☕️Misunderstood Metrics

Good morning.

Speaking to Capital Brief ahead of the formation of its new consumer lending arm Navalo, Metrics Credit Partners CEO Andrew Lockhart said he regretted the way Metrics had been portrayed in sections of the media as the asset class it operates in, private credit, comes under growing scrutiny.

“If people understood us and understood our values and the culture within Metrics, they wouldn't write some of those sorts of things," he said.

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Market movers

Shares in Woodside rose Friday as the company won extra time to grapple with tough emissions conditions threatening its North West Shelf gas extension.

The quick sync

• Funding for Australian HR tech and edtech startups has plummeted amid a global DEI backlash. (Capital Brief)

• Kayo Sports loses more staff as DAZN tightens its grip on Foxtel, eyeing efficiency and global scale. (Capital Brief)

• As Bhavik Vashi writes, equity is becoming Australia’s strongest lever to attract and keep startup talent and build a competitive tech sector. (Capital Brief)

• Inside Annapurna Labs, Capital Brief gets a rare look at how Amazon is scaling its Trainium chips to challenge Nvidia. (Capital Brief)

• Donald Trump hauled in over US$600m last year, with crypto cash and golf club revenues fuelling a business empire still profiting under his presidency. (Reuters)

Trading floor

M&A

• KKR buys majority of Zenith Energy in $2b deal. (The Australian)

• Adnoc had preliminary talks with Santos about taking a stake in the ASX-listed business. (AFR)

• Jarden is negotiating a strategic tie-up with global firms like Evercore, possibly involving an equity stake. (AFR)

• Adriatic Metals backs $1.9b Dundee bid as silver gains investor favour. (The Australian)

• Quadrant-backed Amart buys Freedom Furniture, forming a $1b group eyeing ASX listing. (AFR)

• Ferrero eyes Arnott’s Asian assets as KKR seeks sale. (The Australian)

• Brett Clegg’s backroom moves nearly derailed Sodali’s $50m takeover of Citadel Magnus before the deal ultimately closed. (The Australian)

Capital Markets

• Amazon commits $20b to Australian data centres and solar power, its largest local tech investment. (Capital Brief)

• La Trobe hits $300m fundraising goal for new private credit LIC amid tariff worries. (AFR)

• VanEck Gold Miners ETF drops 22 stocks, sparking investor confusion in Australia. (AFR)

• Greatland Gold's ASX IPO oversubscribed with the bookbuild set to close Monday. (The Australian)

• Mengniu writes down $1b from Bellamy’s, reassures lenders amid losses. (AFR)

• Yo-Chi launches private funding round via UBS, aiming to capitalise on strong growth and $77m in forecast earnings. (AFR)

• Melbourne's auction market remains strong with clearance rates above 70% for seven weeks, while Brisbane and Adelaide show signs of slowing. (AFR)

VC

• Funding for DEI and HR tech startups is falling, but climate and health tech startups remain strong. (Capital Brief)

People moves

• Foxtel has cut more Kayo jobs as DAZN begins reshaping the platform post-acquisition. (Capital Brief)

The watercooler