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Public Markets

Last updated: May 15, 2026, 11:36 AM ET

Global Markets

A broad market selloff swept across asset classes Friday as inflation fears intensified amid the protracted Iran conflict. The S&P 500 futures fell 1% in early New York trading, while Bitcoin dipped below $79,000 as risk assets retreated. Rising bond yields curbed appetite for risky bets, prompting traders to dump chipmakers and other high-flying technology shares following a weeks-long rally. The dollar headed for its best week since March on growing expectations the Federal Reserve may need to raise interest rates, with traders increasingly pricing in a hawkish path as price pressures mount.

Energy Markets

Oil prices climbed on fears of a broader energy crunch, with Brent crude holding above $107 as the Strait of Hormuz remained effectively closed. Major forecasters have slashed oil demand growth expectations to the lowest since Covid, while the conflict shattered the Gulf's reputation as a safe operating region, benefiting producers like Nigeria's Oando Energy. U.S. natural gas futures headed for weekly gains supported by a warmer weather outlook and near-normal storage levels. India, the world's third-largest oil consumer, hiked fuel prices for the first time in four years as the government yielded to crude prices pushed higher by the war, with more rises expected in the near term.

China-US Relations

President Trump concluded a two-day summit in Beijing with Chinese leader Xi Jinping, who pitched his vision for "constructive strategic stability" aimed at drawing lines he thinks the U.S. should not cross. The high-profile meeting delivered a predictable script with no substantive breakthroughs, leaving Chinese stocks and the yuan little changed. Trump traded hundreds of millions of dollars in US securities in the first quarter, including transactions relating to Nvidia, Palantir, Paramount and Boeing, according to disclosures. Meanwhile, Pakistan is seeking to raise more money from China's onshore markets after successfully issuing its debut yuan-denominated notes.

Fixed Income

Bond yields rose relentlessly as inflation picks up, with RBC's Lori Calvasina warning that a 5% Treasury yield would challenge US stock bulls by depressing price-to-earnings ratios. Fidelity International's Mike Riddell's contrarian inflation bet paid off as bonds slid, even before the Iran war intensified price pressures. Bank of America's Hartnett said the stock market is ripe for profit-taking in early June due to investor crowding into equities and rising inflation risks.

Corporate News

Starbucks laid off 300 corporate workers and announced plans to close four regional offices, taking a $400 million charge as its turnaround plan comes at a cost despite rebounding sales. An anonymous bidder paid $9 million for lunch with Warren Buffett, NBA champion Stephen Curry and actress Ayesha Curry—the highest bid since 2022. Pershing Square's Bill Ackman disclosed a new stake in Microsoft, saying the tech company is underpriced. GFL Environmental's proposed acquisition of Secure Waste Infrastructure won backing from two major proxy advisory firms, dealing a setback to activist investor Abrams Capital.

Asia-Pacific Markets

Singapore new home sales surged to a six-month high in April as fresh projects attracted buyers, signaling continued market strength despite Middle East tensions. Ghana's world-leading stock rally may encourage bank IPOs, according to the head of the nation's bourse. Hana Bank agreed to buy a $670 million stake in crypto-exchange operator Dunamu—the largest single investment by a South Korean bank in digital-asset entities. Toshiba spinout Kioxia reported surging profits from the AI frenzy and plans to list American depositary shares to widen its U.S. investor base.

Deals & Legal

Adani Group is reviving plans to raise about $1 billion through a U.S.-listed dollar-denominated bond, reflecting its intent to return to capital markets. Gautam Adani and his nephew Sagar agreed to pay $18 million to settle Securities and Exchange Commission allegations they made false representations about Adani Green Energy. HSG, the firm formerly known as Sequoia Capital China, closed a $3 billion continuation vehicle anchored by a stake in ByteDance. Meanwhile, Schroders looks to exit its China mutual funds business after just three years, with U.S.-headquartered Nuveen set to acquire the London-listed group in a £10 billion deal.

Private Equity

Last updated: May 15, 2026, 11:30 AM ET

European Deal Flow & Fundraising

Private equity capital is flowing into European startups at a brisk pace, with a series of high-profile transactions signaling appetite for frontier technology and consumer platforms. Dutch dronemaker Destinus is in talks to raise €200 million, underscoring investor confidence in hypersonic aviation despite the technical hurdles. Across the Channel, CPP Investments committed €400m to co-invest with Blackstone in Proudreed, a French last-mile logistics platform, marking one of the largest minority stakes committed to a European infrastructure play this year. Meanwhile, L Catterton backed Saint Bella in a push to build a global family-care platform out of China, betting on the convergence of premium consumer branding and cross-border expansion. The fundraising momentum extends to early-stage venture capital as well: Meridian Ventures launched a $35M fund to back MBA-deferred founders, while Euan Blair's Multiverse raised $70m to expand its valuation in the employee experience software space. These capital deployments come as European startups are simultaneously hunting for acquisitions, with several firms reporting they are raising cash while on the lookout for bolt-on targets.

