๐Ÿงจ Snip the Red One

Everyone knows which wire not to touch (so we just add more)

A Free Lunch newsletter archive of April 16, 2026

Also available:๐Ÿ‡ซ๐Ÿ‡ท ร‰dition franรงaise

Every Western democracy has a ticking fiscal device strapped to its chest, and every elected leader knows exactly which wire not to cut. In France, retirees now earn more than workers, a statistical inversion so brazen it deserves its own entry in the annals of democratic absurdity. Paris shovels roughly 14% of GDP into its pension system, a figure exceeded only by Athens and Rome, two capitals not exactly synonymous with fiscal restraint. The OECD average sits at 8%. The French figure is so colossal that it quietly dwarfs what the country spends pretending to meet NATO’s 2% defence target. Across the Channel, Westminster solved the problem with characteristic elegance: the triple lock, a mechanism guaranteeing pensions rise each year by whichever number is highest among inflation, wage growth, or 2.5%. It is a formula designed with the mathematical certainty that pensioners will, over time, outpace everyone else. Mission accomplished: 31% of British children now live in relative poverty, nearly double the rate among pensioners. The great-grandchildren are statistically more likely to go without than their great-grandparents.

The American version of this drama is slower-burning but no less inevitable. Social Security consumes 5.3% of GDP and climbing. The trust fund hits empty in 2034, at which point benefits get an automatic 19% haircut, dropping payments from roughly $1,976 a month to $1,600 for the average retiree. Congress has known this for decades. Congress has done precisely nothing. The last serious reform was in 1983, when Ronald Reagan’s commission kicked the can just far enough down the road for every subsequent president to pretend it landed in someone else’s term.

The political graveyard is international and nonpartisan. Emmanuel Macron pushed the French retirement age to 64 and got millions in the streets. Michel Barnier was toppled for suggesting a six-month delay on pension increases. Franรงois Bayrou was ejected for refusing to reverse the same commitment. Theresa May’s premiership cracked on the question of elderly care funding. Keir Starmer’s Labour tried to means-test winter heating subsidies for seniors and retreated within weeks, branded with the worst approval ratings for a new government in modern polling history. The pattern holds across borders and ideologies: touch pensions, lose power.

The arithmetic, of course, does not care about re-election cycles. Working-age populations are shrinking. Debt is swelling. Opposition parties, unable to propose the obvious, compete to find ever more exotic revenue sources, taxing microscopic slivers of the population for receipts that would not cover what a single percentage-point pension adjustment would save. The trust funds have an expiry date printed on the label. The actuaries have published it. The voters have read it. And yet every campaign season, the same candidates walk past the same ticking device, smile for the cameras, and promise to add more wire.

