Public Markets
Market Turmoil and Energy Crisis
US stocks suffered their worst week since April, with the Dow falling 3% as oil prices surged and the labor market showed signs of weakness. The S&P 500 underwent a major rebalance, with Vertiv and Echo Star leading a tech surge as new constituents joined the index. Treasury yields climbed to their highest levels since April as investors grappled with inflation concerns driven by the Middle East conflict.
Oil prices spiked toward triple-digit territory as traders warned that an extended Iran conflict could push crude above $100 per barrel. Energy markets were rocked across Asia, with Thai farmers racing for diesel and Indian refinery executives monitoring the Persian Gulf through the night. The Strait of Hormuz saw shipping rates soar as vessels scrambled to transport oil using smaller ships amid the crisis.
Federal Reserve and Economic Policy
Federal Reserve officials warned of potential "tighter" policy as the oil shock lingers, with Cleveland Fed President Beth Hammack noting two-sided risks to rates. The Fed expects rates to remain on hold for some time as policymakers assess the economic impact of the Middle East conflict. US bonds saw their worst week since April on inflation concerns, with investors piling into inflation hedges as war drives up oil prices.
Corporate Developments and IPOs
Cerebras Systems tapped Morgan Stanley to lead its initial public offering as the AI chipmaker mounts a renewed attempt to go public. MiniMed Group, a maker of diabetes management devices being separated from Medtronic, sparked analyst debate over whether its growth prospects justify its valuation. Vincorion, a German defense technology company, is planning a Frankfurt IPO to tap investor appetite for defense stocks in an increasingly unstable world.
Tech and AI Sector
Google gave CEO Sundar Pichai a new pay deal worth up to $692 million, including stock options tied to Waymo's growth. Nvidia tied CEO Jensen Huang's $4 million bonus to 2027 revenue milestones. OpenAI and Oracle scrapped a deal to expand a flagship Texas data center, with Meta now in talks to take up the additional computing capacity.
Private Markets and Investment
TA Associates is considering selling bubble-tea maker Gong cha, according to people familiar with the matter. The SEC and CFTC are discussing plans to move into the same building complex in Washington. Private debt should face a "full-blown default cycle," according to Pacific Investment Management, as direct-lending vehicles loosen underwriting standards.
International Markets
South Korean stocks surged by their most since 2008 in a roller-coaster week, bouncing back after their biggest one-day slump on record. Korean equities suffered their worst one-day drop as the Iran war rocked Asian markets. Brazil's antitrust regulator cleared the sale of Braskem shares to IG4 Capital.
Real Estate and Infrastructure
EQT Real Estate bought East Coast warehouses from Mapletree for $575 million. Saks Fifth Avenue is shrinking to half its number of stores in bankruptcy, focusing more on luxury shoppers. SK Innovation laid off 958 workers at its Georgia plant as the South Korean battery maker navigates a slowdown in electric vehicle sales.
Energy Policy and Infrastructure
Energy Secretary Wright called to reopen the Indian Point nuclear plant, saying it's needed to meet surging power demand. The US launched a $20 billion reinsurance plan to ease Gulf oil trade, aiming to revive shipping in the Strait of Hormuz. Saudi Arabia increased diplomatic efforts with Iran to contain the conflict.
Labor Market and Employment
US employers unexpectedly cut jobs in February, with nonfarm payrolls falling 92,000 and the unemployment rate rising. The labor force showed signs of shrinking as oil prices surged, raising questions about the job market's stability. South Korea's battery unit cut over a third of its Georgia workforce amid EV sales slowdown.
Cryptocurrency and Digital Assets
Bitcoin slipped to $68,000 as risk assets sold off amid the Iran conflict. Iran's $7.8 billion crypto market drew fresh attention as citizens and authorities increasingly turned to digital assets for storing and sending money during the war. The US considered tying Nvidia and AMD AI chip exports to foreign investment pledges.
Retail and Consumer
Costco took a big step to fix one of members' biggest complaints, while evaluating tariff refunds as second-quarter revenue rose. Bath & Body Works reported lower fourth-quarter profit but said its strategy pivot to refocus on core products was making progress. Primark got a permanent CEO as owner ABF looks to steady the ship amid sluggish sales.
Healthcare and Pharmaceuticals
Novo Nordisk and Hims ended their feud, planning to sell obesity drugs together on Hims & Hers Health's platform. The FDA attacked a rare-disease drug, saying the company lied, as the agency faces criticism for delays and rejections of new drugs for rare diseases.
Financial Services
Millennium Management hired four Citadel stock traders in post-bonus churn as the multistrategy hedge fund giants battle over talent. Kennedy-Wilson bondholders organized to push back on a tender offer, with investors holding a majority of bonds planning to skip the debt exchange. Secondary buyers eyed private-credit assets as redemptions mounted, with discounted secondary deals expected to rise.
Private Equity
Deals & Exits
Wynnchurch-backed ORS Nasco acquired industrial wholesalers AD Member Supply and Alliance, expanding its MRO product distribution platform. Greenbelt-backed Saber Power purchased Bounds Construction, bolstering its electrical power systems services in the Houston market. Serent invested in health tech firm Saisystems to accelerate its technology roadmap, with management remaining in place. Mutares agreed to sell its €100m logistics platform in Time Group to Tawin Holdings, marking another exit for the firm, which also plans a management buyout of Peugeot Motocycles. Astorg remains active in the pharmaceutical ingredients sector, with its portfolio company Solabia executing a triple add-on acquisition. Braemont-backed Royal Cup is taking Farmer Brothers Coffee private in a deal that underscores consolidation in the food and beverage distribution space.
