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<ul><li>The logistics tech startup has raised $395 million with a renewed valuation of $1.6 billion. </li><li>SoftBank has reportedly picked up a stake of 22.4% in the company. </li><li>Other investors include Carlyle Group and Fosun International. </li></ul>After months of speculation, logistics tech startup Delhivery has finally joined the <keyword id="3009432" type="PERSON" weightage="20" keywordseo="unicorn-club">unicorn club</keyword> after raising $395 million from <a href="https://www.vccircle.com/softbank-carlyle-invest-395-mn-as-delhivery-joins-unicorn-club/">SoftBank</a>. The latest round of funding takes Delhivery’s valuation to $1.6 billion. Last week, the company and its investors made headlines after SoftBank received the approval from Competition Commission of India to take hold of 22.4% stake in Delhivery. Other investors in the round include US-based private equity firm Carlyle Group and Chinese conglomerate Fosun International. Delhivery also has Tiger Global, Nexus Venture Partners and and Times Internet as its investors. SoftBank-Delhivery talks had been going on since <a href="https://inc42.com/buzz/softbank-may-invest-245-mn-to-lead-delhivery-to-unicorn-club/">last year</a>, with a lot of back-and-forth between the duo regarding the stakes in the company. Delhivery had also been contemplating an Initial Public Offering, which will now be put on hold with the new investment. The logistics solutions company founded by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani, had managed to create a stronghold in India with its partnership with e-commerce unicorns like Flipkart and Paytm among others. Japan-based SoftBank has a strong presence in India with investments in multiple unicorns and startups in the country. The SoftBank Vision Fund concentrates on Indian startups, with the firm having earlier said they had missed the bus on many Indian startups because of not having an India office. “Investors like Tiger Global, Sequoia Capital and DST Global spotted these companies at the right time. We were a tourist investor. So opening an office lets us handhold our companies closely. We missed them before they became unicorns, which we did not with Oyo and Policybazaar. We want to put $100 million when these companies are valued at $500 million,” SoftBank executive VP Rajeev Misra had told <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/missed-many-unicorns-as-we-were-tourist-investors-softbank/articleshow/68089128.cms">ET.</a> See Also: <a href="https://www.businessinsider.in/swiggy-and-bigbasket-will-battle-softbank-and-mukesh-ambani-in-online-grocery/articleshow/68204293.cms">Online grocers are back in business in India with billions more to burn – and that may be good for consumers</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a>

Delhivery becomes India’s first unicorn in 2019, thanks to SoftBank

Private credit is so hot, it was the talk of this week's SALT hedge fund conference.Private credit is a pocket of the lending market that has grown to about $1.25 trillion in assets, according to Preqin data.Private-credit funds lend — typically to leveraged companies — for myriad reasons, from financing acquisitions to servicing borrowers' working-capital requirements.In their infancy, these funds stepped in for regulated banks. They provided small loans (say between $50 million to $200 million) to riskier companies that banks avoided, and often negotiated extras in their credit agreements like seats on their boards.Private-credit funds plied their trade in the so-called middle market, and left banks to work on billion-dollar financings.Now, equipped with trillions of dollars in dry powder, private-credit is taking market share from big banks more than ever before.Let's take a look at the opportunities — dissected by Insider's Alyson Velati <a href="https://www.businessinsider.com/blackrock-owl-rock-private-credit-opportunities-tech-healthcare-2022-9">here</a> — firms like BlackRock, Owl Rock and Ares Management have found in this year's choppy credit markets.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/blackrock-owl-rock-private-credit-opportunities-tech-healthcare-2022-9"></a>1. Private credit has taken off amid a slowdown in dealmaking. There are opportunities for private-equity firms to tap private-credit lenders for loans rather than big banks.Unlike bank loans, private-credit funds would usually underwrite the entire, albeit smaller, loan for a borrower, or team up with a few fellow lenders to provide the loans. Banks corral a syndicate of lenders to write sizable checks, which are then sold to third-party investors in the form of bonds or leveraged loans.It was harmonious. Private credit stuck to small deals for small companies. Banks focused on big-ticket deals.Now, equipped with trillions of dollars in dry powder, private-credit is taking market share from big banks more than ever before.Blackstone and Oak Hill led a <a href="https://www.bloomberg.com/news/articles/2022-05-17/private-credit-club-snags-2-9-billion-mantech-buyout-debt">roughly $3 billion debt package</a> for Carlyle's acquisition of US government contractor ManTech International, which <a href="https://www.globenewswire.com/news-release/2022/09/14/2516381/7056/en/ManTech-Announces-Completion-of-Acquisition-by-Carlyle.html">closed today</a>. In May, Goldman Sachs' asset-management arm provided <a href="https://www.bloomberg.com/news/articles/2022-05-04/goldman-s-private-credit-arm-steps-in-with-loan-for-cdk-buyout">$865 million in debt</a> to help fund Brookfield's purchase of software company CDK Global.Private-credit has a greater appetite for risk. They charge a greater interest rate, but can craft a deal faster (no roadshows, lender meetings), and they hold onto the loans usually until maturity.Banks move debt off their balance sheets quickly. And by selling these loans to investors as bonds or loans, this debt is at the mercy of volatile secondary markets.This year, banks have been left holding onto bad loans that they underwrote during the good times, and couldn't offload them when markets soured.This dislocation has created <a href="https://www.businessinsider.com/blackrock-owl-rock-private-credit-opportunities-tech-healthcare-2022-9">opportunities for private-credit behemoths like Owl Rock or Ares</a>.For more on private credit, check out these stories:<ul><li>Blue Owl is taking on big banks in funding tech buyouts. The president of the business created by the Dyal-Owl Rock SPAC deal <a href="https://www.businessinsider.com/blue-owl-rock-dyal-spac-merger-deals-private-credit-atac-2021-5">shares how he plans to become a "lender of first choice."</a></li><li>Thoma Bravo just scored a <a href="https://www.businessinsider.com/owl-rock-financing-thoma-bravos-calypso-acquisition-unitranche-loan-2021-4">record-setting loan from Owl Rock to fund a $3.75 billion fintech purchase</a>.