๐Ÿงจ Snip the Red One

๐Ÿ—ž๏ธ Top Story

  • ๐Ÿ‡ฉ๐Ÿ‡ช Baby Don’t Come Back. Germany’s population is shrinking again as immigration no longer offsets falling birth rates, with a projected loss of 100,000 residents next year. (Le Monde)
  • ๐Ÿ‡ฎ๐Ÿ‡น Holy Split. Giorgia Meloni distances herself from Donald Trump after his attack on the pope and criticism over Italyโ€™s stance on Iran, ending their right-wing alliance. (New York Times)
  • ๐Ÿ‡ช๐Ÿ‡ธ Faulty Deliveries. Spainโ€™s sale of โ‚ฌ1.3M in dual-use tech to Iran lands Pedro Sรกnchez before the ICC, thanks to a complaint by Israeli NGO Shurat HaDin. (Le Parisien)
  • ๐Ÿ‡ง๐Ÿ‡ช Blind Spot. Belgium counts at least 120 deaths tied to police actions since 2009, but inconsistent recordkeeping and oversight leave accountability largely in the dark. (Le Monde)
  • ๐Ÿ‡ต๐Ÿ‡ฑ Hungary Games. Viktor Orban’s defeat by Pรฉter Magyar in Hungary sends shockwaves through Poland, rattling the nationalist right and energizing pro-EU forces in Warsaw. (Le Figaro)
  • ๐Ÿ‡ช๐Ÿ‡บ Clause for Concern. Former bigwigs press for suspending the Israel accord, insisting Israelโ€™s policies defy the agreementโ€™s founding values. (Boursier)
  • ๐Ÿ‡บ๐Ÿ‡ธ Blow by Blow. forces hit a suspected drug boat in the eastern Pacific, leaving three dead and marking the third such strike in as many days. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Game Over. Daniel Moreno-Gama, now charged with stabbing OpenAIโ€™s Sam Altman, told a podcast he might โ€œLuigiโ€ tech CEOs, referencing a real-life killer. (Wall Street Journal)
  • ๐Ÿ‡จ๐Ÿ‡ฆ Fresh Start. Christine Frรฉchette becomes Quebecโ€™s new premier after winning her partyโ€™s leadership, stepping in for Franรงois Legault with an election looming and polls in freefall. (Le Figaro)
  • ๐Ÿ‡จ๐Ÿ‡ฑ Kast Away. Chileโ€™s new president Josรฉ Antonio Kast launches his first big economic overhaul, cutting corporate taxes and slashing public spending to โ€œrebuild the nationโ€ while the opposition cries foul over benefits for the wealthy. (Le Figaro)
  • ๐Ÿ‡ต๐Ÿ‡ช Dรฉjร  Vote. With 91% of ballots counted, Keiko Fujimori leads and Roberto Sanchez claims second, setting up a familiar second-round faceoff in Peru as fraud accusations swirl. (Le Temps)
  • ๐Ÿ‡ฐ๐Ÿ‡ต Core Strength. Inspectors at the IAEA say North Korea has made significant gains in nuclear weapons capacity, with reactor activity jumping at Yongbyon. (Spiegel)
  • ๐Ÿ‡ต๐Ÿ‡ฐ Deal or No Deal. U.S.-Iran talks are set to resume in Islamabad next week, with neither side confirming a ceasefire extension but both performing optimism for the cameras. (Cnbc)
  • ๐Ÿ‡น๐Ÿ‡ท Known Wolf. In Turkey’s second school shooting in two days, a teen killed nine at Ayser Calik Secondary with his father’s guns, raising questions no one wants to answer. (BBC)
  • ๐Ÿ‡ณ๐Ÿ‡ฌ Friendly Fire. Nigerian military airstrikes on a crowded market in Yobe killed over 100 civilians, with officials claiming they were targeting jihadist militants instead. (Le Monde)
  • ๐ŸŒ Flight Path. Wars and conflict will drive 4.2M more people into displacement by 2027, the Danish Refugee Council warns, and that is without counting new Middle East crises. (Le Temps)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Parental Advisory. Downing Street has summoned leaders from Meta, TikTok, YouTube, Snap, and X to answer for child safety online, as the government weighs a ban for under-16s. (BBC)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Drone Alone. The UK pledges 120,000 drones to Ukraine in its largest-ever delivery, aiming to keep Russian forces outnumbered and outmaneuvered by machines. (Spiegel)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Pride and Prejudice. After a BBC exposรฉ, the Home Secretary pledges to prosecute lawyers helping migrants pose as LGBT to abuse the UK asylum system for a price. (BBC)
  • ๐Ÿด Space Oddity. Walesโ€™s first minister urges Keir Starmer to freeze a joint US-UK space radar project, citing Donald Trumpโ€™s threats to Iran and chilled UK relations. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Ho Ho Hold Up. Prosecutors say SantaCon boss Stefan Pildes pocketed most of $2.7M raised for charity, blowing it on trips and apartments. (Cnbc)

๐Ÿ›๏ธ Economy

  • ๐Ÿ‡ฉ๐Ÿ‡ช License to Drone. Rheinmetall wins a โ‚ฌ300M deal to supply armed drones to Germanyโ€™s military, taking flight beyond its traditional tank business. (Financial Times)
  • ๐Ÿ‡ช๐Ÿ‡ธ Oil Comeback. Spain’s Repsol regains operational control over its Venezuelan oil ventures, with a guaranteed payment deal and ambitions to triple output. (Financial Times)
  • ๐Ÿ‡ช๐Ÿ‡บ Funding Fathers. The and NATO are locked in a rivalry over who gets to call the shots on European defense money, because unity only goes so far. (Financial Times)
  • ๐Ÿ‡ช๐Ÿ‡บ Drone Alone. Germany and Ukraine have inked a deal for mass production of AI-guided strike drones, marking Europeโ€™s largest autonomous weapons contract to date. (Tech)
  • ๐Ÿ‡ช๐Ÿ‡บ No Entry Under 16. The European Commissionโ€™s age verification tool will soon launch, forcing platforms to block minors without proper digital identification. (Boursier)
  • ๐Ÿ‡ณ๐Ÿ‡ด Let It Grow. Norwayโ€™s giant fund keeps piling into US markets, apparently unbothered by the federal IOU stack or the worldโ€™s headlines. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Crude Awakening. The CFTC is investigating suspicious $950M oil bets made just before Trumpโ€™s Iran ceasefire moves, raising classic questions about insider trading and market manipulation. (Spiegel)
  • ๐Ÿ‡บ๐Ÿ‡ธ Chair Force One. President Trump warns Jerome Powell to vacate the Fed chair or face dismissal, while pushing for a continued probe into Fed renovations. (Cnbc)
  • ๐Ÿ‡จ๐Ÿ‡ฆ Maple Windfall. Surging oil prices boost Canadaโ€™s economy, adding billions to Surge Energy and others, though Europe sees little relief. (Le Temps)
  • ๐Ÿ‡จ๐Ÿ‡ณ Bridge Over Troubled GDP. Chinaโ€™s economy beat forecasts with 5 percent annual growth, but only thanks to a surge in infrastructure spending while consumers held back. (New York Times)
  • ๐Ÿ‡ฏ๐Ÿ‡ต Reserves of Kindness. Japan taps into its $10B financial reserves for Southeast Asia, aiming to cushion oil price spikes and keep critical imports flowing. (New York Times)
  • ๐Ÿ‡ฎ๐Ÿ‡ท Power Outage. As the Iran war rages, Rystad Energy tallies as much as $58B in regional energy damage, leaving a tangled mess of broken pipelines and bombed refineries. (Cnbc)
  • ๐ŸŒ Golden Parachute. Record central bank gold buying has quietly flipped to selling, as countries like Turkey and Russia cash in reserves to handle currency crises and war costs. (Cnbc)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Cash Flow. Drax received ยฃ999M in government subsidies for burning wood in 2025, turning trees into electricity and public money into profit. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Blame Game. Rachel Reeves publicly accused the Trump administration of worsening global economic instability with its Iran war approach, demanding immediate de-escalation to steady markets. (Cnbc)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Betting on Power. DraftKings , FanDuel , and Fanatics are pooling $41M into super PACs targeting state elections, wagering big on reshaping gambling laws. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Limit Test. The era of unlimited federal grad loans ends this fall, with new $20,500 caps pushing many students toward riskier private debt or out of school entirely. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Boycott Club. regulators and ad giants agreed on settlement terms after a probe into whether agencies conspired to freeze out certain online platforms. (Wall Street Journal)

