• Exec Sum
  • Posts
  • Zuckerberg Sliding Into DMs

Zuckerberg Sliding Into DMs

McKinsey is paying staff to leave, the private credit talent war is being fought in court, corporate borrowers are active like never before, global M&A picked up, SBF received 25 years without parole, and Zuckerberg is personally emailing individuals to join Meta.

In partnership with

Good Morning,

McKinsey is paying staff to leave, the private credit talent war is being fought in court, corporate borrowers are active like never before, global M&A picked up, SBF received 25 years without parole, and Zuckerberg is personally emailing individuals to join Meta.

Let’s dive in.

Before The Bell

As of 03/28/2024 market close.

Markets

  • US stock and bond markets were closed on Friday in observance of Easter

  • The S&P and Dow rose to fresh ATHs on Thursday as investors digested unsurprising inflation data

    • The S&P and Dow had their best Q1 since 2019 and 2021 respectively

    • M7 stocks made up 37% of the S&P's Q1 gain, down from ~67% in 2023 

  • Copper’s forward spread is at its widest ever as traders bet on higher prices

Earnings

  • What we're watching this week:  

    • Tuesday: Dave & Buster’s 

    • Wednesday: Levi’s

    • Thursday: Lamb Weston

  • Full calendar here

Headline Roundup

  • McKinsey is paying staff to leave (TM)

  • Bridgewater CEO's turnaround hinges on wooing restless clients (BBG)

  • Global M&A picked up 30% in Q1 after flurry of large deals (RT)

  • Dollar bond sales YTD hit its highest since 1990 (FT)

  • Zuckerberg is personally emailing engineers to join Meta (TI)

  • PCE index rose 2.5% YoY in February (FT)

  • European bank shares hit six-year high on surging profits (FT)

  • Shein profits double to over $2B ahead of IPO (FT)

  • UBS flags CRE as top risk (RT)

  • Private credit talent war is heating up (WSJ)

  • US consumer sentiment hit a three-year high (RT)

  • Billions flood active ETFs in hunt for cheap developing stocks (BBG)

  • Russia-exit related losses topped $107B (RT)

  • OpenAI and Microsoft plan a $100B data-center project (TI)

  • CalPERS backed activist Nelson Peltz in Disney board battle (RT)

  • Walgreens took a $5.8B hit on VillageMD bet (RT)

  • UBS CEO Ermotti made $16M in 2023 (RT)

  • 42% of Citi energy clients lack climate transition plans (RT)

  • Tesla dives into advertising after years of resistance (WSJ)

  • US tech giants shun China for Mexico to make AI goods (WSJ)

  • Harvard applications fell by 5% while other Ivies soar (WSJ)

  • Gen Z loves a side hustle (WP)

A Message From RYSE

Invest before this company becomes a household name

What if you had the opportunity to invest in the biggest electronics products before they launched into big box retail, would you?

Ring changed doorbells and Nest changed thermostats. Early investors in these companies earned massive returns, but the opportunity to invest was limited to a select, wealthy few. Not anymore. RYSE has just launched in 100+ Best Buy stores, and you're in luck — you can still invest at only $1.50/share before their name becomes known nationwide.

They have patented the only mass market shade automation device, and their exclusive deal with Best Buy resembles that which led Ring and Nest to their billion-dollar buyouts.

Deal Flow

M&A / Investments

  • Home Depot will acquire professional building-projects supplier SRS Distribution in an $18.3B deal (WSJ

  • Investors led by PE firm PAG will invest $8.3B in Chinese property giant Dalian Wanda's mall unit Newland Commercial Management for a 60% stake in the business (RT

  • PE firm EnCap Investments is seeking to sell XCL Resources, which could be worth at least $2.8B, including debt (RT

  • SilverBow Resources rejected largest shareholder Kimmeridge Energy Management's latest offer that valued the company at $2.1B, including debt (RT

  • Apollo will acquire Panasonic's entire stake in Panasonic Automotive Systems in a $2.06B deal (RT

  • Minnesota Timberwolves-owner Glen Taylor canceled the NBA team's $1.5B sale to a group led by Marc Lore and ex-MLB player Alex Rodriguez due to a missed final payment (WSJ)

