☕️ PE activity

Good morning.

Secondary sales of private equity stakes are expected to hit a record US$150 billion ($225.09 billion) this year, driven by cash-strapped pensions and endowments offloading ageing assets, The Financial Times reported.

The surge comes as the PE industry grapples with high interest rates and a dealmaking slump, limiting investor returns. With more than US$3tn in unsold investments, the highest level ever recorded according to Bain & Co, secondary deals are emerging as a crucial exit route for institutions seeking liquidity.

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Market movers

Evolution Mining shares jumped 6.82% on Wednesday, leading gains among ASX gold miners after reporting higher-than-expected production for the quarter.

Shares of Genesis Minerals and Regis Resources also rose over 5%.

The quick sync

• Peak XV, the Sequoia spinoff, eyes Australian startups with cheques up to US$50m ($75m). (Capital Brief)

• Mercer's equities chief reveals outsourcing strategy with bets on Japan and emerging markets. (Capital Brief)

• At SXSW Sydney, Aussie founders urge cutting red tape and call for regulatory reforms to compete globally. (Capital Brief)

• Rio Tinto reviews iron ore strategy, eyes potential shift from Pilbara Blend amid rising SP10 volumes and global blending opportunities. (AFR)

• Mastercard and Visa are pushing back against the RBA's proposed fee restrictions. (AFR)

Trading floor

M&A

• Intel and AMD create an advisory group to improve x86 architecture compatibility, joined by industry leaders to counter competition from Arm. (Capital Brief)

• North Queensland Airports Group is seeking buyers for Cairns and Mackay Airports, sending promotional materials through Macquarie Capital. (The Australian)

• Pacific Equity Partners is seeking buyers for its $2bn Zenith Energy, distributing promotional materials to interested parties. (The Australian)

• Netwealth Group has acquired Flux Corp for $2.46m to target younger investors by leveraging Flux's reputation for accessible financial education and tools. (BNA)

• Allegro Funds is selling its $400m Questas Group and has hired UBS to find a buyer, after already selling its Water Dynamics unit this year. (The Australian)

• Kohlberg Kravis Roberts has exited the bidding for Loscam, which is now selling only a 40 percent stake. (The Australian)

Capital Markets

• Lightmatter raised $400m to produce photonic chips that boost AI performance while cutting power use, valuing the company at $4.4bn. (Capital Brief)

• Symal, valued at $518m—42.1% less than rivals—has a report from Jarden emphasizing its government contract reliance and IPO potential. (AFR)

• Evolution Mining's better-than-expected gold production boosted ASX gold stocks, despite higher-than-forecast capital expenditure. (Capital Brief)

• Think Again Laser is investing $44m to expand into the US over five years, targeting 70 new clinics in all 50 states. (BNA)

• DUG Technology is raising $30m at $1.90 per share to fund growth, facilitated by Barrenjoey and Shaw and Partners. (AFR)

• Bank of Queensland reduced its dividend after a decline in profit and revenue due to home lending contraction and margin pressure in a competitive market. (Capital Brief)

• Odyssey Investment Partners has launched a $277m block trade in AUB Group, with Barrenjoey on board and Rothschild assisting in bank selection. (AFR)

VC

• Green Gravity, a Wollongong startup, raised $9m to convert old mining shafts into energy storage, backed by investors like HMC Capital and BlueScopeX.

  (Startup Daily)

People moves

• Bird & Bird appoints two new partners, Bill Smith and Masi Zaki, as its Sydney office marks 10 years. (Capital Brief)

• Jason Todd, ex-Macquarie wealth strategy head, is joining Jun Bei Liu's firm to enhance her $1.7bn Alpha Plus fund. (AFR)

• Rip Curl CEO Brooke Farris resigns as KMD Brands reports a full-year loss amid falling sales. (Capital Brief)

• UBS wealth advisers are unhappy about being required to stay on the Credit Suisse platform a year after its acquisition. (AFR)

• Monadelphous Group wins contract extensions for Rio Tinto's Pilbara operations and a project at Tom Price mine. (Capital Brief)

• Pro Medicus secures a $32m contract extension with a major Australian radiology network. (Capital Brief)

• Turaco Gold is raising $35m to support drilling and infrastructure at its Afema project in Cote d’Ivoire. (AFR)

The watercooler