๐Ÿข Real Estate

  • ๐Ÿ‡ฌ๐Ÿ‡ง Royalty Fee. The Duchy of Cornwall, led by Prince William, pocketed ยฃ2.5M in public funds for a deserted prison overrun by rodents and pigeons. (Le Parisien)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Candy Crushed. Suneil Setiya, hedge fund boss at Quadrature Capital , quietly acquires Nick Candyโ€™s ยฃ275M mansion, putting financiers at the top of Londonโ€™s property game. (Financial Times)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Plot Twist. Barratt Redrow plans to buy up to 40% less land this year, blaming the Iran conflict and mortgage pressure, putting Labour’s 1.5M homes target further out of reach. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Low Bar. A drop in 30-year mortgage rates to 6.42% nudged total application volume up 1.8% last week, mostly thanks to refinancers chasing relief. (Cnbc)

๐Ÿ”— On-chain

  • ๐Ÿ‡ซ๐Ÿ‡ท MetaMatch. MetaMask users will soon find Sociรฉtรฉ Gรฉnรฉrale-FORGEโ€™s USD CoinVertible stablecoin available thanks to a partnership with blockchain heavyweight Consensys. (Boursier)
  • ๐Ÿ‡ช๐Ÿ‡บ HODL My Beer. European crypto fans turn out to be mostly young men chasing quick gains, not the revolutionaries their LinkedIn profiles promise. (Financial Times)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Pound for Bound. Nigel Farage pushes Stack BTCโ€™s ยฃ2M bitcoin buy, highlighting the Reform leaderโ€™s own ยฃ215K investment in the crypto venture. (The Guardian)
  • ๐Ÿ‡บ๐Ÿ‡ธ Bet Big. Bernstein estimates prediction markets will reach $1T in volume by 2030, even as regulators and platforms like Kalshi battle for control. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Capitol Wagers. Prediction market giants Kalshi and Polymarket blitz Washington with ads, pop-up bars, and lobbyists as lawmakers threaten tighter controls. (Cnbc)

๐Ÿ’ฑ Listed Markets

  • ๐Ÿ‡ณ๐Ÿ‡ฑ Chip Happens. ASML raised its 2026 sales forecast to as much as โ‚ฌ40B as unstoppable AI demand keeps its chipmaking machines in high gear. (Cnbc)
  • ๐Ÿ‡ช๐Ÿ‡บ Factory Settings. Stellantis considers giving Dongfeng access to its idle European factories, hoping a rebooted partnership will save jobs and cut costs. (Boursier)
  • ๐Ÿ‡บ๐Ÿ‡ธ Stub Hubris. Live Nation was found guilty of using its power over ticketing to overcharge music fans and pressure venues, according to a federal jury. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Heel Turn. After selling its assets for $39M, Allbirds spun itself into โ€œNewBird AIโ€ and watched its stock soar over 500% overnight. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Bug Hunt. JPMorgan CEO Jamie Dimon admits Anthropicโ€™s Mythos model uncovered an unexpected trove of cyber vulnerabilities, as AI tools create new problems faster than banks can patch them. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Culture Clash. Ex-Google engineer Steve Yegge’s viral post questioning the depth of AI adoption inside Google prompts a sharp, public rebuttal from Demis Hassabis and other AI execs. (Venturebeat)
  • ๐Ÿ‡บ๐Ÿ‡ธ AI of the Tiger. Nvidia’s Ising models promise to sharpen quantum computingโ€™s claws, offering enterprises real-time error correction with a side of open-source bravado. (Siliconrepublic)
  • ๐Ÿ‡บ๐Ÿ‡ธ Buyback Mountain. The biggest banks spent a record $33B on share buybacks in Q1, turbocharged by deregulation and surging profits. Wall Street always finds a way to reward itself. (Financial Times)
  • ๐Ÿ‡ฏ๐Ÿ‡ต Peak Performance. Japan’s Nikkei 225 surged to an all-time high as hopes for a US-Iran peace deal fueled a rally across Asian markets. (Cnbc)

