Private Capital's Pitch to the Masses
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Going Private
Wall Street rolls out private markets products for individual investors
Welcome to Going Private, Bloomberg's twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at private capital's pitch to the masses, Apollo's earnings and the blurred lines between private and public credit. If you're not already on our list, sign up here — Silas Brown.
Next week we will publish two special issues of Going Private at the Milken Conference in Beverly Hills, before going back to our usual schedule for next Friday's issue.
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Yahoo
31 minutes ago
- Yahoo
Trump ally Senator Graham pushes for new sanctions against Russia ahead of G7 Summit
Republican Senator Lindsey Graham, a longtime ally of US President Donald Trump, has announced his intention to push for the introduction of new sanctions against Russia ahead of the G7 summit, which will take place from 15 to 17 June in Canada. Source: Bloomberg Details: In a joint statement with Democrat Richard Blumenthal, he stressed that the sanctions should be imposed by mid-June to send a clear signal to China and other countries helping the Kremlin circumvent international restrictions. "By the G7 summit, we hope to have sanctions put in place – in coordination with Europe – to deliver an unequivocal message to China," they said after talks in Paris with French officials. Graham and Blumenthal noted that their sanctions bill against Russia, which provides for the introduction of a 500% tariff on imports from countries that buy Russian energy resources, has been supported by 82 senators. "Russia indiscriminately kills men, women and children. It's time for the world to act decisively against Russia's aggression by holding China and others accountable for buying cheap Russian oil that props up Putin's war machine. If you want this war to end, push China to help end it," Graham wrote on X (Twitter). Quote from Bloomberg: "It's still unclear whether Trump, who has been pushing for a ceasefire between Russia and Ukraine, is ready to embrace tougher action against Moscow. But in recent days, Trump has been expressing new frustration with President Vladimir Putin." [N.B. Ukrainska Pravda doesn't recognise Putin as president – ed.] Details: Graham and Blumenthal also held a phone conversation with French President Emmanuel Macron. "We assured President Macron and his team that we believe Putin is playing games regarding peace and is actually preparing for a military offensive in the late summer or early fall," they said. Background: Graham expects the upper house of Congress to begin considering new large-scale sanctions against Russia as early as this week due to the lack of progress in achieving a ceasefire in Ukraine. As for the lower house of Congress, whose consent will also be needed to approve the new sanctions, Graham said there are "House members that are ready to move in the House, and you'll see congressional action". The senators have regularly issued threats of what they describe as "bone-crushing" sanctions against Russia, although these have not yet been implemented. Support Ukrainska Pravda on Patreon!
Yahoo
31 minutes ago
- Yahoo
Big Tech Is Back in S&P 500 Driver's Seat as Profit Engines Hum
(Bloomberg) -- The same technology giants that helped drag the S&P 500 to the brink of a bear market in April are giving the recovery in US equities some legs. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months Nvidia Corp. put a bow on a better-than-expected earnings season for Big Tech last week by delivering a strong outlook for revenue, despite US restrictions on sales of its chips in China. With Nvidia and Microsoft Corp. rallying back to the cusp of record highs, traders are betting the group is poised to lift the broader market. 'I feel really good about tech coming out of this earnings season,' said Brett Ewing, chief market strategist at First Franklin Financial Services. 'There's still more gas in this tank.' The S&P 500 Index is within 4% of its February record high with much of the rebound being fueled by easing tensions between the US and its trade partners, as well as Big Tech results that showed demand for things like cloud-computing services, software, electronic devices and digital advertising remain intact even as the threat of higher tariffs on sales lingers. Tesla Inc. is up 56% since the benchmark bottomed out on April 8, while Nvidia and Microsoft have gained 40% and 30%, respectively. As a result, a Bloomberg gauge of the so-called Magnificent Seven stocks — Nvidia, Microsoft, Tesla, Apple Inc., Alphabet Inc., Inc. and Meta Platforms Inc. — is outperforming the S&P 500 over the past eight weeks — a critical shift for the benchmark considering the group accounts for a third of the index. The cohort is responsible for nearly half of the S&P 500's 19% rally from the April bottom, according to data compiled by Bloomberg. Despite the strong performance, the group is still trailing the S&P 500 for the year — a rare occurrence in the past decade. Shares of Apple and Amazon, which face greater risks from tariffs due to products imported, are weighing the cohort down and lag the overall market. 'Buying the tech dip will be a theme throughout the year,' said Ewing. 'There's still a lot of money on the sidelines and it has to be put to work.' Recovery Risks Tariffs and other Trump policies remain a big market overhang. On Friday, the benchmark sank more than 1% after Trump accused China of violating an agreement with the US to ease tariffs and a news report that the US plans to place broader restrictions on the country's tech sector. The S&P 500 managed to recoup most of those losses by the end of the day. Another hurdle will be Big Tech's hefty valuations. Bloomberg's Magnificent Seven gauge is priced at 30 times projected profits, according to data compiled by Bloomberg. Meanwhile, the S&P 500 is trading at 21 times earnings projected over the next 12 months, up from a low of 18 times in April and well above the average of 18.6 times over the past decade. Barry Knapp, managing partner at Ironsides Macroeconomics, said he's wary of Big Tech's rich valuations even though the group looks attractive from a fundamental perspective. He's 'modestly underweight' the sector and has relatively more exposure to industrials, materials, energy and financials in anticipation of a capital spending recovery in the second half of the year. 'Being overweight on tech here borders on recklessness, because you would have such a huge proportion of your portfolio in this one sector, and that leaves you vulnerable,' Knapp said. Market Catalyst Truist Advisory Services' Keith Lerner, however, sees Big Tech leading the broader market higher in the last half of 2025 with spending on artificial intelligence computing continuing to climb. Meta Platforms raised its forecast for capital expenditures this year and Microsoft said it plans to increase spending in its next fiscal year, alleviating concerns that the companies might pull back on such outlays after two years of largesse. 'Our view is that earnings could still be maybe flatter but likely have less downside than what we would have thought heading into the earnings season,' said Lerner, who is Truist's co-chief investment officer and chief market strategist. The Magnificent Seven profit estimates in 2025 have stayed steady over the past two months. The group is projected to deliver profit growth of 15%, roughly in-line with analysts' expectations before the reporting season began in mid-April and twice the expansion projected for the S&P 500, according to data compiled by Bloomberg Intelligence. 'Investors are going to be drawn back toward these names with secular growth,' said Lerner. 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Bloomberg
36 minutes ago
- Bloomberg
Earnings Multiples May Compress on S&P 500: 3-Minute MLIV
Anna Edwards, Guy Johnson, Kriti Gupta and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
