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PE giants are selling private credit securitizations at the fastest pace ever, Australia M&A deals are struggling to close, HSBC made a breakthrough in quantum computing trading, Wall Street is poaching bankers as deal flow heats up, and BofA thinks current high stock valuations are the new normal.

Litquidity is coming to London in October to bring together our London finance community for some chill evenings of drinks, food, networking, and vibes. If you're around London, we'd love for you to show! We've got more info below.

Mizuho US Healthcare Equity Research Analyst Ann Hynes explores the looming question of what expiring ACA subsidies could mean for the economy. An insightful piece if you're invested in healthcare.

Let's dive in.

Before The Bell

As of 09/24/2025 market close.

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

Markets

  • US stocks fell yesterday on rising valuation concerns

  • China's index surged to its highest since January 2022

  • Taiwan's Taiex index rose 1.4% to a record high

  • Saudi's Tadawul All-Share index rallied 5% in its best day since Covid on easing of foreign ownership rules

Earnings

  • What we're watching this week:  

    • Today: Costco, CarMax, Accenture

  • Full calendar here

Prediction Markets

  • JD Vance posted the meme of himself and Twitter absolutely loved it.

  • 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

  • Wall Street is poaching bankers in a red-hot job market (WSJ)

  • Sky-high S&P 500 signals new normal, not bubble (BBG)

  • US credit investors raise alarm over lending standards (FT)

  • Tricolor's collapse signals strain in financial health of US households (FT)

  • US corporate bond sales surge as costs keep falling (BBG)

  • PE giants are selling private credit CLOs at the fastest pace ever (BBG)

  • Vista Equity is underwriting debt deals for its own companies (BBG)

  • HSBC says new quantum computing trial beat Wall Street rivals (BBG)

  • DoubleLine adopts holistic data approach with official data under scrutiny (RT)

  • Japan stocks keep rallying as reforms, inflows outweigh political risks (CNBC)

  • Japan plans cut in super-long bond liquidity auctions (BBG)

  • $40B of M&A has collapsed in Australia amid 'maze of uncertainty' (RT)

  • A unit of China's SWF made $50B in paper profits from stocks stimulus (BBG)

  • Regulators will replace $25k minimum equity rule for day traders (CNBC)

  • AI can now pass all CFA exams in minutes (CNBC)

  • Microsoft partnered with Anthropic on AI Copilot (BBG)

  • Instagram hit 3B MAU (BBG)

A Message from Mizuho

What expiring ACA subsidies could mean for consumers and the economy

After nearly five years of expanded subsidies, the scheduled end of enhanced advanced premium tax credits (eAPTCs) in 2025 threatens to raise premiums for millions, pressure insurers, and trigger economic aftershocks well beyond the Affordable Care Act (ACA) marketplace.

First introduced in 2021 under the Biden administration's COVID relief bill – the American Rescue Plan Act – the eAPTCs lowered the share of household income Americans were expected to spend on coverage.

However, this benefit came with an expiration date. While tax credits would remain if the subsidies expire, their value would shrink, driving premiums higher for millions. As it stands today, Congress would need to act to preserve the current subsidy levels. The looming question is whether lawmakers will extend the eAPTCs and, if they don't, what ripple effects could follow for the healthcare market and the economy at large?

Deal Flow

M&A / Investments

  • Intel approached Apple for an investment

  • Norway's SWF NBIM, Dutch pension APG, and Singapore SWF GIC acquired 46% of Dutch state-owned power grid operator TenneT's German unit from the Netherlands for $11.3B

  • Nestle is weighing a potential $4.7B sale of its vitamins business for $3.5B

  • Telecom company Altice France attracted interest from buyers for the enterprise unit of French carrier SFR, which could be valued at several billion dollars

  • Mexican billionaire businessman Fernando Chico Pardo agreed to acquire a 25% stake in Citigroup's Mexican retail banking unit Banamex for $2.3B

  • Canadian PE firm Novacap agreed to take-private digital advertising firm Integral Ad Science in a $1.9B deal at a 22% premium

  • Jordanian chocolate and ingredients manufacturer Chocolate Lake is in talks with potential buyers for a potential stake sale valued between $700M-$800M

  • Specialty finance group Basepoint Capital submitted an offer to acquire UK-listed lender Britain's International Personal Finance for $693M

  • Lego acquired 29 discovery entertainment centers from tourist attractions operator Merlin Entertainments for $270M

VC

  • AI inference startup Modular raised a $250M round at $1.6B valuation led by USIT

  • Signal AI, a risk and reputation intelligence platform, raised a $165M round led by Battery Ventures

  • WeTravel, an OS for multi-day travel businesses, raised a $90M Series C led by Sapphire Ventures

  • ZILO, a global asset and wealth management software, raised a $27M Series A-2 led by Portage

  • AI-based drug discovery platform Manas AI raised a $26M seed extension from The General Partnership, Wisdom Ventures, and more

  • Emergent, a platform allowing non-technical users to create apps using prompts, raised a $23M Series A led by Lightspeed

