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Good Morning,

Top PE execs shared some strong opinions on the state of markets, a Chicago PE firm has a stake in Gaza aid activities, BCG fired two partners over Gaza aid work, and Musk and Trump went public with one of the messiest breakups in modern politics.

The companies winning today understand that building your runway is as important as protecting it. That's why Brex offers a powerful banking solution with industry-leading returns plus modern checking and FDIC insurance — all in one account.

Let's dive in.

Before The Bell

As of 6/5/2025 market close.

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

Markets

  • US stocks closed lower as traders digested the deficit-related Trump-Musk feud and sour economic data 

  • MSCI EM stocks index soared to its highest since October

  • Silver is up 24% YTD at its highest in 13 years

Earnings

  • Broadcom beat Q2 earnings and revenue estimates on 46% growth in AI-related revenue driven by strong demand for networking equipment, but forecast AI infrastructure demand to be leveling off (BBG)

  • DocuSign beat Q1 earnings, revenue, and Q2 guidance estimates in 'an important quarter' that surpassed 10k Intelligent Agreement Management customers (YF)

  • Lululemon beat Q1 earnings and revenue estimates but lowered FY guidance citing new tariffs and cautious US consumers; the firm plans strategic price increases to offset tariff impacts (CNBC)

  • Full calendar here

Prediction Markets

  • TMZ walked so Kalshi could run.

  • 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

  • JPMorgan will fire analysts who accept future-dated job offers elsewhere (FT)

  • Messy Musk-Trump breakup has markets and politics world on guard (WSJ)

  • ECB cut rates for an eighth time to 2% (RT)

  • India surprised with a 50 bps rate cut to 5.5% (BBG)

  • US trade deficit narrowed by a record in largest-ever imports plunge (BBG)

  • Canada trade deficit hit a record as US tariffs crush exports (BBG)

  • Private credit turns to secondaries to repay investors (BBG)

  • Man Group ordered quants back to office full-time (FT)

  • Orlando Bravo says PE has 'lost its way' (BBG)

  • Accel believes 20% of tech unicorns will fail (BBG)

  • CVC calls Europe investing 'challenging' as PE rivals pile in (BBG)

  • Vista CEO thinks AI will eradicate 60% of PE jobs by next year (BBG)

  • TXSE CEO says 35% of US-listed firms would not qualify for a listing (RT)

  • Ken Griffin is worried about rising US CDS costs (RT)

  • Citadel Securities president says US deficit is a 'ticking time bomb' (RT)

  • BlackRock's Larry Fink sounds alarm over rising US deficit (FT)

  • Trafigura warned of volatility in 2025 (RT)

  • Traders scour annual meeting filings for activist clues in Japan (BBG)

  • JPMorgan sees growth in APAC private credit (RT)

  • Public markets are primed for US IPO revival despite tariff uncertainty (RT)

  • Mortgage securitization is back on the menu as home-buyers struggle (BBG)

  • BCG fired two partners over work on Gaza aid overhaul (FT)

  • PE firm McNally Capital has a stake in Gaza aid company (RT)

  • HSBC chairman Mark Tucker will return to Asia insurer AIA (RT)

  • Alphabet expects to keep hiring engineers as AI advances (BBG)

  • P&G will cut 7k jobs in corporate (BBG)

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Deal Flow

M&A / Investments

  • Brazilian pulp supplier Suzano will pay $1.7B cash for a 51% stake in a newly formed venture acquiring Kimberly-Clark’s global Kleenex and tissue businesses outside North America in a $3.4B deal

  • Bitcoin ATM operator CoinFlip is exploring a sale at an over $1B valuation

  • PE firm Roark Capital acquired Dave's Hot Chicken for $1B 

  • French PE firm Ardian is in talks to acquire a stake in a $1B NYC Fifth Avenue property from Gucci-owner Kering

  • Blackstone is among several shortlisted bidders for an $800M century-old Paris office property

  • Singapore-based bank OCBC submitted a $700M bid to take full control of life insurance giant Great Eastern Holdings, which plans to delist, in OCBC's fourth attempt to acquire the remaining shares

  • UK outsourcer Mitie agreed to acquire smaller peer Marlowe in a $496M in a cash-and-stock deal

