The Mandate

capital raising

• Samsung Electronic Invests $175 Million in Series E in Element Biosciences. www.elementbiosciences.com
• COMPRESSION MAGNETS. FUSION ENERGY STARTUP HELION ENERGY RAISES $465 MILLION FOR SERIES G. Sam Altman Smiles. www.helionenergy.com
• Governor Abbott Announces Texas Semiconductor Innovation Fund Grant To Soulbrain gov.texas.gov
• GPT WARS - OpenAI Files for IPO, just behind Anthropic www.cnn.com
• MUSK DREAMS: SpaceX is Targeting a $75 billion raise www.marketwatch.com

Global Events

• BofA Private Bank Wealth Survey: U.S. HNW Gen Z and Millennials - 47% of young investors use AI to research companies or markets. 92% say longevity is an important factor in financial planning www.prnewswire.com
• Layoffs Plague Rivian. Rivian Has Never Turned An Annual Profit. Backed by Amazon and Volkswagen www.cnbc.com
• Video HOWARD MARKS: Is Today's Exuberance Irrational? www.youtube.com
• Video "He explains why NVIDIA's AI factories are the dynamos of this era: machines that take in electrons and send out tokens of intelligence, just as Siemens' dynamo once turned motion into electricity. " www.youtube.com
• Another Crypto Winter, 3.0? From 120K to 61K BTC price. www.marketbeat.com
• FINALLY, JPMORGAN CHASE TO START DEPLOYING LONGER-TERM AI AGENTS www.cnbc.com
• Apple Shareholders Don't Look too Excited for Siri AI lite.cnn.com
• Breaking PENTAGON REVEALS CHINESE MILITARY FIRMS HIDING IN PLAIN SIGHT ACROSS AMERICA media.defense.gov
• LA Socialist Takes Lead over Reality Star Pratt www.nbcnews.com
• Driverless Trucks are Delivering DORITOS www.wsj.com
• White House Considers Buying Chagos Islands www.telegraph.co.uk
• FTX Founder Sam Bankman-Fried Requests a Pardon from Trump beincrypto.com
• AMERICANS MOST FINANCIALLY STRESSED SINCE 2022, NYFED WARNS www.cnbc.com
• FCA takes legal action against Woodford 4.0 citywire.com
• Given its exposure to the energy shock, Europe’s STOXX 600 has struggled since the Iran conflict began… although energy stocks are the clear exception, with tech also outperforming www.visualcapitalist.com

Industry and Deals

• Chinese AI DeepSeek raises $7.4 BILLION at a valuation just north of $50 Billion. National AI Industry Investment Fund invested directly. www.theinformation.com
• Blackstone Creates a New Credit Platform to Bolster U.S. ASSET-BASED LENDING - dubbed SablePointe Credit Strategies www.blackstone.com
• SpaceX Moves on AI Space, Inks Deal to Buy AI coding startup Cursor for $60 billion in an all stock transaction. www.cnbc.com
• Venture capitalists, college endowments and employees www.wsj.com
• Brookfield Completes Move to Full Ownership of Oaktree Capital www.barrons.com
• ANOTHER "FINANCING" COMMITMENT FOR GLOBAL AI DEPLOYMENT, Apollo and Blackstone $AVGO www.blackstone.com
• IREI Founder Dohrmann Shares His Story irei.com
• Wealthy US Endowments Smile on SpaceX, A Bit of Relief. www.wsj.com
• BLACKSTONE AND J.P. MORGAN BET $281 MILLION ON URBAN PARKING LOTS www.businesswire.com
• Aggregation continues, gobble, gobble. www.businesswire.com
• 844 unicorns (51.2%) have not raised a round in over two years and do not appear in any metric describing the recent recovery. pitchbook.brightspotcdn.com
• Startups on Carta combined to raise nearly $120 billion in new funding in 2025, up nearly 17% from 2024. carta.com

SWFs, Family Offices, and Allocators

• BELOW 6%!!! PSP Investments Credit annual return at 3.1% and Private Equity at 5.3%, PSP even has their own internal credit team (NYC). www.prnewswire.com
• PSP Investments Bombs in Annual Real Estate Returns at NEGATIVE 7.3 % While Stocks Outperform (GO FIGURE). Canadian pension plans have trouble in generating returns in their property portfoliols. www.investpsp.com
• US DFC Goes Through Fund Manager I Squared Capital for Southeast Asia Infrastructure Investments isquaredcapital.com
• AMERICAN CAPITAL HEARTS CRITICAL MINERALS - U.S. DFC Forms Venture with Uzbek SWF to Lure Investment and OTHER SWFS www.dfc.gov
• Uzbekistan, in particular, is the world’s 5th largest uranium producer and 8th largest gold producer; it also has the 9th largest copper reserves in the world. hagueresearch.org
• CalPERS Pension Giant Embraces TPA, Expect More Private Market Investing. TPA = Total Portfolio Approach. CalPERS PE portfolio is now $119B. www.pionline.com
• Funded status of the 100 largest U.S. corporate defined benefit pension funds to 109.6% - Milliman’s Pension Funding Index. www.ai-cio.com
• The Wrapper Illusion: Do Entity Structures Neutralize Tax Anti-Abuse Rules? www.aqr.com
• AUSTRALIA FUTURE FUND: In the last 10 years, 60% of our net alpha has come from private markets. www.top1000funds.com
• Section 892 could deeply impact future SWF investment, impacting valuations www.swfinstitute.org
• GIC, ONTARIO TEACHERS BACK RAMP'S $750 MILLION SERIES F www.gic.com.sg
• $100 Million INTL EQUITIES Mandate TERMINATED www.imrf.org
• Victor Mojica Caballero will serve as secretariat of the Fondo de Ahorro de Panamá, succeeding Abdiel Santiago. www.ai-cio.com
• Princeton University Investment Company Ends Divestment Policy on Listed Oil and Gas Companies www.dailyprincetonian.com
• Head of Alternative Investments, Benefit Trust Investments: Today, the 10 largest companies account for roughly 35% of the S&P 500 and an even larger share of total index returns. www.ai-cio.com
• Investment Director, The Harry and Jeanette Weinberg Foundation: Private credit is a clear area of concern for me. Underwriting standards based on recurring revenue streams.......... www.ai-cio.com
• Video Prime Minister Carney announces the Canada Strong Fund www.youtube.com
• The Mechanics of Indexing at Vanguard www.capitalallocators.com