</li></ul>In other news:<a href="https://www.businessinsider.com/blackstone-private-wealth-joan-solotar-alternatives-breit-bcred-futureproof-2022-9"></a><div type="image" title="Joan Solotar of Blackstone in front of a window, wearing a sweater and a watch." height="1800" width="2400" msid="94225236" hostid="261"></div>2. Blackstone has quadrupled its wealth business in four years. Joan Solotar, the firm's head of private wealth, outlined how the private-investment firm will win the <a href="https://www.businessinsider.com/blackstone-private-wealth-joan-solotar-alternatives-breit-bcred-futureproof-2022-9">war for retail clients</a>.3. Hedge funds are facing a shakeout as underperforming shops stutter. Here is what a $14 billion fund is doing to <a href="https://www.businessinsider.com/hedge-fund-consolidation-underperformers-tiger-cubs-salt-2022-9">come out as a winner</a>.4. SoftBank is considering launching a third Vision fund, the Wall Street Journal reported. SoftBank, led by Masayoshi Son, absorbed massive losses in its previous Vision fund, which is now worth less than the investment that <a href="https://www.wsj.com/articles/softbank-considers-launching-a-third-vision-fund-11663154600?mod=hp_lead_pos4">initially went into it</a>.5. Bankrupt crypto bank Celsius is plotting a comeback after the market crash, according to the New York Times. Alex Mashinsky, Celsius' chief executive, wants to rebuild the company by offering cryptocurrency storage and charging <a href="https://www.nytimes.com/2022/09/13/technology/celsius-network-crypto.html?campaign_id=4&amp;emc=edit_dk_20220914&amp;instance_id=71896&amp;nl=dealbook&amp;regi_id=162318335&amp;segment_id=106253&amp;te=1&amp;user_id=0162ea8283becc84919a0c458649e40f">fees for certain transactions</a>.6. Citi expects to divest from its Mexican consumer-banking business by next year, the bank's chief financial officer said at a conference. The bank could sell its interest in Citibanamex via a straight sale or through an <a href="https://www.reuters.com/markets/us/citigroup-expects-sale-or-ipo-mexico-consumer-business-next-year-2022-09-14/?campaign_id=4&amp;emc=edit_dk_20220914&amp;instance_id=71896&amp;nl=dealbook&amp;regi_id=162318335&amp;segment_id=106253&amp;te=1&amp;user_id=0162ea8283becc84919a0c458649e40f">initial public offering</a>.7. Staying on Citi, regulators want the bank to move faster to fix problems with its risk-management systems. Citi is expected to submit a plan today, which executives hope will ease regulators' concerns, per <a href="https://www.wsj.com/articles/regulators-want-citigroup-to-move-faster-to-fix-problems-with-its-risk-systems-11663172835">this story from the Wall Street Journal</a>.8. Startup founders' salaries have been upended amid the market downturn. Venture capital-backed founders have higher salaries than their counterparts who have not raised outside funding, <a href="https://www.businessinsider.com/top-takeaways-pilot-founder-salary-data-market-downturn-2022-9">new data from Pilot revealed</a>.9. Investors and landlords are watching big expiring leases from the likes of Twitter and Morgan Stanley. The monitoring is so they can understand just how hard remote work <a href="https://www.businessinsider.com/9-buildings-to-watch-as-companies-switch-to-remote-work-2022-9">will hit the office sector</a>.10. Inside the rise of the "bait-and-switch" job interview. Are you sure that a new employee is the same <a href="https://www.businessinsider.com/bait-switch-job-interviews-unqualified-applicants-paying-remote-work-2022-9">person you just interviewed?</a>People moves:<ul><li>Francisco Partners has welcomed four new executives to the private-equity firm:</li><ul><li>Erin Blake has joined as a managing director in legal and M&amp;A. Blake will work with the investment team on legal matters relating to transactions. She was most recently a partner at law firm Kirkland &amp; Ellis.</li><li>Jason Warner has joined as a MD and head of data science. He was most recently a principal in Blackstone's data science group.</li><li>Brian Elrod has joined as a director of tax. Previously, Elrod was a partner in Deloitte's M&amp;A tax group.</li><li>Tulsi Byrne has joined as a director and head of ESG. She was previously the head of ESG for fixed income, private credit, and private equity at Nuveen.</li></ul><li>Churchill Asset Management has appointed Carol Loundon its deputy chief risk officer. She was previously a MD in Churchill's senior lending underwriting and portfolio management group.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Private credit is so hot right now, the execs at SALT were raving about it. BlackRock and Owl Rock are taking advantage of banks' pain to win more of this booming part of Wall Street.

<ul><li>The Chinese government is forcing the $100 billion private tutoring and online <keyword id="6361862" type="UNKNOWN" weightage="20" keywordseo="education-sector">education sector</keyword> to go non-profit.</li><li>The move is also said to be in line with Chinese president’s Xi Jinping’s top priority at the moment — boosting the declining birth rate in <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword>.</li><li>India may turn out to be a possible beneficiary of China’s latest regulation on the <keyword id="1464841" type="PERSON" weightage="20" keywordseo="Edtech">edtech</keyword> industry.</li></ul>The government of China has pulled the rug from the edtech industry, with its latest regulation. The country is now forcing its $100 billion private tutoring and online education sector to go non-profit. To make matters worse, the Chinese government has also deprived the edtech companies from going public, taking foreign capital or issuing stocks if already public. This has shut all doors for these companies to make any form of capital and for investors to get their desired exits. Investors like Warburg Pincus, Temasek, General Insurance Corporation (GIC), Sequoia Capital, SoftBank, Tiger Global and many others have been affected by this decision, apart from the edtech startups that are operational in the country. Top Chinese edtech startups and their investors: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chinese edtech firms </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Yuanfudao </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DST, CPE, Temasek, Trustbridge </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Huohua Siwei </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Trustbridge, GSR, GGV, Tencent, Carlyle, Sequoia China </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zuoyebang </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sequoia China, SoftBank Vision Fund, FountainVest, Tiger Global </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zhangmen </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shunwei Capital, Warburg Pincus, CMC Capital </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Knowbox </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TAL Education Group, Bertelsmann Asia Investments, Alibaba Group </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">iTutorGroup </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Alibaba Capital Partners, Qiming Venture Partners </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Huike </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">China Oceanwide, Qianhe Capital, Fosun RZ Capital </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hujiang </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minsheng Investment Group, Baidu </td></tr></tbody></table> According to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2021-07-23/from-tiger-to-temasek-investors-scarred-by-china-edtech-assault"> report</a>, the nationwide crackdown on edtech actually stems out of a deeper backlash against the new-age educational businesses. The excessive tutoring not only torments youth, but also burdens parents with expensive fees, the report added. The edtech segment has also been accused of causing social inequalities. Edtech is allegedly triggering a social inequality among urban and rural citizens of China by providing additional coaching