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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.

Markets

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

Earnings

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)

Debt

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)

Fundraising

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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