Mega-Fund-Raising Frenzy

HPS raised the largest-ever private credit fund, KKR is eyeing its biggest buyout fund yet, Bobby Jain's hedge fund is debuting with over $5B, Premier League clubs are projecting record revenues, and Julian Assange is set to walk free.

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Good Morning,

HPS raised the largest-ever private credit fund, KKR is eyeing its biggest buyout fund yet, Bobby Jain's hedge fund is debuting with over $5B, Premier League clubs are projecting record revenues, and Julian Assange is set to walk free.

Let’s dive in.

Before The Bell

As of 06/24/2024 market close.


  • US stocks closed mixed as investors sold tech in favor of banks and energy 

    • Nasdaq notched its biggest one-day drop in two months

    • Dow rallied to a one-month high

  • Canada's TSX index rallied 1.4% after previously posting a five-week decline

  • Pakistan's KSE 100 is Asia's best performing stock market YTD

  • US dollar dipped after seven-straight days of gains


  • What we're watching this week:  

    • Today: FedEx

    • Wednesday: Micron, Jefferies, General Mills

    • Thursday: Nike

  • Full calendar here

Headline Roundup

  • Fed's Daly says 'more work to do' before cutting rates (RT)

  • Big US banks are to be cautious on dividends amid economic uncertainty (RT)

  • French bond vigilantes have lessons for US (RT)

  • BOJ signaled chance of a July rate hike (RT)

  • Foreign banks expand in Switzerland after Credit Suisse collapse (RT)

  • Hess CEO to join Goldman board as independent director (RT)

  • Apple risks billions in fines after EU antitrust charge (WSJ)

  • Argentina entered a recession in Q1 (RT)

  • Nvidia has lost 16% since briefly topping Microsoft in market cap (FT)

  • Premier League teams are eying record revenues this year (FT)

  • Oracle risks revenue decline from TikTok ban (BBG)

  • Prosus fully wrote-off its 9.6% stake in Byju's (RT)

  • Rivian aiming for first profit after mega cost-cutting drive (RT)

  • TSA screened record-setting 2.99M air passengers on Sunday (RT)

  • Moelis banker involved in NYC altercation resigned (FT)

  • Founder of WikiLeaks, Julian Assange is set to walk free after US plea deal (WSJ)

  • US gender-savings gap is at over 66% (RT)

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Deal Flow

M&A / Investments

  • GIP and and Italian energy infrastructure firm Snam are considering selling their stakes ADNOC's $21B gas pipeline unit (BBG)  

  • ADNOC entered formal talks on a potential $12.5B takeover of German chemicals firm Covestro (BBG)

  • Kuwait Finance House is exploring an acquisition of a significant stake in Saudi Investment Bank, which has a ~$4.3B market cap (BBG

  • PE firm TPG and Canada's CDPQ will acquire Advent-controlled Aareal Bank's software unit at a $4.2B EV (BBG

  • Packaging firm Sonoco Products will acquire peer Eviosys for $3.9B from PE firm KPS Capital Partners (FT

  • Defense firm Czechoslovak Group will acquire Vista Outdoor's sporting products and ammunition business for ~$2B (RT

  • Chinese conglomerate Fosun International will acquire the remaining ~35% stake it doesn’t already own in Shanghai Henlius Biotech at a $1.7B valuation (RT

  • Australian uranium miner Paladin Energy agreed to buy Canada's Fission Uranium in an $833M all-stock deal (WSJ

  • Malaysia’s IHH Healthcare and Sunway are among shortlisted bidders to acquire Island Hospital at an ~$800M valuation from Affinity Equity Partners (WSJ

  • A consortium led by entrepreneur Kamjar Hajabdolahi agreed to acquire Klarna's Checkout business in a $520M deal (BBG

  • Beijing State-owned Assets Management Co. will acquire UBS's ~36% stake in Credit Suisse's China venture at a $253M valuation (BBG

  • DuPont's water treatment business drew takeover interest from firms including water solutions providers Xylem and Veralto (BBG


  • Emergence, an 'agent-based' system to automate knowledge workers' tasks, raised a $97.2M round from Learn Capital (TC)

  • FirstVet, a digital veterinary platform for pet owners, raised a $22M Series C led by TELUS Global Ventures (EU)

  • Virtual care provider Heyday Health raised $12.5M in funding from Gradient Ventures, Lionbird, and others (PRN)

  • Tandem Health, an AI-powered software to reduce administrative burdens, raised a $9.5M seed round led by Northzone (FN)

  • Carbon removal startup Net Zero Company raised a $5.5M seed round led by Oilinvest, VARO Energy, and SilviCarbon (FN)

  • VoltR, a French lithium batteries startup, raised $4.4M in funding led by C4 Ventures, Exergon, and more (FN)

  • CUREOSITY, a VR therapy startup, raised $4.1M in funding from TechVision Fund and Nomainvest (EU)

  • SoSoValue, a crypto financial research startup, raised a $4.2M seed round led by HongShan, GSR Markets, and more (FN)

  • Wilya, a B2B SaaS for manufacturers and supply chain workers, raised a $4M seed round led by Ironspring Ventures (PRN)

  • TrackLight, a startup using AI to detect and prevent fraud, raised a $3M seed round led by BarronKent and Growth Factory (BW) 

IPO / Direct Listings / Issuances / Block Trades

  • Shein, the Chinese fast-fashion brand last valued at $66B, confidentially filed for a London IPO (RT

  • PE firm L Catterton and insiders are seeking to sell an ~$840M stake in Birkenstock in a secondary offering (BBG)

  • Indian health insurer Niva Bupa is planning to raise $360M at a $2.5B valuation in a local IPO (RT

  • Therapy developer Alumis is seeking to raise up to $318M at a $1B valuation in a US IPO (RT

  • Chinese fashion-brand Urban Revivo is weighing a potential $100M Hong Kong IPO (BBG

  • Insurer TWFG filed for a US IPO and revealed a 27% jump in net profit (RT

  • Saudi Arabia's Arabian Mills is planning to list a 30% stake in a local IPO (RT)

  • Tourist attraction London Tunnels switched IPO plans from London to Amsterdam (FT)


  • Banks led by Goldman Sachs launched a $6.6B leveraged loan sale to refinance KKR-owned BMC Software's upcoming maturities (BBG

  • Carlyle and Goldman Sachs Private Credit lent a $1.1B PIK note to PE-owned fund administrator Apex Group (BBG

  • Indian miner Vedanta is considering a $500M+ debut dollar bond sale (BBG

Bankruptcy / Restructuring / Distressed

  • Ghana agreed to a restructuring to end debt default (FT)

  • Food delivery startup Getir will raise $250M in a restructuring led Abu Dhabi SWF Mubadala, who will take a controlling interest (BBG

  • Chinese property developer Kaisa received a seven-week stay to finalize a debt restructuring, or risk liquidation (RT)


  • HPS Investment Partners raised $21.1B for its latest flagship direct lending fund, the largest private credit fund on record (FT

  • KKR is seeking to raise $20B for its latest flagship North America buyout fund (RT

  • Ex-Millennium co-CIO Bobby Jain raised $5.3B for his Jain Global multi-strat fund in the largest HF debut since 2018 (BBG

  • PE firm H.I.G. Capital raised $1.3B for its first fund dedicated to mid market infrastructure (WSJ

  • PE firm Elsewhere Partners raised $285M for a third software fund (WSJ)

Crypto Corner

  • Distressed funds face complications after windfall on FTX bankruptcy (WSJ)

  • Bitcoin ETF's saw ~$600M in outflows for a second-straight week (BBG

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