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Private Credit Turns to Secondaries

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Litquidity Capital
September 05, 2025

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Good Morning,

Citigroup outsourced all asset management, Trump is making strides in his takeover of the Fed, bond investors are counting on tariff revenues to rein in US debt, OpenAI is planning a jobs platform to take on LinkedIn, and private credit is turning to secondaries markets to fund LP liquidity.

Impact investing in real estate has a long and celebrated history and Mizuho has always been at the forefront. Check out their work in real estate finance and involvement in impactful and creative financing. Read more below.

Let's dive in.

Before The Bell

As of 9/4/2025 market close.

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Markets

  • US stocks rose as traders weighed soft jobs data and healthy earnings

    • S&P closed at a fresh ATH

    • Small caps Russell 2000 gained 7% in August for its best month YTD

    • Traders fully priced in a 25 bps Fed rate cut this month 

  • US 10Y yield fell to the lowest since early-May

  • US 2Y yield fell to a one-year low

Earnings

  • Broadcom beat Q2 earnings and revenue estimates on a 63% surge in AI-related sales boosted by custom chip demand from major hyperscalers and strength in networking and VMware software (CNBC)

  • lululemon beat Q2 earnings estimates but missed on revenue on weak comparable sales growth with a 4% drop in the Americas and issued weak FY guidance amid tariff headwinds and end to the de minimis exception (CNBC)

  • DocuSign beat Q2 earnings and revenue estimates and issued strong guidance as AI innovation launches and recent go-to-market changes led to strong performance across the eSignature, CLM, and IAM businesses (YH)

  • Full calendar here 

Prediction Markets

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Headline Roundup

  • US asked SCOTUS to allow firing of FTC Commissioner (CNBC)

  • Regional banks turn to stock sales to shore up bond portfolios (BBG)

  • US firms added only 54k jobs in August (CNBC)

  • August hiring plans fell to weakest level ever (BBG)

  • US trade gap widened to a four-month high on import flurry (BBG)

  • US is preparing to renegotiate North American trade deal (WSJ)

  • Bond investors count on tariff revenues to rein in US debt (FT)

  • Trump is making strides in takeover of the Fed (WSJ)

  • Private credit leans on secondaries as investor payouts dwindle (BBG)

  • Interest rate anxiety no deterrent to money-making small caps (BBG)

  • Dollar hedging gets pricier ahead of jobs data (BBG)

  • Multibillion-dollar deals fuel pickup in India M&A (BBG)

  • CVC touts high investor interest in Europe (BBG)

  • Citigroup outsourced all asset management (BBG)

  • Bank of America is offering wealthy clients access to PE funds (BBG)

  • Gold ETFs are seeing record inflows (BBG)

  • US is investigating Fed governor Lisa Cook for mortgage fraud (WSJ)

  • JPMorgan will launch digital retail bank in Germany in Europe push (FT)

  • Tech CEOs showered Trump with praise at White House dinner (WSJ)

  • OpenAI is planning a jobs platform to take on LinkedIn (BBG)

  • Anthropic will stop selling AI to Chinese-owned groups (FT)

  • Apollo settled suit against ex-Athene execs days before trial (BBG)

  • China's DeepSeek preps AI agent to rival OpenAI (BBG)

  • Fashion magnate Giorgio Armani died at 91 (BBG)

  • Mexico is considering tariffs on China (RT)

A Message from Mizuho

Breaking Ground is celebrating 35 years since they introduced an innovative new model of housing for people who were experiencing or at risk of homelessness. The organization employs a range of effective initiatives to enable people to forever escape the trauma of homelessness, which has simultaneously led to them being one of the most impactful and creative real estate developers in the New York market.

Mizuho has been a longtime partner of Breaking Ground. The firm provided its first line of credit to the organization in 2000 and continues to finance the organization's important work. "They employ people who understand real estate and housing very well," said Noel Purcell, Head of Real Estate & Specialized Finance, Mizuho Americas. "Collectively, they are an impressive group of developers as skilled and strategic as anyone I have done business with on the commercial side." 

Deal Flow

M&A / Investments

  • Italian bank Mediobanca rejected peer BMPS' $18.8B takeover bid

  • Cadence Design Systems will acquire the design and engineering business of Sweden-based Hexagon in a $3.2B cash-and-stock deal

  • Shell is exploring a sale of its 16.6% interest in the North West Shelf LNG export plant in Australia for $3B

  • Media broadcasting group MFE-MediaForEurope acquired a 75.61% stake in German media company ProSiebenSat.1 at a $1.8B valuation

  • Vantage Data Centers is considering acquiring DigitalBridge-backed Yondr Group's data center assets in Malaysia for $1.6B

  • Eyewear manufacturer VSP Vision is in advanced talk to acquire PAI Partners-backed Italian eyewear manufacturer Marcolin for over $1.2B

  • Energy firms PRIO, Brava Energy and BW Energy are considering buying Malaysian state-owned oil giant PETRONAS' 50% stake in a Brazilian oil field for $1B

  • ExxonMobil is seeking to sell chemical plants in UK and Belgium for $1B

  • Software firm Atlassian will acquire AI web startup The Browser Company for $610M cash 