  • Swiss workplace management platform deskbird raised a $22M Series B led by Octopus Ventures

  • Synthesized, a startup providing test infrastructure and data for AI software, raised a $20M Series A led by Redalpine

  • AI-powered recall management startup BizzyCar raised a $20M round led by Dealer Tire

  • AmplifyMD, a virtual care solution startup, raised a $20M Series B led by Forerunner Ventures

  • Brand advocacy platform Duel raised a $16M Series A led by Molten Ventures and Bright Pixel Capital

  • Stablecoin infrastructure startup Bastion raised a $14.6M round led by Coinbase Ventures

  • Responsible investment platform Goodvest raised a $14M Series B led by Serena

  • Epic Padel, a startup creating a platform for the padel sport, raised a $10M seed round led by NowaisWorld and Stryde Ventures

  • sun.store, a European B2B digital marketplace for solar components, raised a $7M seed round led by Contrarian Ventures, Market One Capital, and Movens Capital

  • European encryption startup Belfort raised a $6M seed round led by Vsquared Ventures

  • Holy Technologies, a European autonomous factory for lightweight components, raised $5M from Rockstart, Vanagon, and more

  • PredictAP, an AI-driven accounts payable automation platform, raised $5M in funding led by RET Ventures

  • Konvo AI, a German startup building an AI agent platform for e-commerce, raised a $4.2M seed round led by Samaipata

  • Prediction market startup Melee raised a $3.5M round from Variant, DBA, and angels

  • Trismik, a UK startup using psychometrics to evaluate AI models, raised a $3M pre-seed round led by Twinpath Ventures

IPO / Direct Listings / Issuances / Block Trades

  • Blackstone, Carlyle and Hellman & Friedman-backed medical supplies manufacturer Medline is weighing a $5B IPO at a $50B valuation

  • Walmart-backed Indian fintech payments PhonePe filed to raise $1.5B at a $15B valuation in an India IPO

  • Data center REIT Fermi is seeking to raise $550M at a $13B valuation in its IPO

  • Bain Capital-backed Indian automotive parts maker Dhoot Transmission is seeking to raise $250M at a $1.5B valuation in a 2026 India IPO

  • Meituan-backed Chinese AI robotics firm Mech-Mind Robotics Technologies is planning a Hong Kong IPO to raise $200M

  • Carlyle-backed Japanese beer maker Orion Breweries raised $156M in its Japan IPO

  • Activist hedge fund Engine Capital built a 3% stake in $2.3B-listed mental health-focused Acadia Healthcare

Debt

  • US will extend a $20B swap line to Argentina and is ready to buy their foreign bonds to provide financial support 

  • Oracle raised $18B in investment-grade debt in the second-largest bond sale this year

  • Banks led by Goldman Sachs launched a $5.5B leveraged loan to help finance Thoma Bravo's $12.4B LBO of HR software provider Dayforce

  • UK soccer club Newcastle United is seeking a $1.3B financing package to redevelop its existing St. James' Park stadium

  • Banks and private credit firms are competing to provide $1.2B of debt to back PE firm Cinven or PE consortium PAI Partners and Providence Equity Partners' potential $2.4B acquisition of Spanish private university Universidad Alfonso X El Sabio from CVC

  • Troubled Brazilian petrochemical giant Braskem is in talks with banks to renew a $1B unsecured facility

  • Transit system Transport for London drew $3.5B of orders for its $470M bond sale, its first debt sale in a decade

  • Brazilian conglomerate Cosan's controlling shareholder Rubens Ometto is in talks to borrow $140M from Banco Bradesco to participate in the company's capital raise and avoid a bigger dilution of his stake 

Bankruptcy / Restructuring / Distressed

  • Auto parts supplier First Brands Group is preparing for a bankruptcy filing 

  • Bankrupt subprime auto-lender Tricolor Holdings' ABS bond holders had interest payments clawed back in recent days

  • A trustee for failed Swedish battery maker Northvolt found little basis to hold board directors personally liable, despite $720M in unpaid supplier claims

Fundraising / Secondaries

  • MM PE firm Ridgemont Equity Partners raised $4B for its fifth fund

  • German asset manager Golding Capital Partners raised $600M for its latest secondaries fund to focus on on European small and mid-cap deals 

  • Grays Peak Capital launched its second $500M private credit fund to invest the government and defense ecosystem in North America

  • Greek VC Big Pi Ventures raised $152M for its targeted $235M first growth fund focused on Greek founders and diaspora

  • Hedge fund Verdad Advisers is planning to a new Japan small caps equity fund 

  • Apollo rolled out three new private capital funds for European HNWIs

Crypto Sum Snapshot

  • Tether named ex-Google and PE exec Benjamin Habbel as chief business officer

  • Crypto ETFs are set to flood US market as SEC streamlines approvals

  • Crypto market maker GSR filed to launch a crypto treasury ETF 

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

Exec’s Picks

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  • ​​UpSlide is teaming up with Litquidity once again to host an unforgettable celebration in London on Thursday, October 23! If you're in London, join us after work for drinks, networking, and a great time. RSVP here.

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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