When Giants Write Billion-Dollar Checks

Welcome to this week's Capital Call - your Wednesday dose of private market insights without the jargon. At OneFund, understanding market shifts is crucial for making informed investment decisions.

Pour yourself something nice and dive in. 

🚪 WHO WE ARE We help qualified investors access the same private equity and VC funds that have traditionally been reserved for the ultra-wealthy and institutions. No million-dollar minimums or confusing paperwork. Why should only billionaires get the good stuff?

🧠 THE BIG IDEA

When Scale Becomes Strategy

Private markets hit a milestone this week that shows how the game has fundamentally changed. Founders Fund wrote a $1 billion check to defense company Anduril. TPG stepped in as anchor for Musk's xAI financing. Blackstone orchestrated $1.5 billion in credit for an accounting merger.

It's not merely the size that's impressive; it's also the execution speed. These deals happened because the largest funds can provide certainty when markets demand it. While smaller players struggle with complex structuring, mega-funds move decisively on opportunities that require both capital and operational sophistication.

For allocators, this evolution signals that scale has become strategy. It's not about wanting access to these features, it's about grasping how the new strategy operates.

📈 MARKET MOVERS

🚀 Anduril's Record-Breaking Defense Play: The defense tech startup closed a $2.5 billion Series G at a $30.5 billion valuation, with Founders Fund contributing an unprecedented $1 billion. The deal highlights surging interest in defense technologies amid global security concerns. Read the analysis

🤖 TPG Backs Musk's AI Empire: TPG Angelo Gordon anchored a debt package for xAI Corp, supporting Musk's AI infrastructure buildout including the Memphis Colossus data center. The financing underscores private credit's growing role in funding next-generation technology. View the details

✈️ Virgin Australia Returns to Public Markets: Bain Capital launched a $685 million IPO for Virgin Australia, marking the airline's return after five years of private ownership. The successful pricing signals renewed investor appetite for recovery stories in travel and leisure. See the transaction

💼 Blackstone Powers Professional Services Megadeal: The firm led $1.5 billion in financing for Baker Tilly's merger with Moss Adams, creating America's sixth-largest accounting firm. The deal demonstrates private credit's expanding role in enabling industry consolidation. Get the insights

🛡️ European Defense Sector Attracts Private Capital: Deal-hungry equity investors are eyeing Europe's defense industry boom, with even ESG-focused funds reconsidering policies to support the continent's €500 billion rearmament initiative. Germany's infrastructure programs are bolstering PE interest despite broader dealmaking constraints. Read the analysis

🔍 DEEP DIVE

How the Smart Money Built New Rules for Scale

Here's what most people miss about this week's deals: they're not just about writing big checks. They reveal how the most sophisticated managers have rewritten the playbook for deploying capital in today's environment.

Take Founders Fund's $1 billion Anduril investment. The firm didn't just show up with money. They brought operational expertise that helps a defense contractor navigate Pentagon procurement while scaling manufacturing. That combination of capital and capability is what wins deals now.

The same pattern appears everywhere. Bain's 2025 Global Private Equity Report shows buyout investment grew 37% to $602 billion in 2024, but the gains concentrated among firms that could execute complex transactions.

The trend extends beyond traditional buyouts. These same managers are pioneering new ways to access retail capital through innovative fund structures. They're building distribution capabilities that smaller firms simply can't match. The result creates competitive moats that compound over time.

What emerges is a new competitive landscape where operational sophistication matters more than pure capital. For investors, this shift means evaluating managers based on execution capabilities rather than just track records or asset levels.

🧰 TACTICAL TAKEAWAYS

• Look Beyond AUM When Evaluating Managers. Size matters, but execution capability matters more. Focus on firms that can demonstrate speed and certainty in complex deals, not just those with the largest funds.

• Track the Defense and Infrastructure Build-Out. Anduril's defense focus and xAI's data center needs highlight where substantial capital requirements create natural advantages for sophisticated managers. Consider exposure to these capital-intensive themes.

• Monitor the Retail Access Evolution. As top-tier managers build new distribution channels for individual investors, traditional allocation strategies may need adjustment. Watch how fee structures and access evolve as this trend accelerates.

🗳️ COMMUNITY POLL

🧵 WEEKEND READS

(Because some light market analysis pairs wonderfully with Saturday coffee)

• 💼 It's Time for Private Equity to Go Back to Basics - Financial Times Editorial Board argues that PE's traditional exit playbook is broken and the industry needs to focus on building real operational value rather than relying on financial engineering and favorable economic conditions.

• 🤝 The 14 Dealmakers Investors Call When They Want to Offload Their Private Equity Fund Stakes - Business Insider profiles the power players driving the secondaries market to a record $160 billion last year, with predictions it could hit $220 billion in 2025 as institutions like Harvard and Yale turn to this corner for liquidity.

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The OneFund Team

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