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Good Morning,

Golden Goose abandoned its IPO at the last-minute, Point72 is readying a new AI L/S fund, Bayview re-ignited a 2008-era CDS trade, UK reclaimed Europe's stock market crown, an OpenAI co-founder debuted his own startup, and Netflix launched an ambitious retail experience. Also, make sure to savor today’s Zyn (online sales are currently suspended after DC subpoena).

Deal teams from CVC to Warburg Pincus are leveraging Mosaic to build bid-ready LBO models in under 5 minutes…it's your turn to find out how.

Let’s dive in.

Before The Bell

As of 06/18/2024 market close.

Markets

US stock and bond markets were closed yesterday in observance of Juneteenth
US stocks continue to push ATHs on Tuesday as investors digested a soft consumer spending report and comments from Fed officials
- Nasdaq notched a seventh-straight ATH
- Nvidia overtook Microsoft to become the world's most valuable public company
UK overtook France to again become Europe's biggest stock market
Asian stocks leaped to their highest since April 2022
MSCI World index hit an ATH

Earnings

What we're watching this week:
- Today: Accenture, Kroger
- Friday: CarMax
Full calendar here

Headline Roundup

Most stocks hyped as AI boom winners have fallen this year (FT)
JPMorgan follows Goldman in lifting UK bonus cap (FT)
Nvidia's ascent to most valuable company stirs dot-com bubble parallels (WSJ)
Hedge fund Bayview sold CDSs in first such deal since 2008 (RT)
Multi-strat hedge funds are keeping over half of profits in fees (BBG)
Convertible arbitrage sees inflows as investors pull from other strategies (BBG)
Indian stocks power through as China lags (WSJ)
Rich countries plan to buy more gold despite record price (FT)
LatAm allocation a 'must' for portfolios, says UBS CIO (RT)
ETFs could poach half of US mutual fund assets (FT)
State Street tech ETF set to add $10B in Nvidia shares (RT)
Hedge funds smell bargains as regional banks seek to slim down (WSJ)
CMBS buyers face first Europe AAA loss since credit crunch (BBG)
SpaceX documents reveal sweet stock deals offered to a16z, others (TC)
OpenAI co-founder Sutskever debuts AI-startup Safe Superintelligence (TC)
Musk tries to woo advertisers back to X / Twitter platform (CNBC)
Netflix launches mega retail experience (AX)

A Message From Mosaic

Built by private equity for private equity

How many nights have you spent grinding out an LBO model due the next morning? What if you could build LBO models in a fraction of the time with 100% accuracy?

Enter Mosaic…technology built by private equity professionals who've done the job, and now so can you. Mosaic's leading deal modeling platform incorporates unparalleled accuracy and precision for you to build comprehensive LBO models in minutes.

Transition seamlessly from a CIM to an LBO model, with all the complexity you need. Whether it's…

Dynamic sensitivity tables (yes, even the complicated 4D ones)
Case comparisons
IRR decomp charts
Exit scenarios
Dividend recaps
Extended hold periods
or any situation imaginable

With the ability to add special situations dynamically, extrapolate real-time insights, export into fully functional Excel models – all while saving time…

It's no surprise that Mosaic is trusted by the world’s best funds from CVC to Warburg Pincus.

Spend less time linking and more time thinking with Mosaic, the world's leading digital deal modeling platform.

Level up your modeling workflow

Deal Flow

M&A / Investments

PE firms CVC and Nordic Capital and SWF ADIA made a fresh $6.9B bid for UK financial services firm Hargreaves Lansdown (BBG)
The Koch family will acquire a 15% stake in BSE Global, which owns Brooklyn Nets, New York Liberty, and the Barclays Center, at a ~$6B valuation (BBG)
EQT is considering a potential sale of Swedish consumer-health business Karo Healthcare at an over $2.1B valuation (BBG)
Blackstone will acquire Japanese e-comics platform Infocom for $1.7B (BBG)
A consortium of KKR and SingTel agreed to acquire a $1.3B minority stake in Asian digital infrastructure provider ST Telemedia Global Data Centres (BBG)
Medtech giant Boston Scientific will acquire smaller peer Silk Road Medical in a ~$1.2B cash deal (WSJ)
Eni plans to sell a stake in its Ivory Coast exploration operations in a potential ~$1.1B deal (BBG)
Asian PE firm Hillhouse Investment is in talks to acquire Dulwich College International's schools after Blackstone's $600M attempt to buy Dulwich’s Singapore and Seoul schools fell apart (BBG)
PE firm TA Associates plans to sell Hungarian consumer fintech Netrisk for over $536M (RT)
PE-backed Bragg Live Food Products is exploring a sale at an over $500M valuation, including debt (RT)
Shell agreed to buy Singaporean LNG company Pavilion Energy from SWF Temasek for 'hundreds of millions of dollars' (RT)
Healthcare firm Novant Health is scrapping its $320M acquisition of two North Carolina hospitals from Community Health Systems after an appeals court injunction (RT)
Nvidia agreed to buy software startup Shoreline.io at a ~$100M valuation (BBG)
Brazilian delivery startup Loggi Tecnologia is exploring options including a private stake sale or IPO (BBG)

