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Good Morning,

PE execs are struggling to pacify LPs, bond giants are avoiding US long bonds, Musk's startups went on a fundraising spree, and consulting firms are now the leading source of CEOs.

The summer Wharton Online-Wall Street Prep Private Equity Certificate Program is right around the corner! Level up your PE skillset in the globally acclaimed Private Equity Certificate Program and save with our Litquidity discount! Learn more below.

Let's dive in.

Before The Bell

As of 6/2/2025 market close

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

Markets

  • US stocks rose yesterday on trade talk optimism

  • US 5Y-30Y yield spread rose to almost 100 bps, a level last seen in 2021

  • US 20Y yield fell below US 30Y yield for the first time since 2021

  • Dollar slid to a three-year low 

Earnings

  • Campbell's beat Q3 earnings and revenue estimates as homecooking lifted its meal and beverage unit and favorable shipment timing helped beat tariffs, though its snack business continued to lag amid consumer cutbacks and rising competition (WSJ)

  • What we're watching this week:  

    • Today: Dollar General, CrowdStrike, Hewlett Packard

    • Wednesday: Dollar Tree

    • Thursday: Broadcom, DocuSign, lululemon, Victoria's Secret

  • Full calendar here

Prediction Markets

  • It's never too early.

  • 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

  • Consulting firms have become the leading CEO factory (BBG)

  • US is seeking best offers by Wednesday as tariff deadline looms (RT)

  • Jamie Dimon says retirement is 'several years away' (BBG)

  • US bond market gloom is boosting demand for Asia's top-rated debt (BBG)

  • Bond Kings are avoiding beaten-up US 30Y bonds (BBG)

  • US tariffs cut off recovery in PE dealmaking (FT)

  • PE execs struggle to soothe LPs as returns dwindle (BBG)

  • Software remains missing ingredient in US IPO rebound (BBG)

  • Hedge funds slash bullish Yen bets while asset managers stand firm (BBG)

  • McKinsey is increasingly using AI to draft client proposals (BBG) 

  • US life insurers shifted $800B offshore in last five years (RT) 

  • Temu US DAU fell by 58% after US closed tariff loophole (RT)

  • Uber brought back COO role after five years (FT)

  • Microsoft laid off 300 more after cutting 6k jobs last month (BBG)

  • ​​Meta plans to fully automate ads using AI (WSJ)

  • Mattel will combine its film and TV units to form Mattel Studios (RT)

  • US manufacturing activity fell for a third-straight month (BBG)

  • CEO pay rose 10% in 2024 (AP)

A Message from Wall Street Prep

Your modeling skills got you in the room. What gets you promoted?

The next step in your PE career won't come from working harder. It comes from thinking sharper.

If you want to move up, you need to show you can think like a deal leader, not just build models.

The Wharton Online + Wall Street Prep Private Equity Certificate Program was designed for professionals ready to take that next step.

Whether you're an associate aiming for VP or a senior analyst ready to step up, this 8-week online program is built to help you get there. You'll:

  • Sharpen your IC thinking: Work through real-world case studies based on actual investment committee scenarios

  • Master key frameworks: Learn how top firms structure capital, assess risk, and forecast returns

  • Get face time with the pros: Join life office hours with Wharton faculty and connect with a global peer network

  • Earn recognition: Graduate with a Wharton Online Certificate that signals you're ready for the next step

Join the next cohort by June 9 and save $300 with promo code LITQUIDITY.

Learn More

Deal Flow

M&A / Investments

  • Toyota's chairman Akio Toyoda is leading a $42B MBO of Toyota Industries, with the board set to review the proposal today

  • French pharma giant Sanofi agreed to acquire US-based Blueprint Medicines for up to $9.5B cash in the largest European healthcare deal of the year

  • German pharma giant Merck held talks to acquire US-listed Swiss biotech MoonLake for over $3B, but its initial non-binding offer was rejected

  • Media giant Allen Media is looking to sell 28 local TV stations for over $1B

  • Psychiatric-focused biotech Atai Life Sciences will acquire rival Beckley Psytech in an all-stock deal at a $390M valuation

  • Cloud data firm Snowflake agreed to acquire database startup Crunchy Data for $250M

  • Digital asset prime broker FalconX acquired a majority stake in multi-strat crypto hedge fund Monarq Asset Management

VC

  • Musk's brain implant startup Neuralink raised a $650M Series E at a $9B pre-money valuation from Founders Fund, Sequoia, Thrive Capital, Lightspeed Venture Partners, ARK Invest, and others 

  • Musk's AI startup and OpenAI-rival xAI launched a $300M secondary share sale at a $113B valuation

  • SkyNRG, a Dutch startup producing sustainable aviation fuel, raised a $342M round led by APG

  • EV air taxi startup Joby Aviation raised $250M in funding from Toyota

  • TAE Technologies, a fusion energy company, raised $150M+ in funding from Chevron, Google, NEA, and more

  • Mubi, a UK indie streaming service, raised a $100M round at a $1B valuation led by Sequoia

  • Infleqtion, a startup commercializing atom-based quantum systems, raised $100M in funding from Glynn Capital, Counterpoint Global, S32, and others

  • Prepared, an assistive AI platform for emergency response, raised an $80M Series C led by General Catalyst

