Google
Edit File: 1777198365.M346875P3403637.server-619288.prediksijaya.com,S=81680,W=83267
Return-Path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com> Delivered-To: angker@server-619288.prediksijaya.com Received: from server-619288.prediksijaya.com by server-619288.prediksijaya.com with LMTP id 6EdIFB3l7Wl17zMAf7/9AQ (envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>) for <angker@server-619288.prediksijaya.com>; Sun, 26 Apr 2026 17:12:45 +0700 Return-path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com> Envelope-to: most@ponjosonek.com Delivery-date: Sun, 26 Apr 2026 17:12:45 +0700 Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:37982) by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256 (Exim 4.99.1) (envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>) id 1wGwTf-0000000EHNG-1Sou for most@ponjosonek.com; Sun, 26 Apr 2026 17:12:45 +0700 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=news.pitchbook.com; h=content-transfer-encoding:content-type:date:from:mime-version:subject: list-unsubscribe:to:cc:content-type:date:from:subject:to; s=s1; t=1777198318; bh=s3RPX2YosxglnOfME3IJTGsm+jwtveyb8JwmU3N1ZrE=; b=tXRr95gOnAtnNs+m5qW2NoGf+GNsJEHE3852HEMz06CUm0FYqPY1AheNZtwzCEBGpP0A XiRJ4/XvrUrzGXjeEU4uV/i9685+D6fSh0bT6fAj18y9q2Ek+DOEHmLXDYQLDaT2skADQt tAMjXQTlm2PDYmMP4W+tBWctxIO+GuD7Km0aRRMxPyA+S6PWGsFxaNDX1b+sZ10EIuy/pf cATmIVM7schUN5r9Ip90t+H3ehrOXK6KJwICOcCtN7NkcpKbdryLSsc7RZXg5hP4FGBBkG t3gvgyowfSkH/IPcvmg74JIi9FJbLZlrhroouMOiK0RmnElTuKCenWpqNy33tL8w== Received: by recvd-b7544cc98-xshh4 with SMTP id recvd-b7544cc98-xshh4-1-69EDE4ED-5 2026-04-26 10:11:57.086518125 +0000 UTC m=+390138.824254834 Received: from Mjg0NTYxMDY (unknown) by geopod-ismtpd-22 (SG) with HTTP id Sdh9olFBQQaYxyedtPLGyg Sun, 26 Apr 2026 10:11:57.032 +0000 (UTC) Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Date: Sun, 26 Apr 2026 10:11:58 +0000 (UTC) From: PitchBook News <news-noreply@news.pitchbook.com> Mime-Version: 1.0 Message-ID: <Sdh9olFBQQaYxyedtPLGyg@geopod-ismtpd-22> Subject: =?UTF-8?B?U2Vjb25kYXJpZXPigJk=?= next layer raises old questions List-Unsubscribe: =?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DABLZ?= =?us-ascii?Q?54MOPJL5Q&em=3DTPK2HUIWWCWW6MTTUSIG7EYYZN?= =?us-ascii?Q?B5PPXINB6DV2Q&ent=3DEEDOFVR6FKF66=3E?= X-SG-EID: =?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZa5d7rLdiAsxLgSYARk73rxHPd3Aqlcm2Tnrv?= =?us-ascii?Q?pNBcRMFNFcwVOs7OA=2FjzaFr76g=2FimFcJNSqvbpF?= =?us-ascii?Q?=2FaHM3ovPMzBIa+kCVqLbcKFwkhhaPXr2apPA8A1?= =?us-ascii?Q?2lzyiSPf4IfosS4r5B9CN5PeM5ARstJyZBlTWH=2F?= =?us-ascii?Q?JbaL9HpWD2A3ia+EjO=2FCgFyH+TD3YILhEpP+rsH?= =?us-ascii?Q?O0b9c5LPgISxsuXEpuvd3c=3D?= X-SG-ID: =?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3BkHPbHrJeuGPzvOHsWsFDrWeFBXkcRaExZ6jt?= =?us-ascii?Q?9Tg5uTf=2FS0oQ+KIXqhAdvASkASwAL8qivRefKeQ?= =?us-ascii?Q?D10qCihTBv+KZXe6KNKld5Vdx+=2FKTeVkjLBQ4ar?= =?us-ascii?Q?Ar6FexW834Lov7TsAsQLV+M1kJHvnePuxUkleVn?= =?us-ascii?Q?kTWyoczfeeq3wkyyj3VhlkG8eVSPNCSRWKJCJsj?= =?us-ascii?Q?tGutQzBbfOl3fy9weSVEyocqVSLcLUVPhflq76S?= =?us-ascii?Q?hKtzwtpaG0EdCaQaLzVPeuTd8=2Fbd0llT74x8CRc?= =?us-ascii?Q?gDUwDzR8JZHcBCBkstcBRec8qlndo+OZYJ7dsrV?= =?us-ascii?Q?tQ71UIZVMtvqIVlYpQtpcsrCFapWZHhUt=2FCeCXt?= =?us-ascii?Q?99wmwNP1nwSyPa=2FUO4DmNUwFv0zvRpzyxJAuw=3D=3D?