Good Morning! Blue Owl is gating redemptions across two private credit funds after fielding $5.4 billion in withdrawal requests (22% from its flagship fund and 41% from its tech-focused fund). KKR just closed a record $23 billion North America buyout fund. And Trump fired Attorney General Pam Bondi.

Oil jumped another 11% as Trump vowed to escalate the Iran conflict with no clear path to reopening the Strait. SpaceX is targeting a valuation north of $2 trillion in its IPO. And Tesla’s push into cheaper models isn’t stopping its sales slide.

Plus: Walgreens’ private equity owner plans to double profits, and sleep becomes the newest status symbol in management circles.

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SQUEEZ OF THE DAY

OpenAI Buys TBPN

OpenAI acquired TBPN, the online tech talk show known for rapid-fire Silicon Valley coverage with a friendlier tone toward the industry than Bloomberg or CNBC. The deal was valued in the "low hundreds of millions," making it one of the more unexpected moves from a company that recently urged staff to avoid "side quests."

The strategic logic is straightforward. OpenAI is no longer just building AI products, it is building the infrastructure around how those products get explained, defended, and distributed.

TBPN averages around 70,000 viewers per episode, but its audience punches well above its weight. The show has become a fixture among founders and executives who see it as speaking the language of tech more fluently than legacy business media.

Guests have included Mark Zuckerberg, Satya Nadella, and Sam Altman. Financially, it was gaining real traction too: the 11-person company generated around $5 million in ad revenue last year and was on pace for more than $30 million in 2026.

OpenAI says TBPN will remain editorially independent, retaining control over programming, guests, and editorial decisions, even as it reports into Chris Lehane, OpenAI's chief global affairs officer.

The newsroom will stay independent (they say) even though it now sits inside the same corporate structure it may need to cover. That promise has been tested before, as staff at crypto news site CoinDesk alleged in 2024 when the exchange that owned it ordered an article removed.

Takeaway: OpenAI didn't buy TBPN for its audience size. It bought distribution, credibility within tech circles, and a more direct hand in shaping the AI conversation. The show may stay editorially independent. But when a tech giant buys the channel covering its industry, the real asset isn't the newsroom, it's the narrative.

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HEADLINES

Top Reads

• Blue Owl caps private credit fund redemptions at 5% after investors seek to pull up to 41% (CNBC)

• KKR closes record $23 billion North America private equity fund, its largest ever (WSJ)

• Trump fires Pam Bondi as attorney general (CNN)

• Oil surges 11%, stocks volatile after Trump vows to escalate Iran war with no path to reopening Strait (NBC)

• SpaceX targets more than $2 trillion valuation in IPO (BB)

• Tesla EV sales disappoint as Musk eyes AI future, though $4 gas may yet revive demand (Axios)

• Walgreens private equity owner plans to double chain's profits (BB)

• Dow, S&P 500, Nasdaq stumble after Trump says Iran war not yet over (YF)

• Thorne reaches $500 million in revenue after L Catterton take-private (CNBC)

• Harvard's top board adds Blackstone CFO, ex-cabinet secretary amid Trump pressure (BB)

• Blackstone squeezes Thoma Bravo and its ailing software company Medallia (BB)

• New 401(k) rule may offer little benefit for average investors, critics say (BB)

• Asset manager shares slump after Blue Owl private credit funds impose limits (BB)

• Iranian oil prices fetch a premium for first time since 2022 (BB)

• Gold falls as Trump gives no clarity on ending Iran war (CNBC)

• Vulture funds circle private equity (FT)

CAPITAL PULSE

Markets Rundown

Market Update

• Markets reversed early losses to finish higher as hopes for a partial reopening of the Strait of Hormuz gained traction

• Equities and bonds both recovered, with yields ending lower after a weak start

• Nasdaq and small caps led, signaling improving risk appetite

• Oil remains elevated, but forward expectations are starting to ease

• Dollar strengthened and gold declined, reflecting a shift away from peak fear positioning

