Boring Tech > Big Tech

Author

Litquidity Capital
September 22, 2025

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Good Morning,

BofA bankers are set to rake in the biggest M&A deal fee ever, BlackRock scaled back meetings with CEOs, ByteDance will get a board seat in TikTok, US announced a $100k fee for H-1B visas, and boring tech is suddenly the hottest thing in the stock market.

Diversify beyond volatile stocks and bonds with Percent, a highly democratized private credit market for exclusive private credit deals.

Let's dive in.

Before The Bell

As of 9/19/2025 market close.

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • All three major US stock indexes notched ATHs on Friday on Fed rate cut optimism and solid retail sales data

    • S&P and Nasdaq posted a third-straight week of gains

    • US trading volume hit its third-highest ever

  • Hong Kong's Hang Seng Tech index is up 41% YTD as Chinese tech stocks surge past Nasdaq amid an AI advance

  • US Treasuries saw their first weekly loss since mid-August 

  • EM domestic credit is up 15% YTD in dollar terms on track for its best year since 2017

Earnings

  • What we're watching this week:  

    • Today: Firefly Aerospace

    • Tuesday: Micron, AutoZone 

    • Thursday: Costco, CarMax, Accenture

  • Full calendar here

Prediction Markets

  • Guess who bottled another race weekend.

  • Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

  • BofA will make $130M in fees for Union Pacific-Norfolk Southern merger (WSJ)

  • Trump will meet with Xi in South Korea (BBG)

  • ByteDance will get one of seven board seats in TikTok (RT)

  • BlackRock, Vanguard reduce CEO meetings amid new DEI/ESG rules (RT)

  • Markets hit record highs as 'FOMO' infects investors (FT)

  • Goldman's S&T desk launched a liquid IPO index as listings soar (BBG)

  • PE groups warn of mis-selling as sector opens up to retail investors (FT)

  • Private credit is facing 'clear signs' of rising stress (BBG)

  • Citigroup says de-dollarization narrative is a 'mirage' (BBG)

  • Australia halted a second private credit fund in regulatory crackdown (BBG) 

  • BOJ will unwind ETFs and J-REITs in step towards policy normalization (BBG)

  • Stock market rally risks losing steam as economic bounce fades (BBG)

  • US equity funds saw the biggest outflows YTD as investors book profits (RT) 

  • Boring tech is again the hottest thing in the stock market (BBG)

  • Popular hedge fund dispersion trade is attracting contrarian bets (BBG)

  • Investors turn to derivatives for US bonds as issuers can't keep up (BBG)

  • Chinese savers have $23T but few investment options (BBG)

  • Brookmont vowed to backstop struggling catastrophe bond ETF (BBG)

  • EU will block Big Tech from new financial data sharing system (FT)

  • Blackstone named Katie Keenan as BREIT CEO after LePatner's death (BBG)

  • B. Riley filed 10-Ks but is still overdue on other reports (BBG)

  • OpenAI will spend $100B over five years on backup servers (TI)

  • OpenAI tapped a key Apple supplier to make AI devices (TI)

  • PwC cut 60 partners and 1.5k staff in Mideast (BBG)

  • US announced $100k fees on H-1B visas (BBG)

  • UK, Canada, and Australia recognized Palestine as an independent state (FT)

A Message from Percent

Diversify Your Portfolio from Market Volatility – With Private Credit

Worried about a stock market correction? Private credit may offer an alternative.

While public markets continue to swing, private credit has historically offered more consistent performance and lower correlation to equities. On Percent, accredited investors gained access to a wide variety of private credit opportunities — and in 2024, the platform's marketplace saw average net returns of 14.9%.

With shorter terms and monthly interest, private credit may help diversify and stabilize your portfolio in uncertain times.

  • Lower Correlation to Public Markets

  • Shorter Terms for Flexibility

  • Monthly Income Potential

  • Starting at $500

Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and they are subject to default risk.

Deal Flow

M&A / Investments

  • $19B-listed Industrials conglomerate Genuine Parts is weighing a breakup of its industrial parts business and its auto parts unit

  • Mexican Football Federation, the organizer of Mexico's top soccer league Liga MX, said it can negotiate a better deal with Apollo, after a $1.3B investment at a $13B valuation failed

  • Swedish PE firm EQT launched a sale of Nordic digital infrastructure business GlobalConnect seeking a $9.4B valuation

  • A consortium led by insurer Aquarian Holdings is in advanced talk to acquire insurance and investment company Brighthouse Financial for $4B, a ~25% premium

  • PE firm Warburg Pincus put business services firm TRC Companies up for sale at a $3B valuation 

  • UK online trading platform IG Group acquired Australian crypto exchange Independent Reserve for $117M

  • SWFs and others are in talks to acquire a 49% stake in German luxury department store Bergdorf Goodman from luxury retail group Saks Global for $1B

  • Apollo is in talk to acquire a majority stake in Spanish soccer club Atlético Madrid

  • UK-based beverage cooler manufacturer Frigoglass Group is in talk to sell its Nigerian business to pay off debt

  • Mining giant Glencore is in talks to sell a controlling stake in its biggest African copper mine Kamoto Copper Co.

