Together with

Good Morning,

Blackstone dropped an insanely cringe holiday video, markets could continue to rally thanks to money on sidelines, world Central Banks believe victory over inflation is in sight, Yellen outlined plans to improve US-China ties, Argentina still plans to dollarize, and Citi shut down its muni business.

Looking to upgrade your private equity chops in 2024? Wharton Online and Wall Street Prep just opened enrollment for their Winter Cohort for their Private Equity Certificate Program, and you can sign up here.

Let’s dive in.

Before The Bell

Markets

• US stocks rose due to the 10Y yield’s decline below 4% and a surprise gain in retail sales

  • The Dow led indices with a 0.43% gain

  • 30Y yield fell 14.5 bps

  • 10Y yield fell 11.6 bps

  • 2Y yield fell 9.9 bps

• European stocks rose as a result of optimism about a potential US rate cut and the decisions by the UK and EU central banks to keep rates unchanged

Earnings

• Costco reported better-than-expected fiscal Q1 adjusted earnings and revenue and announced a special cash dividend of $15/share (YF)

• What we're watching this week:  

  • Today: Darden Restaurants

• Full calendar here

Headline Roundup

• Blackstone goes all-in on Taylor Swift fandom with holiday video (BBG)

• A $6T cash hoard could fuel more US stock gains as Fed pivots (RT)

• Markets cheer Fed outlook, but the rally complicates it (WSJ)

• World Central Banks signal victory over inflation is in sight (WSJ)

• Chevron slashes California spending on ‘adversarial’ fossil-fuel policies (BBG)

• Yellen outlines plan to improve US-China ties (CNBC)

• China’s gloomy economic data paints ‘dire’ growth picture (BBG)

• Wall Street is skeptical that shoppers can keep spending in 2024 (BBG)

• GM’s Cruise unit is laying off 24% of workforce (WSJ)

• Argentina still plans to dollarize, Milei’s economy chief says (BBG)

• Citi shuts muni business that once was envy of rivals (BBG)

• Arizona sports-complex bondholders are nearly wiped out in sale (BBG)

• Lagrade says ECB shouldn’t lower guard as inflation tumbles (BBG)

• Southwest CEO vows last year’s Christmas meltdown ‘will never happen again’ (CNBC)

• Elon Musk can’t stall SEC investigation, judge says (WSJ)

• Global coal use at all-time high in 2023 (RT)

• ‘Wonka’ enters a movie marketplace skeptical of franchises and musicals (CNBC)

• Congress passes $886B defense policy bill (CNBC)

• Hungary blocks EU financial aid package for Ukraine (RT)

• European Union agrees to start membership talk with Ukraine (WSJ)

A Message From Wall Street Prep

Learn the Essentials of Private Equity with Industry Experts

Wharton Online and Wall Street Prep are excited to announce that enrollment is now open for the upcoming Winter Cohort for the Private Equity Certificate Program. 

During this 8-week online program, students will learn the essentials of private equity through a theory-meets-practice methodology, taught by the top instructors at both Wharton Online and Wall Street Prep. Students will also be able to hear and gain insight from industry experts such as David Rubenstein and Martin Brand through our guest lecturer series.

In addition, students will have access to our exclusive graduate benefits, which include peer-to-peer networking events, invitation-only LinkedIn and Slack groups, and exclusive recruiting events with top private equity recruiting firms. 

Use code LITQUIDITY to save $300 when you register for the program. And if you apply by the early enrollment deadline on December 29th, you can save an additional $200!

Deal Flow

M&A / Investments

• Abu Dhabi National Oil is close a deal with Austria's OMV to combine the two entities to create a chemical giant worth a combined ~$30B (RT)

• Apollo, Carlyle and KKR are studying separate bids for Pension Insurance Corporation; a deal could value the company at ~$6.3B (FT) 

• Payments company Global Payments is considering an acquisition of payment processor Shift4, which has a $5.8B market cap (BBG) 

• Abu Dhabi National Oil is weighing a potential takeover of $5B European chemical producer OCI (BBG) 

• A PE consortium led by Insight Partners and Clearlake Capital Group is in advanced talks to acquire data analytics software company Alteryx for ~$5B, including debt (RT) 

• Campari Group agreed to buy Courvoisier Cognac from Beam Suntory for at least $1.2B (BBG) 

• A joint venture that includes Blackstone and Canada Pension Plan Investment Board acquired a 20% stake in SIG CRE 2023 Venture, which holds a $16.8B real estate loan portfolio, from FDIC-run Signature Bridge Bank for $1.2B (BBG)  

• PE firm Yellow Wood Partners is in advanced talks to acquire Unilever’s Elida Beauty, a division that includes non-core beauty and personal care brands such as Q-Tips and Impulse, which is expected to be worth less than $1B (RT)

• TMX Group, the owner of the Toronto Stock Exchange, acquired a remaining 78% stake in US data analytics company VettaFi Holdings for $848M (RT) 

• Envestnet is exploring the sale of Yodlee, a data-aggregation firm that it bought in 2015 for $590M, including debt (BBG) 

• State group Pakistan Telecommunications will acquire Norwegian telecom Telenor’s Pakistan unit for $490M (RT) 

• ABN Amro Bank agreed to acquire online broker BUX to boost its retail investment and digital presence (BBG)