Geopolitics Still Unclear

• Conflicting signals continue to drive markets day to day

• President Trump struck a more aggressive tone, signaling potential escalation

• At the same time, talks and monitoring efforts around the Strait offered a path toward stabilization

• The possibility of restored oil flows is the key variable markets are watching

• For now, sentiment is improving, but uncertainty remains high

Economic Pulse Check

• Attention turns to the jobs report as a key signal of resilience

• Recent data suggests the labor market is stable but slowing, not breaking

• Hiring remains modest, while layoffs are still contained

• The key risk is whether higher energy costs begin to weigh on hiring decisions

• Any deterioration is likely to be gradual unless oil remains elevated for an extended period

Movers & Shakers

• (+) Globalstar ($GSAT) +13% after a report that Amazon is in talks to acquire the satellite communications company for $9 billion to compete with Starlink.

• (+) Wingstop ($WING) +5% because Piper Sandler upgraded the chicken wing chain, citing improving same-store sales trends and a compelling entry point after recent weakness.

• (–) Tesla ($TSLA) -5% after the company reported Q1 deliveries of 358,000 vehicles, missing analyst estimates of 365,000+ and marking a 14% sequential decline, with production outpacing sales by over 50,000 units.​​​​​​​​​​​​​​​​

Prediction Markets

• Final Four weekend is here.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Gilgamesh Pharma, a neuroscience biotech, raised $60 million

• Monarch Quantum, a photonics hardware developer, raised $55 million

• Terrestrial Bio, a GLP-1 delivery biotech, raised $50 million

• GA Drilling, a geothermal drilling technology company, raised $44 million

• VieCure, a software platform supporting oncology care delivery, raised $43 million

• Flora, a node-based design and creative tooling platform, raised $42 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

HEARD ON THE STREET

What Private Equity Actually Pays in Carry

Nearly 1 in 4 private equity associates (including senior associates) receive carried interest, with a median of 42bps.

At Wall Street 360, we’ve built one of the most detailed datasets on carry, with compensation and carry sortable by firm, role, and location. Access it here.

BOOK OF THE DAY

How To Disagree Better

Description:
A practical guide from Julia Minson on how to navigate conflict without damaging relationships or credibility. Grounded in behavioral science, the book shows how people can hold firm opinions while still signaling respect and openness. It introduces techniques to reduce defensiveness, improve persuasion, and turn disagreements into productive conversations rather than emotional standoffs.

Book Length: 272 pages
Release Date: March 24, 2026

Ideal For:
Leaders, operators, and anyone who regularly navigates high-stakes conversations, negotiations, or conflicting viewpoints

The strongest communicators are not those who win arguments but those who make others feel heard while standing firm in their perspective.

DAILY VISUAL

Apple Turns 50

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Do You Have “European Work Ethic” or Are You “Fully Cooked”?

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Wall Street 360 tracks what matters across four pillars:

• Money: comp benchmarks across 600+ firms

• Health: your mental and physical well-being

• Time: hours worked, hours slept, weekends lost

• Burnout: your personal score, quantified

Submit your data and unlock your My360, a personalized breakdown of how your comp and health compare to others on the Street, plus your burnout score. Scores range from "European Work Ethic" to "Fully Cooked."

This is the first clear, comprehensive picture of what working in finance actually looks like.

Get access to Wall Street 360 today.

DAILY ACUMEN

The Second Number

Every negotiation has a first number and a second number. The first is what someone asks for.

The second, the one they actually accept, tells you everything about how they see you.

Most people spend all their energy reacting to the first number and almost none understanding the second.

The same dynamic runs through salaries, partnerships, and investment terms. What someone asks for is a performance. What they ultimately take is data.

Learn to read the distance between the two and you will understand the room better than almost anyone in it.

ENLIGHTENMENT

Short Squeez Picks

• Are you venting or complaining?

• Why CEOs credit their success to listening skills

• Sleep is the new management flex

• 7 natural energy boosters

• How to get back into running this spring

MEME-A-PALOOZA

Memes of the Day

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