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In a move set to make billionaire Larry Fink look like he’s coming up short in comparison, BlackRock’s £2.55b ($4.85b) Preqin purchase is about to catapult founder, Mark O’Hare, into a stratosphere of wealth that even Fink’s $1.7b fortune - as measured by Bloomberg - can’t touch.

Owning 80% of Preqin through his Valhalla Ventures, O’Hare is poised to rake in a staggering US$2 billion post-tax on Bloomberg’s calcs, leaving his new “boss” Fink feeling more like a mere footnote in the annals of obscene wealth.

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Market movers

Shares of Coronado Global Resources skyrocketed 8.9% to $1.29 each as the market reacted to the latest debacle at Anglo American’s Grosvenor coking coal mine.

The underground fire, or its "gas ignition incident," has not only singed Anglo’s reputation but also halted production at the mine and tightened supply, sending coking coal prices soaring, alongside the shares of listed coal miners.

Whitehaven Coal shares rose 6.3%, Stanmore Resources stock surged 5.8% and New Hope shares gained 4.9%.  

The quick sync

• Private equity funds are increasingly looking at venture style deals in the Australian market as startup investors like Blackbird and Airtree eschew later stage rounds. (Capital Brief)

• Clifford Chance’s decision to engage former Sex Discrimination Commissioner Elizabeth Broderick's consultancy has put the gruelling workplace culture at law firms in the spotlight. (Capital Brief)

• NeoGenix Biosciences is helping infertile couples find healthy sperm. In a world-first, the technology has already seen some impressive results — including a baby. (Capital Brief)

• Jarden Australia rebounds with $10.8m profit for the year to March, moving out of loss-making territory. (The Australian)

• TPG enters streaming wars partnering with Foxtel’s Hubbl. (The Australian)

Trading floor

M&A

• Liverpool Partners hires Macquarie Capital to sell Seisma, its digital transformation and cloud consulting business. (AFR)

• Lendlease is selling its US military housing business to Guggenheim Partners as part of a $4.5bn asset divestment plan to refocus on its Australian operations. (Capital Brief)

• Baby Bunting's share price surged despite reaffirming lower profit guidance and revealing potential bank covenant breaches. (AFR)

• Opal HealthCare is considering a sale and has hired Morgan Stanley to explore options. (AFR)

• MMA Offshore shares rise after major shareholder Halom Investments backs a takeover offer from Cyan Renewables, with additional support from TIGA Trading and associates. (Capital Brief)

• Hartree Partners leads the bid for the Avebury nickel mine from insolvent Mallee Resources, facing opposition from a minority shareholder. (AFR)

Capital Markets

• Sable Rubber Technologies is fundraising ahead of a 2025 IPO, targeting technology investment funds. (AFR)

• Jarden's Australian arm returned to profitability, recording a $10.8m net profit for the year ending March 31. (The Australian)

• Significant trades in Spartan Resources shares occurred after Monday's closing bell. (AFR)

• Beston Global Food Company, a South Australian dairy firm, is grappling with financial strain as its liabilities far outweigh its market value. (The Australian)

VC

• Dash Technology Group has raised $22m, led by Bailador Technology Investments with an initial $15m investment and $5m follow-on funding in January 2025. (Startup Daily)

People moves

• Michael Clarke becomes acting CEO of Pacific Current Group, with Joanne Dawson joining as non-executive director, amidst leadership changes and stake divestments. (Capital Brief)

• Xavier Garijo is stepping down as CEO of CHEP Americas at Brambles after six months, citing "cultural differences."

• PwC Australia’s consulting leader David McKeering has become the Australian & New Zealand CEO of NTT DATA. (The Australian)

Together with FinTech Australia

Apply now to speak at Australia’s premier fintech festival

FinTech Australia is calling for speakers at Australia's most thought provoking fintech festival, Intersekt, on the 18 and 19th of September, 2024!

Global and local fintechs, banks, financial institutions, regulators, government and investors will participate to hear from key thought leaders that are enabling the next generation of innovation in Australia.

The themes for this year include green fintech, policy-driven technology innovation, funding and growth journey, market-driven innovation, and cyber resilience.

Submit your Expressions of Interest at intersektfestival.com.

The watercooler