= To: most@ponjosonek.com X-Entity-ID: u001.YFoIgyol8PWrw0qKNaJxbQ== X-Spam-Status: No, score=0.5 X-Spam-Score: 5 X-Spam-Bar: / X-Ham-Report: Spam detection software, running on the system "server-619288.prediksijaya.com", has NOT identified this incoming email as spam. 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_MSPIKE_H2 RBL: Average reputation (+2) [159.183.175.69 listed in wl.mailspike.net] 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= SHIF9XWYCMnF8Ly-2FWhyBepoqcMsx-2BEshA-3D-3D8ehi_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgK= Yo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKIN= L1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2= FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM= 5c-2FOfRnphOCrLR-2BeOexVFT4Am-2FDLxk0gXEzKP-2B2-2BzO9IgnhCsXMx5skpzd0ys-2BW= 1axkayMAsRIKo5lsY1zdCtjOmv1RNrK5Y2TV5tZd4x9XUFjpzHmRrDarCbmZAuC7CIk82MtdJTJ= 0ozhzFHc2YLedjwXAYmvivQbb2frWLv98eV1GaIZAxVOLpx7fBlF5-2BHGSVVwQpx6cvuF8a-2F= Y0crZQG-2Bf38CK85aoFg8DV1OraB4MkRp-2Bqt4jZ5-2F9HAoM41Bk3iM4xOun4KvpMv-2FN8k= dv-2BTSng-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; col= or: #1D5080">Read online</a> | <a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ= -2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkX= rIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2B= VTS0oRt95U99Dcs2eVuP4ojBepwdk1PW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbA= yk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jur= QUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf= 9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfzpXeNdfh= M6Tp529uY6wnc-2F2WyzMdnZGnZ7HrFCUyqXg6ny-2B6VrwI8tpG2l1PHtdsDE6aUuZZuGm2uJ-= 2FZUJvm7h3YeWBms4J2M4h5GHzuccOmz7rBNCjTtw8bjGq2mUpv83pf56mUpe1BdR18vA5DZ-2F= 150ko7zHFs1Ln4P2ApONv8-2B4p92RbbpMdGrOoYb-2BI05Rt1uVWaCclw-2Bg-2FjTgHGPPw2M= xEb1zJebb3Wc1YS-2B9Utemg-2BjuwsfqPgTl2JQoL6flYZZ84o0B6LkAf7OSmmBA-3D-3D" ta= rget=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; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnY9acPy3P6Ah5131fnnGw6Q-3= D-3DQrWa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpU= MpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHE= a5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDX= TLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfegIx9GgjoZcqQNpXBifmRQsA2hq3Kjp-= 2FB8LFDD6QpGfVfrn6GHUzAUqjNQWiGLB-2FuuTLmClPZiuQF-2BEHF0eOk-2Br7CBqPTunTZmt= gUoVS1n9KpYawf2UX2Lad9hNPwfGbkbx9TvFq-2FNcMXiRIt99WsRnUt7fUvucfvWIjAQPeZ8MY= i8maEvg5gn6DZMWEGJ-2F5tX8p-2BgcRwBdQ-2BCLxbe2CwnzprDSx7KoHe5xcovucsbEvHCeuw= kB0bPka0R75vyZY4Ldl5Y-2Bjzjsvt-2FTRdKkv5g-3D-3D" target=3D"_blank"> <img wi= dth=3D'1' height=3D'1' opacity: 0; style=3D'display:none !important; mso-hi= de: all;' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q= &eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3D34K77U4PLONQO&email= Name=3D3DWZSNWFXP2BBWOBOFVVLR2CURLA&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KE= HCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/= open?upn=3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8= mspgm8jdZRJclWC1ukAHEkq-2FT1etG0TQCb8auLimIITBHxKaNFmceY000ThzEDPEEhqdrolLu= -2FVZPEuYjP5KY0vMmdYIMvW5uXULb-2BYWgqZMIx7Iuzy3dG7hCsCIIjAfAxcZ7F8WpzSCf5ty= JvO4MDvbBZbdm2axvev-2FiyS0UXdszpBv78u7Nqa2-2BqcNzlf6069ZybffB-2BcXPQ3XwtwcO= 