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Blackstone missed targets for its latest buyout fund, PE firms are glutted by unsold firms, Glass Lewis recommended voting against Goldman execs' pay, tariffs are putting Asia's export model to the test, and Europe stocks are outperforming US by record margin as tariff threats heat up.

Invest in institutional-caliber private markets with 10 East, a membership-based investment platform offering targeted exposure to PE, credit, and more.

Let's dive in.

Before The Bell

As of 3/28/2025 market close.

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Markets

  • US stocks tumbled on Friday as inflation data made further dents in economic sentiment 

    • S&P suffered its second-worst day YTD and is set for its worst Q1 since 2020

    • S&P posted its fifth losing week in six

    • Nasdaq lost 8% MTD and is on track for its worst month since December 2022 and worst quarter since 2022

  • Europe's Stoxx 600 outpaced S&P by a record 17% in Q1

    • Stoxx 600 Banks index is up 25% YTD for its best quarter since 2020 amid strong earnings, buybacks, and M&A potential

  • Japan's Nikkei 225 is down 9% YTD at its lowest since September

  • MSCI China index is up 30% since August-end while EM stocks excluding China is down 7% in rare AI-driven divergence

  • US Treasuries are on track to gain 2% in Q1 amid the trade war

    • US 10Y yield fell below 4.3% 

  • Gold hit another ATH, on track for its best quarter in 40 years

  • US copper futures are up 28% YTD year versus London copper's 13% gain in rare tariff-driven divergence 

  • Oil rose for third-straight week

  • Dollar is on track for its worst Q1 since 2008

Earnings

  • What we're watching this week:  

    • Wednesday: BlackBerry

    • Thursday: GUESS

  • Full calendar here

Headline Roundup

  • US will slap reciprocal tariffs on 'all countries' (BBG)

  • US is willing to make deals on tariffs (RT)

  • Fed-favorite PCE index rose 2.5% YoY (CNBC)

  • PE firms are sitting on 29k unsold firms worth $3.6T (II)

  • US credit market fear hit a seven-month high (BBG)

  • US high-grade corporate bond issuance for M&A fell to a five-year low (RT)

  • Hong Kong overtook India in share sales for first time since 2021 (BBG)

  • Equity funds saw biggest weekly inflows since November (RT)

  • Asia is bracing for historic test of export model amid US tariffs (BBG)

  • Japan confronts biggest bond loss globally amid historic BOJ rate hikes (BBG)

  • Traders fear global FX market may be less liquid than it appears (BBG)

  • PIMCO, TCW and AB are snapping up bonds ditched by multistrats (BBG)

  • Offshore bondholders recovered only 0.6% of $150B of defaulted Chinese developer bonds since 2021 (FT)

  • Australian stock ETFs set for record quarterly inflows amid slump (BBG)

  • AT1 demand is so strong that risk of skipped calls is rising (BBG)

  • South Korea lifted a months-long short selling ban (BBG)

  • Politicians urged Norway's $1.8T SWF to drop 'crazy' ban on investing in defense (FT)

  • Dutch pensions will invest $110B in risky assets boosting Europe defense efforts (FT)

  • Japan production rose by most in one year ahead of new US tariffs (BBG)

  • Korea overtook France in beauty boom with dealmakers rushing in (BBG)

  • Chinese state media deleted post blasting BlackRock's Panama deal (RT)

  • US is 'not surprised' that China is upset at Panama ports deal (RT)

  • US ordered French companies to comply with DEI ban (RT)

  • Proxy firm Glass Lewis recommends voting against Goldman execs' pay (RT)

  • Korea's Hanwha Aerospace's 3100% rally tests limit of defense boom (BBG)

  • FCC is investigating DEI practices at Disney and ABC (WSJ)

  • Charlie Javice was found guilty of $175M fraud in JPMorgan case (WSJ)

A Message from 10 East

Where Sophisticated Investors Access Private Markets

10 East is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a 12+ year track record of strong performance across over 350 transactions. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.

Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.

Benefits of 10 East membership include:  

  • Flexibility – members have full discretion over whether to invest on an offering-by-offering basis. 

  • Alignment – principal commits material personal capital to every offering.  

  • Institutional resources – a dedicated investment team that sources and diligences each offering.

There are no upfront costs or commitments associated with joining 10 East.

Exec Sum readers can join 10 East with complimentary access here.

