*as of 5/22; Sources: S&P, BTC, FTSE, DJRE, 30YM

(CB Insights)

Major traditional VC firms are increasingly pursuing additional strategies, with Joshua Kushner’s Thrive Capital the latest to expand beyond venture, employing both a private equity-type strategy and making large public stock plays. Company acquisitions by VC firms are on pace for an all-time high this year, another way the lines are being blurred between venture and private equity.

➨ TAKEAWAY: Many major VC firms - including a16z, Sequoia, General Catalyst, and others - have made similar moves to Thrive, as they have grown too big to simply focus on investing into early and late-stage startups. The traditional VC model has seen a significant decline in exit activity, forcing firms to seek liquidity in other ways, and this trend is likely to continue. For investors, this means more secondary sales activity and more opportunities to write one check and have exposure to multiple investment strategies.

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By a few different measures, existing home sales declined in April, with the National Association of Realtors showing a 0.5% decline to the lowest April mark since 2009. Sales are down 2% year-over-year, while inventory is up 20.8% to the highest level in five years. Redfin’s data showed slightly less steep 0.2% monthly and 1.1% yearly declines and revealed a 5-year high in total supply.

➨ TAKEAWAY: With this new data and prices stagnating, it certainly seems as if the U.S. is entering a buyer’s market. Mortgage rates have also risen this month and higher bond yields seem to keep that trend going, which will further cut into demand. With the high inventory levels, buyers and investors are in the best position since the pandemic to seek out deals.

🚀 Hinge Health IPO: The healthtech startup raised $273 million in its IPO, at the high end of its expected range, and shares jumped by 17% in the first day of trading. This success could inspire other startups in the sector to pursue their own public offerings.

📊 Bond yields rising: As the Republicans’ proposed tax bill looks closer to becoming law and adding trillions to the country’s deficit, bond yields have risen as demand has softened. The 30-year Treasury bond hit 5.13% - the highest coupon since 2007 - and if shorter-term yields follow, it could mean rising mortgage rates and borrowing costs across the board.

🏢 Grocery retail remains strong: Grocery-anchored retail accounted for 31% of all retail acquisitions in Q1 2025 and sales volume is up 16% year-over-year, as steady consumer demand and low vacancy rates are keeping the sector attractive.

🤖 Robotics raise: The humanoid robotics startup Beyond Imagination, co-founded by influential AI scientist and writer Ray Kurzweil, raised a $100 million Series B round at a $500 million valuation.

🏀 Best Kobe cards: This list of the best Kobe Bryant cards to target is led by his 1996 Fleer Metal rookie card because of its affordable price point, but also includes a number of other low-priced rookie cards and interesting cards from later years.

💵 Private credit worries: The Federal Reserve Bank of Boston released a report highlighting their concerns about the growing asset class, particularly the rise in traditional banks lending to nonbank lenders creating multiple layers of risk.

Monday: 🤖 AI market value, 🚀 IPO comeback
Tuesday: 🪙 Crypto bill passes, 🚀 Funding troubles
Wednesday: 🎨 Spring auction recap, 💵 Accredited investors
Thursday: 🪙 Bitcoin all-time high, 🏡 Housing market falling

Have a great weekend!