๐Ÿ›Ž๏ธ Big Deals (M&A)

  • Covivio ๐Ÿ‡ซ๐Ÿ‡ท acquires four hotels ๐Ÿ‡ฎ๐Ÿ‡น in Milan for โ‚ฌ217M, expanding its presence in the hospitality sector.
  • Revaia ๐Ÿ‡ซ๐Ÿ‡ท invests $40M in Synera ๐Ÿ‡ซ๐Ÿ‡ท to accelerate deployment of its agent-based AI in industrial engineering.
  • Nemetschek ๐Ÿ‡ฉ๐Ÿ‡ช acquires HCSS ๐Ÿ‡บ๐Ÿ‡ธ from Thoma Bravo ๐Ÿ‡บ๐Ÿ‡ธ at a $2.4B valuation.
  • Deutsche Bรถrse ๐Ÿ‡ฉ๐Ÿ‡ช acquires a 1.5% stake in Kraken ๐Ÿ‡บ๐Ÿ‡ธ for $200M at a $13.3B valuation.
  • UniCredit ๐Ÿ‡ฎ๐Ÿ‡น and Commerzbank ๐Ÿ‡ฉ๐Ÿ‡ช are in merger talks, but facing disagreements over valuations.
  • Bawag Group ๐Ÿ‡ฆ๐Ÿ‡น acquires Permanent TSB ๐Ÿ‡ฎ๐Ÿ‡ช for $1.9B, ending government ownership since 2008.
  • Hexagon ๐Ÿ‡ธ๐Ÿ‡ช acquires Waygate Technologies ๐Ÿ‡บ๐Ÿ‡ธ for $1.45B from Baker Hughes.
  • Gunvor ๐Ÿ‡ธ๐Ÿ‡ช’s outgoing owner Torbjรถrn Tรถrnqvist receives ~$1.2B in a management buyout.
  • Fred Blackford ๐Ÿ‡ฌ๐Ÿ‡ง builds a $500M stake in ByteDance ๐Ÿ‡จ๐Ÿ‡ณ.
  • Intertek Group ๐Ÿ‡ฌ๐Ÿ‡ง is exploring a breakup of its testing and assurance units from its energy and infrastructure divisions, valued at $9B.
  • Standard Life ๐Ÿ‡ฌ๐Ÿ‡ง acquires Aegon UK ๐Ÿ‡ณ๐Ÿ‡ฑ for ยฃ2B, enhancing its assets in the UK retirement market.
  • McBride ๐Ÿ‡ฌ๐Ÿ‡ง to acquire Eurotab ๐Ÿ‡ซ๐Ÿ‡ท for โ‚ฌ40M, a manufacturer of cleaning tablets.
  • Blastr ๐Ÿ‡ณ๐Ÿ‡ด is the preferred bidder for SSUK ๐Ÿ‡ฌ๐Ÿ‡ง, previously part of Sanjeev Gupta’s empire, which was placed in compulsory liquidation.
  • H.I.G. Capital ๐Ÿ‡บ๐Ÿ‡ธ acquires Inventus Power ๐Ÿ‡บ๐Ÿ‡ธ, a provider of advanced battery and power systems.
  • Esco Technologies ๐Ÿ‡บ๐Ÿ‡ธ acquires TBGโ€™s Megger Group ๐Ÿ‡ฌ๐Ÿ‡ง for $2.35B in a cash-and-stock deal.
  • Sazerac ๐Ÿ‡บ๐Ÿ‡ธ offers to buy Brown-Forman ๐Ÿ‡บ๐Ÿ‡ธ for around $15B.
  • Lucid ๐Ÿ‡บ๐Ÿ‡ธ raises $750M in fresh funds from major backers including Saudi’s PIF and Uber.
  • UL Solutions ๐Ÿ‡บ๐Ÿ‡ธ acquires MET Labs ๐Ÿ‡บ๐Ÿ‡ธ from Eurofins Scientific ๐Ÿ‡ซ๐Ÿ‡ท.
  • Blue Owl ๐Ÿ‡บ๐Ÿ‡ธ is nearing a deal to acquire a minority stake in BlackFin Capital Partners ๐Ÿ‡ซ๐Ÿ‡ท.
  • Caterpillar ๐Ÿ‡บ๐Ÿ‡ธ acquires Monarch Tractor ๐Ÿ‡บ๐Ÿ‡ธ.
  • Instacart ๐Ÿ‡บ๐Ÿ‡ธ acquires Instaleap ๐Ÿ‡จ๐Ÿ‡ด.
  • Venetoulis Institute for Local Journalism ๐Ÿ‡บ๐Ÿ‡ธ acquires Pittsburgh Post-Gazette ๐Ÿ‡บ๐Ÿ‡ธ from Block Communications.
  • AppDirect ๐Ÿ‡จ๐Ÿ‡ฆ acquires PartnerStack ๐Ÿ‡จ๐Ÿ‡ฆ, a partner relationship management platform with a significant market presence.
  • Parex Resources ๐Ÿ‡จ๐Ÿ‡ฆ acquires assets from Frontera Energy ๐Ÿ‡จ๐Ÿ‡ฆ and Colombia state-owned Ecopetrol ๐Ÿ‡จ๐Ÿ‡ด, beating out rival GeoPark ๐Ÿ‡จ๐Ÿ‡ฑ.
  • Yancoal Australia ๐Ÿ‡จ๐Ÿ‡ณ acquires an 80% stake in Kestrel ๐Ÿ‡ฆ๐Ÿ‡บ from EMR Capital and Adaro Capital for $2.4B.
  • ADNOC ๐Ÿ‡ฆ๐Ÿ‡ช is in talks to acquire Shell ๐Ÿ‡ฌ๐Ÿ‡ง’s gas station network in South Africa for ~$1B.