to those who can afford it. This especially has a greater impact in tutoring students for China’s university entrance exam, gaokao, according to media reports. The nine-hour-long test actually determines whether a student will attend an undergraduate institution or not. The test results will also determine the college a student can attend. Since there are no other alternatives in China, gaokao has turned out to be a really high stakes exam. Therefore, it is <a href="https://www.scmp.com/news/china/society/article/2097512/gaokao-how-one-exam-can-set-course-students-life-china">seen</a> as one of the most brutal educational assessments in the world. According to a report by news and analysis platform Protocol, Chinese families are willing to shell out an average of 11% of their annual family expenses for their Children’s future success. This does create inequalities among those who cannot afford to pay for additional education systems. Besides this, the policy is said to be in line with Chinese president’s Xi Jingping’s top priority at the moment — boosting the declining birth rate in China. Affordable education is likely to promote people to have more than one child. China’s latest regulation on edtech: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies and institution that teach the school curriculum must go non-profit </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">These institutions cannot pursue an IPO or raise any foreign capital </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listed companies will not be able to issue stock or raise money in stock market </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Foreign companies cannot acquire or hold shares in school tutoring companies </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">All vacation and holiday curriculum tutoring is prohibited </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Online curriculum for kids below six years of age in banned </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies cannot teach foreign curriculum or hire foreigners </td></tr></tbody></table> This is not the first time that the Chinese government has shown interest in the nation's edtech industry. On March 31 this year, China’s Minister of Education Chen Baosheng <a href="http://www.moe.gov.cn/srcsite/A06/s3321/202104/t20210401_523901.html">announced</a> that the education department should limit the timings for online learning to ensure that primary and secondary school students get enough sleep. The ministry added that all live online broadcasting training activities should end no later than 9 p.m. Chinese crackdown a boon for Indian edtech? China is the largest education market in the world, which has attracted venture capital, from all over the globe, over the last few years. Out of the 28 edtech unicorns in the world, eight are from China as per a market intelligence firm Holon IQ <a href="https://www.holoniq.com/edtech-unicorns/">report</a>. A unicorn, in startup parlance, is a private firm valued at or more than $1 billion. Online education has been booming around the world especially during the global pandemic. According to a weforum<a href="https://www.weforum.org/agenda/2020/04/coronavirus-education-global-covid19-online-digital-learning/"> report</a>, about 1.2 billion students across 186 countries were out of school in 2020 due to COVID-19 and related restrictions. The global investment in edtech will grow from $18.66 billion in 2019 to $350 billion by 2025, the report added. If China shuts its doors to global capital looking for opportunities in the edtech space, it is possible that money may seek out opportunities in countries like India with a large population of students and early career professionals. 81.3% of India’s population is under the age of 45, according to Census of India <a href="https://censusindia.gov.in/census_and_you/age_structure_and_marital_status.aspx">2011</a>. Though India has only two edtech unicorns at the moment — BYJU’s and Unacademy — the sector has been gaining a lot of momentum over the last one year. BYJU’s is currently the biggest edtech startup in the world in terms of valuation, at an estimated $16.5 billion. The Bengaluru-based company has raised $2.7 billion in the last decade, from marquee investors like Prosus, General Atlantic, Tencent, Qatar Investment Authority (QIA), Tiger Global, Silver Lake and more. Besides this, the Indian government’s <a href="https://www.businessinsider.in/education/news/india-revamps-its-education-policy-after-34-years-scraps-mphil-proposes-vocational-courses-from-class-6-ug-colleges-to-become-autonomous/articleshow/77241851.cms">National Education Policy (NEP) of 2020</a> that promotes digital and remote learning is going to further boost the segment in India. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/subscribe-to-glenmark-life-sciences-ipo-because-of-clean-regulatory-history-and-good-track-record-as-per-analysts/articleshow/84748115.cms" data-type="tilCustomLink">One may subscribe to Glenmark Life Sciences IPO because of clean regulatory history, strong promoter backing and good track record, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/yes-bank-shares-surge-5-after-it-reports-strong-profit-growth/articleshow/84751116.cms" data-type="tilCustomLink">YES Bank shares surge 5% as investors see a ray of hope after bank reported four fold growth in profit</a> <a href="https://www.businessinsider.in/tech/news/a-man-used-ai-to-bring-back-his-deceased-fianc-but-the-creators-of-the-tech-warn-it-could-be-dangerous-and-used-to-spread-misinformation-/articleshow/84717296.cms" data-type="tilCustomLink">A man used AI to bring back his deceased fiancé. But the creators of the tech warn it could be dangerous and used to spread misinformation.</a>

The Chinese government believes online education is bad for students, parents and the society

Good morning! I'm Aaron Weinman, and I'm writing this from our offices in Downtown Manhattan. For those BofA bankers reading this, I'm going to assume you're nestled into your seats at One Bryant Park with a cup of joe.Before we get into BofA's occupancy levels, however, I have an announcement. Reed Alexander, Insider's resident Wall Street newshound, will interview Bruce Larson, the chief human resources officer at private-equity firm Carlyle. Tune in via <a href="https://www.instagram.com/businessinsider/?hl=en">@BusinessInsider</a>'s official Instagram page at 2pm Eastern today to discuss Wall Street culture, and workplace health and wellness.