Good Morning! Nvidia’s probe into Jensen Huang’s affair is putting succession in the spotlight, with analysts saying there’s no clear replacement (they expected him to stay another decade). U.S. stocks had their best day since April as oil fell, and KKR’s “mini Berkshire” tripled its profit on the USI sale.

Nearly a third of Blackstone’s real estate SMDs have left in three years, likely over shrinking pay. Twenty-somethings are skipping the entry-level grind to become their own bosses. And U.S. regulators are warning that GLP-1 drugs may carry a rare risk of blindness.

Plus: Parents are building bowling alleys and spas to keep their kids home, and can Democrats actually fix the economy?

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Canada is poaching Bridgewater’s co-CIO away from the notorious $150 billion hedge fund, and Prime Minister Mark Carney is personally backing the launch of her new roughly $18 billion sovereign wealth fund.

Karniol-Tambour, 41, joined Bridgewater straight out of Princeton in 2006 and rose to co-chief investment officer in 2023. She also holds Canadian citizenship, so it makes sense she wants to come home to build a multi-billion sovereign wealth fund from scratch. 

And don’t count Canada out; sovereign wealth funds aren’t just for Gulf states investing their oil fortunes. Canada is run by a former investment banker, and Prime Minister Mark Carney spent 13 years at Goldman Sachs before running the Bank of Canada and Bank of England, and even chairing Brookfield Asset Management. So Carney is putting his Wall Street background to work, and has a vision of a fund designed to back Canadian businesses and earn returns while reducing the economy’s dependence on the US. 

The $18 billion fund will invest exclusively in Canadian companies and projects, and put money alongside private investors on the same terms. The fund can also buy minority stakes in businesses already receiving federal support and give taxpayers a share of the upside. The goal is to earn long-term returns while strengthening the domestic economy, and recruiting a senior Bridgewater exec could be a good sign Canada is looking to put up some serious IRRs.

Canada already has a couple of major pension plans, including CPP Investments and Ontario Teachers’, but this is the country’s first sovereign wealth fund. Starting in early 2027, Canadians will also be able to put their own money into it and invest alongside the country, but Karniol-Tambour’s investment mandate is finding deals that both strengthen Canada’s economy and deliver attractive returns. 

Takeaway: By global standards, the Canada Strong Fund will be tiny next to giants like Norway’s Norges Bank (~$2.2T), Saudi Arabia’s PIF (~$910B) and the Kuwait Investment Authority (~$1T). But every giant started small, and if Ottawa keeps the politics out and hires legit investors to run it, this could compound into something meaningful over a few decades. And with sovereign funds suddenly back in fashion, the question is: how long before Washington poaches Ray Dalio to run its own?

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