment firm, talking about the potential = rush of companies going public before SpaceX does. You can read more about = the IPO landscape in Michael Bodley and Kia Kokalitcheva=E2=80=99s latest r= eporting <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnH60UA= mXjc9QuqpI4PazsbA-3D-3DZbmY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01hu= VB-2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeF= qCCV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKq= NusXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFIy10mfwQr7Pf= AsQ658L8Ve3geA8TqVBSAaaRwKqQPnFSzGhwJBkCWlDe20XdV74eqEKdm5hIs74wIJWr-2F5U5J= VDODPYo2igMRHwVwal85UV-2BW7muK8ydB0sHZgplpT95WvRoTS4vnJJ9PJhQWCVs5c40WqoeEz= NqKFxMM9TaChI8BjpbaALaPgNurx5pnN1JIT25vLcq-2Bi9vsb8QcKjo0aBMHqWPywDL5Yk18A-= 2Fd9tipzmq-2BRp1blXro5H1a0YUw93wGPMYIS-2F2A7fqzcBAEVsw-3D-3D" style=3D"colo= r: #1D5080;" test=3D"" 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>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> In Q1 European B2B saw =E2=82=AC36.5 billion= in PE exit value. That makes Q1 2026 the best-performing quarter in five y= ears. You can read more about what=E2=80=99s behind the rise in exit value = by reading Emily Lai=E2=80=99s latest <a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzX3CMaFBTw9oHjRg1t2p3slyugATxqmEAkPV9fdbRJ00g-3D-3DljtM_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB0= 9g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfT= jhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn= 27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnH= RftU6VOHWOKqv6YGFIIw2sLFxiXtrX4-2FQxBnE0JFojMZCFBQpRrcZaciCWhYp7dcpGowMK62W= l3zJp-2FxO7V88cCBxSPBwpWAeGqhGqo-2BhV0ckIR-2FJEIgGoCVWbp8aSaMZs6ZrSBNCC85AK= qBkkw5d2tMWF3yDCvRvvPOnvQ7VOG8o9aieS1MHszu-2F6ar14LsXll7ZX3ZzFOW7IvVgKYTN7Q= 6O054g8xF0Xl80kCknyUEhcDNN2xjGJiBasmSmQ1hVKJZ-2BcHT8vf-2FBEWvUTr4CIE3gIuQ18= L8T4m0gpKQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">he= re</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 Jacob Robbins. 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-2BaqM7ONnvsnswouzX3= CMaFBTw9oHjRg1t2p3slmpujQ-2BQuhvp46RmwcFhlXA-3D-3DInoc_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g= 5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjh= f4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27= wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRf= tU6VOHWOKqv6YGFI0Kr-2FsWgf6AuydcybQ25HphPWW8RKeX-2FHHHcB6iSYHytKlV3W9wGg0n2= VMJ7OeDGC-2FpKgzgkaTVEtjxrLJirq1vBqnXmHaG936QNqsAqDhG-2BRnQNTQ5L5oOB8FIAMwf= dwmHROn-2BHh6lm1AyPVTn0ci0iuRfOcl-2FVMrYW1tU-2F0DWOAZNsyA-2BCuq2cut-2BtbFi-= 2FtKqBETnentZVxqz-2BtmXAeXnvfSdNgAixD7VE1aSg-2Bv-2FZCysLrsFSNxnZ1WaN8mYmSs8= HkWOolQGYSy2brKRiAqg-3D-3D" style=3D"color: #1D5080;" test=3D"">pitchbook.c= om/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;"> 17 </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;"> 199 </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;"> 116 </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; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slNQCp0eNXYd67-2FKscQgsdQA-3D-3DO= RGL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrks= eJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0eIaBZQbC-2FrwsWc0M= kjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1kuZPzlF8OY-2BlabN6L= 5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0OWF-2BQ6xwx0nELgMy= pdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFIClBuebrtVkdDknwg-2FIx2hCGOhG-2F1WMn= 1dAGj0AyW52-2Flzh1vlG2kaHHhytQ-2BfHbUUrf6j-2FqxcYjW9fxYHB-2F3BgpWLwlqJ74A5q= mEKdVKP5rUn-2FgCenE29BMHNCfPw5Jm07UWeV1MQWFYHMANC9EKuWtuyjT-2FAYOwnGpYBJ-2B= JcJzQaZjbcAfwfmlFNiu5UthH96DCokd3ghyqiPf6AQE0doBfpjkkE2QZ2uzxFHYwuv5qDqCbcb= 0vkK-2FMEXPSH9ptUQCprMrA2e0CMKtkAmyvvA-3D-3D" target=3D"_blank" style=3D"di= splay: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </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 height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slJ4raGhGzglq= dIFTc4z5Okw-3D-3DpFmF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0= eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1k= uZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0= OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFIAQxi14I2t0MWREMgu= 6PEZ6ye1irMr1vh3W9mC9EMuz0eUVch8KvkUT2Y4bMpVTMHkKsnKmE8acuYKBxpWZFEDM-2FjjB= 5AX4bcTI2Pb2lZ-2BHTRex25nxrGaPzrljp-2BXyysdGFaCX9Sn1UftFkJy2aSsQyrMz9TSbAdi= OI4HyGMh5w-2B8j-2ForBUe5BKAaZ607hG77OeE2Gqsk8Spvn-2BUiVPEGqhbgvPGL5RjrfMGAK= 8PGwYPq8-2Bq8K3oaw07osaE40TWhipVv3JX1Gy4icU205dUNw-3D-3D" target=3D"_blank"= style=3D"text-decoration: underline; color: #1D5080">About PitchBook</a> |= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slAACSHmAj6KfrS= Esx-2FTcp9g-3D-3DffaR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRrkseJ8UbTkEAx0z6fzJ7i5ZB09g5Rr1hZCb21Yl43QjPzpEtBa01huVB-2B0= eIaBZQbC-2FrwsWc0MkjE2z-2FN9kF2xJYn4ywfTjhf4PWn38LgkiLZ6RBsETDqwQVFeFqCCV1k= uZPzlF8OY-2BlabN6L5Q1j6TWsHBHqP40KDqgkZn27wuwOq0xXbCRXF7huV-2BanKLLKqNusXi0= OWF-2BQ6xwx0nELgMypdRaNSB7N1rLrgPPLW3WnHRftU6VOHWOKqv6YGFICMVppTHWiA9ZtswOl= AVd1NgGxGuZOFQRAON-2FdQ4qRKYrjch-2FVloR1pJ2Boi3fVDyU-2F7hjWO2aplUu35QJ3iJsr= Xr2q3dqLO8oa9SJLhVScMxxMieOImG94s8cTDkp7ZTwrnkHVna2VZEfi94oqJBIeKfk56kS8Wq3= m64i-2BSZ3Y8GHU9x-2Bann-2BbFPOfu-2FXHByouG77zEFzpNdamL-2FC7iiqpjZTekyQpcPdi= PBG-2BQ97XBMrvtMPCWdQm7VoN7fWo2pVj61uANLRqyOApZomx5uNg-3D-3D" target=3D"_bl= ank" style=3D"text-decoration: underline; 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