  • Consumer finance startup Stash, which is valued at $1.4B, is exploring options including a sale (BBG

  • Keysight Technologies offered $1.5B for struggling UK telecom network testing company Spirent Communications, exceeding Viavi Solutions earlier bid for Spirent (BBG

  • French renewable energy developer Neoen is considering selling a 30% stake in its Australian unit for $1.1B to fund its growth in the country (BBG

  • Oakley Capital is weighing options including a sale for its Norwegian maritime training software company Ocean Technologies Group, which could be worth over $1B (RT

  • Rexford Industrial Realty purchased 48 socal warehouses in California from Blackstone for $1B (BBG

  • Panasonic unit Blue Yonder will acquire US digital supply chain network supplier One Network Enterprises for $839M (RT)

  • Indian billionaire Gautam Adani invested $799M to boost his stake in Ambuja Cements to 66.7% (BBG

  • Italian mobile-app developer Bending Spoons ended its pursuit for $687M video platform Vimeo due to a price disagreement (BBG

  • Take-Two Interactive Software will acquire video games developer The Gearbox Entertainment Company from Embracer Group for $460M (BW

  • Kitchen sponge maker Scrub Daddy is exploring options including a sale (RT)

VC

  • Generative AI marketing company Brandtech Group raised a $115M round at $4B valuation from Fimalac, Nendo Labs and more (FT)

  • AI computer vision startup Robovision raised a $42M Series A from Target Global and more (FN)

  • InStride Health, a provider of specialty pediatric anxiety and OCD treatment, raised a $30M Series B led by General Catalyst (FN)

  • Zafran, a risk and mitigation company, raised $30M+ in funding led by Sequoia Capital and Cyberstarts (FN)

  • Confetti, a platform to handle team-building activities for companies, raised a $16M Series A led by Entrée Capital and IN Venture (FN)

  • Distributed cloud provider Hive raised a $13M Series A led by SC Ventures (PRN)

  • Cannabis processing tech startup Audacity Zone Developments raised an $11M Series A led by Greenlight Commercial Funding (PRN)

  • Keeyns, a Dutch tax collaboration platform, raised $10.7M in funding from Alea Capital Partners and Mountainview Capital Partners (FN)

  • FLock.io, a UK-based decentralized AI training and finetuning platform, raised a $6M seed round led by Lightspeed Faction and Tagus Capital (FN)

  • Indonesian EV startup Blitz Electric Mobility raised a $1.6M round led by ADB Ventures (FN)

IPO / Direct Listings / Issuances / Block Trades

  • China-owned agrichemical giant Syngenta Group withdrew its long-delayed application for a $9B Shanghai IPO (BBG

  • Rubrik, a cloud and data security startup backed by Microsoft, plans to file for an IPO as soon as this week (BBG

  • Boundless Bio, a cancer therapeutics make backed by Bayer, fell 11% after its $100M US IPO (BBG)

Debt

  • Home Depot is eyeing a $12.5B debt package to help fund its $18.3B acquisition of SRS Distribution (BBG

Bankruptcy / Restructuring / Distressed

  • Kenya Airways is seeking to raise as much as $1.5B in fresh capital in a restructuring process (BBG

  • Turnaround specialist investor Attestor will provide an $108M loan to Signa’s insolvent luxury property unit Signa Prime Selection (BBG

  • Rite Aid reached preliminary agreements to transfer ownership to senior bondholders and settle opioid-related lawsuits (WSJ

  • Discount retailer 99 Cents Only Store is considering a bankruptcy filing due to a liquidity shortfall (BBG

  • Cumulus Media and some creditors entered discussions regarding the struggling radio broadcaster’s proposed distressed debt exchange (BBG

Fundraising

  • Hunter Point Capital raised $3.3B for Hunter Point Capital I to acquire stakes in private fund managers (WSJ)

  • Matter Venture Partners, a VC founded by ex-Kleiner Perkins investors, closed its inaugural fund at $300M to invest in seed to Series B startups (TC

  • Indian venture debt firm Alteria Capital raised $186M for its third fund (RT)

Crypto Corner

  • SBF was sentenced to 25 years in prison with no option for parole (BBG

Exec’s Picks

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

Join the conversation

or to participate.