0yz9Kuabacgl68yFxBDc2Fzscm8udOQjulY9btnOtRdpPy8-2BqOfzYWS7xopiGsdkMFLFehArJ= uwVm-2BDNxCKwC9ZGmy6k9kutsfxi1CNjwtcNsLplV6WiyO7RLkorq0PHNrq1EzWNZKxaI-2F6g= hVbO-2BsN-2BKfipoEDbcVUvTlHXz31J8KGqKsbahPTnO-2FcTkNu9Tnt-2Bsixd5pMdzYFsBwL= Rvmw-2B-2FCtcsj32lChjmjqIN-2BQH-2BDVGV-2FhIyn4kQq-2FhNPIq3JrEQNQoLBsgl1Fli0= 9dSimGvtYaGKmDYhPRuTXiXptX-2B67cW9hNewvBcjNiFFrTxeBb03eg-3D-3D" alt=3D"" wi= dth=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important;width:1p= x !important;border-width:0 !important;margin-top:0 !important;margin-botto= m:0 !important;margin-right:0 !important;margin-left:0 !important;padding-t= op:0 !important;padding-bottom:0 !important;padding-right:0 !important;padd= ing-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https://fo= nts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBo= ok"> </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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnQyQRL28b2= EgRnQD883LwXA-3D-3DUO3S_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq= 4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcp= e3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcr= XXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf24xT9Uo5diHRzo5Sa= 02gtsZFxxZ1rssRTdk1aP-2F-2FRU9Xc7gkeXwEqiEDszni7jq2vhmHXAl7p1h-2Fn2JVLwU500= IrMduKkumJGg0lD8dW13quQdkdemdQ2-2BbY4NsiRD4Qigm3K0J8uLJakASybXi-2Fi0BgaXnWa= qRd-2FoJXYo3ID1jYtUFvnpY6bdv2JHg1nXTbGFlP86KUHwPD1sMEtKfB1dwKRoEVmHpAv4qoyA= MgCMTsQ0VCuCQL-2Bq30xLEnA58IMrrvr8ab1M-2FinID5AHeCdw-3D-3D" universal=3D"tr= ue"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7= 3929.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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnc9Ps-2BV-2FmpCOXOrmT5okJ8A-3D-3Dh= hye_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9j= C9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5k= f4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0c= IMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjl= DFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfCOjSgp-2Ff0mIa4-2B1NeXEJrsQCMTWVHhB97= -2B9TXYuplgxJIM8t17miNnsfHXWDMYaDU-2FsUGD6WETWWKxlQdwr3JMZrzPHQjBuDZoAnll2o= 19bA8ackrokW8EjLDv0mkOdHw2uXzvetxiIDBTCUbnVM8MIi-2F8zeWv9O0PW1nbqsru5UdMxgi= cqKFGVk7qYhBI15DLqUPFDmfZsHkEy2wyvcSuFoNiIMRhRMOJFLvRpj5N0O7pTCYQw5CtDHFWLX= X63DaNXPm5zCQTrDvVscjurwdA-3D-3D" style=3D"color: #1D5080;" test=3D"">Linke= dIn</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%; 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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnQyQRL28b2EgRnQD883LwXA-3D-3Dx= Hbh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9j= C9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5k= f4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0c= IMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjl= DFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfpthT09a-2FB5ZYTSlB1gwKDJOrP64FarU19Nm= BA0qzKFnsorFCxJptm3q6NCmg1ATMb3hPGj-2BNlILi3vGQw-2FJ3Od-2FtI6Dr8xasMelEbseR= wT7Z3TX72N-2Bk7R71s8rt2LAK4mvKLbclcLVhCFjDxBrP-2FNrIqEVqzzhUUz1hwNkrKlNl9Ug= mZNbVvcevaDtf80mz-2BH11bfFuJ3qmKj7KZW8ILfxldrZTNuFBKCFjtJhireqeMIKtp5c-2B5Q= VVnZhRlvidlKSrpc81SkPeq1ZkpABXhA-3D-3D" 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"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"v= ertical-align: middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-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_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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnycDqluL= IkB3LWyanPhalbg-3D-3DK_sR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fgqj= Fq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovI= cpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnO= crXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfQHympI74-2BHUR9= -2Bl8XJvW5iEdZwpMHt6jxZ-2BXFsW2dEaklp9fL2AS5YWLYSUhDAapidRP80k9kdlPOx0WQ9Hb= 8-2F7kU4sC9DhqTPfa1wn-2FOqaTRJdIKOPz8NmanVFnhy1vG-2BpAZLtUg2mbSJ0-2BPDwOkEQ= Nfy5a-2FkM-2FiQJGShvvjYTeVa90yuYhXjs-2FAhK6NQOV0A7KqVPrskXMGs9QsPPfAdFhqQT7= jXJ8Hs1neg0kKbxm4SQTscVWHTOjR7Bs1gKCouQLbOGpy6cHoI-2B4brbb0w-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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMn2pvLjWH= vB-2Bw8tp1tn8XhlQ-3D-3DrtqW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fg= qjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4o= vIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbr= nOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfWyXE0y8gozt3K= oWyOjLdfzwlkBJk0kSsjSYSQEBlTpwTWGhz1QVbsg59mP-2BHECtD-2FxmHQBhyPSEeihukgnXr= nl3TTSszYRM0msSB7bpLoFbR8Yy5zDXyphN1q4kb1Ff8d4cBJwzPv9J4mkrBl6YFajk-2FlpjHP= tHV3d737V2rqmOpkOL0KkyIXfVd-2BNXBqbWGS7V-2BfKb-2FwpJLQeQjWi9Q4EsOGfPqPno41h= 08W8BUOMNRxJvImceIStybOuGFzv1gMitcvMtjaww2Aje9oF-2BqNA-3D-3D" style=3D"colo= r: #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= ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnlKXbUNt9tOYgNOtTARJddA-3D-3Dw7tw_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0d= qulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj= 715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-= 2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4w= xBylQtJWFXe4aPTfhM5c-2FOfM5PdljUZ70Xwnl8Yo0-2F80yfoUpWt-2BFza-2BCyNLqyFPMSy= mpeU0fIbY66iDGylct0DeN7y4qpugXM7wk-2BWTTDyBgdeyaAv3A6vs28HnteKYrG5W9Lgs8Lf1= aQSbtXHH6syb7vLQnmc5Fx7c8OezAVa5TnXaTlzybQdDMtTgXT2GGViuVwpgN2v9YeK8DyWMhcN= Hv-2BLklRil4yXWaoN-2BBN4eDsQTUSKNwhstQDiRAXFCMVHdb23yzvBEF6-2BIHPmU-2BbM-2F= uIHPA-2FnvWylGJ2UnGejvw-3D-3D" style=3D"color: #1D5080;" test=3D"" universa= l=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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnirRyev-2F1-2= FPT9CSyQXGchng-3D-3DKk7v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjF= q4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIc= pe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOc= rXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfSn67I9LqbhJY7uqW= -2B4Y-2BbhIICs6PhVCn-2Ba6h4XS67OVCSKq2CITxwpjF5mIPe7wYSEVne5MGeP-2F7Xx1-2F1= MraWz7OXxo-2FB2sSesMbVsGAjBgxbDNf-2Fgd-2FUJScfPqqIxXNNR46pSBMzDCGY64K0jmQx4= 4bpnfkfxv4N7oJrkHyVouG2Gl5xiGQtqKhEhJsY54k8QeFF74rAZ6aHXynLBqwe9EZ8hoVges2B= Mh3ikL76ZrTFqVzgGCX9pnKhnp-2FvIsGHrpSXfIr-2FQY0zP1iCd8mxQ-3D-3D" style=3D"c= olor: #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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnS6B1WpnoF= Dlt-2FSV9Lvmm3w-3D-3DotVU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fgqj= Fq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovI= cpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnO= crXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfvqamhYgLJA7j94Z= 0ePD4MRFGwycXhmVdr8TOaPGuc71Yioog3gPTZPOJPHYfnwVijqExAMblSsEyZdhDzHAikBcpMf= a2Lmf8Q-2Bu8a6-2BRSrJlpCtibkTCvr59oIAGTLGcsAoyrqhovu2QhajXgLG33zOvgbhZ75OeK= VG5iI92A6b690hMLTGdIqZeM-2FPjk5lANil7Crkc9ifuDORctjj5d362b-2BDSspfojN5yFej2= A3-2F78kyVKrdcUkrVhL-2BqUFw76ZSb65CwCy0juq9x7TUobg-3D-3D" universal=3D"true= "> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/739= 32.