VC

• Indian B2B e-commerce startup Udaan raised $340M in a funding round led by M&G (TC)

• LatAm SMB-focused fintech company Kapital raised $165M in debt and equity: a $40M Series B led by Tribe Capital and $125M in debt (TC)

• Japanese messaging app Line Next raised $140M in funding led by Crescendo Equity Partners (TC)

• Qogita, a two-sided e-commerce wholesale marketplace aimed at retailers in the health and beauty sectors, raised an $86M Series B led by Dawn Capital (TC)

• AI-driven drug discovery startup Deep Apple Therapeutics raised a $52M Series A led by Apple Tree Partners (PRN)

• Parse Biosciences, a provider of single-cell sequencing solutions, raised a $50M Series C led by Soleus Capital (BW)

• Vandria, a mitochondrial therapeutics company, raised a $20.6M Series A led by ND Capital (FN)

• Kenyan e-commerce and fintech startup Copia Global raised a $20M Series C extension led by Enza Capital (TC)

• Dora Factory, a leading protocol for decentralized governance and multi-chain funding for public goods, raised a $20M strategic investment led by dao5 (FN)

• Verve Motion, a startup developing wearable robotics technology, raised a $20M Series B led by Safar Partners (VC)

• Meniga, a fintech startup providing digital banking solutions, raised a $16.5M Series D led by BPCE, Crédito Agrícola, and Omega ehf (EU)

• Saudi fintech Nearpay raised a $14M Series A led by Sanabil Investments (FN)

• AI testing and evaluation platform Distributional raised an $11M seed round led by a16z’s Martin Casado (TC)

• Physician payment automation startup Ludi raised $10M in growth capital from Greenwich-based Great Point Partners (BW)

• Bitcoin and cashback rewards app Lolli raised an $8M Series B led by BITKRAFT Ventures (TC)

• Arbonics, a forest carbon removal platform, raised a $6M seed round led by NordicNinja, Plural, and Tilia Impact Ventures (FN)

• Pave Bank, a Singapore-based provider of a programmable bank service, raised a $5.2M seed round led by 468 Capital (FN)

• AI marketing co-pilot Arcane raised a $5M seed round led by Accel (EU)

• Reusable packaging company Friendlier raised a $5M seed round led by Relay Ventures and Garage Capital (FN)

• Stairs Financial, a mortgage marketplace, raised a $3.5M seed round led by Zigg Capital (VC)

• SupportPay, a child support payment platform, raised a $3.1M seed round led by HearstLabs (VC)

• Rypplzz, creators of Interlife®, a multi-patented geo-location platform, raised a $3M seed round led by KB Partners (PRN)

• Social commerce platform Maka raised a $2.7M pre-seed round led by Janngo Capital and 4DX Ventures (TC)

• Certainly Health, a healthcare marketplace for booking medical and cosmetic care with upfront prices, raised a $2.3M seed round led by Pacific 8 Ventures, Y-Combinator, and other institutional and angel investors (VC)

• South African parcel shipping platform TUNL raised a $1M pre-seed round from Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels (TC)

• Hivello, a startup building decentralized physical infrastructure networks, raised a $1M pre-seed round from NGC, Blockchain Founders Fund, and others (PRN)

Debt

• Adani Ports and Special Economic Zone is planning to raise $120M through bonds via private placement (BBG) 

Bankruptcy / Restructuring

• Go Airlines India is on the brink of shutting down for good after failing to attract a savior after entering bankruptcy protection in May (BBG) 

Fundraising

• Oaktree Capital Management closed its Special Situations Fund III at ~$3B to invest in midmarket companies struggling with high debt or other financial challenges (WSJ) 

• PE firm Sandbrook Capital raised $2.1B to invest in renewable-energy businesses; $1.5B was for its Sandbrook Climate Infrastructure Fund I, while ~$600M was for related co-investment vehicles (WSJ) 

• Early-stage VC BoxGroup closed its BoxGroup Six, a pre-seed and seed-stage fund, and BoxGroup Picks, its third opportunity fund, at $425M total (TC) 

• Playground Global, an early-stage VC investing in entrepreneurs who have developed breakthroughs in frontier technologies, raised $410M for its Fund III (FN)

• Artis Ventures, a VC that partners with impactful entrepreneurs, closed its fourth fund, TechBio II, at $200M (FN)

Crypto Corner

• Hardware wallet-maker Ledger was hacked, leading to hundreds of thousands of dollars being drained from users’ wallets (BBG) 

• JPMorgan is cautious on crypto in 2024 (CD) 

Exec’s Picks

• Venture Capital firm First Round interviewed Slack’s Chief Product Officer, Noah Desai Weiss, on how to take bigger, bolder bets in business.

• Mercury’s Meridian magazine published a great profile on Byrne Hobart, the hedge fund analyst-turned writer.

Litney Partners - Financial Recruiting 💼💼

If you're currently a junior investment banker looking to break into the buy side, considering lateraling to another investment bank, or have recently been impacted by widespread layoffs, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.

To get started, simply head over to the Litney website and create your profile by dropping your resume / filling out the form:

Meme Cleanser

Advertise with us // Visit our merch store // Invest alongside Lit Ventures // Book a call with Lit // Launch your own newsletter