Fundraising & Capital Commitments
EQT, Eurazeo, Atomico, Vitruvian Partners, and Northzone are shortlisted to manage the European Union’s planned €5 billion deep-tech investment fund, a competition also reported as a €5.8 billion EU fund. Blackstone and Ares Management deployed roughly $5 billion in private credit financing to support Thoma Bravo’s logistics acquisition, highlighting the growing scale of direct lending. Science Corp., a brain-computer interface startup founded by Neuralink alumni, raised a substantial $230 million Series C. City Detect, an AI safety and cleanliness platform for cities, secured a $13 million Series A, while Eight Sleep raised $50 million at a $1.5 billion valuation for its predictive health technology. A new PE firm, Synergy Sports Capital, debuted with a focus on the lower middle market, and GCM Grosvenor backed the launch of Torch Key, targeting food and beverage investments.
Market Trends & Secondaries Activity
The mantra that ‘DPI is the new IRR’ is gaining traction across private equity as LPs prioritize realizations over paper returns. This focus fuels the booming GP-led secondaries market, where deals hit an all-time high in 2025 despite process pain points for LPs. Specialized continuation vehicles are becoming a key solution for GP stake liquidity, though compatibility with evergreen funds presents new structural questions. Bridgepoint is expanding its secondaries platform with the Newbury team, anticipating a 2026 fund launch, while
Sector Investment
Real Estate Investment Activity
MSREI has raised nearly 75% of its target for the latest global opportunity fund, signaling strong momentum in real estate fundraising. Meanwhile, Zaga Capital closed its debut German residential fund at approximately €210 million, marking another significant deployment in European real estate. Bouwinvest is expanding beyond its home market to accept third-party capital, with Asia highlighted as a strategic priority, particularly in markets like South Korea's multifamily sector.
Infrastructure Investment Trends
AlbaCore is targeting €1 billion for its inaugural high-yield infrastructure debt fund, with plans to quickly follow up with an investment-grade vehicle. CapMan is launching a €750 million third Nordic infrastructure fund, representing an almost 90% increase from its previous fund's €400 million target. These moves reflect growing institutional appetite for infrastructure assets across Europe.
Pension Fund Allocations
Italian pension fund INPGI has issued two RFPs targeting €70 million in infrastructure fund investments, seeking both local and international opportunities. The Jacksonville Police and Fire Pension Fund projects reaching its target allocation to non-core real estate by 2027, indicating a measured approach to portfolio diversification.
Market Sentiment and Regional Focus
Asia's real estate market continues to show resilience, with conference participants noting the region's insulation from global volatility and early-stage opportunities in AI-driven data centers. However, US policy shifts are impacting real estate fundamentals, with changes in immigration and tourism numbers affecting the world's largest property market, according to Starwood's Jonathan Pollack.
Risk Management and Portfolio Strategy
With ongoing geopolitical uncertainty, including the Iran conflict's indirect implications for real estate markets, investors are adopting more granular risk management approaches. Market volatility is driving portfolio rebalancing efforts across Asia, while intensive diversification strategies are becoming increasingly important for private real estate executives.
Sector-Specific Developments
In healthcare real estate, Seven Hills Capital closed its second fund at a $235 million hard cap, with McGuire Woods providing legal counsel. The firm's continued fundraising success underscores sustained investor interest in healthcare-related real estate assets despite broader market uncertainties.
Infrastructure Investment Outlook
While coal-fired power station extensions in the US, Australia, and EU are creating short-term opportunities, investors remain cautious about recommitting to fossil fuels. Meanwhile, EV charging infrastructure strategies are evolving as investors adapt to speed bumps in the global electric vehicle rollout, seeking new approaches to capture value in this emerging sector.
Data Center and Technology Infrastructure
The sale of Nordic data center platform at North for $4 billion delivered a 2.5x MOIC and over 30% return for Partners Group, highlighting the continued strength of the data center investment thesis. This transaction, signed in December 2021, demonstrates the potential for significant value creation in technology infrastructure assets.
Transport and Mobility Infrastructure
Despite pandemic-driven volatility and supply chain disruptions, transport infrastructure continues to show resilience. Rail transport is benefiting from technology-driven upgrades including digitization and electrification, while port investments are being reassessed amid deglobalization trends and reconfigured trade patterns.
Aviation and Alternative Infrastructure
Aviation assets have demonstrated remarkable resilience since the pandemic and are now favored by infrastructure investors. The sector's recovery and growth potential are attracting significant capital, particularly as investors seek assets with strong cash flow characteristics and inflation protection.
Regulatory and Valuation Considerations
EIPA's Tim Whittaker has called on regulators to mandate more frequent, robust, and independent valuations in private infrastructure markets, arguing that current valuation smoothing practices downplay investment risks. This push for greater transparency comes as infrastructure investors navigate an increasingly complex operating environment.
Strategic Partnerships and Policy Advocacy
Australian and Canadian pensions have formed a collective to advocate for policy reforms that would stimulate greater capital deployment into "nation-building" infrastructure projects. This collaboration between 18 Canadian pension funds and Australian superannuation funds represents a coordinated effort to address structural barriers to infrastructure investment.
Emerging Opportunities and Challenges
As climate volatility and cyber threats redefine infrastructure markets, investors are moving beyond traditional risk mitigation to unlock what some call a "resilience dividend" for transport assets. This evolving approach to infrastructure investment reflects a broader recognition that physical assets must be both profitable and resilient in an increasingly uncertain world.