VC

  • Nvidia is exploring a $500M investment in UK self-driving startup Wayve

  • xAI raised $200M at a $10B valuation from Valor Capital, QIA, and Kingdom Holding

  • RegScale, a continuous controls monitoring platform, raised a $30M+ Series B led by Washington Harbour Partners

  • GEOH, a practice management software and services for home care agencies, has raised $30M+ in funding from Council Capital and affiliates

  • Terra Security, a company using AI for continuous penetration testing, raised a $30M Series A led by Felicis

  • Aleph, an AI-native FP&A platform, raised a $29M Series B led by Khosla Ventures

  • Grvt, a decentralized exchange for on-chain financial privacy, raised a $19M Series A led by ZKsync, EigenCloud, and 500 Global

  • Geothermal startup Factor2 Energy raised a $9.1M seed round led by At One Ventures

  • Photonic computing startup Opticore raised a $7.5M seed round led by Neotribe Ventures and Thunderbolt Ventures

  • Juisci, a healthtech startup helping healthcare professionals consume scientific knowledge, raised a $6.4M seed round led by Big Pi Ventures

  • ShopVision, a Canadian competitive intelligence and automation layer for e-commerce teams, raised a $4.1M seed round led by Brightspark Ventures

  • Kilde, a Singaporean licensed private credit investment platform, raised a $1.5M pre-Series A led by Purple Ventures

IPO / Direct Listings / Issuances / Block Trades

  • Czech defense giant Czechoslovak Group added more banks for its $3.5B IPO

  • Swedish financial services firm NOBA is seeking to raise $810M at a $3.5B valuation in a Sweden IPO

  • The Philippines' Maynilad Water Services is set to raise $800M in the country's biggest IPO this year with IFC and ADB as anchor investors 

  • Gold miner Newmont sold its stake in Orla Mining for $439M on the Toronto Stock Exchange as part of its divestiture program

  • Brookwood Financial-backed convenience store owner Yesway revived plans for an IPO that could raise $300M

  • Polish children's retailer Smyk is planning to raise $118M at a $587M valuation in a Poland IPO

  • Vietnam Technological and Commercial Joint-Stock Bank's brokerage firm Techcom Securities raised $410M in its IPO

  • Emirates Global Aluminum is preparing for an IPO at a potential $10B-$15B valuation

  • Hellman & Friedman-backed auto collision repair firm Caliber is weighing an IPO that could raise several hundred million dollars

  • Corporate travel startup Navan filed for an IPO; the firm was last valued at $9.2B in 2022

  • Novo Nordisk-backed Alzheimer's biotech MapLight Therapeutics filed for an IPO; the firm was last valued at $816M this year

  • Brookfield-backed natural gas storage platform Rockpoint Gas Storage filed for a Canada IPO

  • Crypto custody firm BitGo filed for a US IPO

  • Andersen Group, the tax firm founded by Arthur Andersen alumni, filed for an IPO

Debt

  • BorderPlex Digital Assets and Blue Owl-backed STACK Infrastructure were approved for a $165B industrial revenue bond package to fund AI data centers

  • Brazilian industrials conglomerate Cosan reached a deal with BTG Pactual, Perfin Infra Fund, and founder Rubens Ometto's family office to raise $1.9B to improve finances 

  • UK's Royal Mail-owner International Distribution Services is planning to sell euro bonds in its first debt raise since 2024

Bankruptcy / Restructuring / Distressed

  • Creditors to troubled auto parts supplier First Brands tallied $3B in paper losses and are organizing for a restructuring on concerns of off-balance sheet financing tied to future revenues and a lack of communication from First Brands

  • Apollo and Diameter closed shorts on First Brands Group

  • Creditors to European telecoms giant Altice International picked Houlihan Lokey for debt talks with the company

  • India's Mercantile Ports & Logistics started legal action against a group of banks after a breakdown in refinancing talks

Fundraising / Secondaries

  • Dwight Securities Management raised $1B for a multifamily construction loan fund

  • Specialty industrial and service business investor Point 41 Capital raised $400M for its debut fund

  • Lower MM PE firm Axum Capital Partners is seeking $300M for its latest fund to invest in health and wellness-centric food and beverage brands

  • Africa-focused private credit fund TLG Capital raised $75M for a targeted $200M for its second impact fund

  • Lower MM PE investor Double Barrel Capital made a first close on its debut fund

Crypto Sum Snapshot

  • SEC breakthrough lets Grayscale launch first multi-token ETF

  • UK regulator speeds up crypto approvals in response to critics

  • Kevin Durant got access to Coinbase Bitcoin account after years of being locked out

Subscribe to Crypto Sum for the most important stories on everything crypto.

Exec’s Picks

  • The stablecoin industry has reached a tipping point. After the June IPO of stablecoin provider Circle saw the stock surge as much as 600% – the largest first day pop for a billion-dollar US IPO in 30 years – it's clear that the technology is moving from the margins to the mainstream.

  • Harvey Sawikin wrote a great piece explaining how the problem with concentration risk is actually in our psychology.

Finance & Startup Recruiting 💼

Litney Partners

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting venture between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm), Litney Partners places talent at leading firms in PE, hedge funds, VC, growth, credit, IB, and fintech and is currently recruiting for some incredible roles. Head over to our website to drop your resume and we'd love to get in touch!

Next Play

If you're down bad, realizing finance isn't for you, and want to explore the world of startups (BizOps, chief of staff, strategic finance, etc.), fill out this form. Next Play will reach out to schedule a 1:1 video call if they think they can help as your own, personal startup matchmaker. They've grown their community to over 50k talented professionals and have deep relationships across the tech ecosystem.

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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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