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Cinven's top C-level execs stepped down, SpaceX entered a regulatory quiet period ahead of its IPO, Goldman poached Qatalyst Partner's founder, Google is seeking to end Nvidia's AI software dominance, and Egan-Jones' whistleblower launched his own private credit ratings firm.

Specialized AI tools are emerging as the leaders for investment workflows which is why Blueflame AI is ahead of the curve. Check out their platform and see how Blueflame can serve your firm's specific needs.

Let's dive in.

Before The Bell

As of 12/17/2025 market close.

Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks tumbled yesterday on reports of Blue Owl backing out of an Oracle data center deal 

    • S&P fell for a fourth day

Earnings

  • Micron beat Q1 earnings and revenue estimates and Q2 forecast estimates as strong AI-driven memory demand and supply tightness supported pricing power (BBG)

  • General Mills beat Q2 earnings and revenue estimates and reaffirmed FY guidance as broad price cuts across its US grocery portfolio helped stabilize volumes and maintain market share despite pressured consumers (WSJ)

  • What we're watching this week:  

    • Today: Accenture, Nike, FedEx, CarMax, Darden Restaurants

    • Friday: Carnival

  • Full calendar here

Prediction Markets

  • This will only be surprising if it's caused by something that isn't a government shutdown

  • Trade your prediction on another CPI report delay on Polymarket

Headline Roundup

  • Fed chair candidate Waller will 'absolutely' defend Fed independence (RT)

  • JPMorgan has pulled $350B in cash from the Fed to buy bonds (FT)

  • CFOs see US prices rising next year with tariffs still a top concern (RT)

  • US signaled support for trade deal with Canada and Mexico (BBG)

  • Traders expect 'nothingburger' from delayed inflation report (BBG)

  • Record $185B LatAm debt sales this year shattered all expectations (BBG)

  • Goldman sees Italy M&A surge continuing on back of banks and tech (BBG)

  • Google partnered with Meta to take on Nvidia's AI software dominance (RT)

  • BlackRock and Ray Dalio will help fund 'Trump accounts' for babies (RT)

  • Cinven's CEO and COO/CFO stepped down amid regulator investigation (FT)

  • Egan-Jones whistleblower Michael Brawer launched rival Transparency Analytics (RT)

  • Goldman poached Qatalyst's founder for global co-head of software IB (RT)

  • JPMorgan named Edward Byun as global head of tech ECM (RT)

  • SEC grants asset managers permission to offer dual-share-class funds (BBG)

  • Bernard Arnault sees ten years before LVMH succession (RT)

  • BP fired and replaced its CEO (RT)

  • John E. Olson, the OG analyst who was fired for going bearish on Enron, died at 83 (WSJ)

A Message from Blueflame

Investment decisions hinge on having the full picture, but critical details often hide in plain sight.

That's why we built Global Search: to help investment firms not only find information faster but also uncover insights they didn’t even know they had. 

Global Search is already helping Blueflame users reduce research time and surface insights they’d otherwise miss. A few real-world examples: 

  • Build company summaries using deal notes, CRM records, emails, and public data 

  • Reference historical deals to inform comps, memos, or diligence workflows 

  • Search firm-wide knowledge for everything related to a sector or theme 

  • Prepare for LP meetings with relationship-specific insights and internal context 

With one interface for firm knowledge, connected apps, LLMs, and the web, Blueflame helps dealmakers and investment firms go deeper—and move faster—without sacrificing accuracy. 

Schedule your demo today to see it in action. 

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Deal Flow

M&A / Investments

  • Warner Bros. Discovery urged shareholders to reject Paramount Skydance's $108B hostile bid over funding concerns; the firm backed Netflix's $72B bid

  • Carlyle hired Goldman Sachs to work on its bid for Russian oil giant Lukoil's $22B international assets; ExxonMobil, Chevron, Abu Dhabi conglomerate IHC, and Saudi's Midad Energy are among interested suitors.

  • Infrastructure investor Equitix is nearing a deal to acquire half of KKR's majority stake in UK waste management group Viridor to raise its stake from 25% to 50% at a potential $9.4B valuation

  • Japan's MUFG agreed to invest over $4B for a 20% stake in Indian shadow lender Shriram Finance

  • Japanese beverage firm Asahi agreed to acquire a 65% stake in Kenya-based spirits producer East African Breweries from UK brewer Diageo in a $2.3B deal

  • Warburg Pincus, KKR, Blackstone, EQT, and TPG are among potential bidders for Temasek-backed Southeast Asian school operator XCL Education that could fetch a $1.5B valuation

  • Warburg Pincus agreed to invest in corporate services provider Acclime at a $1B valuation

  • Carlyle launched a $1B hostile bid for Japanese medical products manufacturer Hogy Medical with support from significant shareholders including activist Dalton Investments

  • Online education platform Coursera will acquire rival Udemy in a $930M all-stock deal at an 18% premium

  • US broadcaster E.W. Scripps rejected rival Sinclair's $622M takeover bid

  • Japan's Mizuho agreed to buy a majority stake in Indian investment bank Avendus from KKR for up to $523M

