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Good Morning,

Israel and Hamas agreed to a hostage release, Fed minutes revealed a divided view on rate cuts, PE is heating up in Japan, a majority of S&P firms see AI as a material risk, and Roundhill is reviving the MEME ETF, just at a time where stocks continue to break through record highs.

Diversify beyond volatile stocks and bonds with Percent, a highly democratized private credit market for exclusive private credit deals.

Before we dive in, Litquidity is hosting a two celebrations to bring together the NYC and London finance community for a night of drinks, networking, and an all-around great time! These events won't feel complete without the Exec Sum fam and we'd love for you to join. More RSVP info below!

Let's dive in.

Before The Bell

As of 10/8/2025 market close.

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

Markets

  • US stocks rallied yesterday as investors looked past hawkish Fed minutes and the government shutdown to continue to embrace the AI trade

    • S&P and Nasdaq hit ATHs

  • UK's FTSE 100 hit an ATH

  • Europe's Stoxx 600 hit an ATH

  • Gold hit an ATH

    • Gold’s three-year rally is breaking all records

  • Palladium surged 10% in its biggest advance since May 2023

  • Cocoa tumbled to a 20-month low as a dramatic two-year rally ends 

Earnings

  • What we're watching this week:  

    • Today: PepsiCo, Delta, Levi's

  • Full calendar here

Prediction Markets

  • Least risky trade on Kalshi…

  • 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

  • Fed minutes revealed divided view on path of rate cuts ahead (CNBC)

  • T-bill surge stirs speculation US will cut coupon sales (BBG)

  • M&A animal spirits are back as market heats up (BBG)

  • PE giants size up a fresh market in Japan (BBG)

  • Popular hedge fund swaps trade is getting crowded again (BBG)

  • Mideast real estate gold rush stirs private credit push (BBG)

  • EM portfolio inflows dropped to the lowest level since May (RT)

  • Goldman Sachs' strategist dismissed tech bubble fears (BBG)

  • China stock boom does little to boost holiday spending (BBG)

  • Regional lenders see M&A as answer to challenge from big banks (WSJ)

  • IMF says global economy doing 'better than feared' (RT)

  • IMF warns banks of liquidity risks in $9.6T FX market (RT)

  • Canada's CPPIB says US Treasuries risk losing haven status (BBG)

  • Meme-stock ETF gets resurrected for retail crowd (BBG)

  • Jensen Huang says AI computing demand is up 'substantially' (CNBC)

  • 72% of S&P 500 companies disclosed AI as 'material risk' on 10-Ks (FRT)

  • Most firms suffer some risk-related financial loss due to AI (RT)

  • OpenAI, Anthropic eye investor funds to settle AI lawsuits (FT)

  • SEC is investigating MassMutual over accounting practices (WSJ)

  • Shutdown specials and unhappy hours take over DC bar scene (WSJ)

  • Israel and Hamas agreed to a hostage release (WSJ)

A Message from Percent

SaaS-Style Returns. Without The Liquidity Lock of Venture Capital.

Investors love subscription models for a reason: predictable cash flow, scalable growth, and durable economics. But when you invest through venture capital, you’re also signing up for illiquidity, fundraising risk, and volatile returns.

Percent offers a different path. Accredited investors can potentially earn up to 20% returns through private credit deals backed by real assets and recurring revenue - not speculative exits.

  • Average duration? ~9 months

  • Income? Monthly

  • Invest like a CFO, not a VC

Fund the growth engine, and get paid on your timeline.

Invest in private credit

*Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and they are subject to default risk.

Deal Flow

M&A / Investments

  • Media giant Paramount Skydance, Apollo, and Apollo-owned production house Legendary Entertainment are in talks to acquire media conglomerate Warner Bros. Discovery for potentially $60B

  • HSBC is seeking to acquire the remaining 37% stake of Hong Kong lender Hang Seng Bank at a $37B valuation, a 30% premium

  • O&G explorer Civitas Resources is considering a merger with Permian Basin rival SM Energy to create a $14B entity, including debt

  • $7.5B-listed data streaming software maker Confluent is exploring a sale

  • Canadian O&G firm Cenovus Energy increased its cash-and-stock offer for MEG Energy to $5.4B

  • SoftBank agreed to acquire Swiss power and automation firm ABB's industrial robotics unit for $5.4B

  • Roofing material firm TopBuild acquired building materials maker Specialty Products and Insulation for $1B cash

  • Sir Leonard Blavatnik invested $587M into his sports streaming platform DAZN

  • Temasek-backed renewables firm Sembcorp Industries agreed to acquire India’s ReNew's solar energy unit for $190M

  • Citigroup recapitalized its Citi Bank Nigeria unit with a $136M injection

  • Brazilian bank BTG Pactual, State Grid Corp. of China, Grupo Energia Bogota, and others are competing to acquire a Brazil power line from Brookfield's Quantum Participacoe

  • German defense startup Helsing agreed to acquire Australian underwater drone maker Blue Ocean

VC

  • Musk's xAI is raising a $20B equity and debt round from investors including Nvidia

  • Base Power, an energy startup building a grid for the future, raised a $1B Series C led by Addition

  • EvenUp, a personal injury AI platform, raised a $150M Series E at a $2B+ valuation led by Bessemer Venture Partners

  • Veritas Prime, a provider of SAP technology solutions and services, raised $32.5M in funding from a PE firm

  • Qapita, a Singaporean equity management platform, raised a $26.5M Series B led by Charles Schwab

  • Stablecoin payments startup Coinflow raised a $25M Series A led by Pantera Capital

