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📈 As trade winds howl, shareholders are quietly using debt to pull cash from leveraged companies at historic levels, PitchBook LCD data shows. Across US leveraged loans and high-yield bonds, a record 12% of this year's leveraged debt raises have backed dividend recaps, or shareholder distributions.
This comes as trade tensions further impact exit timetables for PE sponsors, left ravenous for returns after lean rate-hike years. Dive deeper
🌍 Europe is set for another record year in AI VC dealmaking as more investors pile into the sector. Who are the most active investors? View the list
🏦 Antares Capital has raised over $1.2 billion for its first private credit continuation fund, aiming to give investors more liquidity as PE exits remain slow. The fund is part of a broader trend as continuation vehicles gain traction in private credit. Read more
Plus...
• Sequoia bets on indie cinema buyer Mubi as AI seeps into video production | | | | | | | | | | |
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| European LPs rethink US exposure amid tariff chaos | |  | | (Wildpixel/Getty Images) | | | European LPs are shifting their focus closer to home, scrutinizing GPs' reliance on US markets amid fresh tariff threats, tax tensions and rising uncertainty.
From revenue exposure to buyer networks, LPs are pressing for clarity before committing capital. | | | | | |
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| Beyond the sale: Why exit planning starts on day one | | In today's risk-averse dealmaking environment, finding exit success isn't luck—it's the result of disciplined preparation and real-time decision making. Early exit planning, paired with sell-side market studies and vendor due diligence (VDD), is essential to maximize value and navigate today's highly competitive M&A landscapes. But with competitive auctions and increased investor skepticism, sponsors must use market intelligence not just to inform strategy, but to tell a compelling and credible story about future growth.
Learn how market-backed insights and disciplined planning are giving sellers an edge—and how strategic alignment is the key to successful exits.
Read the report | | | | | | | |
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| Sequoia bets on indie cinema buyer Mubi as AI seeps into video production | |  | | The cast and director of the film "The Substance" arrive at the 2024 Cannes Film Festival. (Loic Venance/Getty Images) | | | Sequoia is the latest blue-chip VC to invest in an indie cinema powerhouse: The firm led a consortium to invest $100 million in Mubi, an art house streaming service. The round valued the company at $1 billion, more than six times its last valuation of $150 million in 2018.
The deal represents a growing VC interest in media and entertainment production companies, and Mubi can offer Sequoia a key network for its AI portfolio. The London-based business was most recently the distributor behind the box office success "The Substance." | | | | | | | | | May wrap-up: One month in global markets | | Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets—tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.
In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile. | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 576 Deals | 1777 People | 640 Companies | 24 Funds | | | | | | |
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| The Daily Benchmark: 2021 Vintage Global Secondaries Funds | | | | | | |
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XAI is launching a share sale of $300 million that will value Elon Musk's company at $113 billion, its first valuation since acquiring social media network X in March.
Musk's brain implant startup Neuralink confirmed that it raised a $650 million Series E from investors including ARK Invest, DFJ Growth and Founders Fund.
California-based TAE Technologies, which specializes in fusion energy technology, is raising over $150 million in its latest funding round from investors including Google, Chevron and NEA, Axios reported.
Quantum technology startup Infleqtion raised a $100 million Series C from investors including Glynn Capital, Counterpoint Global and S32.
Prepared, the developer of an AI-based emergency response platform, raised an $80 million Series C led by General Catalyst.
Biotech startup SpyGlass Pharma, which develops treatments for vision and eye conditions, raised a $75 million Series D led by Sands Capital.
Payflow, a Spanish earned wage-access specialist, secured €10 million from Cusp Capital. | | | | | |
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Nordic Capital postponed the IPO of Sweden-based Noba Bank to the second half of the year amid market uncertainty, Bloomberg reported.
Denver-based space and defense startup Voyager Technologies is looking to raise up to $319 million in its IPO, according to SEC filings.
Construction company Sentia, which is owned by Ratos and backed by investors including DNB Asset Management and Arctic Asset Management, filed for an Oslo IPO and is looking to raise up to 1.6 billion Norwegian kroner (around $160 million).
Indivior, a Virginia-based drugmaker, plans to cancel its secondary listing on the London Stock Exchange.
New York startup Seek AI, the developer of an AI platform for enterprise data processing, has been acquired by IBM. | | | | | |
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| BlackRock is looking to expand hiring in the EMEA region to grow its retail market offerings, Bloomberg reported. | | | | | |
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