  • Invictus Growth Partners acquired AI-powered loan fraud prevention startup Informed.IQ in a $63M growth equity investment 

  • Pakistan plans to sell a 75% stake in national flag carrier Pakistan International Airlines

  • Argentinian oil producer Vista Energy is looking to acquire new assets in the Vaca Muerta shale patch

  • Volkswagen's battery business PowerCo is weighing external funding options amid intense China competition, US tariffs, and a costly shift to EVs

  • Norwegian defense firm Kongsberg Gruppen will acquire US missile company Zone 5 Technologies

VC

  • Alphabet-owned self-driving taxi firm Waymo is in talks to raise ~$15B at a $100B valuation led by Alphabet 

  • German trading platform Trade Republic sold secondary shares at a 14.7B valuation

  • Israeli data-security startup Cyera raised a $400M round at a $9B valuation led by Blackstone

  • Radiant, a micro-nuclear reactor startup, raised an over $300M round led by Draper Associates and Boost VC 

  • Customer engagement platform MoEngage raised an additional $180M Series F round led by ChrysCapital and Dragon Funds 

  • Analog AI hardware startup Mythic raised a $125M round led by DCVC 

  • UniUni, a last-mile delivery logistics startup, raised a $70M Series D round led by Bessemer Venture Partners

  • SkillCorner, an AI-driven sports analytics startup, raised a $60M growth investment from Silversmith Capital Partners 

  • AI-native employee benefits platform Ben raised a $27.5M funding round led by Mercia Ventures

  • Intelligent fire-suppression startup HEN Technologies raised a $20M Series A led by O'Neil Strategic Capital

  •  eSIM connectivity startup Roamless raised a $12M Series A led by Rasmal Ventures 

Get real-time updates on any startup, VC, or sector. Try Fundable.

IPO / Direct Listings / Issuances / Block Trades

  • SpaceX is entering a regulatory quiet period ahead of a potential $1.5T IPO next year

  • Blackstone, Carlyle, and Hellman & Friedman-backed medical supplies firm Medline surged 40% after raising $6.3B at a $5.5B valuation in the biggest PE IPO exit ever and the biggest IPO in three years

  • Franco-German tank maker KNDS will IPO in France and Germany next year at a potential $25B valuation

  • UK metal engineering group Doncasters Group selected banks for a US IPO that could raise $500M-$1B at an over $4B valuation

  • Activist hedge fund Irenic Capital Management built a 3% stake in $2.6B-listed medical device outsourcing company Integer Holdings and is pushing for a sale

  • SoftBank-backed Indian e-commerce platform Meesho raised $603M at an $11B valuation in its India IPO

  • Andersen Group, the tax firm founded by Arthur Andersen alumni, raised $176M at a $2.3B valuation in its IPO

  • Ghost kitchen company CloudKitchens delayed plans to list its $2B Middle Eastern business and will instead pursue a private placement

  • Brazilian sanitation company Aegea plans to IPO next year 

  • Spanish telecoms giant Telefonica will delist its ADS from US on cost concerns 

Debt

  • Blue Owl backed out from providing $10B in financing for an Oracle data center; Blackstone is now in talks to provide equity with Bank of America leading a debt package

  • Fortress-backed Florida high-speed rail Brightline is considering raising $100M in junk debt

Bankruptcy / Restructuring / Distressed

  • US charged Daniel Chu, the founder of bankrupt subprime auto lender Tricolor, with conspiring to defraud lenders and investors

  • Bankrupt auto parts supplier First Brands is seeking $800M in new DIP after its original $1.1B DIP loan got burnt

  • Ex-First Brands finance exec Nigel Crighton will plead the fifth in a creditor deposition

  • Cleaning products company KIK Custom Products raised a $150M rescue loan from new lenders including Oaktree to help bridge a liquidity shortfall

  • Distressed Chinese developer Vanke asked commercial banks to accept delayed interest on certain borrowings

  • Germany charged two ex-board members of bankrupt Greensill Bank with bankruptcy crimes and false accounting over the bank's 2021 collapse

  • NYC real estate investor Mariner's Gate filed for bankruptcy to halt JPMorgan's foreclosure on its Chelsea loft building as it seeks to close a $53M sale 

Funds / Secondaries

  • Bridgepoint-backed Energy Capital Partners returned $5.5B to LPs in its best year ever

  • Bain Capital Real Estate and 11North Partners raised $1.6B for their latest real estate fund targeting open-air retail centers

  • MM PE firm MML Capital raised $1.1B for a debut fund targeting US and UK infrastructure-related businesses

  • European MM B2B SaaS investor Fortino Capital raised $820M for its third PE fund

  • Multi-strat giant Point72 is considering building a commodities business

Crypto Sum Snapshot

  • FDIC approved tech-focused Erebor Bank for deposit insurance coverage

  • Bitcoin's silent exodus hits crypto as long-time buyers cash out

  • Binance weighs US strategy as pardoned founder CZ regains clout

  • Coinbase partnered with Kalshi to enter booming prediction markets 

  • CFTC chairman Caroline Pham will join crypto payments firm MoonPay as legal chief 

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Exec’s Picks

Financial Services Recruiting 💼

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We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.

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