☕️ PE evolution

Good morning.

Another day, another alarm bell for private equity.

Goldman Sachs' Marc Nachmann has joined the chorus, declaring the era of easy profits dead. Gone are the days of effortless gains through financial engineering.

And despite bolt-on acquisitions driving revenue expansion and value across the industry in recent years, Goldman is now banking on operational genius to look after their US$140b ($210.6b) in private equity assets.

Cue Darius Adamczyk, former Honeywell CEO, who has been hired to inject his magic into over 300 of Goldman’s portfolio companies, steering them towards real value.

🏆 LOI Subscriber #TBD

Market movers

Wednesday’s inflation surprise is still stinging, with property stocks taking a beating. Stockland dropped 4.55% and GPT Group slid 3.14%, both extending their losses for a second consecutive day.

Dexus wasn’t spared either, dipping 2.19%, as it said it would be offloading three assets for $383m to repay debt.

With inflation disappointing in Australia and Canada this week, tonight, all eyes will be on US inflation data as the market tries to decipher central bankers' next move.

The quick sync

• Five V backs worker safety startup 1Breadcrumb in $4m funding round. (Capital Brief)

• Crypto exchange CoinSpot pays its owner $81m dividend. (AFR)

• Big businesses and startups are aligned on the need for an innovation push to lift Australia's faltering productivity growth. (Capital Brief)

• The shipping industry is grappling with multiple paths to decarbonisation. (Capital Brief)

• Top 50 law firms in record senior hires amid a bounceback in billings. (AFR)

Trading floor

M&A

• Stirling Property Funds is in advanced talks to buy HomeCo’s McGraths Hill shopping centre for $55m. (AFR)

• Southern Cross Media has decided not to acquire assets from Australian Community Media. (Capital Brief)

• China Cinda sold a portion of its Yancoal Australia shares, reducing its stake to below 10%, as part of efforts to get Yancoal into the S&P/ASX 200. (AFR)

• Perseus, an African gold miner, has withdrawn from bidding on Newmont's Akyem gold mine in Ghana. (The Australian)

• British law firm DWF buys Melbourne-based claims management firm Proclaim. (AFR)

• Synechron is acquiring Adelaide-based Chamonix IT Management Consulting and Exposé Data as part of its Australian expansion. (BNA)

• PwC Australia appointed as voluntary administrator for Panthera Finance Group's parent entities by the group's secured creditor. (AFR)

• Ramelius Resources has purchased a strategic stake in Spartan Resources, a Western Australian gold miner. (Capital Brief)

• Speculation is renewed about Agnico Eagle's interest in acquiring De Grey Mining, a Western Australian gold miner valued at $2.6bn. (The Australian)

Capital Markets

• None

VC

• Samsara Eco raised US$65m to build new commercial facilities. (Capital Brief)

• Beanstalk AgTech has launched a $10m venture program to develop new agtech products for farmers. (Startup Daily)

• Sydney's Bearhug will scale its reusable pallet wraps across Australia to cut single-use plastic from FMCG supply chains after raising $325,000. (Smart Company)

People moves

• GCQ Funds Management hires a Franklin Templeton sales director to enhance distribution in Victoria, Tasmania, and Western Australia. (AFR)

• Austal appoints Richard Spencer, also chairman of Joe Hockey's Bondi Partners, as its new chairman. (AFR)

  • Andrew Forrest's Tattarang seeks a board seat at Austal after Richard Spencer's appointment as chairman. (The Australian)

• Stafford Capital Partners signs a $220m co-investment agreement with First Super to source private equity-backed deals for the $4.1bn super fund. (AFR)

The watercooler