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/bofa-leaked-audio-bankers-told-back-to-office-four-days-2022-6"></a>1. Bank of America bankers, cancel your two-month-long Airbnb in Lake Tahoe this summer. Leaked audio from the investment bank is clear: Come on down to One Bryant Park.The US bank wants its suits back in the office at least four days a week. The big wigs in M&amp;A, meanwhile, want to see their staffers back five days a week, according to this <a href="https://www.businessinsider.com/bofa-leaked-audio-bankers-told-back-to-office-four-days-2022-6">exclusive story from Insider's Alex Morrell and Samantha Stokes</a>.BofA — like <a href="https://www.businessinsider.com/goldman-sachs-is-tracking-swipes-to-get-people-back-rto-2022-3">Goldman Sachs</a> and <a href="https://www.businessinsider.com/jpmorgan-is-tracking-employee-id-badges-swipes-jamie-dimon-hybrid-2022-4">JPMorgan</a> — is monitoring employee attendance, while some managers have called staff to remind them of their in-office requirements.Top brass at most Wall Street banks are yearning for some semblance of pre-pandemic office culture. Those in favor of more bums on seats reckon summer interns and junior bankers are best-placed to benefit, as it exposes them to company culture and senior dealmakers.But those rainmakers are hitting the road again, while other bankers have said they're coming into the office, only to sit in on the same Zoom meetings as their colleagues right next to them. Then <a href="https://www.businessinsider.com/jpmorgan-chase-employees-describe-fear-mass-workplace-data-surveillance-wadu-2022-5">there's the Orwellian efforts</a> being applied to track staff, which have left several bankers irate.Anywho, I look forward to my next meeting in Bryant Park, but I'll have a meal beforehand, so I don't have to wait 20 minutes in line for overpriced Sweetgreen.My advice to the BofA bankers: Download Sweetgreen's app, order ahead, and avoid the salmon.Before diving into the rest of the news, in <a href="https://www.businessinsider.com/10-things-wall-street-citi-investment-banking-citadel-2022-6">last Friday's edition</a>, we noted that a former analyst at Citadel was sentenced to prison for scamming Covid relief loans, <a href="https://www.bloomberg.com/news/articles/2022-06-07/ex-citadel-analyst-gets-51-months-for-hedge-fund-covid-scam?sref=ipW5reFz&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%20:%20Wall%20Street:%20Meet%20the%20%27Banker%20of%20the%20Week%27&amp;utm_term=10%20THINGS%20ON%20WALL%20STREET%20SEND%20LIST">according to Bloomberg</a>. To be clear, this individual left Citadel in 2018, while the prison sentence relates to actions committed in 2020.In other news:<a href="https://www.businessinsider.com/blackrock-investor-shareholder-proposal-voting-2022-6"></a><div type="image" title="Blackrock Chairman and CEO Larry Fink wears a dark-colored jacket and white shirt, with glasses and gesturing with his hand in front of a blue background. He visits &quot;The Claman Countdown&quot; at Fox Business Network Studios on March 09, 2022 in New York City." height="3651" width="4868" msid="92183215" hostid="261"></div>2. BlackRock is expanding investors' voting power. The world's largest money manager, which has been scrutinized for its heavy influence as a shareholder, is <a href="https://www.businessinsider.com/blackrock-investor-shareholder-proposal-voting-2022-6">extending voting power to investors in Canada and Ireland</a>.3. Some of the most sophisticated hedge fund players shared their best bets. In today's inflationary environment, Mala Gaonkar fancies $95 billion software firm ServiceNow, while <a href="https://www.businessinsider.com/hedge-fund-investors-einhorn-gaonkar-wolfe-best-investment-ideas-sohn-2022-6">Greenlight Capital's David Einhorn sees gold as the "ultimate reverse asset."</a>4. Executives from Goldman Sachs to Bridgewater imagined the markets in 2052. Here's what folks including Nasdaq's Adena Friedman and Macquarie's Shemara Wikramanayake <a href="https://www.bloomberg.com/news/articles/2022-06-10/goldman-citigroup-nasdaq-leaders-imagine-markets-in-2052?sref=ipW5reFz">told Bloomberg</a>.5. Another SoftBank-backed company just sacked a bunch of employees. OneTrust, a privacy-management startup, laid off 25% of staff <a href="https://www.businessinsider.com/layoffs-at-softbank-vision-funds-onetrust-privacy-management-startup-2022-6">one month after predicting a record quarter</a>.6. Klarna's CEO has come to the defense of BNPL. Sebastian Siemiatkowski <a href="https://www.cnbc.com/2022/06/10/klarna-ceo-defends-business-despite-massive-losses-and-layoffs.html">told CNBC</a> that Klarna's business model is "recession proof," despite <a href="https://www.businessinsider.com/klarna-updated-severance-package-layoffs-similar-to-airbnb-2022-6">laying off about 10% of its people</a> last month, and posting a $748 million loss last year.7. Bolt encouraged its staff to take out loans against their stock options. A former engineer at the fintech startup took out $100,000, then got canned, and <a href="https://www.businessinsider.com/bolt-stock-options-equity-layoffs-loan-ipo-fintech-2022-6">now he's got 90 days to pay back much of it</a>.8. Brainlabs just appointed Canadian financial advisor Cannacord Genuity. The mandate comes as the digital ad firm looks for private-equity money to expand its global footprint, <a href="https://www.businessinsider.com/brainlabs-hires-canaccord-genuity-private-equity-investment-2022-6">Insider has learned</a>.9. Fernando Fanton has joined Monzo as its chief product officer. The former Rappi and JustEat exec joins shortly after <a href="https://www.businessinsider.com/exclusive-fintech-monzo-hires-ex-rappi-exec-fernando-fanton-as-cpo-2022-6">the UK fintech hit a $4.5 billion valuation</a>.10. Proper <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">Finance</keyword> just nabbed $4.3 million in seed funding. The fintech helps its peers manage their own data, which can be a cumbersome process. Here's the pitch deck that Proper used to <a href="https://www.businessinsider.com/fintech-proper-finances-pitch-deck-raise-seed-round-y-combinator-2022-6">secure commitments from Redpoint Ventures and Y-Combinator</a>.Done deals:<ul><li>New Terminal One's $9.5 billion project to build and operate a revamped international terminal at JFK International Airport has <a href="https://www.governor.ny.gov/news/governor-hochul-announces-construction-95-billion-new-terminal-one-jfk-airport-will-begin">reached financial close</a>. MUFG, HSBC, ING, Intesa Sanpaolo, Scotiabank, Société Generale, and SMBC led $6.63 billion in loans to support the deal.</li><li>Trilon Group — an infrastructure company backed by Alpine Investors — <a href="https://www.businesswire.com/news/home/20220609005398/en/CPH-Announces-Strategic-Growth-Partnership-with-Trilon-Group">has acquired CPH</a>, an architecture and engineering firm.</li></ul>Event invite: The fourth installment in Insider's "Financing a Sustainable Future" series is tomorrow, June 14 at noon Eastern. This event, in partnership with Bank of America, focuses on corporate governance, perhaps the most difficult measure of ESG reporting. Check out the previous <a href="https://events.insider.com/financing-a-sustainable-future?utm_source=AaronNewsletter&amp;utm_medium=&amp;utm_campaign=2022-6-14_Principles_BankofAmerica">three events and register for next week here</a>.Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: BofA's audio leak

