Together with

Good Morning,

Jamie Dimon had a word for WFH warriors, Morgan Stanley is selling senior secured Twitter LBO debt at par, NYSE is planning a Texas stock exchange, PE megafunds are inadvertently fueling ByteDance's growth, and Slow Ventures raised a fund to invest exclusively in creator-led businesses.

Big shoutout to our ex- editor-in-chief Jack Raines who recently joined Slow Ventures in an exciting investing mission🫡 🚀

Master your modeling and valuation skillset and accelerate your Wall Street career with the FMVA® Certification from CFI, the #1 rated finance training provider.

Let's dive in.

Before The Bell

As of 2/12/2025 market close.

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

Markets

  • US stocks fell as investors digested a hotter-than-expected inflation report

  • US 10Y yield surged by the most since December

  • Chinese tech stocks are on course for its highest level since China's Covid-era reopening rally in February 2022 after entering a bull market 

  • China 30Y yield fell 10 bps below the overnight repo rate in the widest discount since 2013

Earnings

  • Robinhood popped 14% after posting record Q4 profit on a 700% jump in crypto revenue, which surpassed options revenue, and frenetic equities trading following Trump's election victory (WSJ)

  • Reddit plunged 18% despite beating Q4 earnings and revenue estimates after a Google hit daily user growth (CNBC) 

  • Cisco issued a Q2 beat-and-raise on strength in its networking unit and synergies from its acquisition of Splunk as it remains well-positioned to capitalize on AI demand (CNBC)

  • CVS surged 15% after a massive Q4 earnings beat despite higher medical costs as it pursues a turnaround under a new CEO (CNBC) 

  • Restaurant Brands beat Q4 earnings and revenue estimates on the back of promotions and steady demand (RT)

  • What we're watching this week:  

    • Today: Coinbase, Airbnb, DraftKings

    • Friday: Moderna

  • Full calendar here

Headline Roundup

  • Jamie Dimon doesn't care about 'f*cking petition' against RTO (RT)

  • US CPI rose 3% by the most in 1.5 years (CNBC)

  • US Q4 earnings growth is set to be the highest in three years (RT)

  • US firms are raising Euro debt at the fastest pace since 2007 (BBG)

  • Traders are piling into protections against Trump ‘volatility spikes' (FT)

  • Long-term investors are split with asset managers over climate risk (FT)

  • China's love for dividends sees REIT demand go stratospheric (BBG)

  • SEC eased path for firms to bar voting for shareholder resolutions (RT)

  • NYSE is planning a Texas stock exchange (BBG)

  • US PE-backed data centers fuel growth of TikTok's Chinese owner (FT)

  • EU will switch to single-day settlement in 2027 (FT)

  • Indonesia plans to allow short-selling to deal with bear market (BBG) 

  • Canada's CPP plowed $5B into PE in Q4 (BBG)

  • Temu, Shein suffer US sales drop after US scrapped a tariff exemption (BBG)

  • BofA doubled size of Swiss banking team after Credit Suisse collapse (RT)

  • PIMCO opened a Dubai office (BBG)

  • Canada's AIMCo shut its NYC and Singapore offices (BBG)

  • Riot Platforms named new board members amid activist pressure from Starboard and D.E.Shaw (RT)

  • OpenAI plans to simplify AI products (RT)

  • JPMorgan began planned 2025 layoffs while continuing hiring (RT)

  • Chevron will cut 20% of jobs in cost-cutting push (BBG)

  • Commerzbank will 9% of jobs as it fends off a takeover from UniCredit (WSJ) 

  • Jeff Bezos' Blue Origin will cut up to 1k jobs (BBG)

  • Super Bowl viewership hit a new record on free streaming boost (WSJ)

  • US and Russia will start Ukraine talks 'immediately' (BBG)

A Message from Corporate Finance Institute

Master your valuation and modeling technicals with CFI

You've aced your accounting exams and memorized all your corporate finance concepts, but can you confidently apply that in interviews and on the job?

That's where CFI comes in.

If you're interested in consistently delivering stronger models and valuations, it's time you check out CFI's Financial Modeling & Valuation Analyst (FMVA®) Certification. Their robust program equips you with the tools to develop advanced financial modeling techniques so you can truly grow your career.

See for yourself:

  • Over 75% of CFI learners report significant career advancement within months of completing their programs.

  • Real-World Application: CFI courses are designed and led by industry experts to give you practical knowledge that you can apply immediately in your role.

  • Comprehensive Training: From financial modeling to data analysis, our curriculum covers all the essential skills you need to succeed in your role.

  • Flexible Learning: Learn at your own pace, on your schedule, with our on-demand courses accessible 24/7 – anytime, anywhere.

  • Global Networking: Join an active community of over 2M finance professionals from over 170 countries who trust CFI to advance their careers in finance and banking.

Ready to get started? Earn your CFI FMVA® Certification today.

Deal Flow

M&A / Investments

  • Bain Capital, Advent International, KKR, and EQT are competing to acquire $8B-listed Japanese cybersecurity firm Trend Micro 

  • TE Connectivity agreed to buy Richards Manufacturing, a provider of utility grid products, in a $2.3B cash deal 

  • e& PPF Telecoms Group will acquire Balkan telecoms and media company United Group's broadband provider Serbia Broadband for $855M while Telekom Srbija will acquire United Group's other assets for $755M 

  • PE firm Warburg Pincus agreed to acquire Vermont Information Processing, which makes software for beverage distributors, for $1B, including debt

  • $350M-listed iconic hot dog chain Nathan's Famous is weighing a sale

  • Portugal is seeking to sell an up to 49% stake in national airline TAP

  • Carlyle completed its acquisition of a controlling stake in an Indian auto-parts maker formed by the combination of Highway Industries and Roop Automotives 

