Finance Knuggets
May 14, 2024
I recently came across news that Malaysia is set to assume the ASEAN chair for 2025, with Prime Minister Anwar Ibrahim emphasizing the importance of ASEAN and multilateralism. This will be a key test for Malaysia’s regional leadership role, particularly in managing major power dynamics and advancing community-building among diverse states within ASEAN. The report also highlights the challenges of consensus-based decision-making within the grouping.
In other news, the private equity sector has a record amount of dry powder, with U.S. private equity firms holding around $956 billion at the end of 2023. Private equity fundraising may outpace dealmaking in 2024, driven by a handful of mega-firms. Additionally, it has been a strong year for U.S. stock indices.
I also learned that Tiney.co, a London platform for early childhood education, raised £7.2m in Series A funding, while Zeal, a British digital wallet, raised $2m from Gnosis. In private equity deals, Permira agreed to buy Squarespace for around $6.9b, and Apollo Global Management is in talks to help Intel finance an $11b transaction to build a new chip fab in Ireland. Moreover, Blackstone will launch a tender offer to take Japanese drug trials firm I’rom Group private, and Brightstar Capital Partners agreed to buy AGS, a Las Vegas provider of gaming equipment, for around $1.1b.
There were also some developments in public offerings, with Bowhead Specialty setting IPO terms and Games Global expecting to raise $254m at a $2b market cap. In liquidity events, ByteDance decided not to sell gaming studio Moonton, and Easton Energy agreed to sell its Gulf Coast Liquids Pipeline System to ONEOK for $280m. In fundraising news, NewVale Capital, a Boulder, Colo., growth equity firm, raised $167m for its debut fund, and Seven Seven Six, the VC firm led by Alexis Ohanian, secured $187m for its third fund. Lastly, Reddit CEO Steve Huffman discussed the platform’s data and content policies, as well as the resurgence of GameStop Corp. shares due to speculation around a potential return to social media by Keith Gill, the man behind the meme-stock mania of 2021.
I also came across news discussing insider trading and the legal implications surrounding it, as well as cases involving securities fraud, including Boeing’s safety claims and Tesla’s autopilot probe. The news also mentioned a podcast featuring discussions on the FTX bankruptcy, private markets, and the safest way to enter a pool of pudding. Furthermore, it included updates on corporate developments, such as BHP’s rejected proposal by Anglo American, Squarespace going private in a takeover, and China reducing access to live data on share trades by foreign investors. It also mentioned the grip of consulting firms on the Saudi economy, the downfall of an online education giant, and the emergence of chicken wings as an inflation hedge.
Stay Well!