๐Ÿงณ Private Markets & VC

  • ๐Ÿ‡ช๐Ÿ‡บ Fund Rush. Since the pandemic exposed supply chain fragility, every European state seems to want its own sovereign wealth fund, treating investment as national armor. (Le Figaro)
  • ๐Ÿ‡บ๐Ÿ‡ธ Leveraged Defense. Private equity mogul Steve Feinberg swaps Wall Street for Washington, leading the charge for Trumpโ€™s $1.5T Pentagon spending spree. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Access Granted. Paolo Zampolli is cashing in by selling introductions to Donald Trump and his administration, with buyers reportedly paying up to $20B for a twenty-minute audience. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Returns Policy. AQR and Quantinno roll out tax-driven hedge funds that are all the rage, but the only guaranteed return may be regulatory scrutiny. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Clear as Mud. John Waldron of Goldman Sachs says private credit funds are marketed with little transparency about their illiquid nature, leaving buyers in the dark. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Toxic Output. The NAACP is suing Elon Muskโ€™s xAI, alleging its unpermitted Mississippi power plant dumps illegal pollution into Memphis’ Black neighborhoods, in apparent defiance of the Clean Air Act. (The Guardian)
  • ๐Ÿ‡บ๐Ÿ‡ธ Seed and Repeat. Y Combinator stayed the most active fintech investor in Q1 2026, even as its deal count fell 39% from last year. (Crunchbase)
  • ๐Ÿ‡บ๐Ÿ‡ธ Cloud Nine Zeros. Anthropic has reportedly turned down investor offers that would value the AI startup at around $800B, more than double its last round. (Boursier)
  • ๐Ÿ‡ฎ๐Ÿ‡ฑ Wonka, Rebooted. Celleste Bio says it has made real chocolate bars with lab-grown cocoa butter at Cadbury‘s ๐Ÿ‡ฌ๐Ÿ‡ง factory, aiming to end dependence on West African cocoa. (Financial Times)

