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Good morning.

Aussie VC Marbruck Investments maintains a profile so low it borders on invisible. And it is almost impossible to know who exactly is behind it, or where its money comes from. But an investigation by Capital Brief, drawing on court records and regulatory documents from across the globe can reveal Marbruck’s deep ties to the online casino industry, links which have been shrouded in secrecy, until now.

VCs who have invested alongside Marbruck say they were not aware of its online casino linkages. But the secrecy itself has raised almost as many questions. “Founders should be told where money comes from so they have a right to refuse it,” one VC, who spoke on the condition of anonymity.

Marbruck did not deny its links to the online casino business when Capital Brief put questions to it. But it did confirm three individuals with extensive online gaming interests — James Taylor, Kemper B. Shaw and Thomas Weiner — were part of its team. It said its low-key approach was simply a business decision. “We’re not focused on brand promotion and don’t actively seek publicity... We prioritise founders over headlines.”

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Market movers

Shares in fund manager Magellan fell 7% on Wednesday as a broad market selloff driven by the escalating war in the Middle East wiped out a portion of the previous session's 22% surge, which had been triggered by the announcement of a proposed merger with Barrenjoey.

The quick sync

• Macquarie's boss Shemara Wikramanayake says sentiment, not credit risk, is driving the private credit selloff, and that retail investors should never have been there in the first place. (Capital Brief)

• Carney tells Australia the world order is being erased and middle powers must unite. (Capital Brief)

• Endeavour's new boss Jayne Hrdlicka vows Dan Murphy's won't be beaten on price as a 17% profit drop and looming strategy overhaul send shares lower. (Capital Brief)

• Albanese is pushing a $90b-plus Sydney-Newcastle fast rail line but the Coalition won't back it without costings, and One Nation calls the unpriced project "pretty scary." (Capital Brief)

• Coalition won't back Albanese's Sydney-Newcastle fast rail plan without detailed costings. (Capital Brief)

Trading floor

M&A

• TCorp seeks bank advice as Foresight plans to sell its 29% stake in Flinders Port Holdings. (AFR)

• BlueScope CEO signals openness to bidders after $34/share offer amid investor pressure and tough trading conditions. (The Australian)

• Australian Meat Group revives sale after $196m Killara Feedlot acquisition. (AFR)

• Macquarie plans to sell troubled Bingo Industries, owing ~$1b, targeting opportunistic investors. (The Australian)

• Pendal Group is selling down its stake in Nine Entertainment. (AFR)

Capital Markets

• Endeavour Group’s half-year profit fell 17% due to closure-related costs, even as sales and underlying earnings rose. (Capital Brief) (Capital Brief)

• Aussie Disposals enters administration again, owing $4m to creditors. (Smart Company)

• AUB Group raised $10.6m from shareholders to help fund its UK acquisition of Prestige. (Capital Brief)

• Solaris IM plans a $200–300m ASX LIC float, enlisting six brokers to lead the IPO. (AFR)

• Australian and Canadian pension funds signed an MoU to unlock more cross-border investment and long-term capital. (Capital Brief)

• Goldman Sachs CEO says US markets are reacting calmly to Middle East tensions. (The Australian)

• Stronger-than-expected GDP growth has heightened inflation concerns and raised the likelihood of another RBA rate hike. (Capital Brief)

• Markets reacted to Middle East tensions, overshadowing strong GDP and raising inflation and rate hike concerns. (Capital Brief)

• NSW may appoint receivers at Gupta’s Tahmoor mine over unpaid royalties. (AFR)

• Fast-food openings hit a decade high amid population growth, cost pressures, and delivery demand. (AFR)

• Deep Yellow may raise equity to fund uranium project development and global growth plans. (The Australian)

• Life360 shares climbed after upbeat analyst views on its growth and earnings outlook. (Capital Brief)

• Stonepeak will IPO only after reaching sufficient scale, says CEO Mike Dorrell. (AFR)

• Macquarie CEO says private credit outflows are driven by market panic, not underlying credit problems. (Capital Brief)

• ABC’s Hugh Marks offers $1,000 to staff and higher regional pay after pay deal rejected. (AFR)

• Greencross IPO, valued over $4b, paused due to market volatility and geopolitical risks. (The Australian)

• Country Road’s sales grew modestly, but inflation and rates may curb retail recovery. (Capital Brief)

• IFM Investors may invest $10b in Canadian infrastructure if taxes are favourable and assets are privatised. (AFR)

• US tariffs are set to rise to 15%, and the US will back Gulf oil trade amid the Iran conflict. (Capital Brief)

• Defense companies are abandoning Anthropic’s Claude after a Pentagon blacklist, though the military continues limited use. (Capital Brief)

VC 

• Marbruck Investments is a secretive VC firm that has backed major startups but keeps its founders and funding sources hidden. (Capital Brief) (Capital Brief)

People moves

• Stuart Boxer will retire as CFO of Treasury Wine Estates in September 2026. (Capital Brief)

• Envato is cutting 30% of staff as it restructures and expands its use of AI. (Capital Brief)

• Bell Asset Management has hired former Tyndall Asset Management executives Tim Johnston, James Nguyen, and Scott Hudson to start a new Australian small-cap fund. (Capital Brief)

The watercooler