Happy Saturday!Hedge funds that love to use Robinhood data to hunt for winning ideas won't be able to tap its enormous pool of trades in quite the same way anymore. As CNBC first <a href="https://www.cnbc.com/2020/08/10/robinhood-reports-more-monthly-trades-than-rivals-charles-schwab-e-trade-combined.html">reported</a>, Robinhood is no longer publishing how many customers held a particular stock, and the retail-trading app is also limiting access to its API.And as Dakin Campbell and Dan DeFrancesco learned, hedge funds were pinging other data providers within hours of hearing the Robinhood news to try to line something else up. Read the full story here:<h2><a href="https://www.businessinsider.com/point72-contacts-other-investing-apps-after-robinhood-data-taken-down-2020-8">Steve Cohen's Point72 and other hedge funds are sending urgent requests to find a replacement after Robinhood data on hot stock trades suddenly went dark</a></h2>What does it take for vendors to win customers over on a data feed that's not quite so high on their list of priorities? Dan teamed up with Bradley Saacks to ask gatekeepers at top alt-data consumers what they look for in a pitch. You can read all their responses here:<h3><a href="https://www.businessinsider.com/alt-data-pitch-their-firm-point72-bridgewater-barclays-2020-8">How to pitch Bridgewater, Balyasny, and other big names on buying new data sets, according to 7 people in charge of their strategies</a></h3><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> is among bidders for GM's credit-card business, the <a href="https://www.wsj.com/articles/goldman-sachs-vies-for-gms-credit-card-betting-youll-buy-coffee-with-your-car-11597240913">Wall Street Journal reported</a> this week, a move that could mark another big push into consumer <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> for the firm. Meanwhile, Goldman and other banks have been going all in on creating their own internal content machines in a bid to win customers — and the general public — over.Dakin Campbell and Rebecca Ungarino took a look at who's driving that push and how work-from-home has taken those efforts to the next level. Read the full story here: <h3><a href="https://www.businessinsider.com/goldman-sachs-wall-street-banks-media-content-strategies-marketing-research-2020-8">Wall Street banks like Goldman Sachs have been building out their own in-house media organizations to help control their image. Now they're kicking production into overdrive.</a></h3>More big headlines from this week below, including pay drama at PwC, how in-person client schmoozing is making a comeback, and the latest on what's going on inside Merrill Lynch's financial-adviser trainee program after an unusual pause on client outreach. <a href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber to our finance newsletters, you can sign up here.</a>Have a great weekend, Meredith <h2><a href="https://www.businessinsider.com/merrill-lynch-wealth-financial-adviser-training-program-head-exits-changes-2020-8">The head of Merrill Lynch's financial adviser training program, the firm's main talent pipeline, is leaving </a></h2><a href="https://www.businessinsider.com/merrill-lynch-wealth-financial-adviser-training-program-head-exits-changes-2020-8"></a>The head of Merrill Lynch's financial adviser training program is leaving after a year and a half in the role, industry news website <a href="https://www.advisorhub.com/merrill-searches-for-new-head-of-training/">AdvisorHub</a> first reported on Friday. Jennifer MacPhee's successor, who the firm will name in the coming weeks, will have to contend with a shifting adviser training and recruitment landscape in an aging industry trying to attract new blood.Bank of America's wealth manager recently prohibited its financial advisers in-training from reaching out to prospective new clients. And as Rebecca Ungarino <a href="https://www.businessinsider.com/merrill-lynch-pauses-adviser-trainee-prospective-client-outreach-after-violations-2020-8">reported earlier this week</a>, the reason for Merrill Lynch's temporary pause was "many" outreach-related violations across the organization.<h2><a href="https://www.businessinsider.com/former-pwc-partner-lawsuit-reveals-details-comp-clients-2020-8">A former PwC partner just sued the firm for $15 million in compensation, offering a rare look at pay and wrangling over clients at a Big 4 firm</a></h2><a href="https://www.businessinsider.com/former-pwc-partner-lawsuit-reveals-details-comp-clients-2020-8"></a>As Jack Newsham reports, a new lawsuit is packed full of details about compensation and how partners get credit for business they bring in at PwC — including a copy of a PwC offer letter that was attached to the complaint. <h2><a href="https://www.businessinsider.com/how-wall-street-is-entertaining-clients-era-of-social-distancing-2020-8">Wall Street is taking clients for long walks on the beach and out to dinner outdoors in the Hamptons as safe schmoozing picks up</a></h2><div type="image" title="new york sidewalk dining" height="2663" width="5325" msid="77563745" hostid="261"></div>Offices may still be largely empty, but Wall Street is upping its game when it comes to entertaining clients. Dinners in Manhattan are back on — but not everyone is thrilled about sitting on a city sidewalk in the summer heat. Those looking for an alternative can try golf, beach walks, or dining al fresco in the Hamptons. Bradley Saacks, Meghan Morris, and Rebecca Ungarino have all the details <h2><a href="https://www.businessinsider.com/tiaa-says-avoiding-layoffs-in-2021-how-many-taking-buyouts-2020-8">Investment manager TIAA is shrinking headcount with buyouts offering up to 2 years of pay. Now 10% of its workers are cashing out.</a></h2><a href="https://www.businessinsider.com/tiaa-says-avoiding-layoffs-in-2021-how-many-taking-buyouts-2020-8"><div type="image" title="Roger Ferguson" height="1738" width="3475" msid="77563749" hostid="261"></div></a>Investment manager TIAA's voluntary employee buyout program was so successful that the company now says it can avoid layoffs through 2021. Meghan Morris laid out how the buyout offer played out and which areas of the firm saw the most uptake. TIAA's asset-management arm, Nuveen, saw lower participation in the program than the overall company.<h2><a href="https://www.businessinsider.com/wework-second-quarter-financial-results-membership-numbers-2020-8">WeWork nabbed a fresh $1.1 billion in financing from SoftBank as the coworking giant's membership dropped</a></h2><a href="https://www.businessinsider.com/wework-second-quarter-financial-results-membership-numbers-2020-8"><div type="image" title="Sandeep Mathrani" height="3360" width="6720" msid="77563751" hostid="261"></div></a>WeWork saw its membership number fall in the second quarter, but the coworking giant continued to add locations and nabbed a fresh $1.1 billion from lead investor SoftBank. Meghan Morris rounded up details on revenue and the firm's latest take on how a multi-year turnaround plan is playing out.<h2><a href="https://www.businessinsider.com/korean-lenders-mirae-meritz-could-see-losses-us-hotel-loans-2020-8">Investments in risky hotel debt could get wiped out as travel gets slammed — and one group of lenders may see an outsized hit</a></h2><a href="https://www.businessinsider.com/korean-lenders-mirae-meritz-could-see-losses-us-hotel-loans-2020-8"><div type="image" title="woman checking into hotel" height="1754" width="3508" msid="77563753" hostid="261"></div></a>South Korean lenders poured billions of dollars into US commercial real-estate acquisitions in recent years, including hotel properties that have been battered in recent months by the pandemic. Dan Geiger explains what drove the investment spree and what's next for the firms. <h2><a href="https://www.businessinsider.com/equifax-credit-scores-migration-public-cloud-security-google-cost-savings-2020-8">Equifax's CTO walked us through a Google Cloud migration that's addressing security concerns, cutting $240 million in costs, and helping speed up product launches</a></h2><a href="https://www.businessinsider.com/equifax-credit-scores-migration-public-cloud-security-google-cost-savings-2020-8"><div type="image" title="Bryson Koehler, equifax" height="1500" width="3000" msid="77563757" hostid="261"></div></a>Dan DeFrancesco chatted with Bryson Koehler, the chief technology officer of Equifax, who detailed the digital transformation the consumer credit-reporting giant has undergone over the past two years. Koehler shared that Equifax has put a significant amount of a $1.25 billion investment toward full adoption of the public cloud, already decommissioned 10 data centers, and is on pace to save $240 million.