Fundraising

  • FluidStack ๐Ÿ‡บ๐Ÿ‡ธ (Cloud): $1B (Jane Street, Situational Awareness)
  • ACE & Company ๐Ÿ‡ซ๐Ÿ‡ท (Investment): $228M
  • Glydways ๐Ÿ‡บ๐Ÿ‡ธ (Mobility): $170M
  • Sygaldry ๐Ÿ‡บ๐Ÿ‡ธ (AI): $139M (Breakthrough Energy Ventures, Initialized Capital)
  • Terremoto Biosciences ๐Ÿ‡บ๐Ÿ‡ธ (Biotechnology): $108M (RA Capital Management, Deep Track Capital, Osage University Partners, BeOne Medicines, OrbiMed, Third Rock Ventures, Novo Holdings, Cormorant Asset Management)
  • nEye.ai ๐Ÿ‡บ๐Ÿ‡ธ (Tech): $80M (Sutter Hill Ventures, CapitalG, M12, Socratic Partners)
  • Turion Space ๐Ÿ‡บ๐Ÿ‡ธ (Space): $75M (Washington Harbour Partners, Aurelia Foundry, Forward Deployed VC, FoundersX, Center15 Capital, Magnetar, HOF Capital, Industrious Ventures)
  • Artemis ๐Ÿ‡บ๐Ÿ‡ธ (Cybersecurity): $70M (Felicis, Brightmind)
  • Bluefish AI ๐Ÿ‡บ๐Ÿ‡ธ (AI): $68M (Threshold Ventures, NEA, Amex Ventures, TIAA Ventures, Salesforce Ventures, Bloomberg Beta, Crane Venture Partners, Laconia, Swift Ventures)
  • Wayve ๐Ÿ‡ฌ๐Ÿ‡ง (Mobility): $60M (AMD, Qualcomm Ventures, Arm)
  • HockeyStack ๐Ÿ‡บ๐Ÿ‡ธ (SaaS): $50M (Bessemer Venture Partners, Y Combinator, Uncorrelated Ventures)
  • Alloy Therapeutics ๐Ÿ‡บ๐Ÿ‡ธ (Biotech): $40M (8VC, JIC Venture Growth Investments, Echo Capital, Mubadala Capital, Presight Capital, Thiel Capital, Founders Fund, Alexandria Venture Investments, Gaingels, Ulysses Diversified Holdings)
  • Calyxo ๐Ÿ‡ฉ๐Ÿ‡ช (Biotech): $40M
  • Synera ๐Ÿ‡ฉ๐Ÿ‡ช (AI): โ‚ฌ35M (Revaia, UVC Partners, ISAI Cap Venture, Spark Capital, BMW i Ventures, Cherry Ventures)
  • Parasail ๐Ÿ‡บ๐Ÿ‡ธ (AI): $32M (Touring Capital, Kindred Ventures, Samsung NEXT, Flume Ventures, Banyan Ventures)
  • NanoTech Materials ๐Ÿ‡บ๐Ÿ‡ธ (Materials): $29.4M (HPI Real Estate & Investments, Goose Capital, Milliken & Company)
  • Verismo Therapeutics ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $28M
  • Gizmo ๐Ÿ‡ฌ๐Ÿ‡ง (EdTech): $22M (Shine Capital, Ada Ventures, Seek Investments, GSV, NFX)
  • Auctor ๐Ÿ‡บ๐Ÿ‡ธ (Software): $20M (Sequoia Capital, M12, Microsoftโ€™s Venture Fund, HubSpot Ventures, Workday Ventures, OneStream, Y Combinator, Tercera, Dig Ventures)
  • ONTO Health ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $20M (ARTIS, Humania)
  • Pillar ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $20M (a16z)
  • Sonire Therapeutics ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $18M (Santรฉ Ventures, Fast Track Initiative, Nomura SPARX Investment, SBI Investment)
  • Keebler Health ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $16M (Flare Capital Partners, Sands Capital, Aviano Ventures, Everywhere Ventures, Freestyle Capital, Hustle Fund, MBX Capital, New Stack Ventures, Tau Ventures, Tweener Fund, Underdog Labs)
  • Ratio ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $15.8M
  • HYFIX ๐Ÿ‡บ๐Ÿ‡ธ (Semiconductors): $15M (Craft Ventures, Catapult Ventures, Multicoin Capital, Finality Capital)
  • Kelluu ๐Ÿ‡ซ๐Ÿ‡ฎ (Aerospace): โ‚ฌ15M (NATO Innovation Fund, Keen Venture Partners, Gungnir Capital, Tesiyer)
  • Rork ๐Ÿ‡บ๐Ÿ‡ธ (AI): $15M (Left Lane Capital, Peak XV, True Ventures, Goodwater, a16z Speedrun)
  • Casavo ๐Ÿ‡ฎ๐Ÿ‡น (Proptech): โ‚ฌ12M (Project A, Picus Capital, EVRG 18, Salica Investments)
  • Nesto Software GmbH ๐Ÿ‡ฉ๐Ÿ‡ช (Software): โ‚ฌ11M
  • Wamo ๐Ÿ‡ฌ๐Ÿ‡ง (Fintech): โ‚ฌ10M (3TS Capital Partners, Oleka Capital)
  • Helical ๐Ÿ‡ฉ๐Ÿ‡ช (Biotechnology): $10M (redalpine, Gradient, BoxGroup, Frst, Aidan Gomez, Clement Delangue, Mario Gรถtze)
  • AlphaNet ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $10M
  • Donecle ๐Ÿ‡ซ๐Ÿ‡ท (Aerospace): โ‚ฌ10M (Irdi Capital Investissement, Swen Capital Partners, GSO Innovation, Aris Occitanie)
  • OpenGradient ๐Ÿ‡บ๐Ÿ‡ธ (AI): $9.5M (a16z crypto, Coinbase Ventures, SV Angel, Foresight Ventures, Pragma, SALT, Symbolic Capital, Canonical Crypto, Black Dragon, NEAR, Celestia, Thanefield Capital)
  • Gitar ๐Ÿ‡บ๐Ÿ‡ธ (Developer Infrastructure): $9M (Venrock, Sierra Ventures)
  • Nava ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $8.3M (Polychain, Archetype)
  • TraqCheck ๐Ÿ‡ฌ๐Ÿ‡ง (HRtech): $8M (IvyCap Ventures, IIFL)
  • Prefix ๐Ÿ‡บ๐Ÿ‡ธ (Facility Management): $7.5M (Collide Capital, Slow Ventures, Connexa Capital, Kyle Archer, I2BF, Bienville Capital)
  • Yoga Joint ๐Ÿ‡บ๐Ÿ‡ธ (Health & Wellness): $5.5M
  • Debbie ๐Ÿ‡บ๐Ÿ‡ธ (Consumer Rewards): $5.3M
  • Timeshifter ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $5.3M (Skip Capital, Scott Farquhar, Nico Rosberg, Michael Lรณpez-Alegrรญa, Brian Kelly)
  • Clean Food Group ๐Ÿ‡ฌ๐Ÿ‡ง (Biotech): ยฃ4.5M (Clean Growth Fund, New Agrarian)
  • GameRun ๐Ÿ‡บ๐Ÿ‡ธ (Sports): $4M
  • Mission Control Games ๐Ÿ‡น๐Ÿ‡ท (Gaming): $4M (General Catalyst, Arcadia Gaming Partners)
  • Flare ๐Ÿ‡ฉ๐Ÿ‡ฐ (Tech): $3.6M (20VC)
  • Modern Relay ๐Ÿ‡บ๐Ÿ‡ธ (AI): $3M (Point Nine, Emerge, Amino Collective, Common Magic, Charlie Songhurst, Michael Boehler, Thomas Clozel)
  • SolvaPay ๐Ÿ‡ธ๐Ÿ‡ช (Fintech): โ‚ฌ2.4M (Redstone, MS&AD Ventures, Antler, Greens Ventures)
  • Peak Quantum ๐Ÿ‡ฉ๐Ÿ‡ช (Quantum): โ‚ฌ2.2M (Cloudberry Ventures, United Founders, QAI Ventures, Golden Egg Check)
  • Graftcode ๐Ÿ‡ต๐Ÿ‡ฑ (Developer Platform): โ‚ฌ2.1M (Hard2beat, DigitalOcean Ventures, Heartfelt Capital)
  • Rebound Technologies ๐Ÿ‡บ๐Ÿ‡ธ (Energy): $2M
  • Ralio ๐Ÿ‡ฌ๐Ÿ‡ง (Fintech): ยฃ1.8M (Sure Valley Ventures, Seed X, Love Ventures, Plug and Play, rule30, Adeline Arts and Science, Endurance Ventures, Campus Fund, Alan Morgan, Antler)
  • StirLight ๐Ÿ‡ฌ๐Ÿ‡ง (Manufacturing): ยฃ1.25M (Haatch Ventures, The British Business Bank, D2N2, angel investors)
  • Shubuo ๐Ÿ‡น๐Ÿ‡ท (Advertising): $1M (Turpe, Gedik Yatฤฑrฤฑm, Inveo Yatฤฑrฤฑm Holding)
  • Obriy AI ๐Ÿ‡บ๐Ÿ‡ฆ (AI): $500K (N1 Investment Company)

