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Public Markets

Last updated: April 1, 2026, 5:30 PM ET

Corporate Dealmaking & Finance

The artificial intelligence boom continues to fuel massive fundraising, with firms like OpenAI, Anthropic, and Waymo hauling in $297 billion in the first quarter alone, even as the secondary market shows signs of divergence, with OpenAI shares becoming difficult to unload while its rival Anthropic runs hot. This tech focus is reshaping M&A strategy, as Morgan Stanley noted that companies are proceeding with acquisitions despite geopolitical volatility and uneven AI adoption, contrasting with Bain Capital’s view that CEOs misapply AI as a technology rollout rather than a strategic overhaul. Elsewhere in transactions, Accor SA agreed to divest its hotel stake to a consortium including Blackstone Inc. for up to €975 million ($1.1 , while Intel struck a $14 billion deal with Apollo to reclaim its Irish chip fabrication plant sold two years prior.

Tech & Media Offerings

The market is preparing for one of the largest initial public offerings in history as Elon Musk’s SpaceX filed confidentially with the SEC to go public, potentially raising between $40 billion and $80 billion this summer setting the stage for a generational wealth event. Meanwhile, shareholder rights debates continue, exemplified by Snap’s traded shares carrying zero votes, leaving investors voiceless, a situation starkly different from the optimism surrounding Groupe Dynamite Inc., whose owner celebrated strong earnings, causing the owner’s shares to jump. In the digital asset space, former FTX engineering chief Nishad Singh agreed to return $3.7 million in illegal profits to settle a fraud case with the US derivatives regulator over his tenure at the collapsed crypto exchange.

Geopolitics & Energy Market Disruption

Global energy markets remain highly sensitive to Middle Eastern tensions, prompting the IMF, World Bank, and IEA to coordinate responses to the economic fallout from the Iran war, even as the Bank of Canada agreed Iran risks shouldn't overshadow other concerns. The conflict is causing supply route dislocations, forcing traders into longer, economically nonsensical journeys for diesel, and causing the UK to be labeled the ‘most vulnerable’ market to jet fuel disruption this summer by Ryanair’s CEO Michael O’Leary. In a counter-intuitive move, while most energy markets rallied, West Texas natural gas prices are steeply discounted, and Cayler Capital’s oil fund surged 18% in March, posting its second-best month ever due to the market upheaval, while traders betting on a crude price plunge have lost capital on their leveraged bets.

Automotive & Industry Strain

The pressure from elevated energy costs and geopolitical risks is materially impacting the automotive sector; General Motors reported a sharp sales decline in March, mirroring similar drops at Toyota, Honda, and Hyundai, with high prices cited as a factor leading to an overall expected 7% drop in Q1 sales. Plastic manufacturers are also feeling the pinch, as the Iran war is choking supplies of key components necessary for soda bottles and packaging, while in Nigeria, the government is directing more crude cargoes to the Dangote Refinery to ease domestic fuel shortages caused by disrupted global routes. Amid this industrial strain, Boeing shares climbed 5.6% after securing a framework deal with the Pentagon to triple the output of Patriot missile components over seven years.

Financial Sector & Regulatory Shifts

Private credit markets are showing signs of stress as KKR & Co. restricted redemptions for its KKR FS Income Trust, a non-traded business development company aimed at retail investors, following a surge in withdrawal requests. In fixed income, the US lifted sanctions on Venezuela’s acting leader Delcy Rodríguez as Washington rebuilds diplomatic ties, which is correlating with a massive increase in Venezuelan crude exports to India filling the gap left by China. Furthermore, in the highly specialized world of prediction markets, rivals Kalshi Inc. and Polymarket are escalating accusations in a nasty rivalry, while Brazil’s B3 exchange is moving into the space with potential election-linked contracts.