<h2>On the move</h2><ul><li><h3>$34 billion Citadel <a href="https://www.businessinsider.com/citadel-poaches-mavericks-ben-bologna-who-joined-ashler-2020-8">poached a rising star</a> from billionaire Lee Ainslie's Maverick Capital to join its Ashler stock-picking unit.</h3></li><li><h3>Deutsche Bank <a href="https://www.businessinsider.com/deutsche-bank-hires-senior-distressed-credit-trader-jason-harris-hsbc-2020-8">has poached a senior trader</a> from HSBC to bolster its distressed-credit business, a powerhouse group that's been hit with defections in 2020.</h3></li></ul><h2>Careers</h2><ul><li><a href="https://www.businessinsider.com/law-school-students-concerns-over-remote-learning-amid-covid-2020-8">Students are weighing the pros and cons of virtual law school. Here's why some are deferring, and what that means for job prospects.</a></li><li><a href="https://www.businessinsider.com/black-jpmorgan-vice-president-tips-finding-mentor-bipoc-wall-street-2020-8">How people of color can identify mentors on Wall Street and progress their careers, according to a Black JPMorgan VP</a></li></ul><h2>Private equity</h2><ul><li><a href="https://www.businessinsider.com/private-equity-fundraising-2-year-low-experts-temporary-blip-2020-8">Private-equity fundraising hit a 2-year low in Q2 as coronavirus wreaked havoc with businesses and travel. We spoke to experts about why the drop is a 'pause, rather than a wholesale change.'</a></li><li><a href="https://www.businessinsider.com/private-equity-asia-deal-volume-rises-showing-next-investing-themes-2020-8">Private-equity giants like Carlyle are inking more deals in Asia. Here are the areas where they see the most investing opportunity.</a></li></ul><h2>Real estate</h2><ul><li><a href="https://www.businessinsider.com/neighbor-airbnb-self-storage-empty-office-space-commercial-real-estate-2020-8">Neighbor, an Andreessen Horowitz-backed startup that wants to be the Airbnb of self-storage, is partnering with landlords to turn empty offices into spaces for people's stuff</a></li><li><a href="https://www.businessinsider.com/corvias-faces-questions-over-return-to-campus-influence-georgia-michigan-2020-8">A student-housing developer is facing backlash after pressuring schools to bring college kids back to campus so it could keep its revenues up</a></li><li><a href="https://www.businessinsider.com/cbre-sandeep-dave-real-estate-technology-data-2020-8">Real estate giant CBRE has an 'unparalleled' amount of data. Its tech chief lays out how it's putting it to good use.</a></li><li><a href="https://www.businessinsider.com/vornado-landlord-using-facial-recognition-buildings-nyc-office-portfolio-biometrics-2020-8">Massive office landlord Vornado is planning to install face-reading cameras to track tenants in the bulk of its huge portfolio</a></li><li><a href="https://www.businessinsider.com/sl-green-foreclosing-590-fifth-avenue-commercial-real-estate-downturn-2020-8">SL Green is moving to foreclose on a building on NYC's glitzy Fifth Avenue shopping corridor, highlighting a dismal outlook for commercial real-estate</a></li></ul><h2><keyword id="6359540" type="PERSON" weightage="60" keywordseo="payments">Payments</keyword> and <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword></h2><ul><li><a href="https://www.businessinsider.com/accel-kkr-buy-recurly-majority-stake-subscription-payments-2020-8">A fintech that helps Twitch, Showtime, and CBS manage their subscriptions is eyeing international growth after nabbing a big investment from Accel-KKR</a></li><li><a href="https://www.businessinsider.com/td-ameritrade-execs-fintech-incubator-student-debt-nimbly-2020-8">TD Ameritrade's growth accelerator just launched an app for college debt as its first startup. Execs at the brokerage giant explain why it's a key tool to build entirely new businesses.</a></li><li><a href="https://www.businessinsider.com/routable-launch-y-combinator-digital-business-payments-2020-8">A Y Combinator-backed payments startup that's raised $16 million just launched out of stealth mode. Here's a look at how it's plugging into accounting software like Quickbooks to help companies manage bills.</a></li><li><a href="https://www.businessinsider.com/dosh-partners-with-venmo-cash-back-platform-2020-8">PayPal-backed rewards app Dosh is eyeing 150 million new customers through partnerships with Venmo and other fintechs as it taps into the booming cash-back industry</a></li></ul><h2>Hedge funds</h2><ul><li><a href="https://www.businessinsider.com/billionaire-dan-loebs-third-point-on-amazon-alibaba-disney-2020-8">Dan Loeb lays out why $13 billion Third Point is loading up on Disney stock and calls the streaming business an opportunity of a lifetime</a></li><li><a href="https://www.businessinsider.com/two-sigma-ibm-hedge-fund-tech-hiring-engineering-data-talent-2020-8">Data scientists and engineers are leaving Amazon and Facebook for hedge funds. Here are the firms that are winning the battle for top tech talent.</a></li></ul><h2>Asset management</h2><ul><li><a href="https://www.businessinsider.com/asset-management-industry-layoff-bonus-cuts-data-johnson-associates-report-2020-8">Here's who's most at risk once asset managers ramp up layoffs as the pandemic pressures the already-squeezed industry</a></li></ul>

How to pitch top hedge funds on the next hot alt-data set

Hello, readers, With 2019 quickly drawing to a close, we've been looking back at this year's key hires and exits to understand where firms are staffing up and what the hot areas to watch will be in 2020. This week, Casey Sullivan rounded up the <a href="https://www.businessinsider.com/heres-who-were-private-equity-firms-biggest-hires-of-2019-2019-12">biggest private equity people moves</a> at places like KKR, Blackstone, and The Carlyle Group. <a href="https://www.businessinsider.com/heres-who-were-private-equity-firms-biggest-hires-of-2019-2019-12"></a> He also took a look at the lawyers who worked on some of the biggest PE deals of 2019, and talked to insiders to understand <a href="https://www.businessinsider.com/eight-lawyers-insiders-say-are-the-future-of-private-equity-dealmaking-2019-12">who is likely to keep popping up</a> on key transactions as PE firms look to put billions of dollars in unused investor money to work.And in case you missed it last week, we've also assembled a list of the <a href="https://www.businessinsider.com/top-40-dealmaker-hires-departures-in-2019-by-investment-banks-2019-11">40 biggest investment banking hires of 2019.</a>WeWork is slashing jobs and looking to offload its non-coworking businesses to rein in its massive losses. But it also just kicked off a big advertising campaign that cost a few hundred thousand dollars, and is opening new locations at a record pace even after its failed IPO and subsequent SoftBank bailout.As Meghan Morris and Patrick Coffee reported this week, WeWork <a href="https://www.businessinsider.com/wework-buys-ads-in-a-dozen-markets-post-ipo-debacle-2019-12">launched a print ad push in a dozen markets</a> on Friday, two weeks after <a href="https://www.businessinsider.com/wework-staff-meeting-after-layoffs-path-to-profitability-new-executives-2019-11">Maurice Levy was named</a> as the company's interim chief marketing officer.Levy also happens to be the chairman of Publicis Groupe, which did the creative work. He had previously worked with WeWork's new chairman, Marcelo Claure, when Claure was the chief executive of Sprint, a major Publicis customer until Levy stepped down as CEO of the ad conglomerate.After <a href="https://www.businessinsider.com/wework-lays-off-2400-employees-2019-11">WeWork laid off around 2,400 workers last month,</a> former WeWorkers are turning to viral LinkedIn posts and networking events hosted by former coworkers to try to land on their feet. Meghan went to a recruiting meetup in New York this week to learn more -you can <a href="https://www.businessinsider.com/how-thousands-of-wework-employees-are-moving-on-after-layoffs-2019-12">read the full story here.