Markets 3 Days

Public Markets

Market Moves

The S&P 500 dropped 1.2% in its worst week since June, marking its first two-week loss since June. Entrata is working with Goldman Sachs and JPMorgan on an IPO, signaling continued M&A activity. Amazon shares slipped amid a $12 billion Louisiana data center bet, while Dimon dismissed fears over AI’s impact on JPMorgan.

Macro & Policy

Japan may intervene to buy yen amid speculation, while Ecuador eyes a $4B bond sale return. India may buy dollars for reserves should the rupee strengthen to 88–89 per dollar, per Citigroup. China left its loan prime rate steady in February, reflecting mixed growth signals.

Deals & Transactions

Francisco Partners completed a $2.2B take-private of Jamf, while Blackstone is positioning Liftoff Mobile for an IPO. Anthropic offered up to $6B in shares to staffers, valuing the AI firm at $350B. RXO CEO Drew Wilkerson discussed a trucking market upswing after deflationary pressure.

Corporate Developments

FedEx sued the Trump administration for tariff refunds, becoming the first major company to challenge levies since the Supreme Court deemed them illegal. UOB shares tumbled after missing profit estimates and cutting its dividend. Woodside shares hit an 18-month high post-FY results and dividend.

Market Commentary

Dimon sees parallels to the pre-crisis era as rivals do "dumb things," while Taleb warns of AI-driven software bankruptcies. EY-Parthenon notes inflation and business investment as next tariff unknowns. Citi to sell another stake in Mexico’s Banamex ahead of an IPO.

Energy & Commodities

Oil edged lower amid possible position adjustments before U.S.-Iran talks, while Gold held gains on tariff uncertainty. Tesla faces scrutiny over its $1.8T private credit market, and SQM-Codelco lithium output edged out forecasts.

Legal & Regulatory

FedEx seeks a full refund plus interest for Trump tariffs, and Nevada AG discusses the Supreme Court ruling striking down tariffs. EU diplomats scramble to overcome Hungary’s threat to derail Russia sanctions.

Technology & AI

Anthropic accused Chinese AI labs of stealing data from Claude, while DeepSeek trained its latest model on Nvidia Blackwell chips despite a U.S. ban. AI fears sparked a software selloff, with the Dow falling 1.7%.

Financial Markets

Active ETFs market growth continues, and Bond ETFs see a space economy push. Morgan Stanley upgrades stocks on AI-led ABF substrate up-cycle, and Citi warns on leveraged loan risks.

Global Finance

Japan intervened to buy yen, and Singapore’s UOB missed profit estimates. Amundi went long Japanese debt for the first time in decades, and China is not dumping U.S. Treasuries.

Corporate Finance

Apple announced a $110B buyback, while FedEx seeks tariff refunds. EBay and Amazon face regulatory scrutiny, and Google VP warns two AI startup types may not survive.

Closing

The S&P 500’s drop and M&A activity underscore market volatility amid geopolitical and AI-driven uncertainty. Ecuador’s bond sale and India’s dollar plan highlight currency and reserve management shifts. FedEx’s lawsuit and UOB’s profit miss signal corporate finance headwinds.

Private Equity

Deals & Exits

Kinderhook Industries agreed to take home health and hospice provider Enhabit private for $1.1 billion, offering $13.80 per share in cash. Separately, KKR outbid rivals to secure a majority stake in XCL Education Holdings for approximately $1.3 billion. In the software sector, KKR is exploring a sale of its BMC Helix business that could value the AI-driven IT service management unit at around $1.5 billion. The Crestview-backed marketing firm One Magnify acquired Optimal’s performance marketing business, while EQT-supported Scale Microgrids purchased Reload to advance its energy solutions platform. L Squared purchased Functional Devices, with the sellers reinvesting alongside the new owner. Frazier Healthcare-backed Rev Spring bought healthcare technology firm Trust Commerce from Waud Capital Partners. Goldman Sachs-backed CSD acquired autism services provider Behavior Change Institute.

Mid-Market & Sector Consolidation

Green Heron invested in Regency Plumbing Contractors, with the executive team retaining a significant stake. GHK Capital bought architecture and engineering firm CPL, which employs over 500 people across the eastern U.S. Haveli backed software company Sirion to fuel product innovation and global expansion. Vistria acquired insurance holding company Lumen Holdings, which underwrites coverage across more than 30 states. Turning Rock exited its investment in food manufacturer Ameri Qual, majority-owned by the Harlan family. Bluestone Equity Partners formed a three-year partnership with USA Archery ahead of the 2028 Olympics, strengthening its sports portfolio.

Capital Raises & Market Access

Broadband provider Vero Networks secured $500 million from an investor group led by Hamilton Lane, Braemont Capital and Delta-v Capital. Ardian partnered with Legal & General to open private equity to 5.6 million UK defined contribution savers, marking a significant distribution channel expansion. Qatar Investment Authority committed several hundred million dollars to 5C to support its private credit expansion. The dealmaking rebound is fueling capital deployment, as global buyout value surged to $904 billion in 2025, with firms adapting to a "12 is the new 5" holds reality.

Strategy & Secondaries Trends

Industry leaders at the PEI NEXUS 2026 conference noted a recovery in deployment and distributions. Insights from Thoma Bravo and New York’s Anastasia Titarchuk highlighted how GPs and LPs are navigating AI disruption. The growing use of continuation vehicles is reshaping liquidity, with 40% of GPs expecting to consider a CV within two years, primarily to return capital to existing LPs. A Lazard report found that mid-market GPs' flagship fund commitments are increasingly equivalent to 50% or more of their latest vehicles. Bain also observed that CV-on-CVs are becoming more prevalent as sponsors hold trophy assets longer.

Geographic & Sector Rotation

Europe is drawing capital as dealmakers assess U.S. tariff uncertainty, with Permira noting increased strategic interest for assets like Evelyn Partners. That UK wealth manager was sold to Nat West by Permira and Warburg Pincus for £2.7 billion, showcasing a long hold and the evolution of UK wealth management M&A. In energy, private equity firms are eyeing a potential $2 billion sale of Permian Basin assets from Conoco Phillips. The sports sector remains active, with India’s IPL emerging as a serious private

Sector Investment

Healthcare & Life Sciences

West View Capital Partners has made a minority investment in Benefits All In (BAI), a Cincinnati-based provider of employee healthcare solutions. BAI, founded in 2014, is expanding its portfolio through this strategic partnership.

Infrastructure & Real Estate

Quinbrook mulls a minority stake sale, while CVC DIF raises €3.5bn in a double fundraise. Stoneweg targets €1bn in European residential investment by 2026, following its acquisition of Cromwell’