☕️Well Pegged

Good morning.

One of Australia's 'big three' venture firms Square Peg Capital has completed the first close for its latest vintage of funds, locking in $650 million from new and returning institutional investors, despite the global slowdown in VC fundraising.

The Melbourne-based firm told Capital Brief it is now investing from its Fund 6 and Opportunities Fund 3 ahead of a final close, with the final raise amount yet to be determined. Via the new vehicles, Square Peg recently participated in flagship portfolio company Airwallex's USD500 million ($719.2 million) Series G round, which valued the Melbourne-founded payments platform at USD8 billion.

🏆 LOI Subscriber #TBD

Market movers

Shares in Newmont plunged 10% Monday as a wave of selling in gold and silver, triggered Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair, smashed ASX-listed miners, pushing the index to its worst drop since November. Its shares in New York were trading slightly lower at time of writing.

The quick sync

• Blue Owl sees AI fears as overblown and makes Australia a key focus in its data centre strategy. (Capital Brief)

• Treating women’s health as core economic policy could unlock productivity gains and build national capability, writes Anthony Liveris. (Capital Brief)

• Corporate Travel remains suspended from trade as founder Jamie Pherous abruptly steps down while accounting investigations continue. (Capital Brief)

• Labor received large donations from Sportsbet and Tabcorp last financial year as it delayed action on a proposed ban on gambling advertising. (Capital Brief)

• Mastercard has processed Australia’s first agentic payments, saying the tech is ready if retailers are. (Capital Brief)

• The High Court starts 2026 with a key challenge to Victoria’s donation laws and the limits of political speech. (Capital Brief)

Trading floor

M&A

• IMDEX buys remaining Datarock stake for $31m. (Capital Brief)

• GE Vernova identified as potential $1b buyer of NOJA Power. (AFR)

• Ausgrid’s $2.5b Plus ES smart metering unit attracts interest from Macquarie, KKR, and EQT, with RBC Capital Markets advising the sale. (The Australian)

• Aware Super launches sale of half of Victoria’s $4b land registry, SERV. (AFR)

• Devon and Coterra merge into USD58b US shale group. (Capital Brief)

• NRMA considers selling Manly Fast Ferry in a potential $100m deal. (AFR)

Capital Markets

• KMD Brands posts 8% sales growth on Kathmandu strength. (Capital Brief)

• EOS has not decided on shifting HQ or listing to Europe. (Capital Brief)

• Greencross progresses IPO with investor site visits; pricing and AustralianSuper preferences remain crucial. (The Australian)

• GrainCorp flags FY26 earnings drop on grain oversupply. (Capital Brief)

• Recce Pharmaceuticals teams up with US Army on burn wound gel. (Capital Brief)

• PYC Therapeutics launches $653m cash call to advance RNA therapies. (AFR)

• Capricorn Metals slumps on Yalgoo Project sale delay. (Capital Brief)

• Mastercard launches first AI-powered agentic commerce in Australia. (Capital Brief)

• Sharon AI aims to beat Firmus to an ASX IPO, securing $723m debt to expand its AI infrastructure. (The Australian)

• Gold miners drag ASX down after historic gold price drop. (Capital Brief)

• Regis Resources revives $1b McPhillamys gold project with new plan to address heritage issues. (AFR)

• Sportsbet and Tabcorp boost Labor donations amid gambling ad reform delays. (Capital Brief)

• BlueScope $150m productivity boost may lift shares $3: RBC. (Capital Brief)

• Blue Owl Capital targets Australia while defending AI strategy. (Capital Brief)

• TPG, Telstra losing internet customers as cheaper rivals gain market share. (AFR)

• Science and Technology Australia calls for inflation-linked research funding. (Capital Brief)

• Trump to launch USD12b critical-minerals stockpile to counter China. (Capital Brief) (Bloomberg)

• Qoria faces investor caution amid AI trends, pausing trading for a US merger and planned capital raising. (The Australian)

• Disney Q1 beats estimates on record parks revenue and strong streaming growth. (Capital Brief)

• Diversa faces client exits and an ASIC lawsuit over its role in the $300m First Guardian fraud. (AFR)

• Diraq raises $20m NRF investment to put quantum chips in data centres, targeting commercial launch in 2029. (Capital Brief)

• Women’s health is Australia’s underpriced asset; better care could lift productivity, participation, and cut costs. (Capital Brief)

• China bans hidden car door handles in world-first safety policy. (Bloomberg)

• Crypto exchanges buckle as stock losses mount amid exodus. (Bloomberg)

• Rookie trader’s rapid 84% wipeout shows depth of China gold bust. (Bloomberg)

• Trump’s dollar ‘yo-yo’ has investors looking overseas. (Bloomberg)

• Gold and silver deepen historic slump. (FT)

• Epstein asked for Snow White costume weeks before ex-Barclays’ Jes Staley email. (FT)

VC 

• Australian startups raise $5.1b in 2025, Q4 strongest since 2021. (Capital Brief)

• Kevin Parker’s Orchid synth hits 10,000 sales, $12m revenue since 2024 launch. (AFR)

• GrazeMate, a drone-based cattle mustering startup by 19-year-old Sam Rogers, secures $1.2m pre-seed from Y Combinator to target US ranches. (Startup Daily)

• Farmers2Founders helps investors de-risk agtech by using multi-season farm trials to show startups’ real-world traction. (Capital Brief)

• Square Peg raises $650 m for new funds, kicks off investments including Airwallex. (Capital Brief)

• Mandelson leaked sensitive UK government tax plans to Epstein. (FT)

People moves

• Tania Archibald starts as BlueScope CEO. (Capital Brief)

• CTM founder Jamie Pherous quits as MD. (Capital Brief)

• CTM shareholders stuck as CEO exits amid trading halt. (Capital Brief)

• Palisade CEO Roger Lloyd to become executive chairman as part of company restructure. (AFR)

• Gillian Swaby steps down from Deep Yellow board. (Capital Brief)

• Catalyst Metals appoints Mark Connelly as new chair. (Capital Brief)

• Piper Alderman names James Macdonald head partner, targets top-tier legal work with new leadership trio. (AFR)

• Sarah Court will succeed Joe Longo as ASIC chair on 1 June 2026, becoming the first woman to lead the corporate regulator. (Capital Brief)

• Cory Bernardi joins One Nation to lead SA election ticket. (Capital Brief)

The watercooler