VC

  • Healthy soda startup Olipop raised a $50M Series C at a $1.85B valuation led by JPMorgan Asset Management

  • Saudi BNPL startup Tabby raised a $160M Series E at a $3.3B valuation led by Blue Pool Capital and Hassana Investment Company

  • Nature-based carbon removal startup Chestnut Carbon raised a $160M Series B from CPP Investments, Cloverlay, DBL Partners, and more

  • Bourque Logistics, a provider of rail logistics systems, raised $100M+ in growth funding from Sixth Street

  • Klook, an Asian platform for experiences and travel services, raised $100M in funding led by Vitruvian Partners

  • AI-powered contract management platform SpotDraft raised a $54M Series B led by Vertex Ventures Singapore

  • Candid Health, a startup simplifying medical billing, raised a $52.5M Series C led by Oak HC/FT and existing investors

  • AI-generated media startup Fal.ai raised a $49M Series B led by Notable Capital

  • HDVI, a technology-driven commercial auto insurance provider, raised $40M in growth capital led by 8VC, Autotech Ventures, and more

  • SGNL, an identity security platform based on zero-standing privilege, raised a $30M Series A led by Brightmind Partners

  • Germitec, a startup building UV-C disinfection solutions for healthcare, raised a $30M round led by Eurazeo

  • FoodTech startup LANCH raised a $27M Series A led by Felix Capital and HV Capital

  • Pathify, a digital engagement hub for higher education, raised a $25M round led by Five Elms Capital

  • Cloud storage optimization startup Lucidity raised a $21M Series A led by WestBridge Capital

  • Accure Battery Intelligence, a product solutions to prevent thermal runaway events in batteries, raised a $16M Series B led by Incharge Capital Partners

  • Suger.io, a startup helping software companies transact on cloud marketplaces, raised a $15M Series A led by Threshold Ventures

  • Lingopal.ai, a startup specializing in real-time speech-to-speech translation, raised a $14M Series A led by DCM Ventures

  • AI-powered learning and skills platform HowNow raised a $9.3M Series A led by Mercia Ventures and Pearson

  • MarketLeap, an AI-driven platform for D2C e-commerce, raised an $8M Series A led by Smedvig Ventures

  • AI-powered healthcare automation startup Keragon raised a $7.5M seed round led by Upfront Ventures

  • Human.org, a product-based AI safety lab, raised a $7.3M pre-seed round from HF0, Soma Capital, Spearhead, Pioneer Fund, and others

  • Integral, a startup streamlining accounting, taxation, and payroll for German SMEs, raised a $6.3M seed round led by General Catalyst and Cherry Ventures

  • Agteria Biotech, a Swedish startup reducing methane emissions from cattle, raised a $6.3M seed round led by Industrifonden and AgriZeroNZ

  • Oso Semiconductor, a developer of power-efficient, low-cost chipsets for wireless communication, raised a $5.2M seed round led by Engine Ventures

  • Jscrambler, a cybersecurity startup focused on client-side protection, raised a $5.2M Series A led by Ace Capital Partners

  • AI-driven manufacturing database Keychain raised $5M in funding led by European retailer Continente

  • Gridraven, a startup using AI to address grid bottlenecks, raised a $4.4M seed round led by 42CAP and Icebreaker.vc

IPO / Direct Listings / Issuances / Block Trades

  • Thoma Bravo-backed cybersecurity firm SailPoint raised $1.38B at a $12.6B valuation in a US IPO that was over 20x subscribed

  • Space and defense firm Karman raised $506M at a $3B valuation in an IPO priced above a marketed range

  • SelectQuote, the Medicare insurance policies distributor, raised a $350M strategic investment from Bain Capital, Morgan Stanley Private Credit, and Newlight Partners

  • The retail portion of Chinese pharma infrastructure REIT China Universal Jointown was oversubscribed by a record 1,192x in its $160M isting

  • Portuguese lender Novo Banco, which is backed by US PE firm Lone Star, is preparing a local IPO

  • British insurer Prudential is considering an India IPO of its Indian JV ICICI Prudential Asset Management

SPAC

  • Energy management firm e2Companies will merge with Nabors Energy Transition Corp. II in a $770M deal

Debt 

  • Morgan Stanley is set to sell $3B of senior secured debt tied to Elon Musk's LBO of Twitter at par, after earlier offloading $6.5B of debt

  • Bain Capital is raising a $340M loan to help finance its LBO of worker dormitory firm Avery Lodge from Blackstone

  • India's Adani Group secured $207M in private credit for a coal port unit in Australia

Bankruptcy / Restructuring / Distressed

  • Australia is considering an acquisition of collapsed airline Regional Express

  • Fabric and crafts retailer Joann will close two-thirds of its 800 stores under its second Chapter 11 bankruptcy

Fundraising

  • PSG Equity raised $8B across two funds to invest in software and technology

  • India's quasi-sovereign fund National Investment & Infrastructure Fund is seeking to raise over $2B for a private credit fund

  • VC Slow Ventures raised a $63M early-stage fund to invest exclusively in creator-led businesses

Crypto Sum Snapshot

  • Goldman increased Bitcoin exposure by 90%

  • Trump tapped ex-Bitfury exec to lead OCC

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

Exec’s Picks

  • It's not too late to capitalize on Bitcoin soaring to $100,000. Chicago Atlantic Digital Mining Fund offers 29.8%1 annualized historical distributions, monthly cash flows, and the opportunity to benefit from appreciating energy infrastructure – Invest now to secure 2025's 40% bonus depreciation.

    1As of 12/31/24.

  • Peter Lazaroff's latest podcast makes a case for global diversification, one that acknowledges a hidden risk for US stocks.

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!

GET HIRED 🤝

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.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.

*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.