Together with
Good Morning,
VC Lerer Hippeau and Litquidity are bringing together an exclusive group of founders, backers, and operators for an evening of drinks, music, and light bites on Friday, August 22 in East Hampton, New York. Some invaluable conversations, especially if you're a founder. RSVP here.
Planful's latest survey reveals insights from finance leaders on the top priorities shaping finance transformation in 2025, including the use of AI, team consolidation, and more. It's a valuable read.
Let's dive in.
Before The Bell
As of 8/11/2025 market close.
Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks fell yesterday as traders braced for today's crucial inflation report while largely ignoring news of another US-China tariff truce
Japan's Nikkei 225 rallied to an ATH on an improving global trade outlook
Investment-grade corporate bond yields hit a YTD low with premiums near their tightest in twenty-five years
Oil traded near a two-month low
Earnings
AMC beat Q2 revenue estimates and significantly narrowed losses as attendance rose 26% amid a recovering box office; CEO Adam Aron highlighted record admissions revenue per patron and noted extension of all 2026 debt maturities (CNBC)
Barrick posted decade-high Q3 earnings but missed revenue estimates despite a surge in copper and gold production and higher prices (WSJ)
What we're watching this week:
Today: CoreWeave, eToro, Circle, CAVA
Wednesday: Cisco
Thursday: JD.com, John Deere, Applied Materials
Full calendar here
Prediction Markets
So you're saying there's a chance?
Headline Roundup
BlackRock and Vanguard lead US 'super league' dominating Europe (FT)
US extended China tariff deadline by another 90 days (CNBC)
Fed vice chairs and Dallas president are potential J Pow successors (BBG)
Trump named economist E.J. Antoni as new BLS commissioner (CNBC)
Record number of investors see stocks overvalued (BBG)
Investors pile into 'cheap' EM stocks (FT)
American firm stock buybacks hit a record high (WSJ)
Regional banks are ripe for M&A as DC warms to consolidation (BBG)
CoreWeave, Circle's post-IPO rise sets high bar for earnings (BBG)
US corporate defaults on private debt rose in Q2 (RT)
PIMCO CEO signals caution as private markets 'haven't been tested' yet (FT)
EM debt payments to private lenders dwarf those to China (RT)
Hong Kong allowing listing applicants privacy sparks wave of confidential filings (RT)
FX traders focus on Aussie dollar and euro for bearish dollar bets (BBG)
Unusual Nvidia export deal raises new corporate and national security risks (RT)
Norway's $2T SWF divested from Israel (BBG)
Canada's OTPP gained 2.1% in H1 thanks to gold (BBG)
Trump U-turned on Intel CEO after meeting (CNBC)
CEO Jane Fraser visited Mexico amid Banamex stake talks (BBG)
Japan's GPIF is hiring as assets balloon (BBG)
Private credit fuels BNPL lending boom in Asia (BBG)
HSBC flagged 73% of Hong Kong CRE loans as risky (FT)
GitHub CEO is stepping down (BBG)
Big Oil heeds call to 'drill, baby, drill' as green transition slows (FT)
Era of big raises for low-paid workers is over (WSJ)
AI is creating new billionaires at record pace (CNBC)
Jefferies extended non-competes for private capital advisory arm (BBG)
A Message from Planful
You're being asked to guide strategy, deliver clarity, and drive growth—all while navigating nonstop change.
But are you getting the insights you need to lead with confidence?
In The Next Era of Finance: 2025 Global Finance Survey, 450+ finance leaders share what you've likely felt:
Your role is no longer just about numbers, it's about shaping the future.
AI is changing the game, and you need to stay ahead of it.
Planning is now a team sport: faster, smarter, and always on.
You don't need more noise — your team needs data that validates your instincts and fuels your next bold move. This isn't just a trends report. It's a blueprint for leaders like you to shift from reacting to redefining.
See how your peers are doing it and how you can, too.