Autonomous trucking startup Waabi raised a $200M Series B led by Uber and Khosla Ventures (TC)
Talkiatry, a leader in high-quality, in-network psychiatric care, raised an $85M Series C led by a16z (PRN)
Celcoin, a Brazilian fintech focused on embedded finance, raised $125M in funding led by Summit Partners (BW)
Mexican fintech startup Clip raised $100M in funding from Morgan Stanley Tactical Value (PRN)
CesiumAstro, a startup building space communication tech, raised a $65M Series B+ led by Trousdale Ventures (BW)
Zencity, a community engagement platform for local governments, raised a $40M Series C led by StepStone Group (BW)
AI-powered customer support solutions Decagon raised a $35M seed and Series A and round led by Accel (RT)
Singaporean insurtech SaaS provider Peak3 raised a $35M Series A led by EQT (FN)
CuspAI, a GenAI-driven search engine for new materials, raised a $30M seed round led by Hoxton Ventures (TC)
LD Carbon, a Korean producer of recovered carbon black, raised a $28M Series C led by Toyota’s Woven Capital (FN)
Multi-model database SurrealDB raised a $20M round led by FirstMark and Georgian (PRN)
French quantum computing startup C12 raised a $19.4M funding round from Varsity Capital, EIC Fund, and more (TC)
Non-human identity security startup Entro Security raised an $18M Series A led by Dell Technologies Capital (BW)
Cloud cost optimization platform PointFive raised a $16M seed round led by Index Ventures (FN)
Liquid Instruments, a reconfigurable test instrumentation startup, raised $12M in funding led by Breakthrough Victoria (BW)
Ramify, a French wealth management and advisory platform, raised an $11M Series A led by 13books Capital (EU)
Kilimo, a startup helping farmers save water, raised a $7.5M Series A led by Emerald Technology Ventures (TC)
GenAI risk management startup Trustwise raised a $4M seed round led by Hitachi Ventures (BW)

IPO / Direct Listings / Issuances / Block Trades

Vodafone raised $1.8B via block trades in Indian telecoms infrastructure firm Indus Towers (BBG)
CVC is planning an $1B-$1.5B IPO of Poland's largest convenience store chain Zabka Polska at a $7.5B-$8B valuation (BBG)
Permira-backed Golden Goose postponed its ~$600M Milan IPO (BBG)
Brazilian conglomerate Cosan picked Bank of America, JPMorgan, and Citigroup for a US IPO of its Moove lubricant business (BBG)
MapLight Therapeutics chose Morgan Stanley and Jefferies to lead a potential $200M IPO (BBG)
Indian liquor maker Allied Blenders and Distillers filed for a $180M India IPO (RT)
Brazilian mobile banking app PicPay is working with Citigroup on a US IPO (BBG)

Debt

Japanese agricultural bank Norinchukin Bank will sell $63B in sovereign eurobonds to stem losses from wrong-way rate bets (BBG)
Department store chain Belk is seeking $500M to refinance debt, including $200M from private credit firms (BBG)
UK BNPL firm Zilch raised $127M in a securitized debt financing arranged by Deutsche Bank (BBG)

Bankruptcy / Restructuring

EV startup Fisker filed for Chapter 11 bankruptcy (WSJ)
German industrialist family Schoeller Group seized control of real estate group Signa Prime Luxembourg Sarl after a loan default (BBG)

Fundraising

Investment firm Kinderhook Industries raised $2.75B for its eighth buy-and-build fund (PR)
Point72 is seeking to raise ~$1B for a new L/S fund focused on AI (BBG)
Credit manager Sona Asset Management raised $800M to provide custom financing to struggling businesses (BBG)
German lender Deutsche Pfandbriefbank is seeking to raise $535M for a real estate debt fund (BBG)
Engine Ventures raised ~$400M for a third fund to invest in climate tech, health, and advanced systems (AX)
India's Vivriti Asset Management is seeking to raise $240M for a new private credit fund to invest in Indian SMEs (BBG)

Crypto Corner

Bitcoin whales sold over $1B worth of Bitcoin in the last two weeks (CD)
SEC dropped its investigation into Ethereum 2.0 (RT)
Stablecoin transfers have increased more than 16x over the past four years and rose to a record high of $1.68 trillion in April (CT)

Exec’s Picks

FT uncovered the fractious talks that followed after Permira killed the Golden Goose IPO.

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