Deal Flow

M&A / Investments

  • Blackstone is weighing a small minority investment in TikTok US amid a looming sale of ban deadline

  • Elon Musk's AI startup xAI acquired Musk's X / Twitter social media network in an all-stock transaction, valuing the firms at $80B and $45B including debt, respectively

  • BlackRock and Hong Kong infrastructure conglomerate CK Hutchison are delaying the signing of their $23B Panama ports deal

  • Italian lender UniCredit won ECB approval for its $15B hostile all-share bid for smaller rival Banco BPM

  • PE consortiums of Vista Equity and Warburg Pincus, Advent and Permira, and TPG and Francisco Partners, PE firms Thoma Bravo, Silver Lake, and Carlyle, aerospace supplier TransDigm, and engineering conglomerate Honeywell are remaining bidders competing to acquire Boeing's navigation unit Jeppesen, which could be valued at $8B-$9B

  • Singapore SWF Temasek is exploring the sale of UK-based testing firm Element Materials Technology, which it acquired three years ago for over $7B including debt

  • Japanese optical and medical equipment maker Topcon's CEO is leading a $2.4B MBO backed by KKR and SWF Japan Investment Corp. as it faces activist pressure

  • 65 Equity Partners will acquire a 40% stake in the combined entity formed by the $380M merger between Swiss pharma ingredient maker Healthcare Advanced Synthesis and Cerbios-Pharma

  • PE firm Modella will acquire 480 stores of British retailer WH Smith for $98M

  • Emeren, an $80M-listed renewable energy company, is evaluating a buyout proposal

  • European aerospace firms Airbus, Thales, and Leonardo started preliminary talks with EU antitrust regulators over a merger of their satellite businesses

VC

  • OpenAI's $40B funding round led by SoftBank may be reduced to $20B if it fails to convert to  for-profit by year-end 

  • AI data startup Scale AI and shareholders are weighing a secondary share sale at a $25B valuation

  • French animal health firm Ceva Santé Animale is nearing a funding round at a $9.7B valuation

  • Zolve, a startup helping international students with financial mobility raised a $51M Series B led by Creaegis

  • Allen Control Systems, a startup building autonomous precision robotics for defense, raised a $30M Series A led by Craft Ventures

  • Drone delivery startup Manna Air Delivery raised a $30M round led by Molten Ventures

  • Layer Health, a health technology company using AI for chart review, raised a $21M Series A led by Define Ventures

  • FluidLogic, a startup building hydration systems for drivers, raised a $15M Series A extension led by Solyco Capital

IPO / Direct Listings / Issuances / Block Trades

  • China's biggest banks Bank of China, Bank of Communications, Postal Savings Bank of China, and China Construction Bank will raise a combined $72B in share sales to investors including China's ministry of finance

  • CK Hutchison started preparations to spin off its global telecoms assets and list in London at a potential $13B-$19B valuation

  • AI cloud computing startup CoreWeave ended its trading debut flat after raising $1.5B at a $23B valuation in a downsized IPO below a marketed range and a lowered valuation 

  • Activist Elliott took a $1.1B short position against Shell after acquiring a 5% stake in rival BP; the hedge fund is also short TotalEnergies

  • Italy's state-run postal service Poste Italiane acquired a 15% stake in Telecom Italia from French media conglomerate Vivendi for $740M

  • Bain Capital-owned airline Virgin Australia is set to meet with investors for an IPO

SPAC

  • Crypto-focused fintech Circle scrapped its $9B merger with Concord Acquisition Corp

Debt 

  • State Bank of India raised $1B in India's largest dollar-denominated syndicated loan YTD

  • Restaurant chain Chuck E. Cheese is struggling to find buyers for a $660M high-yield bond to refinance debt 

  • State-owned Bank of India plans to raise $100M in yen-denominated loans amid Indian rush to yen market 

Fundraising

  • Swedish PE firm EQT raised $23.2 for its latest infrastructure fund

  • Blackstone is closing its latest buyout fund at $21B, below target

  • Fortress Investment Group is seeking to raise $1.5B for its second asset-based credit fund 

  • Infrastructure investor I Squared Capital raised $300M for its infrastructure credit strategy anchored by Australian pension fund Rest

Crypto Sum Snapshot

  • FDIC says banks can engage in crypto activities without prior approval

  • Japan will give crypto assets legal status as financial products

  • US pardoned three co-founders of crypto exchange BitMEX

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

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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.