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Good Morning,
More high-grade debt is now tied to AI than banks, Jamie Dimon is open to changing quarterly earnings requirements, emerging markets are on an absolute tear, Nvidia will continue sponsoring H-1B visas, and banks are sucking up to Trump for mandates on Fannie and Freddie's blockbuster IPOs.
Specialized AI tools are emerging as the leaders for investment workflows which is why Blueflame is ahead of the curve. Check out their platform and see how Blueflame can serve your firm's specific needs.
Let's dive in.
Before The Bell
As of 10/7/2025 market close.
Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks retreated from ATHs on growing government shutdown angst and AI CapEx skepticism
S&P snapped a seven-day win streak
MSCI EM index has soared 28% YTD for its best run since 2009
EM sovereign risk premium fell to 278 bps to a seven-year low
Gold futures topped $4k for the first time
US chicken prices are down 18% from its summer peak
Yen dropped to a seven-month low versus dollar
Earnings
What we're watching this week:
Thursday: Delta, PepsiCo, Levi's
Full calendar here
Prediction Markets
How long is this going to take!?
Headline Roundup
More investment grade debt is now tied to AI than banks (BBG)
Fed's QT is in focus as bank reserves ebb (BBG)
Carlyle unveiled proprietary data showing weak US labor market (BBG)
Bond traders step up Fed hedges as US shutdown clouds outlook (BBG)
Dot-com fears rise with tech stocks seeing $100B swings (BBG)
Investors place bets on White House's next investment target (BBG)
Euro's bullish momentum shows cracks as French risks resurface (BBG)
Jamie Dimon would welcome change in quarterly earnings requirement (BBG)
Ray Dalio echoes Ken Griffin in seeing gold as safer than dollar (BBG)
Private credit pivots from 'risky' west to EM (RT)
Systematic hedge funds have lost money everyday this month (RT)
Goldman says retail rush into private assets is raising risks (FT)
State Street's S&P 500 ETF has seen a record $32B outflows (FT)
California passed a law to curb PE's role in healthcare (WSJ)
Canada's OTPP is getting back to old-school PE (BBG)
xAI named Morgan Stanley veteran Anthony Armstrong as CFO (FT)
Pacifist Japan starts investing in defense startups (BBG)
JPMorgan was hit with $115M legal bill for Charlie Javice fraud case (BBG)
Nvidia will continue sponsoring H-1B visas (RT)
Cost of Citadel's Miami tower surges to $2.5B (BBG)
Salesforce won't pay hackers for extortion (BBG)
US is threatening no back pay for furloughed workers (WSJ)
Investors are making up the highest share of homebuyers in 5 years (CNBC)
A Message from Blueflame
Investment decisions hinge on having the full picture, but critical details often hide in plain sight.
That's why we built Global Search: to help investment firms not only find information faster but also uncover insights they didn't even know they had.
Global Search is already helping Blueflame users reduce research time and surface insights they'd otherwise miss. A few real-world examples:
✅ Build company summaries using deal notes, CRM records, emails, and public data
✅ Reference historical deals to inform comps, memos, or diligence workflows
✅ Search firmwide knowledge for everything related to a sector or theme
✅ Prepare for LP meetings with relationship-specific insights and internal context
With one interface for firm knowledge, connected apps, LLMs, and the web, Blueflame helps dealmakers and investment firms go deeper—and move faster—without sacrificing accuracy.