Pharma, Life Sciences & Niche Industry Plays

Private equity firms are homing in on the pharmaceutical and life sciences consulting sector, drawn by the complexity of drug R&D pipelines and the recurring revenue characteristics of advisory platforms. Blackstone, Audax, Five Arrows and others are eyeing pharmaceutical and life science consulting firms, with Eir Partners making a direct bet by investing in QuartzBio, a life sciences data analytics company. The appetite is broadening: PE seeks pharmaceutical and life sciences consulting firms across 7 deals, with Blackstone, Audax, Bridgepoint and Baird all targeting add-on platforms. The same revenue predictability thesis is pulling capital into the testing, inspection and certification industry, where Ardian, Blackstone, Bridgepoint and EQT are among firms backing TICC targets. On the buyout side, Fusion Capital-backed Relevant acquired Automation Werx, a systems integration firm in Houston, while HIG Capital snapped up International Aerospace Coatings, which serves major airlines and MRO providers. In another corner of the market, Balance Point injected capital into The Edge, a jewelry retail software provider tied to Serent Capital's acquisition, and General Atlantic invested in PowerGEM, which had been backed by TA Associates since 2024.

Blackstone's Active Deal Calendar

Blackstone's transaction pace shows no signs of slowing. The firm is weighing take-private bids for Magnum Ice Cream alongside CD&R, with the listed ice cream giant trading below its IPO price and presenting a classic going-private opportunity. In healthcare, Blackstone and KKR seized control of Affordable Care through a restructuring that writes off roughly 70% of the company's debt, led by a group of direct lenders. The firm's footprint in European infrastructure also deepened with the Proudreed logistics deal, bringing CPP Investments on as a co-investor at the €400 million level. Across the Atlantic, the firm is also among those pushing into pharmaceutical consulting and life sciences data analytics, reinforcing a diversification strategy that spans consumer staples, healthcare and industrial services.

Tech IPOs, AI and Market Headwinds

The public markets are rewarding hardware and AI bets, even as the broader tech sector grapples with layoffs. Cerebras IPO made billions for Benchmark after the AI chip startup's long-awaited Nasdaq debut, with shares surging on the first day of trading after years of private fundraising and scrapped IPO plans. The exit was years in the making — Benchmark almost never backs hardware startups and partner Eric Vishria nearly passed on the initial meeting. The backdrop for such outsized IPO returns is a tech labor market still contracting: over 127,000 workers at U.S.-based tech companies were laid off in 2025, with job cuts continuing into 2026. On the startup front, an 11-person London startup is targeting 100x cheaper AI, while Meridian Ventures' new fund backs MBA-deferred founders who are building pre-seed companies. Elsewhere in the ecosystem, James Wise defended the Sovereign AI Unit thesis, arguing that criticism of the investment model is misplaced, though he conceded one company he wished he had backed.

Conferences, Secondaries & LP Relations

The global private equity calendar is filling up with major events: Italy's largest PE conference returns to Milan next May, France's to Paris next March, the Nordics' to Stockholm this November, and Iberia's to Madrid this October. On the secondaries front, Lazard's acquisition of Campbell Lutyens proves scale matters, with industry observers cautioning that success in the space will come with a premium price tag. LP relationships remain a priority, with dealers urged not to skip AGMs since active participation is part of the fiduciary relationship. The broader case for patience in private markets is gaining traction as companies stay private longer and retail allocations to PE grow, while TICC's embrace of AI is helping attract PE capital according to Houlihan Lokey, reflecting how even traditional sectors are being repositioned by technology adoption.

Sector Investment

Last updated: May 15, 2026, 11:37 AM ET

Real Estate Fundraising Connecticut pension anchored Artemis's flagship fund while targeting $1.2bn in real estate commitments this year, as Heitman launched its debut self-storage fund aiming for a $2bn raise in North America, marking the manager's first sector-specific vehicle in the region.

Private Equity Activity THL Partners closed its latest fund with $6.35 billion in capital, maintaining strong investor demand for specialized private equity strategies amid market uncertainties.

Market Competition Public REITs like Digital Realty and Realty Income Trust pose limited competition to traditional fund managers, leveraging unique market positions to attract institutional capital despite growing sector-specific fund offerings.