Good Morning,

Hedge funds had a good H1'25, Wimbledon debentures have become a lucrative investment for wealthy tennis fans, markets hit new all-time highs, Diddy was acquitted of most charges, and 5+ startup founders realized via social media that they were all employing some guy from India at the same time.

As we head into the Fourth of July weekend, we wrote our readers a message below for ways to further engage with and benefit from the Litquidity ecosystem.

We also have info on a storewide sale on our merch store the next few days, as well as an upcoming private event for investment bankers.

Hope you all have a great weekend, see you all on Monday! (US markets are closed on Friday)

Let's dive in.

Before The Bell

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

Markets

• US stocks gained yesterday as traders digested fresh labor economic data 

  • S&P and Nasdaq hit new ATHs

  • Rates traders raised odds of a July rate cut to 27%, while fully pricing in a September rate cut

• US 30Y yield rose 5 bps higher past 4.8%

• UK's PM failed to express support for UK's finance minister in parliament causing UK bonds to tumble

  • UK 10Y and 30Y gilt yields soared 22 bps to 4.6% and 5.46% respectively 

  • UK 2Y gilt yield jumped 10 bps to tease 4% 

• Copper rose past $10k / ton to the highest since March as trade look to take advantage of price gaps between London, New York and Shanghai 

• Bitcoin volatility hit a two-year low

Earnings

•  Full calendar here

Prediction Markets

• This is where we are with American politics…

• 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

• J Pow's silence on his future complicates Trump's Fed chair search (BBG)

• US private payrolls fell for first time in over two years (CNBC)

• PE is struggling to overcome doubts on valuations (BBG)

• Apple, Alphabet and Tesla are holding the S&P 500 rally back (BBG)

• Hedge funds braved market gyrations to deliver positive H1 returns (RT)

• Oil derivatives trading hit a record in Q2 amid tariff and war volatility (RT)

• SEC will review rules for SPACs (BBG)

• London IPOs hit a 28-year low (BBG)

• Hong Kong listings hit a three-year high (BBG)

• Goldman Sachs named Raghav Maliah as chairman of IB (RT)

• EU turns to private funding to boost quantum technology ambition (RT)

• Barclays senior banker calls climate finance 'alienating' for communities (BBG)

• Datadog will join the S&P 500 (BBG)

• Netflix held talks with Spotify to expand live TV content (WSJ)

• Wimbledon investors turned 75% profit trading access to VIP seats (BBG)

• Microsoft cut 4% (or 9k jobs) in second layoff round (BBG)

• TikTok cut more employees from US e-commerce unit (BBG)

• Intel's new CEO explores big shift in chip manufacturing business (RT)

• Massachusetts will follow NYC in making landlords pay broker fees (BBG)

• Lululemon sued Costco for copying apparel designs (BBG)

• Ex-UBS CFO won $182M in divorce suit (BBG)

• Bill Ackman vies to be oldest tennis player to receive ATP ranking points (BBG)

• Diddy was acquitted of most charges (BBG)

• An Indian techie, Soham Parekh, was accused by over five US startup CEOs of working at multiple companies simultaneously (HT)

A Message from Litquidity

Summer is in full swing and markets are at record levels as we head into a much needed July 4th break.

As we head into the long weekend to celebrate America's bday, I wanted to remind you guys of ways the Litquidity network can help make your lives easier and more rewarding once you're back at your desks on Monday. We're here to deliver memes, news, jobs, and deals. See below for ways to work with us.

Looking forward to connecting and working with you all!

Advertising & Partnerships

Exec Sum would not be possible without the continued support from our sponsors. As such, we are always looking to partner with exciting brands looking to reach a highly-engaged and lucrative professional audience.

Interested in advertising across the Litquidity brand portfolio that reaches over 2M unique individuals? Fill out our partnership form here.

Litquidity Ventures

We've been on an absolute tear securing primary allocations into high-profile funding rounds led by Tier 1 VCs, as well as allocations into late stage secondaries with incredible demand.

If you're an accredited investor or qualified purchaser and want to gain access to the deal flow, pls fill out this quick form.

If you are a startup currently raising capital and are interested in an investment from Litquidity, pls send an email to [email protected]

Litney Partners

If your firm is currently seeking experienced investment bankers & institutional investors (private equity, hedge fund, credit, etc), shoot me an email at [email protected] so we can find a way to work together!

If you are a candidate looking for a job across IB, PE, HF, Credit, VC, Family Office, and Corp Dev, drop your resume at our portal and we'll be in touch with relevant opportunities!

Palm & Park

If you're looking to organize exclusive happy hours, private dinners, padel & wellness events to build community and network with elite founders, investors, and dealmakers, check out Palm & Park, a new events business I co-founded earlier this year to connect with our vast network in the real world. Learn more here.