</a>WeWork's older rival, IWG, is meanwhile hoping it can use a McDonald's-like franchising model to fuel its next leg of growth, and its CEO, Mark Dixon, <a href="https://www.businessinsider.com/weworks-largest-competitor-iwg-wants-to-expand-to-30000-locations-2019-12">has shared his big ambitions with us</a>. Dixon said that he's taking inspiration from the fast food approach and hopes to eventually grow the flex-office company to 30,000 locations - a massive step up from the 3,500 locations in 110 countries it has now. A roundup of must-know headlines from this week below, plus some excellent long reads. Have a great weekend, Meredith <h2>Fintech, proptech, and data news</h2><ul><li><a href="https://www.businessinsider.com/alternative-data-platform-adaptive-management-lays-out-the-industrys-future-2019-12">Alternative data blew up thanks to desperate hedge funds looking to get an edge. Next year, the booming space could attract more mainstream investors.</a></li><li><a href="https://www.businessinsider.com/goldman-sachs-marquee-aws-david-solomon-public-cloud-2019-12">Goldman Sachs is putting its own Marquee app on Amazon's cloud in a pitch to lure more fintech developers</a></li><li><a href="https://www.businessinsider.com/survey-data-analysis-traders-programming-wall-street-2019-12">Wall Street firms rank data analysis far above relationship building when picking the must-have skills for future traders</a></li><li><a href="https://www.businessinsider.com/wealth-management-apps-falling-behind-jd-power-study-2019-12">Customers aren't as happy with wealth management apps as they are with their other banking tools</a></li><li><a href="https://www.businessinsider.com/the-sharing-economy-makes-its-way-to-vaccuums-blenders-more-2019-12">A startup is taking inspiration from scooter companies Bird and Lime to rent blenders to space-strapped New York apartment dwellers</a></li></ul><h2>People moves</h2><ul><li><a href="https://www.businessinsider.com/co-founder-starling-bank-joins-winklevoss-crypto-exchange-gemini-2019-12">The Winklevii just hired a co-founder of Starling Bank to run Gemini's UK and European business. Here's why the neobank exec made a jump to crypto.</a></li><li><a href="https://www.businessinsider.com/lone-pines-paul-eisenstein-will-start-investing-on-his-own-2019-12">Long-time Lone Pine managing director Paul Eisenstein is starting his own fintech-focused investing firm</a></li><li><a href="https://www.businessinsider.com/quarters-coworking-provider-hires-ex-wework-exec-rui-barros-coo-2019-11">Coliving company Quarters just hired a former WeWork and Wyndham Hotels exec as COO to help lead a multi-city US expansion</a></li><li><a href="https://www.businessinsider.com/co-president-of-wedbush-rich-jablonski-has-resigned-2019-12">The co-president of Los Angeles-based Wedbush Securities has resigned after less than 2 years in the role</a></li></ul><h1>Point72, Renaissance Technologies, and Millennium are betting they can make quant strategies work in bond markets. Here's why their nascent credit trading teams face an uphill battle.</h1><a href="http://www.shutterstock.com/pic.mhtml?id=35025070">Shutterstock</a>Some of the world's largest quant funds are working to turn their mathematical wizardry to a market that has long remained outside their reach: Bonds. Point72, Renaissance Technologies and Millennium Management are among a growing group of hedge funds hoping to leverage their expertise in analyzing large chunks of data to systematically trade US corporate bonds in what they believe could be a big opportunity in a market valued at <a href="https://www.sifma.org/resources/research/us-bond-market-issuance-and-outstanding/">$9.2 trillion in 2018</a>.Recruiters tell Business Insider that firms are unsure of what to look for when hiring for these kinds of roles because "it's just so different from the equity space." <h2><a href="https://www.businessinsider.com/quant-funds-like-rentech-and-cubist-building-credit-focused-teams-2019-12">READ THE FULL STORY HERE</a></h2><h1>LendingClub's turnaround hinges on repackaging consumer loans to win back big investors. The 20-year Morgan Stanley veteran behind those efforts explains how she's tackling the peer-to-peer lender's revamp.</h1>LendingClubLendingClub, founded in 2007, is a matchmaker for loans, where consumers and small businesses who need money can access investors who have money to lend. In 2016, the company's chief executive officer stepped down amid internal investigations into altered loans and his own conflicts of interest in potential LendingClub investments.Investors stopped buying up the consumer loans, the US Department of Justice announced its own investigation, and the company's stock price fell. Valerie Kay joined LendingClub in 2016 on the investor side of the business. She was tasked with digging the company out of a hole by reestablishing trust with existing investors and bringing in new ones.To do this, Kay has launched structured products for larger investors like banks and asset managers - a shift from the company's initial pure peer-to-peer model. Kay wants to make consumer loans mainstream investment products, like mortgages.<h2><a href="https://www.businessinsider.com/valerie-kay-chief-capital-officer-lending-club-marketplace-lender-model-2019-12">READ THE FULL STORY HERE</a></h2> <h3>NOW WATCH: <a href="https://www.businessinsider.com/bill-gates-warren-buffett-billionaires-donate-money-2017-10">On Giving Tuesday, see how Bill Gates and Warren Buffett are changing the world like no other humans in history</a></h3>

The biggest private equity hires of 2019; WeWork's new advertising push

Hello, readers!This week, Goldman Sachs told employees that its management team is <a href="https://www.businessinsider.com/goldman-sachs-executive-office-relocation-closer-to-the-people-2019-12">going open floorplan</a>. Goldman <a href="https://www.businessinsider.com/goldman-sachs-open-executive-office-full-memo-2019-12">CEO David Solomon explained</a> how the move out of 41st floor offices to a mezzanine above the New York headquarters' open-air Sky Lobby will let leaders soak up the office's natural "buzz." That means the rank-and-file will be able to watch top brass as they work, and also see and be seen by big clients as they come and go for meetings. WeWork, of course, has long been a huge proponent of the open workplace. Just weeks after WeWork revealed the paperwork for its now-imploded IPO, it bought up Spacious, a startup that converts restaurants into coworking spaces. But that play would turn out to be short-lived - as we reported this week, <a href="https://www.businessinsider.com/wework-closes-restaurant-coworking-startup-spacious-lays-off-employees-2019-12">WeWork is shutting Spacious down</a> and laying off its 50 workers. It's all part of the coworking company's scramble to shed businesses and slash jobs to stem its massive losses.But even with all those cutbacks, WeWork is still inking some eye-popping deals. We