☕️ 2025 pulse

Good morning.

Private equity investors are kicking off 2025 eager to offload assets. In the US, the FT reminds us venture-backed Swedish group Klarna and mobile banking group Chime are expected to be leading the charge.

Down Under, The Australian says M&A is poised for a breakout year, as falling rates and an $18 billion private equity war chest help narrow valuation gaps.

Deutsche Bank’s Emma-Jane Newton expects potential opportunities in the consumer sector, while JPMorgan’s Julian Peck says clients will be spending time deciphering energy policy announcements ahead of the election.

Risks are still lurking, but it’s game on.

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Market movers

Uranium stock Paladin Energy led the ASX 200 on Friday, surging 4% after Cameco’s Kazakhstan JV ran into a bureaucratic roadblock, forcing an unexpected production halt. Deep Yellow climbed 9.44% and Boss Energy added 6.05%, all capitalising on the supply shock.

The quick sync

• Fund manager Manny Pohl on building ECP, investing smarter, and ensuring the fund thrives long after he’s gone. (Capital Brief)

• Sydney start-up Vield built a $35m crypto-backed loan book, offering bitcoin and ethereum holders loans while promising private lenders returns of up to 13%. (AFR)

• US Fed officials warn the battle against inflation isn’t over as they target 2%, balancing price stability with protecting a strong US labour market. (Reuters)(Bloomberg)(Capital Brief)

• Eli Lilly is pushing to have its weight-loss drug Mounjaro subsidised on Australia's PBS, sparking debate over funding high-demand obesity treatments. (AFR)

• Top CEOs call for skilled migration and targeted investments in technology, energy and infrastructure to address Australia's productivity crisis. (AFR)

Trading floor

M&A

• Centerview Partners explores IPO or stake sale options due to partner interest. (Capital Brief)

• Biden blocks Nippon Steel's US Steel bid over national security. (Capital Brief | AFR)

• Leichhardt Industrials acquired Rio Tinto's Lake MacLeod salt asset for $375m, securing backing from Nick Pappas and wealthy Australian families. (AFR)

• Bankers predict strong M&A growth in 2025 with expected rate cuts and improved confidence. (The Australian)

Capital Markets

• Foxconn posted record Q4 revenue and is diversifying with cloud and EV growth plans. (Capital Brief)

• IFM Investors plans a $600m private equity fund for healthcare and tech ventures. (AFR)

• Godfreys has been relaunched online by new owner Future Innovation Holdings, marking a trend of revived failed businesses using e-commerce. (The Australian)

• Tanarra Capital invests in Nine Entertainment after a tough year. (AFR)

• Culture Amp posts $155m loss as revenue growth slows to 19%. (AFR)

VC

• Vield raises $35m for crypto-backed loans in Sydney. (AFR)

People moves

• None

The watercooler