☕️ PE pain

Good morning.

“Survive to 25.” That’s the mindset at the SuperReturn conference, where the crème de la crème of private equity are hobnobbing amid streetside alpine huts in Berlin this week. After the slowest start (by number of deals) for private equity deal-making since 2020, delegates are discussing resilience as if it were a hot new stock tip, lamenting how higher borrowing costs are still putting the brakes on their beloved deals.

CVC managing partner Daniel Pindur told Reuters geopolitical uncertainty remains the biggest challenge but promised he’s still "optimistic". Because what else can you be when sitting on a mountain of unsold assets?

🏆 LOI Subscriber #TBD

Market movers

IDP Education's stock took a nosedive on Thursday as Australia’s largest listed provider of international education services revealed that tighter visa restrictions in Australia, Canada and the UK will likely shrink the international student market by up to 25% next year.

Facing a 30% drop in earnings, IDP is planning to cut its workforce by 6%. CEO Tennealle O’Shannessy said the company was focused on high-quality universities and still expected student placements to increase.

Shares plunged by over 13% before recovering somewhat to close 7.52% lower at $14.51 each.

The quick sync

• Intel misses AI boom while Nvidia soars (Capital Brief)

• Queensland Labor pledges $26b for renewable energy projects amid election woes (AFR)

• Telix Pharmaceuticals greenlights $300m Nasdaq listing underwritten by Jefferies, Morgan Stanley, Truist Securities and William Blair (Capital Brief) (AFR)

• Life360 prices IPO at US$27 per share, raising US$155m on Nasdaq debut (Capital Brief)

• Guzman y Gomez's IPO raises red flags with lease exclusion (AFR)

Trading floor

M&A

• ERM acquires Energetics, a leading provider of climate risk and energy transition advice. (AFR)

• The ACCC has approved a code-sharing arrangement between Virgin Australia and Air New Zealand for trans-Tasman flights, increasing fare options for passengers. (Capital Brief)

• Viva Leisure plans to raise cash for mergers and acquisitions, with a focus on acquiring eight health clubs in Western Australia for its Club Lime brand. (AFR)

• MinRes sold a 49% stake in its Onslow Iron project's haul road to Morgan Stanley for $1.3bn, retaining majority ownership and usage rights. (Capital Brief)

• Doctor-shareholders of Qualitas Health's Australian arm are in talks for a management buyout valued around $250m. (AFR)

• Livingbridge is in exclusive negotiations with Colinton Capital Partners regarding the acquisition of Dimeo. (AFR)

• Dexus and Australian Retirement Trust (ART) plan to collaborate in acquiring the Queensland government's 33% stake in Powerco. (AFR)

• InQuik secures a significant deal with Commercial Metals Company to oversee its US operations. (AFR)

• Austrans, a rail freight company, faces closure and job losses, with a winding up order filed in the Supreme Court of Victoria. (The Australian)

Capital Markets

• Ownership Matters is closely monitoring Mineral Resources' universe and share trading. (AFR)

• Telix Pharmaceuticals launched a Nasdaq IPO to fund manufacturing and supply chain expansion, clinical development, and product label expansion. (Capital Brief)

• Storage Investments Australia (SIA) has launched a new development fund targeting $40m in equity, aiming to grow its self-storage portfolio to $1bn in five years. (BNA)

• IDP Education is launching a cost-reduction program due to a shrinking international student market from visa changes in Australia, Canada, and the UK. (Capital Brief)

VC

• GPN Vaccines, an Australian start-up, reaches a $300m valuation after raising $18m in a funding round led by Forepont Capital and Kern Capital. (AFR)

People moves

• A long-serving JPMorgan private banker, Lavanya Rajalingam, departs after over a decade. (AFR)

• Swyftx COO Jason Titman appointed CEO, with co-founder Alex Harper stepping aside but staying on the board. (BNA)

• Regional Express Holdings executive chair, Lim Kim Hai, is stepping down after 21 years, prompting management changes. (Capital Brief)

• The search for Tabcorp's new CEO is nearing completion, with former Crown Resorts and Lendlease boss Steve McCann as a strong contender among six shortlisted candidates. (The Australian)

Watercooler