The Tenfold Monthly

Hello,

In this edition of Tenfold Monthly, we begin with last month's earnings from investment banking. The strong performances of major banks like JPMorgan and Morgan Stanley illuminate the broader market dynamics. These outcomes, reflecting the volume of M&A and capital markets activity, offer a clear view of the current market and potential future directions.

The investment banking sector continues to face challenges, yet it also displays promising growth in M&A advisory. Since the slowdown, private equity firms have focused inwardly, prioritizing value creation within their portfolios to adapt to a landscape with high interest rates and misaligned expectations between buyers and sellers.

This strategic shift is marked by a dramatic increase in engagement from investment professionals eager to focus on capital deployment: this July, we saw a 448% increase in completed applications via LinkedIn compared to last July, highlighting the intensifying competition for roles in this sector.

Throughout July, there has been a notable uptick in senior-level recruiting, with professionals at the VP level and above receiving an increased number of contacts from recruiters.

As we monitor these developments closely, we are dedicated to providing the insights and opportunities that help you navigate this dynamic environment and maintain a leading edge in the evolving market landscape.

Industry Insights & News

Here are some curated reads from around the web to keep you informed:

• Wall Street banks see investment banking improvement, with some caution (RU)

• The White-Collar Hiring Rut Is Here. That’s Bad News for Young College Grads (WSJ)

• T-Mobile to Spend $4.9 Billion to Buy Metronet in JV With KKR (WSJ)

• EQT joins the ranks of the world’s largest private markets impact capital firms (NPM)

• Microsoft-CrowdStrike issue causes ‘largest IT outage in history’ (CNBC)

• Private equity fundraising sees modest rebound in H1 2024 as timelines soar – updated (PEI)

• NGP Launches NGP Sustainable Real Assets to Invest in Clean Energy Project Development Platforms (NGP)

• Side Letter: This PE strategy rose 90% last year (PEI)

• Jeff McDermott Joins Energy Impact Partners as Head of Strategic Finance (BW)

Fundraising & Deal News

Discover the latest financial milestones and transformative deals in our sector-focused roundup:

• Iconiq Raises $5.75 Billion for New Fund to Invest in Startups (BB)

• Lee Equity Partners Closes Oversubscribed Fund IV at $1.3 Billion (PRN)

• QIC seeks $1bn for second infra debt fund (II)

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Staying ahead means staying informed and connected. As we wrap up this month's edition of The Tenfold Monthly, we look forward to bringing you more insights, opportunities, and success stories.

Until next month,
The Tenfold Team