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đ Public Colleges Buying the PE Dip
Plus: Bitcoin crosses $117k, Jamie Dimon tells Europe: âYouâre losing,â BCG fires employees who worked on unauthorized Gaza ârelocationâ plan, PE giants invest in each otherâs deals.

Together With
"Weâve got this huge strong market and our companies are big and successful, have huge kinds of scale that are global. You have that, but less and less.â â Jamie Dimon, on Europe
Good Morning! Jamie Dimon says Europeâs economy is falling behind, slipping from about 90% of Americaâs size two decades ago to just 65% today. Buyout giants are teaming up on deals, and BCG fired staff who secretly worked on a Gaza ârelocationâ plan.
Trump will host Nvidia CEO Jensen Huang at the White House after the chipmaker topped $4 trillion. Wall Street hiring is booming, and private equity firms want government help to access 401(k) plans.
Plus: Citadel bought Morgan Stanleyâs options market maker, stocks and bonds are sending mixed economic signals, and the Bitcoin pump continued as it hit $117,000 at the time of writing.
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SQUEEZ OF THE DAY
Public Colleges Buying the PE Dip

Ivy League endowments are scaling back their investments in private equity, but their public university counterparts are going all in. Seven state school endowments plan to boost their PE allocations by as much as 150% over the next few years. They see the recent slowdown in exits and fundraising as a rare opportunity to gain access and upside.
The University of Utah, for example, raised its private equity target from 10% to 30%. Clemson plans to move from 18% to 24%. While smaller and public endowments have lagged behind elite institutions in alternative investments, now theyâre playing catch-up while the Yales and Harvards step to the sidelines.
Blackstone might have to cancel dinner with Yale and become best friends with the University of Utah. As top-quartile GPs see fewer re-ups from their biggest clients, they are quietly opening the door to new LPs. Public endowments, often dismissed as too small or too slow, are suddenly getting calls they couldnât get returned five years ago.
Not everyone is on board. VCU is keeping its PE allocation steady at 18% Some analysts, like Cambridge Associates founder Hunter Lewis, are warning that the worst may not be over. High interest rates and tight liquidity continue to weigh on private equity, and a growing number of LPs are questioning whether the risk-reward tradeoff still makes sense.
Takeaway: With the S&P 500 hitting new highs and public equity returns looking limited, while private market valuations coming down, state universities are seizing the moment to increase their private equity exposure. And for fund managers looking to raise in a tougher environment, this new wave of LPs may be the key to filling the gap.
HEADLINES
Top Reads
Jamie Dimon tells Europe: âYouâre losingâ (Fortune)
Buyout giants are investing in each otherâs deals (BB)
BCG fires rogue employees who worked on Gaza ârelocationâ plan (NYP)
Trump to host Huang at White House as Nvidia tops $4 trillion market cap (CNBC)
Wall St. hiring at 'fever pitch' (WSJ)
Private equity wants government help for final push into 401(k) plans (WSJ)
Citadel bought Morgan Stanley's options market maker (BB)
White House accuses Powell of mismanaging Federal Reserve (CNBC)
AI is turning Apple into a loser (Axios)
Stocks and bonds split on the economy (Axios)
Dartmouth joins Ivy League bond boom with $456M debt sale (BB)
Canada Goose's private equity backer weighs stake sale (BB)
Delta shares jump 12% after airline reinstates 2025 profit outlook (CNBC)
AI race powers the stock market forward (Axios)
The early winner in the 'Dexit' war for corporate relocations: Nevada (YF)
Bitcoin crosses $117K as Ether hits $3,000 and XRP surges by 5% (CP)
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CAPITAL PULSE
Markets Rundown

Market Update
S&P 500 and Nasdaq hit new record highs, brushing off tariff concerns
Russell 2000 gained 0.5%, extending its 5-day rally to 1.7%, though still 7% below its all-time high
U.S. bond yields reversed early gains after a well-received 30-year Treasury auction
The U.S. dollar held steady against a trade-weighted basket of currencies
WTI crude oil declined, as U.S. supply rose and OPEC+ may pause output hikes
Economic Data Highlights
President Trump threatened a 50% tariff on Brazilian imports, unless charges against Bolsonaro are dropped
Copper tariff of 50% confirmed, set to take effect August 1; copper futures surged
Brazil exported $42B to the U.S. in 2024, implying $21B in annual tariff exposure
Markets still expect trade deals or delays, but risk of broader economic impact is rising
Reported Earnings
Delta Air Lines (DAL) â Beat expectations on strong summer travel demand and cost controls
Levi Strauss (LEVI) â Missed on revenue, citing weaker wholesale demand and rising input costs
Vista Outdoor (VIST) â Posted mixed results; sporting products outperformed, but outdoor segment weakened
Earnings Today
No significant earnings scheduled
Movers & Shakers
(+) WK Kellogg ($KLG) +31% after the cereal manufacturer will be acquired by Ferrero.
(+) Estée Lauder ($EL) +6% because Bank of America issued a buy rating.
(â) Helen of Troy ($HELE) -23% after the hydro flask maker missed on earnings.
Private Dealmaking
Ferrero International bought WK Kellogg for $3.1 billion
iCapital, a private markets tech provider, raised $820 million
Airalo, an eSIM provider, raised $220 million
Honor Education, a learning platform, raised $38 million
Tulum Energy, a clean hydrogen developer, raised $27 million
Arago, a low-power photonic chips developer, raised $26 million
For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.
BOOK OF THE DAY
AI 2041

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Rating:
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DAILY ACUMEN
High Agency
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Itâs the intern who emails the CEO, the founder who cold-calls 100 investors, the operator who doesnât say âI canâtââthey ask, âHow can I?â
Systems are real. So are gatekeepers. But high-agency people navigate around them, build new systems, or kick down the door entirely.
The world is full of people who follow instructions. The rare ones rewrite them.
ENLIGHTENMENT
Short Squeez Picks
MEME-A-PALOOZA
Memes of the Day



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