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SEC approved a 'green' stock exchange, Trump and Republicans are exploring a tax hike on the rich, United Airlines gave two profit outlooks, LNG Global broke the junk bond market freeze, and OpenAI is building a Twitter-like social media.

The 2025 venture capital benchmark report: Key dealmaking insights is out! Affinity just released their comprehensive annual VC report, analyzing over 2,800 VCs for key trends in deal flow, engagement, and more. It's a must read.

Let's dive in.

Before The Bell

As of 4/15/2025 market close

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Markets

  • US stocks posted modest losses yesterday as traders digested Q1 earnings amid ongoing tariff uncertainty

  • Gold hit another ATH

  • Chinese yuan hit a decade-low versus euro after dropping 8% YTD

Earnings

  • Bank of America topped Q1 earnings and revenue estimates on strong interest income and trading revenue, thought IB fees slipped amid an industry-wide dealmaking slowdown caused by trade uncertainty (CNBC)

  • Citigroup topped Q1 earnings and revenue estimates on gains in fixed income and equities trading driven by 'increased market volatility' and higher client activity (CNBC)

  • Interactive Brokers fell 9% after only slightly beating Q1 earnings and revenue estimates as increased trading activity and customer engagement failed to meet a high bar (INV)

  • Johnson & Johnson beat Q1 earnings and revenue estimates while maintaining its earnings outlook and raising its FY sales forecast on optimism that a pharma tariffs study may reveal strengths in the firm's therapies; the firm nonetheless warned of supply chain disruptions (BBG)

  • United Airlines missed Q1 revenue estimates but beat on earnings and gave two FY profit outlooks to account for a probable recession, calling the economy 'impossible' to predict (CNBC)

  • Albertsons slid 7% after missing Q1 earnings and revenue estimates on dampened consumer spending and warned of competition from larger rivals while downplaying tariff impacts (MW)

  • What we're watching this week:

    • Today: ASML, US Bancorp, Progressive

    • Thursday: TSMC, UnitedHealth, Netflix, Blackstone, State Street, American Express

  • Full calendar here

Prediction Markets

  • Chamath is going to single-handedly bankrupt the entire US. Who do you got though?

  • 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

  • US-EU trade negotiations stalled (BBG)

  • Trump pressed China to begin tariff negotiations (BBG)

  • China GDP grew 5.4% YoY in Q1 (CNBC)

  • US will study tariffs on critical minerals (FT)

  • Bessent sees no risk of China weaponizing US bonds despite volatility (RT)

  • Bearish sentiment is the highest in 30 years (BBG)

  • Dollar bearish sentiment is the highest in 20 years (FT)

  • Global investors dumped US stocks at record pace since February (RT)

  • Corporate bond bid-ask spreads surged to 20 bps in market turmoil (BBG)

  • Wall Street banks reaped $37B in Q1 trading boom (FT)

  • SEC approved a 'green' stock exchange (BBG)

  • Retail investors are buying the dip (BBG)

  • Blackstone joined Vanguard to expand into individuals' portfolios (FT)

  • US banks flag risks to consumer spending from tariff uncertainty (RT)

  • US banks maintain steady headcount amid tariff turbulence (RT)

  • UK markets regulator sets up in US and Asia to attract firms to UK (RT)

  • Lazard opened an office in Abu Dhabi (RT)

  • Nvidia will take a $5.5B charge tied to China exports (CNBC)

  • OpenAI named members to its nonprofit commission (RT)

  • Hermès' market cap surpassed LVMH (BBG)

  • Zuckerberg once weighed an Instagram spinoff amid antitrust concerns (RT)

  • UChicago got a $100M gift for its business school from a PE tycoon (BBG)

  • OpenAI is building a social media network (TV)

  • Trump and Republicans are exploring a tax hike on the rich (BBG)

A Message from Affinity

Is your firm keeping up with top VCs?

Find out in Affinity's annual venture capital benchmark report. With analysis on more than 2,800 VCs globally, you'll learn key trends in deal flow, network activity, and engagement.

The report reveals that top VC firms are focusing less on growing their networks—they added 4% fewer contacts to their networks in Q4 2024 YoY.

See what top VCs are focusing on instead, how your firm's dealmaking activities compare, and actionable ways you can update your dealmaking strategies.

View Now

Deal Flow

M&A / Investments

  • Shareholders of Singaporean meat producer Japfa approved a founding family-led $877M take-private bid 

  • KKR will acquire German IT firm Datagroup in a $508M all-cash deal at a 33% premium

  • PE firm Atlas Holdings agreed to acquire UK banknote printer De La Rue in an all-cash $347M deal at a 16% premium

  • UK consumer health giant Haleon acquired the remaining 12% stake in its Chinese JV from Tianjin Pharmaceutical Da Ren Tang for $221M, taking full control

  • $20B AUM private credit firm Bayview Asset Management is exploring a minority stake sale as part of broader liquidity options

  • PE firm CIVC Partners acquired a majority stake in $10B AUM wealth manager Cary Street Partners

  • $5B AUM private credit firm Willow Tree Credit Partners is exploring a minority stake sale

  • Japan's Kyoto Bank is considering cutting cross-shareholdings and exploring merger options amid growing scrutiny of strategic holdings