  • Anthea, a startup combining life insurance with digital assets, raised a $22M Series A led by Yunfeng Financial Group

  • HiOctave, an AI software company helping SMBs automate and personalize customer experiences, raised $15M in funding led by Khosla Ventures

  • AiPrise, an OS for global compliance, raised a $12.5M Series A led by Headline

  • QuoteWell, a tech-driven wholesale insurance brokerage, raised a $12M round led by NEA

  • BlastPoint, an AI-driven customer intelligence platform, raised $10.6M in growth funding led by MissionOG

  • Cyberwave, a European operating layer between AI agents and real-world machines, raised an $8M round led by United Ventures

  • Archive Intel, an AI-powered compliance platform for wealth management and financial services, raised a $6.3M Series A led by Gray Line Partners

  • Lucio, an AI-native legal workspace built by lawyers, raised a $5M round led by DeVC and angels

  • Sees.ai, a startup building autonomous drones for infrastructure inspections, raised a $4.9M round led by Boeing

IPO / Direct Listings / Issuances / Block Trades

  • $66B-listed Chinese optics maker Zhongji Innolight is weighing a Hong Kong listing

  • Permira and Blackstone-backed European classifieds company Adevinta picked banks for an $11.5B IPO of its German vehicle marketplace Mobile.de

  • Hellman & Friedman-backed security services firm Verisure raised $3.7B in Sweden in Europe's largest IPO in three years

  • Tata Capital's $1.7B IPO was over 2x oversubscribed in what is India's largest IPO this year

  • $27B-listed Chinese construction machinery maker Sany Heavy Industry is gauging interest for a Hong Kong listing that could raise $1.5B

  • Japanese semiconductor material maker Tekscend Photomask raised $1B in an upsized Japan IPO, the country’s second-largest IPO this year

  • BDT & MSD-backed commercial laundry equipment maker Alliance Laundry raised $826M at a $4.3B valuation in an upsized IPO priced at the top of a marketed range

  • Brookfield-backed natural gas storage firm Rockpoint Gas Storage raised $505M at a $2.1B valuation in its Canada IPO

  • UAE-based AI-powered fintech Optasia is seeking to raise $365M in a South Africa IPO

  • Temasek-backed medical group Foundation Healthcare is weighing a Singapore IPO to raise $300M at an over $1B valuation

  • Neurology-focused biotech MapLight Therapeutics is planning a $250M IPO

  • Apollo and Vistria-backed online university University of Phoenix raised $136M at a $1.1B valuation in its IPO

  • Eastern European toy retailer Smyk plans to raise $44M in a Poland IPO

  • EQT-backed Indian education loan provider Credila Financial is reassessing IPO plans amid US visa changes

Debt

  • Saudi Arabia is in talks to raise $10B from banks in a rare loan deal to help finance its diversification plan

  • Goldman Sachs is planning to sell a SRT tied to $5B of corporate loans

  • Blackstone is close to securing a $615M loan from SocGen to finance an $815M acquisition of a Paris office from German asset manager Union Investment

Bankruptcy / Restructuring / Distressed

  • BlackRock is seeking to pull cash from a Jefferies fund exposed to auto parts group First Brands; Jefferies revealed a $715M exposure

  • Trade finance specialist Raistone requested an independent examiner to look into $2.3B that 'simply vanished' following the collapse of First Brands

  • Healthcare media company MJH Life Sciences was forced to change terms of a $430M junk loan to help finance its acquisition of a marketing firm

  • Glencore secured $394M from Australia to keep two copper smelter operational

  • Embattled Canadian broadcaster Corus Entertainment is nearing a restructuring plan that would give control to bondholders

  • Platinum Equity-backed portable toilet company United Site Services is operating under a forbearance agreement after it skipped interest payments on some debt

  • Liontown Resources amended a loan agreement with Ford Motor to bolster liquidity

Fundraising / Secondaries

  • Ares raised $5.3B for its third infrastructure secondaries fund and related vehicles

  • Mari, an events investment firm founded by Endeavor CEO Ari Emanuel, raised over $2B from RedBird Capital Partners, QIA, Apollo, and Ares to acquire events such as Madrid Open from Endeavor

  • Energy Impact Partners raised $1.4B for its largest fund yet

  • Niche MM PE firm Northlane Capital raised $750M for its third fund

  • Blackstone billionaire Tony James' family office Jefferson River Capital launched a biotech fund

Crypto Sum Snapshot

  • Robinhood founders join world's richest list in trading revival

  • Crypto exchange Gemini launched an Australian unit

  • Crypto race to tokenize stocks raises investor protection flags

  • Stablecoins may drum up $1.4T of extra dollar demand by 2027

  • US government shutdown complicates crypto market structure bill's path forward

  • Eurozone ministers are seeking to to boost euro stablecoin issuance

Crypto Sum compiles the most important stories on everything crypto. Read it here.

Upcoming Events 🍻

UpSlide × Litquidity Happy Hour – Week of October 20, NYC & London

​​My events company Palm & Park is teaming up with UpSlide once again for some memorable events in NYC and London this month. We're bringing together the finance community from here and across the pond for drinks, networking, celebrations, and an overall great time. Our previous event together was an absolute blast and we'd love for you to join us this time around 🫡

  • NYC RSVP here🇺🇸

  • London RSVP here🇬🇧

Exec’s Picks

Litney Partners – Finance Recruiting 💼

Featured Role:

Sr. Associate/VP of Capital Formation – Anonymous Alternative Investment Firm

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 🤝

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.

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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.

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