Good Morning! Jamie Dimon says Europe’s economy is falling behind, slipping from about 90% of America’s 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 “relocation” 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 Stanley’s 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 they’re 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 couldn’t 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: ‘You’re losing’ (Fortune)

• Buyout giants are investing in each other’s deals (BB)

• BCG fires rogue employees who worked on Gaza ‘relocation’ 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) – Beat expectations on strong summer travel demand and cost controls

• Levi Strauss (LEVI) – Missed on revenue, citing weaker wholesale demand and rising input costs

• Vista Outdoor (VIST) – 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.

• (–) 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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• Goodreads: 4.0 / 5

Book Length: 480 pages
Audible Length: 18 hrs 4 mins (narrated by a full cast)

Ideal For: Futurists, tech optimists, AI skeptics, sci-fi fans, and anyone curious about how AI may reshape everything from healthcare to relationships over the next two decades.

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DAILY VISUAL

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ENLIGHTENMENT

Short Squeez Picks

• 5 steps for leading a team you’ve inherited

• Stop saying ‘hope you’re well’ in emails

• Public speaking tips for professionals 

• How to harness your inner athlete

• When a rude email you write gets forwarded

MEME-A-PALOOZA

Memes of the Day

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