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Blackbird Ventures partner Rick Baker has declared the startup ecosystem is "back to growth" after the firm’s portfolio value punched a new record high off the back of steaming valuations for Canva and other prominent portfolio companies, Capital Brief reports.

Annual data released by the venture firm to investors this week shows it has delivered a net internal rate of return of 36.09% across its discretionary funds since it was established in 2012.

That has pushed its portfolio to a new record high of $9.9 billion, eclipsing an earlier peak set in 2022 before the market turned sour.

For more of that boom time energy look no further than daddy’s Elon Musk’s latest self-hype fest, or even just today’s watercooler ⬇️

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Market movers

Shares in Rebel Sport owner Super Retail Group fell after the company abruptly fired CEO Anthony Heraghty for apparently lying about a relationship with its former human resources boss, Jane Kelly. The board said Heraghty’s disclosures were “not satisfactory” and stripped him of all unvested and unexercised incentives, with CFO David Burns stepping in as interim chief.

The quick sync

• Leaked emails reveal ANZ guts ANZ Plus team and rethinks $6b digital gamble as boss Nuno Matos dumps dual-platform strategy. (Capital Brief)

• XRG and Carlyle’s $26b Santos play faces a tough call on ACCC approval under Australia’s shifting merger rules. (Capital Brief)

• Scott Farquhar wants Australia to gamble big on data centres and digital embassies– and leave the copyright backlash behind. (Capital Brief)

• After a live pitch from the ASX, SafetyCulture’s Luke Anear said listing is likely, but not until the company is “a bit further along.” (Capital Brief)

• To stop democracy’s unravelling, Australia’s political centre must ditch delay and embrace fast, radical delivery, writes Elliot Stein. (Capital Brief)

Trading floor

M&A

• CSL partners with VarmX in $760m deal to develop first-in-class coagulation treatment, targeting 2029 launch. (Capital Brief)

• UNSW signs with OpenAI to roll out 10,000 ChatGPT Edu licences for staff after successful trial, marking OpenAI’s largest Australian deployment. (Startup Daily)

• Newmont offloads Coffee Project to Fuerte Metals for up to $225m, completing planned non-core divestments. (Capital Brief)

• NAB emerges as favourite for HSBC Australia’s $52b retail sale. (AFR)

• XRG and Carlyle’s $26b Santos bid tests ACCC’s new merger rules, with doubts over competition clearance. (Capital Brief)

Capital Markets

• Paladin Energy launches $300m raise to advance Canadian PLS uranium project; full operations targeted by FY27. (Capital Brief)(AFR)

• Affinity Equity appoints UBS for $1b+ ScotPac review before 2026 exit. (AFR)

• Gold Road declares 43.69c special dividend as part of $2.52 per share Gold Fields takeover. (Capital Brief)

• Fortescue deploys AI to fight scam ads using Andrew Forrest’s image. (AFR)

• Regis reviews AN-ACC funding changes as daily rates and supplements rise. (Capital Brief)

• Findex plans $400m refinancing to fuel M&A under Mercury Capital. (AFR)

• Iron ore stocks rise as China steel output jumps, Brazil shipments fall. (Capital Brief)

• ASX pitched SafetyCulture on IPO, but Luke Anear said “not yet.” (Capital Brief)

• Betr shares fell as MIXI secured 66% of PointsBet with its $1.25 cash offer. (Capital Brief)

• Google commits GBP5b to UK AI projects and jobs ahead of Trump’s visit. (Capital Brief)

• Zenith backs Metrics funds despite Lonsec downgrade. (AFR)

• Tesla faces US safety probe after Model Y door handle failures trap occupants. (Capital Brief)

• Anacacia raises $280m continuation fund for three portfolio companies. (AFR)

• US retail sales rise in August, with top 10% of earners driving nearly half of all consumer spending. (Capital Brief)

• The Group of Eight is pressuring the Productivity Commission to toughen its AI agenda and reject tax changes they warn would hurt R&D. (Capital Brief)

• ASX faces fresh whistleblower claims it hid governance failures from the RBA as pressure mounts over its risk management and leadership culture. (AFR)

VC 

• Legal AI startup Isaacus raises $700k to develop legal-specific AI models. (Capital Brief)

• WoolGrow Australia and CForge each secured $35,000 from LaunchVic’s CivVic Labs program to advance their circular farming solutions. (Startup Daily)

• Catalano and Waislitz’s job search startup ViewJobs is raising $6m at a $50m valuation after 18 months in operation. (AFR)

• Blackbird’s portfolio hits $9.9b as Canva and AI startups boost valuations, marking a strong VC rebound. (Capital Brief)

• H3D, an AI-powered 3D printing startup from Swinburne University, raised $5.8m Series A to expand its custom healthcare products business. (Startup Daily)

• Ex-junior lawyer Winston Weinberg builds Harvey, a $7b legal AI firm, amid debate over its true innovation. (AFR) (FT)

People moves

• Super Retail Group sacks CEO Anthony Heraghty over undisclosed relationship; CFO David Burns steps in as interim. (Capital Brief)

• AUB Group announced the resignation of CFO Mark Shanahan and board member Richard Deutsch, with Nick Dryden stepping in as interim CFO. (Capital Brief)

• Sigma names ex-JB Hi-Fi CEO Richard Murray as CFO. (Capital Brief)

• Senior ANZ Plus leaders depart as CEO Nuno Matos reshapes tech strategy. (Capital Brief)

The watercooler