found out this week that <a href="https://www.businessinsider.com/wework-paying-publicis-groupe-500000-monthly-retainer-2019-12">WeWork is currently paying ad holding company Publicis around $500,000 per month</a> in retainer fees. It's worth noting that WeWork's chief marketing officer, Maurice Levy, was formerly CEO of Publicis and still serves as its chairman.We also got our hands on a <a href="https://www.businessinsider.com/wework-changes-employee-compensation-after-tumultuous-fall-2019-12">memo that WeWork's head of people, Matt Jahansouz,</a> sent to staff this week laying out pay changes for the workers that managed to keep their jobs. Jahansouz, who joined WeWork in February after nearly nine years in HR at Goldman, outlined "positive steps" on comp that included a new structure for base salary, annual cash bonuses, and equity grants. We've written a lot about the chilling effect the WeWork implosion might have on other IPOs. For one, we <a href="https://www.businessinsider.com/softbank-backed-insurance-startup-lemonade-has-delayed-plans-for-2019-ipo-2019-11">reported in November</a> that SoftBank-backed insurance company Lemonade had pushed back IPO plans because of concerns about how fast-growing tech firms were being viewed.This week, though, Bill.com surged 60% in its first day of trading on the New York Stock Exchange. We talked to the cloud billing software and payment company's CEO and an early investor to learn what they were thinking ahead of the IPO. <a href="https://www.businessinsider.com/bill-dot-com-ipo-ceo-raised-193-million-2019-12">They highlighted why they think Bill.com is low drama,</a> and said that helped dispel any concerns about timing. Finally, a report from <a href="https://www.businessinsider.com/charles-schwab-td-ameritrade-interactive-brokers-e-trade-cut-fees-2019-10">the broker wars front.</a> We did a deep dive this week looking at <a href="https://www.businessinsider.com/meet-charles-schwab-coo-joe-martinetto-leading-td-ameritrade-integration-2019-12">Charles Schwab's operating chief, Joe Martinetto,</a> and how he could tackle its integration of once-rival TD Ameritrade after the $26 billion acquisition. The TD Ameritrade buy has been pitched as an offensive move for size, and execs have already said they expect to cut staff and branches in search of ever-important synergies. More top headlines and a roundup of deep dives below. Have a great weekend, Meredith <h2>This week's top finance headlines</h2><ul><li><a href="https://www.businessinsider.com/citigroup-md-list-220-new-managing-directors-2019-corbat-memo-2019-12">Citigroup CEO Michael Corbat sent out an internal memo congratulating the bank's new class of managing directors - we got the entire list of 220 names</a></li><li><a href="https://www.businessinsider.com/wells-fargo-hikes-incentives-for-financial-advisers-in-2020-2019-12">Wells Fargo is sweetening incentives for its community banking advisers to find clients on their own and not just rely on internal referrals</a></li><li><a href="https://www.businessinsider.com/robinhood-stock-trading-app-rolling-out-fractional-share-trading-2019-12">Robinhood is rolling out a way to buy $1 slices of stocks in a bid to lure first-time users. The launch comes after bigger rivals matched it on zero commissions.</a></li><li><a href="https://www.businessinsider.com/ubs-reinstating-wealth-planning-analysts-amid-industry-recruiting-woes-2019-12">UBS is bringing back a junior analyst role in its wealth management arm as the industry grapples with recruiting fresh talent</a></li><li><a href="https://www.businessinsider.com/gitlabs-ceo-talks-gearing-up-for-direct-listing-or-ipo-2019-12">GitLab is eyeing a direct listing in November 2020, but its CEO explains why the $2.75 billion company could still go the traditional IPO route</a></li><li><a href="https://www.businessinsider.com/payoneer-buys-cloud-based-payments-platform-optile-2019-12">Payoneer just bought a cloud-based payments platform, and its CEO says more strategic acquisitions are on his to-do list</a></li><li><a href="https://www.businessinsider.com/pop-up-hotel-that-operates-luxury-apartments-raises-20-million-2019-12">The CEO of WhyHotel explains how he came up with the idea of pop-up hospitality. His startup partners with landlords to fill new apartment buildings fast and just raised $20 million.</a></li></ul><h3>Private equity firms like Warburg, Blackstone and Ares are embracing something they once shunned: the selling of their own investors' stakes. Here's what 5 insiders say is driving the explosive growth of this nearly $100 billion market.</h3>It seems as though there is no end in sight for the explosive wave of Wall Street trading that is buying and selling stakes of private equity funds.By year's end, the deal volume in the so-called secondaries market will have reached close to $100 billion, a 35 percent increase from last year and almost quadruple the size of the market just seven years ago, according to data from investment banking firm Greenhill &amp; Co.Some mainstream asset managers such as Blackstone and The Carlyle Group, have even gotten in on the action themselves, launching or taking over such businesses and then expanding them with new hires and raising billions to fuel their investments. <a href="https://www.businessinsider.com/private-equity-firms-secondaries-market-is-expected-to-keep-growing-2019-12">READ THE FULL STORY HERE</a><h3>Frat bros, sketchy accounting, and a regional auditor: The short-seller who predicted $1 billion Celadon's bankruptcy two years ago reveals what went wrong at the trucking giant</h3>The <a href="https://www.businessinsider.com/celadon-trucking-bankrtupcy-truckers-stranded-2019-12">biggest bankruptcy in truckload history</a> was unsurprising to a small Louisiana-based hedge fund. Celadon Group filed for Chapter 11 protection on Monday and plans to shutter the company entirely, the firm's CEO said in a statement. That comes about 2 1/2 years after Eiad Asbahi's Prescience Point Capital Management predicted the firm's stock price would fall to zero. Last week, the US Securities and Exchange Commission <a href="https://www.sec.gov/news/press-release/2019-253">charged two former Celadon executives</a> with accounting fraud: former President and Chief Operating Officer William Eric Meek, and former Chief Financial Officer Bobby Peavler.<a href="https://www.businessinsider.com/trucking-bloodbath-celadon-bankrupt-short-seller-report-2019-12">READ THE FULL STORY HERE</a><h3>One of tech and media's most influential investment bankers said 2020 may see a shakeout in the streaming wars - here's the full memo he sent to staff</h3>A top tech banker used a Futurist sculpture that sold last month for a record price - $16.2 million - as a metaphor for how he's thinking about market tensions right now. Aryeh B. Bourkoff, the LionTree founder and renowned tech, media, and telecom banker, said in a letter to staff on Wednesday that Umberto Boccioni's "Unique Forms of Continuity in Space" sculpture "serves as a metaphor for the tension and synthesis between scale and motion that we are seeing right now." Bourkoff wrote that "profitable, scaled businesses" that have survived many new challengers should last for at least the next five to 10 years. In the last few years, fighting startups made these businesses "stronger and more creative."<a href="https://www.businessinsider.com/liontrees-aryeh-bourkoff-on-tech-deals-and-disruption-in-2020-2019-12">READ THE FULL STORY HERE</a>

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