Fund Watch

  • Accel ๐Ÿ‡บ๐Ÿ‡ธ: $5B (late-stage fund, investing in AI technology)
  • Court Square Capital ๐Ÿ‡บ๐Ÿ‡ธ: $3.8B (5th flagship fund)
  • Stellex Capital Management ๐Ÿ‡บ๐Ÿ‡ธ: $2.4B (3rd flagship fund)
  • Carlyle ๐Ÿ‡บ๐Ÿ‡ธ: $1.5B
  • Goldman Sachs ๐Ÿ‡บ๐Ÿ‡ธ: $1B
  • Lockheed Martin ๐Ÿ‡บ๐Ÿ‡ธ: $1B (VC fund, increased allocation)
  • Dominus Capital ๐Ÿ‡บ๐Ÿ‡ธ: $640M (4th flagship PE fund)
  • Topspin Consumer Partners ๐Ÿ‡บ๐Ÿ‡ธ: $328M (3rd consumer-focused private equity fund, oversubscribed)
  • ACE & Company ๐Ÿ‡จ๐Ÿ‡ญ: $228M (2 funds, secondary investments & independent sponsors)
  • Across Ventures ๐Ÿ‡บ๐Ÿ‡ธ: $100M (venture capital fund with SBI Holdings, US-Japan innovation)