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-2BaqM7ONnvsnswouzXVoz1VhWR7MSHIF9XWYCMnS6B1W= pnoFDlt-2FSV9Lvmm3w-3D-3DWXW-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7= FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx= 4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QU= brnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf7FwNnnEo2c3= Q3Ll2xBttA-2BMhsIlLjnIZ9ZQF2zFhhHRGRBIHc4yVAAqj2wV14oPgJqHgEGuyUFjCS3ZPwcEM= TSDbLZEvETPlgZ-2FSiC-2Fnmiam0s8xlE1ONl7EQeaq7aFKL5MlSxRrIjECWTlb5bb7icK38Nd= ldocItKH7axKYqQvPJzdh7rMBp0eNW3usd6-2FNbfJtkBgBNxqFChdb8SuheT2papY7Kwj1xbUA= 0Jxl11gYsc-2BJuvQ6POhYJAREF4OGYRwbvWvwq8oFOF1BfcVZuQ-3D-3D" style=3D"color:= #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= uzX3CMaFBTw9oHjRg1t2p3slhIX4IWfWnkbVS-2BeRevm8KQ-3D-3DvEUx_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2B= IYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqC= xTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0= NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJ= WFXe4aPTfhM5c-2FOf-2ByIiwNDKC56IJURg-2BSSO985YGiihfk6xxRLr1eEg3WQkEgUJ6jUOG= gVgK77Z73wrBtRxPFvZBNxsEsqaKH74jqIR-2FxHcBMhqIeNx3el6X3ZiV7UiofCyyxVn0jH0oh= tRAYFMhBl4kbcR3xErOR-2FD7fHaNg8syaoAR3szDCYNHbGNnhZ9zzEu1FU4lBvAkHDgq3EF45H= hud6Gdqz6tbmiDeMHXVVfJ9hxDjnwOxjr42jat1zkkUFu4VexWzI4VVoX9DfyMPSVrvgnaFX4BU= 8egQ-3D-3D" style=3D"color: #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>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= CMaFBTw9oHjRg1t2p3slDtrrwmOnyVcn5QAfR9dBNw-3D-3DNRmH_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95= ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz= 8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4= bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4a= PTfhM5c-2FOfMDNIIsLA13FT1U3bDiXz-2BDNMx1U35Sgv3nL-2BO5b5h3dd4KPe7MqsR620oCZ= f94HlF6od14OPVkEMnqQnv6gBt-2FJAStPhu7yYoAt309iNjBPedF1nqokofRzflms6jJ2FIOAa= -2B003kHulWcUNOrIuJWKJ6vn8LrZ2i5eCcnYwZy3h8QXbwYdxOt0EuiEnrTjBldBt7t3kRmGWX= o5EivRnc9SkvsohkjkBWQcRUzgU1uFqKLZfOR7x9pN0IYlBJ2lN4oNZF8W2BKMWOpsNSWlCpg-3= D-3D" 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;"> 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-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slsUpbrIHZVOk-2FQjDuOzJJLw-3D-3Dw= tVM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9j= C9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5k= f4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0c= IMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjl= DFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfndKoNXdQ6UMsiNcLYQg4oPBLAT0EnHgueNTMH= dV0iAbABsgA4eH8QlfxktW9ebBXbs3Cn5JNNFs-2FmWuPZIjXXriJrEdr8DHaI-2B9pcJwTUZK9= PpbsS-2BmO96ZXe8Vg-2Fn-2FwBSmUOZBtKzT0pwUl0bA1Rnk5xCxLnjlYb1OtrK3bW-2FwKoPT= LRfU3TUs2mwufW8SF-2FcGXNWk7opz2Xx-2Fy7ATl6y2-2Fa3wB5MSo9vUMUvOHdE43gLnvg9wd= 