Private Equity Bros Weekly

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📊 Weekly Summary

Here’s a recap of this week’s major news in finance and economics:

Global currency trading surged to nearly $10 trillion a day, while the yuan is expected to strengthen. Bridgewater’s flagship macro fund is up 26% YTD, and KKR is positioning for a private credit boom in Japan. Shareholder activism hit a record in Q3, and the UK faces pressure to respond to a “relentless” M&A wave.

Singapore overtook London among the top 20 IPO markets, while Eurozone inflation held steady at 2.2% YoY. Meanwhile, Trump is targeting deals across pharma, AI, energy, and mining ahead of the midterm elections, and China’s FX regulator confirmed stable trading conditions.

Let’s dive in.

📈 Recent Finance News

Global currency trading soars toward $10 trillion a day: FX volumes jumped 28% to ~$9.6T/day, driven by volatility and hedging demand (Investing)

Shareholder activism sees busiest Q3 on record: Activists launched 61 campaigns, setting a new record and departing from historic trends (Barclays)

Trump targets deals in pharma, AI, energy, mining before midterm elections: The administration is pursuing deals across up to 30 industries (YF)

Bridgewater's flagship macro fund is up 26% YTD: Other flagship funds including Asia Total Return and All Weather also notch gains (RT)

Singapore overtakes London in list of top 20 IPO markets: Volume in 2025 dropped 69% to $248 million, the weakest in 35 years (BT)

UK should be concerned about 'relentless' M&A wave: Research shows that UK policymakers should take steps to support the market (BBG)

Eurozone inflation steady at 2.2% YoY: The euro area’s inflation held at 2.2%, reinforcing the ECB’s cautious stance (eurostat)

JPMorgan lifts yuan forecast amid easing tariff risk: The bank now expects a stronger yuan given weaker US trade pressure (YF)

KKR is preparing for a private credit boom in Japan: KKR has hired Ken Murata to lead its Tokyo private credit efforts, signaling expansion plans (E&P)

China’s FX regulator sees no “irrational” trading and expects yuan stability: Officials say current conditions support steady currency policy (Investing)

📈 A selection of resources used by top finance professionals

RE Case Study | FoF Model | LBO Model | DCF Model

🔍 Newly Released Reports

• How Middle East SWFs Influence Private Markets (Aranca)

• Top Takeaways from Oaktree’s Quarterly Letters (Oaktree)

• BDC Weekly Intelligence: Valuations and Deal Activity (RJ)

• Global Family Office Compensation Report (KPMG)

• Prudent Investing in U.S. Non-Bank Lending (BBH)

• Sports M&A Outlook: Fall 2025 (Houlihan Lokey)

• Zero-Leverage Phenomenon in Listed Firms (BRQ)

• CEO Outlook: M&A Priorities Fall 2025 (EY)

• Fund Structuring in Luxembourg (Alfi)

• 2025 ME Working Capital Study (PwC)

• Primer on Private Market ETFs (BBH)

• The Decline of Branch Banking (CB)

🤝 M&A Activity

EA to be acquired by the PIF, Silver Lake and Affinity Partners (EA)
Deal Value: $55B

BlackRock’s GIP nears takeover of US utility group AES (CNBC)
Potential Deal Value: $38B

Rocket completes acquisition of largest US mortgage servicer Mr. Cooper (RC)
Deal Value: $14.2B

Buffett’s Berkshire Hathaway set to acquire OxyChem (Inv.)
Deal Value: $9.7B

KKR explores sale of 40% stake in Pembina Gas Infrastructure (YF)
Potential Deal Value: $7B

Permira considers sale of European pharma company Neuraxpharm (PEI)
Potential Deal Value: $4.7B

Japan’s MUFG in talks to acquire 20% stake in Shriram Finance (YF)
Potential Deal Value: $2.6B

Apollo-backed Yahoo in talks to divest AOL to Bending Spoons (PEI)
Potential Deal Value: $1.4B

Abu Dhabi's IHC to buy 43.5% stake in India's Sammaan Capital (YF)
Deal Value: $1B

Axcelis and Veeco to merge in semiconductor equipment deal (IA)
Deal Value: Undisclosed