Deal Flow
M&A / Investments
Marlin Equity Partners is considering a sale of Swedish software company Medius at a $2B valuation
Brookfield agreed to acquire Igneo Infrastructure Partners' New Zealand energy assets Clarus for $1.2B
Singapore's CapitaLand Ascendas REIT agreed to acquire a portfolio of industrial and logistics assets from Warburg Pincus and Lendlease JV Vita Partners for $438M
IKEA acquired US logistics technology firm Locus
Brazilian telecom operator Claro, owned by Mexico's America Movil, is in advanced talks to acquire Brazilian internet provider
VC
Prediction market Polymarket raised $2B at an $8B valuation from NYSE-owner Intercontinental Exchange
Ukrainian neobank fintech Monobank raised a Series A at a $1B valuation led by the Ukraine-Moldova American Enterprise Fund
Meanwhile, a life insurance company operating entirely in Bitcoin, raised an $82M round led by Bain Capital Crypto and Haun Ventures
FurtherAI, an insurtech startup automating insurance workflows with AI, raised a $25M Series A led by a16z
Energy Robotics, an AI platform for autonomous inspection, raised a $13.5M Series A co-led by Blue Bear Capital and Climate Investment
Attuned Intelligence, a healthcare AI agents startup, raised a $13M seed round led by Radical Ventures and Threshold Ventures
Peer AI, an AI platform for life sciences regulatory documentation, raised $12.1M in total funding led by Flare Capital Partners and SignalFire
AI-powered construction startup ConCntric raised a $10M Series A led by 53 Stations
HyperSpectral, an AI-powered spectral intelligence company, raised a $7M Series A-2 led by RRE Ventures and Kibo Ventures
Alternative app store AltStore raised a $6M Series A at a $40M valuation led by Pace Capital
Indian medical tourism startup Medical Travel Company raised a $4.5M seed round led by Nexus Venture Partners
Increase Alpha, a fintech building an equity predictive signal engine for hedge funds and institutional investors, raised a $3.5M seed round led by Bartt Kellermann
IPO / Direct Listings / Issuances / Block Trades
Banks are competing for a mandate to lead US's potential blockbuster IPOs of Fannie Mae and Freddie Mac which could raise a total $30B at a combined $500B valuation in the biggest listing ever
Conglomerate Grupo Mexico has no interest in a bidding war for Citigroup's Mexican retail unit Banamex and hinted at a future IPO if its $9.3B offer succeeds
Malaysian port operator MMC Ports is postponing its planned $2B IPO
Brookfield-backed Indian commercial/industrial renewable energy firm Clean Max Enviro Energy Solutions plans to launch its $586M India IPO next month
Diagnostics firm BillionToOne filed for an IPO
Debt
Banks led by Goldman Sachs finalized a $5.5B debt package at a 300 bps premium to fund PE firm Thoma Bravo's $12.3B LBO of HR software firm Dayforce
Nigeria is seeking to raise $2.8B in a debut global Islamic bond sale
UBS shelved a SRT tied to $2.5B of loans
Goldman Sachs is in early talks for a $2.1B leveraged loan tied to Comcast's planned spinoff of Versant Media Group
Saudi SWF PIF raised $1.9B in a euro green bond sale
Angola raised $1.75B in its latest eurobond sale
US is exploring a part sale of its $1.6T student loan portfolio
European PE firm CVC is in talks with private credit lenders for a $1B dividend recap and refinancing of Swiss software business WebPros
UBS is considering an SRT tied to $1B of corporate loans
Canadian utility Hydro One plans to raise $500M-$1B in its first ever US dollar bond sale
Goldman Sachs-backed biomethane firm Verdalia raised $785M of debt from a consortium of Spanish and Italian banks
Auction house Sotheby's is in talks to refinance some existing debt
Bankruptcy / Restructuring / Distressed
Distressed state-owned airline Garuda Indonesia expects to raise $1.4B in cash from Indonesian SWF Danantara and will also convert a $405M loan from Danantara into additional shares
Struggling Brazilian waste management company Ambipar may file for bankruptcy as soon as next week
Zen JV, the owner of job recruitment sites CareerBuilder and Monster, won court approval to end liquidation by paying creditors under 10% of what was owed
A UBS fund has 30% of its portfolio tied to the failed auto parts group First Brands Group
Fundraising / Secondaries
Brookfield raised $23.5B for its largest-ever energy transition fund
Manulife Investment Management, the asset manager of Canadian insurer Manulife, raised $5.5B for its largest-ever infrastructure fund
VC Energy Impact Partners raised $1.36B for its third growth-stage fund
Crypto Sum Snapshot
S&P launched S&P Digital Markets 50, a new index of 15 coins and 35 crypto-related stocks
Global crypto ETFs saw a record $6B in inflows last week
BlackRock's Bitcoin ETF is nearing a $100B AUM
BNY Mellon is exploring tokenized deposits
North Korean hackers have stolen over $2B in crypto this year
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
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Litney Partners – Finance Recruiting 💼
Featured Roles:
We are working with a prestigious $10B AUM alternative investments firm to help hire an experienced investor relations VP. The firm's clients include sovereign wealth funds, endowments, foundations, family offices and more. The ideal candidate will possess:
5-10 years of relevant experience in VC, growth, crossover, and/or hedge fund strategies
Prior experience engaging with RIAs, HNW, family offices, and other intermediary distribution channels
Strong understanding of private markets and late-stage private/public crossover dynamics
Commitment to relationships and stakeholder-centered success
Bachelor's degree; MBA, CFA, or CAIA preferred
If this sounds like you, we'd love to connect. Apply here 🤝
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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.