Deal Flow
M&A / Investments
Spanish lender BBVA will stick with its $19.3B bid for peer Banco Sabadell despite investor backing for Sabadell's decision to sell its UK unit TSB
Paramount agreed to acquire exclusive rights to show all events from UFC for $7.7B
Hong Kong conglomerates Chow Tai Fook Enterprises and Far East Consortium are the likely acquirers for Australian casino operator Star Entertainment after it restarted efforts to sell its 50% interest in its Brisbane resort worth $2.35B
Trump's Truth Social host Rumble is weighing an offer to buy German data center company Northern Data in a $1.17B all-stock deal
Apollo is nearing an agreement to acquire cooling equipment maker Kelvion from PE firm Triton, who acquired the company for $1.5B in 2014
Sinclair, one of the largest TV station owners in the US, is exploring a sale of TV stations and other ventures with a book value of $726M
Money transfer company Western Union agreed to acquire LatAm payment transfer provider Intermex for $500M cash at a 70% premium
Australian PE firm Pacific Equity Partners agreed to buy a 75% stake in telecom firm Spark New Zealand's data center business for $288M
MARA, the world's largest Bitcoin-miner, agreed to acquire a majority stake in cloud infrastructure provider Exaion from EDF Pulse Ventures for $168M
Global energy and commodities trader Hartree Partners is in talks to acquire French agro-industrial firm Trouton, which trades nearly 10% of the world's cocoa
SMG Capital acquired luxury jeweler Fabergé from Gemfields for $50M
VC
Rare-earth magnet startup Vulcan Elements raised a $65M round at a $250M valuation by Altimeter Capital
AI materials science startup Periodic Labs raised a $200M round at a $1.2B valuation led by a16z
Aira, a clean energy tech company focused on heating, raised a $174M round from Altor, Kallskär, Kinnevik, Lingotto, and Temasek
beatBread, a music funding platform, raised $124M from Citi, Deciens Capital, Mucker Capital, and Advantage Capital
Indian generic drug startup Truemeds raised an $85M round at a $400M+ valuation, led by Accel
Softwear Automation, a startup building autonomous sewing technology, raised a $20M Series B-1 led by Danish fashion company BESTSELLER
Novig, a peer-to-peer sports prediction market, raised an $18M Series A led by Forerunner
Nigerian food delivery startup Chowdeck raised a $9M Series A led by Novastar Ventures
Cuttable, an AI creative agency, raised a $4.5M seed extension led by Square Peg
EDGX, a startup building AI-powered edge computers for satellites, raised a $2.6M seed round led by imec.istart future fund and the Flanders Future Tech Fund
IPO / Direct Listings / Issuances / Block Trades
Biotech-turned-financial firm Alt5 Sigma is seeking to raise up to $1.5B in a share sale to acquire Trump-backed World Liberty Financial tokens
Crypto platform Bullish raised its IPO offering to $990M at a $5B valuation
An unidentified institutional UBS shareholder is selling its stake for $619M
Ukraine's largest telecom operator Kyivstar is seeking to raise $50M-$200M in a US IPO
Ticket marketplace StubHub updated its IPO filing to show increasing losses and revenue
Citigroup is preparing to launch an IPO of its Mexican retail unit Banamex
SoftBank selected Goldman Sachs, JPMorgan, Mizuho, and Morgan Stanley to lead a potential IPO for Japanese payments app operator PayPay
Bain Capital is weighing an IPO of retailer Bob's Discount Furniture at a potential $1B valuation
Debt
Airplane-parts maker TransDigm launched a $4B debt offering to fund a $4.3B dividend recap
Colombia repurchased $2.9B in sovereign bonds to ease its debt load
German biotech Merck is seeking to sell $4B of US investment-grade bonds to fund its $3.9B acquisition of SpringWorks Therapeutics
Blackstone and Warburg Pincus-backed fintech IntraFi raised over $2B in leveraged loans led by Morgan Stanley
Greek lender Alpha Bank plans to sell a SRT on $1.4B in loans
Qatar Gas Transport is seeking a $1B loan to expand its LNG fleet
Real estate Investment firm Centersquare launched a $815M asset-backed bond sale to finance its data center portfolio
CVS launched its first investment grade bond sale of 2025 to refinance debt
Bankruptcy / Restructuring / Distressed
Puerto Rico is slowing down the bankruptcy of its power utility Electric Power Authority over dispute with creditors
Developer China South City was ordered to liquidate by Hong Kong's High Court, making it the largest Chinese builder to be wound up since Evergrande
Wind turbine manufacturer TPI Composites filed for Chapter 11 bankruptcy to restructure debt with support from Oaktree
Aviation-themed charter school Colorado Skies Academy closed two years after selling unrated munis
Clearlake Capital-backed Quest Software is restructuring for the second time in three months
Fundraising / Secondaries
Credit investor Sound Point Capital raised $1.1B for a targeted $1.5B third strategic capital fund to underwrite private credit, structured, and asset-based deals
Growth equity firm General Atlantic is considering raising a secondaries fund
Crypto Sum Snapshot
Booming Bitcoin is finding way into an old-school investment club
Do Kwon is expected to plead guilty in US
Check out our Crypto Sum newsletter for the full stories on everything crypto!
Exec’s Picks
AI is no longer just disrupting workflows – it's redefining how entire industries operate. That was a key takeaway from Mizuho's 2025 Technology Conference in New York City which brought together over 60 leading technology companies and nearly 300 investors.
Bloomberg published the most exclusive and detailed profile on the man executing Trump's agenda. Read (or listen to) it here.
There real marker of wealth that separates the 0.1% from the 1% is really just your mode of travel. Check out what WSJ has to say.
Finance & Startup Recruiting 💼
Litney Partners
If you're a junior banker looking for your next career move, check out our recruiting firm, Litney Partners. Established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm), Litney Partners has placed strong candidates across leading firms spanning private equity, hedge funds, venture capital, growth equity, private credit, investment banking, and fintech. Head over to our website to drop your resume / create your profile and we'd love to get in touch!
We are able to move faster than most firms due to our paralleled reach, decades of industry expertise, and ability to attract top caliber candidates.
Next Play
If you're down bad, realizing finance isn't for you, and/or are curious to explore the world of startups (BizOps, chief of staff, strategic finance, etc.), fill out this form. Next Play reviews every submission and will reach out to schedule a 1:1 video call if they think they can be helpful as your own, personal startup matchmaker. They’ve grown their community to over 50k talented individuals and have strong relationships across the tech ecosystem.
Meme Cleanser
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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.