diff --git a/news/4330.bugfix.rst b/news/4330.bugfix.rst
new file mode 100644
index 00000000..bf5c4aa3
--- /dev/null
+++ b/news/4330.bugfix.rst
@@ -0,0 +1 @@
+Fix a bug that paths are not normalized before comparison.
diff --git a/news/4436.bugfix.rst b/news/4436.bugfix.rst
new file mode 100644
index 00000000..36264016
--- /dev/null
+++ b/news/4436.bugfix.rst
@@ -0,0 +1 @@
+Fix a bug that invalid Python paths from Windows registry break ``pipenv install``.
diff --git a/pipenv/vendor/pythonfinder/__init__.py b/pipenv/vendor/pythonfinder/__init__.py
index 249cfd91..9e147d78 100644
--- a/pipenv/vendor/pythonfinder/__init__.py
+++ b/pipenv/vendor/pythonfinder/__init__.py
@@ -10,7 +10,7 @@ from .exceptions import InvalidPythonVersion
 from .models import SystemPath, WindowsFinder
 from .pythonfinder import Finder
 
-__version__ = "1.2.4"
+__version__ = "1.2.5"
 
 
 logger = logging.getLogger(__name__)
diff --git a/pipenv/vendor/pythonfinder/models/path.py b/pipenv/vendor/pythonfinder/models/path.py
index 5c672715..e8c13429 100644
--- a/pipenv/vendor/pythonfinder/models/path.py
+++ b/pipenv/vendor/pythonfinder/models/path.py
@@ -302,7 +302,7 @@ class SystemPath(object):
             normalized = normalize_path(current_path)
             if normalized != target:
                 new_order.append(normalized)
-        new_order = [p for p in reversed(new_order)]
+        new_order = [ensure_path(p).as_posix() for p in reversed(new_order)]
         return attr.evolve(self, path_order=new_order, paths=new_paths)
 
     def _setup_asdf(self):
diff --git a/pipenv/vendor/pythonfinder/models/windows.py b/pipenv/vendor/pythonfinder/models/windows.py
index 928f0ff2..c69b9484 100644
--- a/pipenv/vendor/pythonfinder/models/windows.py
+++ b/pipenv/vendor/pythonfinder/models/windows.py
@@ -96,7 +96,7 @@ class WindowsFinder(BaseFinder):
                 py_version = PythonVersion.from_windows_launcher(
                     version_object, name=name, company=company
                 )
-            except InvalidPythonVersion:
+            except (InvalidPythonVersion, AttributeError):
                 continue
             if py_version is None:
                 continue
diff --git a/pipenv/vendor/vendor.txt b/pipenv/vendor/vendor.txt
index 23806f06..91790fc3 100644
--- a/pipenv/vendor/vendor.txt
+++ b/pipenv/vendor/vendor.txt
@@ -20,7 +20,7 @@ pipdeptree==0.13.2
 pipreqs==0.4.10
     docopt==0.6.2
     yarg==0.1.9
-pythonfinder==1.2.4
+pythonfinder==1.2.5
 requests==2.23.0
     chardet==3.0.4
     idna==2.9