Corporate Governance & Litigation

In a significant corporate reshuffle, Ángel Escribano is stepping down as chair of Spanish defense group Indra following a clash with the government that led to the abandonment of a planned tie-up with EM&E amid conflict of interest concerns. Meanwhile, in the obesity drug race, Eli Lilly secured FDA approval for its pill-form weight-loss drug Foundayo, setting up a direct competitive battle against Novo Nordisk’s Wegovy for dominance in the oral segment. In governance battles, co-founders of hedge fund Two Sigma, John Overdeck and David Siegel, continue their succession fight following their 2024 CEO resignation.

Private Equity

Last updated: April 1, 2026, 5:30 PM ET

Dealmaking Activity & Exits

Private equity deal flow saw a mix of strategic exits and new platform acquisitions across sectors. Platinum Equity-backed Cook & Boardman expanded its security solutions footprint by acquiring systems integrator Assurance Media, while Concentric and Summer Street exited their investment in solid waste manager Frontier Waste Solutions. In Europe, AURELIUS successfully divested its LSG Asia-Pacific unit to a Japanese consortium composed of Kobe Bussan and GOURMET KINEYA, following a period of operational turnaround and margin expansion. Further illustrating portfolio management, L Squared completed a continuation fund for manufacturer BTX Precision, with Harbour Vest Partners leading the transaction to extend the holding period.

Capital Raising & Investor Sentiment

Large-scale fundraising continues unabated in credit, even as institutional investors show caution regarding aging assets. Ares Management secured over $9.8 billion for its flagship Opportunistic Credit strategy, capitalizing on heightened demand for flexible capital solutions in volatile markets. Meanwhile, the investor base is shifting; family offices, represented by Stonehage Fleming and Green Bear Group, voiced concerns over zombie funds, urging prompt wind-ups of ageing vehicles to resolve valuation ambiguities. Separately, the Westfield Retirement Board issued an RFP seeking new private equity investment managers, signaling continued allocation interest from public pension funds despite broader market scrutiny.

Venture Capital & AI Infrastructure

The technology sector continues to drive record fundraising, heavily concentrated in artificial intelligence infrastructure. First-quarter startup funding shattered previous records, largely due to four massive funding rounds directed toward generative AI leaders like OpenAI, Anthropic, xAI, and Waymo. This enthusiasm extends to enablement technologies, as chip design firm Cognichip raised $60 million to finance its mission of using AI to design the next generation of chips, claiming it can slash development costs by more than 75%. In a related development, Abu Dhabi-based 2Point Zero agreed to acquire Traverse Midstream Partners for $2.25 billion as part of a larger funding maneuver, targeting firms like Whoop in a transaction valued near $10.1 billion.

Platform Strategy & Talent Mobility

Firms are actively reinforcing senior leadership and deploying capital through specialized strategies. CVC DIF appointed Enrico Del Prete as Partner and Co-Head of its Value-Add platform, tasked with scaling the existing $25 billion strategy. Consumer-focused private equity also saw action, with Stride Consumer backing the beauty brand Peach, which was co-founded by Dr. Carolyn Treasure and Eric Zhang in 2019. In leadership transitions, Matt Clifford stepped down from his role at Entrepreneurs First after a 15-year tenure. Furthermore, the growing influence of private wealth channels is forcing firms to re-evaluate their operating models, as many scale wealth efforts without fully understanding the source of the capital.

Infrastructure & Regional Funding

Activity in infrastructure secondaries remains buoyant, though capital supply presents constraints. According to Macquarie’s Wandy Hoh at the Infrastructure Investor Global Summit, infrastructure secondaries are seeing strong pricing despite insufficient dry powder to cover a full year of potential transaction volume. In a move to bolster domestic technology growth, the UK pension providers backed a £200 million fund specifically aimed at supercharging homegrown startups. Meanwhile, competition heats up for large mandates, with EQT and Atomico vying to manage a substantial €5 billion European Union fund.

Sector Investment

Last updated: April 1, 2026, 5:30 PM ET

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