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Hi there,

Here is a recap of this week’s highlights in global markets and finance:

Investors sought to pull $20B from private credit funds in Q1, the largest outflow on record, even as pensions stayed committed and Blackstone signaled dealmaking could recover if Middle East tensions ease. At the same time, mega funds are driving a rebound in VC fundraising, while family offices are shifting toward direct AI bets.

Fed minutes highlighted two sided risks from the Iran conflict, complicating the rate path, while hedge funds ramped up short positions in European equities. EM financing flows are increasingly, ETF assets are projected to double to $25T by 2030, and a potential SpaceX IPO could absorb liquidity in already fragile markets.

Let’s dive in.

Investors sought to pull $20B from private credit funds in Q1: Largest outflow yet signals growing discomfort with illiquid assets amid market volatility (MSN)

Fed minutes show two-sided risks from Iran conflict: Policymakers flagged both inflation and growth concerns, complicating the rate path (FP)

Blackstone says easing Middle East tensions could boost dealmaking: Improved stability may reopen the M&A pipeline for sponsors (PEW)

Massive $950M oil short placed hours before Iran ceasefire: Large single trades are rare, typically spread across exchanges to avoid price impact (YF)

North American pensions are sticking with private credit bets: Investors hold firm despite retail outflows, betting on long-term yield advantages (INVZ)

Mega funds are driving a rebound in VC fundraising: Large platforms are consolidating capital as smaller funds struggle (CBN)

Rokos was only major macro hedge fund to post gains in March: Peers suffered losses as volatile markets rewarded nimble positioning (HW)

US ETF assets are projected to double to $25T by 2030: Passive investing continues to reshape global capital markets (FB)

Hot money is increasingly dominating EM financing flows: Short term capital is driving volatility in emerging markets (Inv.)

SpaceX IPO could absorb liquidity from fragile equity markets: A large listing may crowd out smaller issuers in a weak IPO environment (YF)

JPMorgan will build Canary Wharf’s tallest tower: Bank to submit planning application after securing deal on 265m-high London Docklands building (TG)

Family offices are shifting from VC funds to direct AI bets: Capital is moving toward concentrated exposure in high conviction tech investments (TB)

Hedge funds are shorting European equities at record levels: Bearish positioning reflects macro concerns and weak growth expectations (HW)

BDO cut 31 partners as AI pressure grows: Accounting firm streamlines leadership ranks as automation reshapes professional services (YF)

Sale process for Associated British Ports attracting major bidders (PT)
Potential Deal Value: $13.2B

CVC seeks co-investors for Recordati buyout in mega LBO push (PEI)
Potential Deal Value: $12.7B

Stake sale in XpFibre attracting infrastructure investors (TC)
Potential Deal Value: $9B

Gilead Sciences to acquire Tubulis to strengthen oncology pipeline (YF)
Deal Value: $5B

General Atlantic closed deal to buy Team Services Holding (CPI)
Deal Value: $3B

Blackstone and Tinicum agreed to take-private Senior (PEW)
Deal Value: $1.9B

Ares will take-private Whitestone REIT in all-cash deal (PEW)
Deal Value: $1.7B

Unilever to acquire gummy supplement brand Grüns (UNI)
Deal Value: $1.2B

NLB Group submitted higher bid for Addiko Bank (MSN)
Potential Deal Value: $663M

Melisa Acquisition to acquire Telefonica's Movistar Mexico (CSI)
Deal Value: $450M

Galp Energia agrees to buy Spanish onshore wind portfolio (FP)
Deal Value: $375M

Sazerac and Pernod Ricard compete to buy Brown-Forman (MSN)
Deal Value: Undisclosed