*as of 5/4; Sources: S&P, BTC, FTSE, DJRE, GOLD

(Pitchbook)

Global M&A activity grew for the fifth straight quarter, hitting $1.05 trillion in Q1 with an estimate of over more than 12,000 deals. Of that, $613.8 billion and nearly 5,000 deals came from North America, a 28.3% quarterly rise and 10.3% yearly rise in value. Transaction multiples stayed steady, with the average enterprise value (EV)/EBITDA multiple for the past year at 9.6x and the average EV/revenue multiple at 1.6x.

➨ TAKEAWAY: The Q1 numbers are promising, giving investors more options at potential exits, particularly given the slow IPO market. However, these numbers do predate the implementation of the new tariff policy and the recent economic uncertainty could drive down the Q2 numbers. As such, there is a good chance that Q1 will represent the peak for the year. On the valuation side, the consistency of the multiples indicates a market that has found its bearings after pandemic-era frothiness.

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Alternative asset manager Blackstone’s private equity fund targeted at wealthy individuals has now surpassed $10 billion in assets under management since its launch in January 2024. Meanwhile Morgan Stanley is launching its own evergreen private equity fund, the North Haven Private Assets Fund, which will also target high net-worth individuals. The fund will target co-investments and secondaries in the lower middle market and is expected to raise several billion dollars to do so.

➨ TAKEAWAY: The launch of a new fund and Blackstone’s success in capital formation both speak to growing investor demand for private equity assets, and to money managers starting to meet that demand. For now, these products are aimed at wealthy individuals, but more platforms are offering these opportunities to everyday investors as well, and the market should continue to open up to everyone.

⚾ Roger Maris jersey: A photo-matched jersey worn by the Yankees outfielder during his historic 1961 season sold for $1.08 million, around 4x what it sold for in 2022 before being photo-matched.

🪙 Worldcoin launches in U.S.: OpenAI CEO Sam Altman’s eyeball scanning crypto project is now live in the U.S., and people can get their irises scanned in exchange for roughly $40 worth of crypto, privacy concerns notwithstanding.

🏢 CRE lending rebounds: Total borrowing and lending in the commercial real estate market hit $498 billion in 2024, a 16% gain over 2023, fueled mostly by multifamily lending.

🤖 Anthropic share buyback: The AI startup is buying back shares from its employees at a $61.5 billion valuation, the same valuation as its March raise of $3.5 billion.

🏡 Home inventory growing: New listings last week were up 11.2% year-over-year, and total inventory on the market is up 31.6%, as supply is starting to outpace demand.

🚀 Retail fintech funding falls: The sector saw investment drop by 37.8% in Q1, and the median pre-money valuation fell by 41.2% amid concerns over inflation and tariffs.

Today: The U.S. Department of Education is going to resume collecting on student loans that are in default for the first time since March 2020.

Wednesday: The Federal Reserve will meet and announce its interest rate decision, which is widely expected to be no change; Consumer credit report released.

Thursday: Heritage’s Rare Books Signature auction, including the only known set of unbound gathered sheets for Harry Potter and the Philosopher's Stone, the first book in the series.

Friday: Sotheby’s Finest Whiskey & Whisky auction, featuring a 50-year old Karuizawa expected to sell for six figures.