8SD-2FHIG9BpI0-2F5Cv2OKm6RqKb9Hlya6SOA-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-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slpfphdqWxHka= kFYCKJFlEjQ-3D-3DlaJf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z= 64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3= F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXX= kcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf3-2BWWiW8UnATHzES1X= 1hwdECoT-2BWB2IVgcDvJ6-2B4RwQbW6HeV5UhRyTmJSBo27i57e29xcUKxp8XgnUiJGyMARyln= OCw8niPAQMAHQsfyhVvZkFU9Bjzrpxr0pqLjxwjNs6L7brM9K-2FRxKY2LYFpxTtYeXqM17v9-2= F6ovmjPNUapDP4wc0x-2BYve69lxvau19-2BsQkjbw-2Ft256mESgj86Qlt6qhKPUptgR0LExAv= f7CF7kJnf7Wy4uS4Mxafhu-2BfpEvvJlY6qj4WHB5A1aAWdeJh0g-3D-3D" target=3D"_blan= k" style=3D"text-decoration: underline; color: #1D5080">About PitchBook</a>= | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3sl3Fh1JrCm9ku= lcrrqokjxzA-3D-3Dvv64_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z= 64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3= F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXX= kcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfyVK4L9EvbFCkVwFKZ1p= 7BD7T2xhLLTszuysy1fMRgHUMJslGm-2FBwFWKz4-2BejfJEr52Gr8-2FeozULy7JH0LdN4saNx= jQpdpnzQUhVkM-2B81QbtVnIluzML1ZqMrAih-2Fgbl1QzrXJNPOsTVtZGNrM6Qlw-2FW-2FzNd= 4dBvcvnn15LSsQCp4CVuPZQ1uGKEM3oGd-2BKw9LrF0FxT4lSjjl98Au6HlAu-2B0iI1sVnITrT= Z5zRcXMqnKwAl92YwQWGU7KaavjpslcwMhd2haRl2E8w5iXtNjHg-3D-3D" target=3D"_blan= k" style=3D"text-decoration: underline; color: #1D5080" universal=3D"true">= Terms of use</a> | <a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3s= lX8PowAXLQboFHNE68evosA-3D-3DtEXo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfb= Ayk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7ju= rQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTd= f9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfPPGjy1q= uv1bH3oI6JmgctmbpMd-2B5MbbyYmXo8C3lT0dzig42Tvc8KP8-2BKMPy-2Bn2E63R1jD3-2B2d= B9TnhYtU6ONYNeCToFvN9VgXXPWdHgibOgk1V0yG8YEHx3lPvYZFfmRaxBpk-2FtIfb76YH14T-= 2FjUXe4lnK22AvnGejZFFV8nW3AHIExGQThKYC8hlaTOaNxzwdBJDsIXa5EGybJSbchiPOr36m6= uMxFXiZQU-2BiCgefu3cxCA21X4VhYQpgbg3YEM8AMeYSJ9vYH5VkaFSf-2Fvg-3D-3D" targe= t=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Advertise= with us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3s= lpfNY260urEfUPeWhhRCptA-3D-3DTQAV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfb= Ayk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7ju= rQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTd= f9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOftKwVRnJ= 7MpNAx88-2Fk8QobG8YcT8Om4ILNAtzCl2-2B8sXAZN9taoSgeYrscK4Unz6ZNrnT0-2BP2oQrb= 7ESZ3dpsKl915x1doUv1Y2emw5patAZ7KzAWyKi2DRs5bvuzAMDM3RZCb-2BcbyhPnNCxPHZLKc= 5WUXYe5Qc3y3wpyBDaLmd0QxGm7p61NdDbDP3YxjHBJM-2BN86lFSrKY0z1b7lw2dnulcdNvOJ9= cTvAopqTACf-2FsiaHf1UdnaU-2FnK4EvHrNe6KlJYBolV2IZj3qnsKf8yUg-3D-3D" target= =3D"_blank" style=3D"text-decoration: underline; color: #1D5080" universal= =3D"true">Contact</a> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"= border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"padding: 15px 0 0;" align=3D"center"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"= 0"> <tbody> <tr> <td style=3D"padding-right: 10px; font-size: 10px;= ">Follow