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Blackstone's Back in Business

Blackstone increased its pace of investments, foreign holdings of US debt hit a record high, OpenAI is exploring making its own AI chips, and Amanda Staveley is going football club shopping.

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Good Morning,

Happy Friday, we finally made it. Blackstone increased its pace of investments, foreign holdings of US debt hit a record high, OpenAI is exploring making its own AI chips, and Amanda Staveley is going football club shopping.

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Let’s dive in.

Before The Bell

As of 07/18/2024 market close.

Markets

  • US stocks slumped yesterday as the tech selloff extended to the broader market

    • Dow snapped a six-day win streak

  • Markets are pricing a 40% chance of a BoE rate cut in August and a 65% chance of an ECB rate cut in September

  • Dollar jumped 0.5% by the most since early June

  • China germanium hit an ATH, after jumping ~30% MoM

Earnings

  • Blackstone'sQ2 distributable earnings rose 3% YoY as a jump in PE and credit asset sales more than offset a slump in real estate (RT)

  • TSMC issued a comfortable Q2 beat-and-raise on 40% YoY revenue growth driven by surging demand for AI chips (CNBC

  • Netflix reported better-than-expected Q2 earnings, revenue, and subscribers thanks to 34% YoY growth in ad-supported subscribers (CNBC

  • Domino's Pizza shares plunged 14% after missing on same-store sales estimates and reporting slower international growth (YH)

  • What we're watching this week:  

    • Today: American Express

  • Full calendar here

Headline Roundup

  • Fed prepares for September rate cut as focus shifts to jobs (BBG)

  • ECB held rates at 3.75% and hinted at September move (FT)

  • Traders are raising bear steepener bets on Trump re-election sights (FT)

  • Foreign holdings of US debt hit a record high in May (RT)

  • Blackstone increased its pace of investing to a two-year high (FT)

  • Texas's TRS will reduce PE allocation by $10B (BBG)

  • OpenAI is in talks with Broadcom to make its own AI chips (TI)

  • PwC cut China partners pay by up to 50% (RT)

  • PwC China lost two-thirds of accounting revenues from China clients (FT)

  • Goldman named news IB heads in reshuffle (RT)

  • Argentina's economy expands for first time under Milei (FT)

  • Goldman opened up an investment strategy once reserved for UHNWs (WSJ)

  • De Beers warned of further cuts to diamond production (FT)

  • Standard Chartered hired fourteen in private bank push (RT)

  • US 30-year mortgages fell to the lowest since March (RT)

  • Foreign demand for US homes slowed (CNBC)

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Deal Flow

M&A / Investments

  • $20.9B Warner Bros. Discoveryis examining a spinoff or sale of its streaming and studio units (FT

  • PE firm CD&R is weighing an up to 50% stake sale in Epicor Software at an ~$8B valuation (RT

  • $6.6B collaboration SaaS firm Smartsheet is reviewing PE takeover interest (RT

  • Metais in talks to acquire a 5% stake in eyewear company EssilorLuxotticafor ~$5B (WSJ

  • Bain-backed Surgery Partners, a $3.7B-listed surgical services firm, is exploring a potential sale (BBG

  • Electronics maker Amphenol agreed to buy CommScope's outdoor wireless networks and antenna systems unit in a $2.1B deal (BBG

  • Bosch is in advanced talks to acquire HVAC assets from Johnson Controls for several billion dollars (BBG

  • ​​Asian corporate services firm Acclim is exploring a potential sale at an ~$800M valuation (BBG

  • Samsung agreed to acquire UK AI tech startup Oxford Semantic Technologies (RT

  • Media investment firm Shamrock Capital Advisorsagreed to acquire a portfolio of film, TV and song rights from Vine Alternative Investments (WSJ

VC

  • Nearfield Instruments, a metrology & inspection solutions for chip makers, raised a $147M Series C led by Walden Catalyst and Temasek (PRN)

  • Coast, a fintech for the future of transportation, raised a $40M Series B led by ICONIQ Growth (TC)

  • Hyperscale networking software startup Arrcus raised a $30M round led by Prosperity7 Ventures, NVIDIA, Lightspeed, and others (BW)

  • German edtech Sdui raised a $23.2M round led by Summiteer and HV Capital (FN)

  • Thoughtful AI, an AI-powered revenue cycle automation platform, raised a $20M Series A led by Drive Capital (BW)

  • Allium, a blockchain data platform for enterprises, raised a $16.5M Series A led by Theory Ventures (BW)

  • Momento, a real-time data platform, raised a $15M Series A led by BCV (FN)

  • Customer onboarding platform OnRamp raised a $14.2 seed and Series A led by Contour Venture Partners and Javelin Venture Partners (PRN)

  • Artificial Agency, an AI engine for NPCs, raised a $12M seed round led by Radical Ventures and Toyota Ventures (TC)

  • Dynelectro, a sustainable energy solutions startup, raised $12M in funding led by EIFO, PSV Deeptech, and more (FN)

  • After.com, a platform for families to navigate end-of-life services, raised a $10M Series A led by HIPstr (BW)

  • Fusion power startup Marathon Fusion raised a $5.9M seed round led by 1517 Fund and Anglo American (TC)

  • EdgeRunner AI, a GenAI for edge, raised a $5.5M seed round led by Four Rivers Group (BW)

  • SME account provider Wamo raised a $5M Series A led by Logo Ventures (EU)

IPO / Direct Listings / Issuances / Block Trades

  • Sao Paulo will privatize water utility Sabesp in a $2.7B jumbo stock offering (BBG

  • LATAM Airlines is preparing to raise ~$533M at an $8.5B valuation in a US IPO (RT

  • Hospital operatorArdent Health shares closed flat in its trading debut after its downsized $192M IPO (BBG

  • Insurance broker TWFG raised $187M after pricing its IPO above a marketed range (RT)

Debt

  • Banks and private credit firms are competing to lend $2.3B to finance a CVC-led $7B LBO of UK financial services firm Hargreaves Lansdown (BBG

Bankruptcy / Restructuring / Distressed

  • Furniture retailer Conn's plans to close ~100 locations and liquidate inventory as part of a planned bankruptcy filing (BBG

  • Prison health company YesCare will settle lawsuits for $75Munder Chapter 11 (RT

  • Ship builder H&W is in talks with Riverstone Credit Partners for an emergency loan (FT)

Fundraising

  • Hedge fund Ilex Capital Partnersis in talks to raise another $1.5B after debuting with $1.85B last year (BBG

  • MM PE firm Kingswood Capital Management closed its third fund at $1.5B (BW

  • Amanda Staveley's PCP Capital Partners raised $650M to invest in football clubs (BBG

Crypto Corner

  • Mark Cuban said VCs are backing Trump as a Bitcoin play (CD)

  • North Koreans reportedly hacked Indian crypto exchange WazirX for $230M (CD

Exec’s Picks

New Opportunity - Growth Equity

Smash Capital - Growth Equity Investor, Immediate Start, NYC or LA

  • Venture capital firm with over $1.5B in AUM, is hiring growth equity investors for immediate start in NYC and LA

  • The firm invests in technology companies across enterprise software, consumer internet, gaming, financial services, healthcare, and commerce

  • Seeking experienced growth equity investors, with at least two years of experience from a top management consulting firm or investment bank and at least two years of software-focused buy side experience in growth equity, VC, or private equity

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