๐Ÿ””IPO

  • Icape ๐Ÿ‡ซ๐Ÿ‡ท (Tech): launching a share buyback program with a maximum of โ‚ฌ5M at โ‚ฌ30 per share.
  • Gรฉrard Perrier Industrie ๐Ÿ‡ซ๐Ÿ‡ท (Industrie): plans to transfer its listing from Euronext Paris to Euronext Growth, pending shareholder approval on June 16, 2026.
  • SumUp ๐Ÿ‡ฌ๐Ÿ‡ง (Fintech): planning a London IPO with a valuation expected between $10B and $15B.
  • Equinor ๐Ÿ‡ณ๐Ÿ‡ด (Energy): cut its stake in renewables developer Scatec from 16% to 8% in a $170M block trade.
  • DeepX ๐Ÿ‡ฐ๐Ÿ‡ท (AI Chips): preparing a Korea IPO.
  • Service Long March Tyres ๐Ÿ‡ต๐Ÿ‡ฐ (Tires): seeking to raise $28M in Pakistan’s biggest IPO yet.

๐Ÿงณ Debt

  • Caisse dโ€™ร‰pargne Cepac ๐Ÿ‡ซ๐Ÿ‡ท: co-arranged a โ‚ฌ1.4B debt refinancing for European Camping Group.
  • Golden Goose ๐Ÿ‡ฎ๐Ÿ‡น: marketing a $1B bond sale to fund its LBO by Chinese PE firm HSG.
  • Sotheby’s ๐Ÿ‡บ๐Ÿ‡ธ: will sell an $825M junk bond in a refinancing push.
  • Herbalife ๐Ÿ‡บ๐Ÿ‡ธ: reviving an $800M junk bond sale.
  • Tory Burch ๐Ÿ‡บ๐Ÿ‡ธ: planning a $700M leveraged loan sale to repurchase a stake from General Atlantic.
  • Goldman Sachs ๐Ÿ‡บ๐Ÿ‡ธ: raised $750M in an investment grade bond sale.
  • Blue Owl ๐Ÿ‡บ๐Ÿ‡ธ: raised $400M in a bond sale from its private credit fund.
  • JPalmer Collective ๐Ÿ‡บ๐Ÿ‡ธ: secured $135M in syndicated financing led by Texas Capital and Dime Community Bank.
  • CSN Mineracao ๐Ÿ‡ง๐Ÿ‡ท: seeking a $200M prepayment against iron ore cargos.

โŒ Failures

  • Sirius Media Production ๐Ÿ‡ซ๐Ÿ‡ท: the company entered judicial reorganization on April 14 to negotiate with creditors.
  • Stegra ๐Ÿ‡ธ๐Ÿ‡ช: the Swedish green steel producer secured โ‚ฌ1.4B to avoid bankruptcy and complete its decarbonized steel plant.
  • Hokodo ๐Ÿ‡ฌ๐Ÿ‡ง: the B2B buy now, pay later app shut down after struggling to gain traction in the market.
  • BBC ๐Ÿ‡ฌ๐Ÿ‡ง: the broadcaster announced plans to cut between 1,800 and 2,000 jobs to achieve ยฃ500M in savings over two years.
  • Spirit Airlines ๐Ÿ‡บ๐Ÿ‡ธ: facing potential liquidation amid rising fuel prices and ongoing bankruptcy discussions with creditors.
  • TCW Group ๐Ÿ‡บ๐Ÿ‡ธ: wrote off its entire ~$30M equity stake in Red Lobster while marking $56M of debt at par.
  • Saks ๐Ÿ‡บ๐Ÿ‡ธ: the bankrupt luxury retailer secured court approval to sell its corporate jet for $6M in Chapter 11 proceedings.
  • Snap ๐Ÿ‡บ๐Ÿ‡ธ: the company announced the elimination of about 1,000 jobs, representing 16% of its permanent workforce, to cut costs and enhance productivity.
  • Evergrande ๐Ÿ‡จ๐Ÿ‡ณ: the founder pleaded guilty to eight counts of fraud amid the company’s collapse.

๐ŸŽฏ For a Few More Minutesโ€ฆ

  • ๐Ÿ‡ซ๐Ÿ‡ท Brush with Luck. Parisian engineer Ari Hodara scored a Picasso valued at โ‚ฌ1M in a โ‚ฌ100 ticket raffle, as organizers celebrate a record fundraising haul. (BBC)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Eau No. UK consumer groups sound the alarm after testing reveals horse urine in counterfeit perfumes sold online, with fake goods fueling organized crime and endangering buyers. (BBC)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Bard and Breakfast. A new study pinpoints the exact Thames-side property bought by William Shakespeare in 1613, challenging the idea he retired quietly to Stratford. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Still Life. When the Hunley was raised off Charleston, archaeologists found its crew sitting at their stations, victims of a fatal underwater explosion that left no time to react. (Ouest-France)
  • ๐ŸŒ Shell Shock. Researchers uncovered a 250M-year-old Lystrosaurus egg, proving our mammal lineage started with shells long before fur. (Le Temps)

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