us:</td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slti3ils7g-2Fp31A84aPB-2BGuQ-3D-3D0G= EY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC= 9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf= 4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cI= MOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlD= FENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfMbL4T5L7r-2BaCSDVd0SG-2FxbL4icRJGxZXIB= oAyCQeg1LMgtY6z07cjipZL7BC1apodZzOtj522XzODlt-2FJ91ozshdF22TUrcXAbWml7bHf1U= K9bUm4jVaOQRejgCg1RGLunTcqKjRMzb-2BcxZJUg31KV0lf6Td3AaPJbk-2BLWfJv1rNvggNiG= Wv9kTuQ0PzWtJ0bhQ6YUfsol-2FSQAXTAoUJ8jQACUug1020emtbYgyl2epaLqTUFaoGGLsQZ3r= -2BR24vr6DbzlwpwKc7v8XEx-2FeubQ-3D-3D" target=3D"_blank" style=3D"text-deco= ration: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/linkedin.= png" width=3D"25" height=3D"25" alt=3D"in" style=3D"border: none; padding: = 0 0 1px; vertical-align: middle;"> </a></td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzX3CMaFBTw9oHjRg1t2p3slKJuSCOVBrcKhqJ02yXXURw-3D-3DdjuG_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEz= ITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHt= ZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0= gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy= 2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf1f3bqRvUqXgvgG93iEornxOVYCy3ut3cxCgnQwDKq3= 901oSDQsOz5yoDxsp5riXy1-2FhW2lZZDCjLl9RERFv35e-2BsQot1H3fk4IPQJWmY2vMeI-2Be= QMcXPtg7G9fP50uG-2F-2F-2Bef2djWnBryitqxpLLI-2BgPy0p-2BSMwSndHemxUi2f5K-2FqD= 6OrTTnxdjK-2BUkMkGQXcOLcW7kj52EIZuF9GwIKhEOSsR-2FkeBVQ-2BtkQqz3p5XCYGJCKOhJ= OrdPGlddCdwht1lhVcJ97XNc1FS8KIJb-2FIg-3D-3D" target=3D"_blank" style=3D"tex= t-decoration: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/twi= tter.png" width=3D"25" height=3D"25" alt=3D"twtr" style=3D"border: none; pa= dding: 0 0 1px; vertical-align: middle;"> </a></td> <td><a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX3CMaFBTw9o= HjRg1t2p3slTgsQhodWfhj-2FwyUawaIcLQ-3D-3DaQ--_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo= 2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1= aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FG= tUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c= -2FOfwnoZNiMj46gAZARp73SEY2TO2v-2BwnIXzzqWUK0igl3BQUORh8MxAj5-2BBKxLsgOHwR0= BXPt-2BkPMkAUtjDR5WF4uOIpY97xUBgQaPJOuR1fYPGCrQzGhqMFSfH-2BCJv9oKrJcBX0me0g= WKVRPfnGPQrm0-2BLd1n0W3g8JPrNnOx82ZRuHvxKvjHttdHDBRlqSrufCB-2BZANXlB3mL-2Bq= MJwnudNzob8Sy5r80h2bk0i4mPH1yT7KJzb5bSbH532AUlpm-2FaHpOxhQbYMsTBmt5dXqYnRA-= 3D-3D" target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https= ://fonts.pitchbook.com/newsletter/facebook.png" width=3D"25" height=3D"25" = alt=3D"fb" style=3D"border: none; padding: 0 0 1px; vertical-align: middle;= "> </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <p>This email was sent to <a rel=3D"nofollow" style=3D"te= xt-decoration: underline; color: #1D5080">most@ponjosonek.com</a> via the P= itchBook Platform.