  • Canadian gas producer Vermilion Energy will sell its US assets for $88M

  • German insurance giant Allianz is in preliminary talks to acquire $2B AUM European credit manager Capital Four

  • German investment firm AEQUITA is in exclusive talks to buy certain olefin and polyolefin assets in Europe from chemical maker LyondellBasell

  • Global mining firm Anglo American is set to start a formal sale process for diamond miner De Beers after receiving interest from potential buyers, including two former CEOs, in the final step in Anglo's restructuring plan

  • Luxury fashion group Prada acquired a 10% stake in Italian leather group Rino Mastrotto

  • Indonesia'a new SWF Danantara is in early talks with GoTo for a minority stake in US-listed rival Grab's potential buyout of the ride-hailing and food delivery firm

  • Justin Ishbia, the founder of Shore Capital Partners, reached an agreement that could pave way for a controlling stake in MLB team Chicago White Sox

  • will inject money into the team this year and in 2026. In turn

  • European investment group JAB Holding is studying a stake sale in coffee chain Pret A Manger ahead of a potential IPO

VC

  • Defense tech startup Anduril raised a $2.5B Series G at a $30.5B valuation led by Founders Fund

  • Thread AI, an AI-powered platform for enterprises to build, connect, and manage workflows and agents, raised a $20M Series A led by Greycroft

  • Toma, an AI voice agent for car dealerships, raised a $17M Series A led by a16z

  • Aive, a French video post-production automation platform, raised a $13.7M Series A led by Invus

  • Crabi, a full-stack auto insurance platform, raised $13.6M in funding led by Kaszek and IGNIA

  • Flank, a German startup building an autonomous AI legal agent, raised a $10M round led by Insight Partners

  • Lendurai, a startup developing autonomous solutions for UAVs operating in GPS and radio-denied environments, raised a $6.4M seed round from Expeditions Fund, HCVC, and Vsquared Ventures

  • Digital art platform DeviantArt raised $5.7M in funding led by Expa Ventures, Human Ventures, and Slauson & Co.

  • Filament Syfter, an AI-enabled data engine for private market dealmakers, raised a $4.8M Series A led by FINTOP Capital

IPO / Direct Listings / Issuances / Block Trades

  • Stablecoin issuer Circle shares soared 168% in its trading debut after raising $1.1B in an upsized IPO priced above a marketed range

  • Taiwanese electronics manufacturer Wistron is looking to raise up to $923M in a Luxembourg GDR sale

  • Virtual healthcare provider Omada Health raised $150M at a $1.1B valuation in an IPO priced in the middle of expected range

SPAC

  • Self-driving truck startup Plus will merge with Churchill Capital Corp in a $1.2B deal

Debt

  • Germany's Siemens Energy replaced its $12.6B rescue package with a new $10.3B bank facility, enabling resumption of dividend payments after a four year pause

  • Delta Air Lines sold $2B of investment-grade bonds to help repay a Covid government loan

  • JPMorgan and Morgan Stanley are arranging a $350M private credit deal for data center operator TeraWulf

  • Vietnamese conglomerate Vingroup is seeking a $300M private credit loan to buy KKR's 38% stake in its education subsidiary Vinschool

Bankruptcy / Restructuring / Distressed

  • Collapsed Microsoft-backed unicorn startup Builder.ai filed for Chapter 7 bankruptcy after creditors seized most of its cash following overstated and falsified accounting

  • Private school Manhattan Country School filed for bankruptcy after a failed expansion plan

Fundraising / Secondaries

  • Arlington Capital Partners is plans to raise a ~$4.8B for its largest flagship fund to date, focusing on government and defense sectors

  • Africa-focused PE firm Mediterrania Capital Partners raised $687M for its record fourth fund

Crypto Sum Snapshot

  • Circle's blockbuster IPO paves way for other crypto public listings

  • World Liberty Financial sent a cease-and-desist letter to $TRUMP coin issuer Fight Fight Fight

  • Yield-chasing crypto ETFs force SEC to confront gaps in crypto regulation

  • Uber is weighing using stablecoins to reduce FX costs

  • Trump Media plans to launch a 'Truth Social Bitcoin ETF'

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

Exec’s Picks

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  • Ben Carlson shared some thoughts on hedging against the economic risks of AI.

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.