Deal Flow

M&A / Investments

• PE firms CVC and KKR and Abu Dhabi SWF ADIA are among parties weighing a bid for an up to 30% stake in portable power generator firm Aggreko, as owners TDR Capital and I Squared Capital explore a sale at an over $12B valuation

• Apollo-backed European insurance group Athora is nearing an $8.2B takeover of UK retirement savings group Pension Insurance Corporation

• KKR agreed to acquire British precision testing equipment and software maker Spectris for $5.6B, topping a prior offer from an Advent-led group by 6.3%

• Spanish lender BBVA's takeover bid for peer Banco Sabadell was cast into further uncertainty after Sabadell agreed to sell its UK unit TSB for $3.6B and pledged to return proceeds to shareholders

• Blackstone agreed to acquire the remaining minority stake it doesn't already own in events software company Cvent from Vista Equity Partners for $1.3B

• Pursuit Attractions and Hospitality agreed to acquire Costa Rica's Tabacón Thermal Resort & Spa for $111M

• KKR agreed to acquire Australian agriculture infrastructure firm ProTen from Australian pension Aware Super

• Italian lender BMPS will launch a hostile takeover bid for smaller peer Mediobanca after receiving regulatory approval for the deal aimed at creating Italy's third-largest bank

• Crypto exchange Coinbase acquired token management platform Liquifi in its fourth acquisition this year

• Bitcoin-focused venture studio Thesis* acquired Bitcoin rewards platform Lolli

VC

• Swiss direct air capture (DAC) leader Climeworks raised $162M in funding led by BigPoint Holding and Partners Group

• Talon.One, a German loyalty and promotion platform, raised a $135M Series B led by Silversmith Capital Partners and Meritech Capital

• Savvy Wealth, a digital-first platform for financial advisors, raised a $72M Series B led by Industry Ventures

• Climate tech startup Dexter Energy raised a $27M Series C led by Klima

• Yaspa, a UK fintech providing instant payment and identity services, raised a $12M investment from Discerning Capital

• Circulate Health, a startup harnessing the potential of therapeutic plasma exchange to extend human lifespan, raised a $12M seed round led by Khosla Ventures

• Estonian mobility startup Vok Bikes raised a $6M Series A led by SQM Lithium Ventures

IPO / Direct Listings / Issuances / Block Trades

• EV maker Rivian raised $1B in a share sale to Volkswagen 

• China-listed AirPods maker Luxshare Precision Industry plans to raise over $1B in a Hong Kong listing this year

• Commodities giant Glencore launched a $1B share buyback following the completion of its $8.2B sale of its agri unit Viterra to agri-commodities giant Bunge

• Greek gambling firm Intralot secured investor commitments for its planned $472M share sale following its $3.2B cash-and-stock acquisition of Bally's interactive casino business

• Activist hedge fund Starboard Value built a 9% stake worth $160M in online travel firm Tripadvisor

Debt

• Japan's SoftBank attracted over $17.3B in bids for its $4.2B dollar and euro bond sale

• Uber-backed Moove is nearing a $1.2B debt raise to finance the rollout of an autonomous-driving fleet with Waymo

• Indonesia's state-owned oil firm Pertamina and its shipping unit are seeking a $700M offshore loan to fund vessel construction

Bankruptcy / Restructuring / Distressed

• Ethiopia agreed to a MOU with official creditors to restructure over $3.5B in loans, formalizing a debt relief plan

• Del Monte Foods filed for bankruptcy due to excess pandemic inventory and rising debt costs, securing $165M in financing while carrying $1.2B in secured debt

• Merit Street Media, the startup founded by celebrity psychologist Dr. Phil, filed for bankruptcy amid a court dispute with Trinity Broadcasting Network

• A judge approved temporary funding to maintain Joel Wiener's bankrupt NYC apartments, allowing for essential repairs while negotiations with Flagstar Bank continue on a longer-term solution

Fundraising / Secondaries

• Catalio Capital Management raised over $400M for its fourth fund, continuing to focus on life sciences and healthcare spinouts from academic institutions

• Private markets investors Hamilton Lane launched its first evergreen fund targeting Asia private markets

Crypto Sum Snapshot

• Crypto firm Ripple applied to become a national bank in the US

• JPMorgan's blockchain unit is exploring tokenizing carbon credits

• BlackRock Bitcoin ETF drove more revenue than its S&P 500 fund

Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

• Palm & Park is back with another chill happy hour hosted by UpSlide and Litquidity. We're bringing together NYC's top tier investment bankers at Cask Cellar, NYC on Thursday, July 24th for a laid-back yet high-powered networking experience, with great drinks, fun company, and a chance to unwind after markets close. Come join us!

• The Litquidity merch store is back with fresh summer styles and a store-wide sale for the Fourth of July weekend! Scoop some of your favorite merch as a little treat to prepare for America's birthday 😤🇺🇸

  Get 20% off the entire collection from July 4th through July 6th.

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.

*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.