  • Saudi Arabia's PIF is interested in owning a Formula 1 team

VC

  • Linear generator products startup Mainspring raised a $258M Series F led by General Catalyst

  • iCreditWorks, a configurable and modular platform-as-a-service solutions, raised $60M in funding led by Comvest Partners and Barings

  • Stitch, a South African payments infrastructure company, raised a $55M Series B led by QED Investors, Glynn Capital, and more

  • hellocare.ai, an AI-assisted virtual care delivery platform, raised $47M in funding led by HealthQuest Capital

  • Onfly, a LatAm B2B travel tech company, raised a $40M Series B led by Tidemark

  • AI-driven health engagement company Well raised a $30M round

  • IUNU, an AI and machine vision technologies for agriculture, raised a $20M round led by S2G Investments

  • Doss, an AI-powered ERP and data platform, raised an $18M Series A led by Theory Ventures

  • Loti AI, a likeness protection technology startup, raised a $16.2M Series A led by Khosla Ventures

  • RLWRLD, a startup building a foundational AI model for robotics, raised a $14.8M seed round led by Hashed

  • Corvic AI, a data-centric AI cognitive infrastructure company, raised a $12M seed round led by M Ventures and Bosch Ventures

  • Dolphin Semiconductor, a provider of semiconductor IP solutions, raised $11.3M from Vertex Growth

  • Optimum, a decentralized memory layer for web3, raised an $11M seed round led by 1kx

  • NetRise, a software supply chain security startup, raised a $10M Series A led by DNX Ventures

  • Liminal, a real-time intelligence platform for complex markets and regulated industries, raised an $8.5M Series A led by Noro-Moseley Partners

  • Lithium separation startup Hexium raised an $8M seed round led by MaC Venture Capital and Refactor

  • Friday Harbor, an AI-powered platform helping loan officers assemble complete and compliant loan files in real time, raised a $6M seed round led by Abstract Ventures

  • Xaba, a startup building synthetic brains for industrial robots with zero code, raised a $6M seed extension led by Hitachi Ventures

  • Mindset AI, an embedded AI agent platform for SaaS firms, raised a $5.7M round led by Edge VC and Pembroke VCT

  • Collide, an AI platform for the energy sector, raised a $5M seed round led by Mercury Fund

  • Homemove, a UK proptech platform streamlining the home-moving process, raised a $5M round led by Fuel Ventures

  • AI call automation platform telli raised a $3.6M pre-seed round led by Cherry Ventures and Y Combinator

IPO / Direct Listings / Issuances / Block Trades

  • Figma, a design software startup last valued at $12.5B in 2024, filed confidentially for an IPO; Figma's $20B sale to Adobe collapsed in 2023

  • Activist investor Fivespan Partners built a stake in $9B-listed Dutch diagnostics firm Qiagen amid ongoing takeover interest in the company

  • Activist hedge fund Elliott built a $1.5B stake in Hewlett Packard Enterprise

  • Activist investor H Partners built a 9%, $240M stake in motorcycle maker Harley-Davidson and is planning to launch a fight 

  • China Southern Airlines is exploring raising several hundred million dollars in a Hong Kong IPO of its China Southern Air Logistics unit

  • Applied Materials bought a 9% stake in the Netherlands' BE Semiconductor Industries 

  • Saudi coffee chain Barn's is exploring a local IPO that could raise over several hundred million dollars

Debt

  • Goldman Sachs and Wells Fargo sold a combined $14B of US investment grade bonds 

  • LNG giant Venture Global raised $2.5B in the first US junk bond sale since 'Liberation Day,' with the 10-year portion pricing at a 342 bps premium

  • Citigroup and JPMorgan are stuck with $2.2B in hung debt used to finance Apollo-backed Canadian auto parts maker ABC Technologies' acquisition of TI Fluid Systems

  • UK alcohol distributor Diageo raised $1.5B in a dollar bond sale 

  • Coal miner Peabody Energy delayed a private credit refinancing of a $2.1B debt package backing its under-review $3.8B acquisition Anglo American's steel-making coal business 

Bankruptcy / Restructuring / Distressed

  • Fast fashion retailer Forever 21's creditors face significant losses under the firm's bankruptcy plan, with minimal debt recoveries

  • Solar energy firm Sunnova Energy is struggling to convince creditors to provide fresh cash to avoid bankruptcy

Fundraising / Secondaries

  • Brookfield plans to raise a $2B Middle East PE fund

  • UK PE firm Ansor raised ~$330M for its sophomore fund

  • Litigation finance fund Omni Bridgeway raised ~$200M for a ninth continuation vehicle led by Ares, which will own a 70% interest

  • InCred Alternative Investments, the credit arm of KKR-backed Indian shadow lender InCred, plans to raise $175M for a new India private credit fund

  • Private markets investor Pantheon launched an evergreen private credit secondaries fund for wealth clients

  • Japanese financial services firm Keyaki Capital launched Japan's first online open-ended private credit investment platform for HNIs

Crypto Sum Snapshot

  • Crypto's newest Stablecoin is an inflation-linked bond alternative

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

Exec’s Picks

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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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