  • Chalk, a data platform for AI inference, raised a $50M Series A at a $500M valuation led by Felicis

  • Yieldstreet, a private markets investment platform, raised a $45M Series D led by Tarsadia Investments, Mayfair Equity Partners, and Edison Partners

  • Snitch, an Indian D2C menswear disruptor, raised a $40M Series B led by 360 ONE Asset

  • Portless, a global e-commerce fulfillment company, raised an $18M round led by Commerce Ventures

  • AccelerComm, a UK-based startup delivering 5G technology for satellite networks, raised a $15M round led by IP Group

  • Spanish fintech startup Payflow raised an $11.5M round from Cusp Capital

  • Rally UXR, a user research CRM platform, raised an $11M Series A led by Canapi Ventures

  • AgentSmyth, an autonomous agent platform for trading and investment, raised an $8.7M seed round led by FinTech Collective and Thomson Reuters

  • Limited, a fintech offering stablecoin-based banking services with self-custody, raised a $7M seed round led by North Island Ventures

  • deepdots, a Danish AI-powered platform to automate customer feedback analysis, raised a $6.3M seed round led by Dawn Capital

  • Literal Labs, a startup pioneering logic-based AI models, raised a $6.2M pre-seed round led by Northern Gritstone and Mercuri

  • LuminX, a startup providing inventory automation and visibility, raised a $5.5M seed round from 1Sharpe, GTMFund, 9Yards, Chingona Ventures, and Bond Fund

  • Pact Swapt Lab, a remote provider of a cross-chain DEX, raised $5M in funding from DNA Fund

  • GridFree AI, an end-to-end data center infrastructure solution, raised $5M in funding led by Giant Ventures

  • Pact Swap Lab, a remote provider of a cross-chain DEX, raised a $5M round led by DNA Fund

  • GridFree AI, a startup developing an end-to-end data center infrastructure solution, raised a $5M round led by Giant Ventures

IPO / Direct Listings / Issuances / Block Trades

  • No-fee banking fintech Chime plans to raised $832M at an $11.2B valuation in its IPO 

  • Stablecoin issuer Circle plans to raise up to $900M at a $7.2B valuation in an upsized IPO

  • Nordic Capital is delaying the IPO of consumer finance provider Noba Bank to H2 amid market volatility as it aims for an up to $4.6B valuation

  • Space and defense tech startup Voyager Technologies is seeking to raise $320M at a $1.6B valuation in its IPO

  • Michael Saylor's Strategy plans to raise $250M by listing a new type of perpetual preferred stock to fund Bitcoin purchases

  • Swedish investor Ratos' construction unit Sentia filed for a Norway IPO to raise up to $160M with DNB Asset Management and Arctic Asset Management anchoring the deal

  • Activist Farallon Capital took a 4%-5% stake in Japan's largest insurer T&D and proposed two new external directors

Debt

  • Musk's OpenAI-rival xAI launched a $5B debt sale

  • Saudi Aramco, the world's largest oil company, raised $5B in a bond sale as it positions for a downturn in oil prices and for further borrowing

  • A consortium including Bain Capital and Sona Asset Management is seeking a $455M loan for Australian winemaker Vinarchy, which they acquired last year

  • Clearlake Capital-backed Quest Software secured $350M in fresh capital which saw lenders swapping into new debt at 92¢ and non-participating lenders being subordinated

Bankruptcy / Restructuring / Distressed

  • Regeneron Pharmaceuticals agreed to acquire bankrupt DNA testing firm 23andMe for $256M in a bankruptcy auction, pledging ethical use of customer DNA data

  • Strategic Value Partners and a group of creditors of are in advanced talks to extend the maturity of Strategic Value Partners-backed German packaging firm Kloeckner Pentaplast's senior debt in a deal that will see Strategic Value Partners inject $343M of equity

Fundraising / Secondaries

  • Goldman Sachs Asset Management is seeking to raise a record $14B+ for its tenth PE secondaries fund

  • HSBC will inject $4B into HSBC Asset Management's private credit funds

  • Private credit firm Antares Capital raised a $1.2B private credit continuation fund for over 100 outstanding loans led by Ares

  • UK asset manager Schroders Capital raised over $600M for its latest global innovation fund

  • Quant real estate investor Strand Capital is seeking to raise $250M for its debut fund to invest in single-family rental housing

Crypto Sum Snapshot

  • Ethereum co-founder credits Michael Saylor for crypto treasury firm nudge

  • Bitcoin goes all in on MAGA, shedding its anti-government slant

  • Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

  • Bitcoin Depot: Strong Q1 Results Fuel Infrastructure Growth

    Bitcoin Depot (Nasdaq: BTM), the world's largest Bitcoin ATM operator, soared in Q1 2025: Revenue up 19% and Net Income hit $12.2M. The best part? Their growth hasn't been tied to Bitcoin's price. 

    Get investor information today.*

  • Ben Carlson wrote a great piece on the inevitability of bear markets and how long-term investors must come to terms with this.

  • Sam Ro touched on the same idea in his latest piece, explaining how drawdowns are the norm even for the best performing stocks.

The above is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation, or solicitation to buy or sell a particular financial instrument. Bitcoin Depot is not a registered investment adviser under the U.S. Investment Advisers Act of 1940. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Bitcoin Depot to buy or sell any securities or other financial instruments

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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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.