☕️Strong Metrics

Good morning.

Speaking to Capital Brief on the sidelines of the Macquarie Australia Conference, managing director and founder of Pinnacle Investment Management, Ian Macoun, called recent noise around Metrics Credit Partners overblown, and revealed plans to expand Pinnacle’s private markets exposure. "We're big, big fans of private markets,” Macoun said.

Pinnacle backs ‘affiliate’ funds management businesses, including the “extremely high quality” Metrics, with seed capital, distribution and administrative support.

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Market movers

Zip Co shares jumped Wednesday after a rare trading update showed 40% growth in US volumes, easing investor doubts about its path to profitability.

The quick sync

• NAB eyes business banking growth with Toyota-style discipline and modular tech as rivals chase costly overhauls. (Capital Brief)

• ASIC’s crackdown on Macquarie’s compliance failures raises fresh questions about the bank’s risk culture just as it faces investors. (Capital Brief)

• eSafety Commissioner will launch consultations on enforcing world-first social media age bans from June, shaping new rules that could hit tech giants with $50m fines. (Capital Brief)

• A chat with an Aussie cabbie drove Michael Milken to launch a $US4b plan to seed every American kid’s future with a slice of the S&P 500. (AFR)

Trading floor

M&A

• MedAdvisor enters takeover talks after offer well above its current share price. (Capital Brief)

• Ramsay Health Care is in talks to acquire a minority stake in Perth Radiological Clinic. (AFR)

• Kelsian to sell tourism assets in two months to reduce $675m debt, following a stock surge after investment progress. (The Australian)

• Arada plans to use its newly acquired Roberts Co NSW to deliver 5,000 homes over the next two years, starting with a major apartment project in Sydney. (AFR)

• Nine CEO confident CoStar deal for Domain will close, with $1.4b in proceeds to fuel future acquisitions, including Formula One rights. (Capital Brief)

• Alceon and founder Nick Sheehan review strategic options for Efex after 5 acquisitions and buyer interest. (AFR)

• Polus Capital buys Healthscope’s debt amid its financial struggles, with some lenders optimistic about loan value despite concerns over rent cuts for potential buyers. (The Australian)

• Guild Insurance hires UBS to assess strategic options as potential suitors, including Suncorp and Employers Mutual, show interest. (AFR)

• Althea Group sells pharma assets for $1m to Tasmanian Botanics. (ASX)

• Lactalis seeks ACCC approval to acquire Fonterra's Mainland Group, while Fonterra challenges a ruling on Bega's rights. (The Australian)

Capital Markets

• JB Hi-Fi lifts sales in Q3, defying a tough retail market. (Capital Brief)

• Temple & Webster grows revenue 18% as US tariffs cut shipping costs and home improvement sales surge. (Capital Brief)

• Nine sees mixed Q3 and warns of uncertain FY25 outlook amid economic headwinds. (Capital Brief)

• Zip takes buyout talks off the table as it doubles down on surging US growth. (The Australian)

• Scentre Group reaffirms FY25 guidance after strong first-half performance at Westfield centres. (Capital Brief)

• NSX raises $1.3m for working capital, falling short of target, amid efforts to expand its issuer base. (Capital Brief)

• Aspen Insurance plans to price its IPO at $30 per share, raising about $330m. (Bloomberg)

• Super Retail Group sees positive H2 sales growth, led by BCF, despite margin declines and increased costs. (Capital Brief)

• Apple considers AI-powered search for Safari, but Google remains the default for now. (Capital Brief)

• Foxconn will make EVs for Mitsubishi Motors in Australia and New Zealand, marking its breakthrough into car manufacturing. (FT)

• As private equity cracks under pressure, Australia’s market shows quiet strength-drawing fresh capital and global attention. (AFR)

VC

• Advanced launches with $25m to provide fast funding to Aussie startups, aiming for $1b impact. (Capital Brief)

• UNSW and Luminary commit $3.6m to boost deep tech startups in health, defence, and climate. (Capital Brief)

People moves

• Scott Farquhar named chair of Pledge 1%, driving global business for good as the movement hits 10 years and $4.7b pledged. (Capital Brief)

• Ben Ware resigns as COO of Anchorage Capital Partners to join investor Cambooya. (AFR)

The watercooler