</p> <p style=3D"margin-top: 14px">Click <a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx= 1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg= -2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oR= t95U99Dcs2eVuP4ojBepwdOxK2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7Fgq= jFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ov= Icpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrn= OcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfpiOjDjtMY0r1RR= rvnx8b3yQTb8Zda1DHAlPY2HlD3QVTuZGuWsR-2BLbPgOi7yReAzQJSDZSr2zvE2aT68Vw-2BQT= b7hOYHPxsCfOSaJDM-2FTO5zcVsltZ6mGE-2FHJlWbS2C8NPHon5laNWm1Vy-2FQ2yymDi4CJB0= AnalRSbPajMaBjElY3Gdr-2B4I672nGF7io0TZgfpnxJsX7xUYCsW-2FOP-2BVk4odjK0g7bIC0= cDBAM-2F1g9qzB3LXcdTtVse1i-2F5Vubbf22shRsl-2Bjdvwpy6WlpjLH6UQ-3D-3D" target= =3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 10p= x; text-decoration: underline; color: #1D5080; -webkit-text-size-adjust: no= ne;">here</a> to manage your subscriptions, or if you no longer wish to rec= eive these emails, you can <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCbp5fVdgUVv= M0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQHY-2F9cBWz93zxOvFSzafZw8LoNeS7HBprvPhxsRX6= 59VZdcmKyMzD4eMk3ZOd-2B-2B-2F0Y7oCpRRexO3AXTn7AxiLzOJmivwEHO-2Bq2iKtau8h9R7= 3uVyLuUkjGLzEnvaV2IMbXBzw-3D-3D0mYc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6op= fbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7= jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIMOZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gM= Tdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDFENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOfNF-2F= IChdCWxu70FYfTtZ7axBDxp2rcsSusuUZww5VF-2Bhu6Pg5dlnNSOgybJ3-2FdHZpQR9XSHY9pn= dC3nfhqh9GXjVxfbqC9BcwQCiNIk4BOGcE3Bp9VE3CNN3KnKoYh3XOnEhEwPag0w-2BzkImW3fL= IU2qhwfRtXG5hZ2NG3MjqSYaxNB7qrUKpb1oQ9o-2B-2FZiNguHd0fxgffnsJtz3fLIWdiwVgvV= fyZuQZ-2Butz750vm2VARXZhPVFIOwO4zMb83ZQrPtBtIpL-2F1DngqZNcM-2BU2oQ-3D-3D" t= arget=3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-size= : 10px; text-decoration: underline; color: #1D5080; -webkit-text-size-adjus= t: none;">unsubscribe.</a></p> <p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi= fth Avenue, Suite 1200, Seattle WA 98164, United States</p> <p style=3D"margin-top: 14px">=C2=A9 2026 PitchBook. Win = what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; = style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo= ok.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY= 5D5PSLQI&emailId=3D3D34K77U4PLONQO&emailName=3D3DWZSNWFXP2BBWOBOFVVLR2CURLA= &pixelPosition=3D3DPED7RLFD4GN3BVMRTFQEHYZOOJCKA34MS5JA35Y.gif'/><br></p></= td> </tr> </tbody> </table></td> <td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">= </td> </tr> </tbody> </table></td> </tr>=20 </tbody> </table><!--[if (gte mso 9)|(IE)]> </td> </tr> </table> <![endif]--></td> </tr> </tbody> </table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pyxb= G_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFZ9jC9= HEzITSpDy0dqulK-2BIYjV95ssCgKYo2lL5RdS6opfbAyk7FgqjFq4z64c1NPdZtDBpUMpO5kf4= KHtZdD8Twdj715VOqCxTOgLz8pKINL1aFLOhZOAI7jurQUx4ovIcpe3F5Ko-2FojloHEa5p0cIM= OZ0gLL7wrd-2BpbNi0NuakZ4bfn-2FGtUkWBAy6gMTdf9QUbrnOcrXXkcKfOqPm03dDXTLbjlDF= ENy2sMyRZ4wxBylQtJWFXe4aPTfhM5c-2FOf7bnCEbeKHy2z7hTizCfsTZ-2F0F6I8b6yYCMGQV= 4PlaZhJNPZxuVc8wNCIbgsfEPpIvxh-2F6gzkxJcucIIe8kRtZ4IYN6uyrVmocpWnGNvVTtivRK= z-2FEm9qXF7Yq3hTHirNr-2BXITWQ29Y8VxajTVLqpoLFyeedVHfOEUlqVztBekcQFYgr-2BBiC= Z9fmWHvh0sG5ZAawLB6gqmZE6wtHrlo0yhFtZZuzOPbygXobHXe3-2FSJiFB8Fc7SbOcEUHzi-2= BKGLoO7wJjnLVoeXzzuaSNNKEnig-3D-3D" style=3D"display: none"></a>=20 </body> </html>