  • KKR acquired South Korean cosmetics packaging company Samhwa from TPG for $528M

  • Real estate investment firm Rithm Capital agreed to acquire $17B AUM private credit firm Crestline Management

  • Singapore SWF GIC and Apollo are in talks to acquire Netherlands-owned grid operator Tennet Holding's German business

  • Brookfield Super-Core Infrastructure Partners agreed to acquire a 40.1% stake in Data4's data centers in Spain, Italy and France from Brookfield Infrastructure Fund V

  • Canadian PE firm Onex Corp. received interest from firms for a 10%-20% stake in its credit business

VC

  • Honeywell's quantum computing company Quantinuum raised $600M at a $10B valuation from Quanta Computer, QED Investors, and NVentures

  • Beta Technologies, an electric aviation startup, raised $300M from GE Aerospace

  • Enterprise AI startup You.com raised a $100M Series C at a $1.5B valuation led by Cox Enterprises

  • AI logistics startup Augment raised an 85M Series A led by Redpoint

  • AI search infrastructure startup Exa raised an $85M Series B at a $700M valuation led by Benchmark

  • Lead Bank, a bank serving fintech and digital asset companies, raised a $70M Series B at a $1.47B valuation led by ICONIQ and Greycroft

  • Kelce brothers' light-beer maker Garage Beer raised a round at a $200M valuation from Durational Capital Management

  • AI-powered compliance platform Ketryx raised a $39M Series B led by Transformation Capital

  • Sola Security, a cybersecurity AI assistant, raised a $35M Series A led by S32

  • FERNRIDE, a German startup building a ground autonomy platform, raised a $21M Series A extension led by Helantic

  • European AI-powered real estate marketplace Zefir raised a $17.5M Series B led by FinTech Collective

  • Fiveonefour, an AI-powered developer toolkit, raised $17M in funding led by Dimension Capital

  • iEduGPT, a Singaporean AI-powered learning platform for professional and academic exams, raised a $10M seed round from New Wheel Capital, Baywise Capital, and more

  • Climate-driven textiles startup YiLabs raised a $10M pre-A round

  • Property insurance startup Sola raised an $8M Series A led by FINTOP Capital and JAM FINTOP

  • Honey, an AI agent team to automate healthcare back offices, raised a $7.8M seed round led by Pelion Ventures

  • Plural, a tokenized asset management platform, raised a $7.1M seed round led by Paradigm

  • Outbound growth partner Throxy raised a $6M seed round led by Base10 Partners

  • Alpic, a cloud platform built for MCP, raised a $6M pre-seed round led by Partech

  • Supersonik, a Spanish autonomous multilingual AI agent, raised a $5M seed round led by a16z

IPOs / Direct Listings / Issuances / Block Trades

  • Advent-backed engine maker Innio is seeking to IPO in 2026 at a $12B valuation

  • China's Zijin Mining Group's public spinoff of its international gold business Zijin Gold International could raise over $3B in a Hong Kong listing

  • Goldman Sachs took a $1B stake in asset manager T. Rowe Price in a private markets push

  • Ticket selling platform StubHub is seeking to raise $1B at a $14B valuation in its IPO

  • Cybersecurity Netskope is seeking to raise $1B in an upsized IPO

  • VPBank Securities, a unit of Vietnam Prosperity Bank, plans to raise $172M in an Vietnam IPO of a 25% stake

  • Saudi chemicals maker Sabic is slowing work on its industrial gas unit's IPO

  • Mideast specialty gas manufacturer Gulf Cryo is exploring an IPO

  • Activist hedge fund Starboard Value built an 8.5% stake in SME-focused fintech BILL and may run a boardroom challenge to push for changes

Debt 

  • JPMorgan and MUFJ are leading a $38B debt package to fund data centers connected to Oracle 

  • Indonesia's state-owned oil giant Pertamina is seeking a $2.5B loan in what could be the nation's largest dollar deal this year

  • Fortress-backed railroad builder Brightline West plans to refinance $2.5B of debt

  • HSBC sold $680M of Samurai bonds in its first yen-denominated sale in three years

  • Lenders including BlackRock, Guggenheim Partners, and 26North Partners are providing $550M in private credit to Summit Partners and TJC-backed software firm Syndigo to refinance two leveraged loans

  • Canada's CDPQ-backed Indian road contractor Maple Highways is in advanced talks to raise $200M in a bilateral offshore loan

Fundraising / Secondaries

  • Carlyle's FOF unit AlpInvest raised $20B across its latest flagship PE secondaries fund, co-investment commitments, and private wealth vehicles 

  • Menlo Ventures is seeking to raise $1.5B across its fourth inflection fund and seventeenth flagship fund

  • Lower MM PE firm Hudson Ferry Capital raised over $200M for its third fund

  • Romania-focused growth investor Morphosis Capital Partners raised $150M for its latest fund

Crypto Sum Snapshot

  • Nasdaq stepped up scrutiny of firms loading up on crypto

  • SEC unveiled agenda to revamp crypto rules

  • Stripe and Paradigm teased payments on the blockchain

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

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