Markets Edge

ReadingMid-market med-tech is repricing downward. If KKR's entry thesis holds, the next three years see aggressive add-on acquisition cycles from their portfolio.

ReadingTier-two data center markets are now prime acquisition targets. The real estate arbitrage is structural: land + power + latency + tax incentives make rural Michigan worth $16B in committed spend.

ReadingElectrical infrastructure vendors are consolidating vertically. NVent's move signals that margin expansion now lives in systems, not SKUs.

ReadingWealth manager valuations stay sticky because PE has committed capital. The next three exits in this space happen at 7-9x EBITDA, not 5x.

ReadingBiotech buybacks at these valuations mean management believes cash on hand exceeds the near-term burn rate and the share count compression justifies the treasury spend.

ReadingIndian IPO velocity suggests equity capital markets have stabilized after the monsoon volatility. Allocation teams should expect this pace to hold through Q3.

ReadingLumino's prospectus will reveal whether state and central infrastructure budgets are real or forecast. The subscription data is the tell.