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Etched has raised $700 million at a $21 billion valuation, doubling its implied valuation less than a month after a $300 million Series C, as investors place large bets on specialized hardware for running advanced artificial-intelligence models. Quantitative trading firm Jane Street led the round, joined by Kleiner Perkins, Sequoia, Andreessen Horowitz, Tiger Global, Bain …

The Montana Board of Investments disclosed $310 million in commitments across four real estate, real assets and private equity funds, according to materials from its August meeting. Montana committed $50 million to Marcus Capital Partners Fund V, a value-add real estate vehicle targeting industrial, multifamily and select property types. Marcus Partners closed the fund in …

Asset-tokenized platform Securitize has launched the Neuberger Securitize High Income Tokenized Fund, marking it as the first high-yield bond fund with investment manager Neuberger Berman.  The fund aims to attract risk-adjusted returns by investing primarily in high-yield and fixed-income investments across public blockchain networks such as Avalanche, Ethereum, Solana, and Sui.  The move comes as …

Vestmark has been tapped by Vanguard to provide an expanded source of model portfolios to registered investment advisors, as asset classes and service preferences continue to be growing factors for clients.  Vanguard has launched the Vanguard Custom Model Portfolios, which aims to provide advisors with customized portfolios through the firm. Through its partnership, Vestmark will …

Wealth manager Sequoia Financial Group has acquired a wealth management firm that oversees roughly $2.3 billion in assets under management, bolstering its presence in Colorado.  Denver-based BSW Wealth Partners, which was founded in 1992 and is led by David Wolf, provides financial planning and wealth management services to high-net-worth clients.  Following the acquisition, BSW clients …

Macquarie Asset Management has priced its third U.S. collateralized loan obligation, Market Street CLO III, raising $409 million and pushing total U.S. CLO issuance on the platform past $1.6 billion in 18 months. The transaction attracted 10 new investors to the platform, extending the firm’s growing presence in the structured credit market since it launched …

Executive Summary The Treasury market is delivering an unusually divided assessment of the U.S. economy. The 10-year/2-year spread narrowed to 39 basis points last week, down sharply from 50 basis points a week earlier and approaching its 2026 low of 22 basis points. At the same time, the 10-year/three-month spread stood at 83 basis points, …

Federal Reserve Chair Kevin Warsh will take center stage Friday at the Jackson Hole Economic Policy Symposium, where investors want a clearer explanation of how the central bank plans to return inflation to 2% and whether higher Treasury yields reduce the need for another rate increase. This year’s symposium theme, “Financial Innovation: Implications for Payments …

Wealth manager Sequoia Financial Group has acquired a wealth management firm that oversees roughly $2.3 billion in assets under management, bolstering its presence in Colorado.  Denver-based BSW Wealth Partners, which was founded in 1992 and is led by David Wolf, provides financial planning and wealth management services to high-net-worth clients.  Following the acquisition, BSW clients …

Wealth Enhancement has scooped up a hybrid registered investment advisory team from Raymond James, where they managed over $376 million in assets under management.  Glen Allen, VA-based Dickerson Jackson & Associates, founded in 2004, is led by managing partners Jeff Dickerson and Todd Jackson and includes two support members.  Dickerson Jackson & Associates offers financial …

Dimension Energy has secured $857 million in new capital to expand its distributed-solar portfolio. The financing includes a $200 million increase to Dimension’s corporate credit facility, bringing the total facility to $650 million. Nuveen Energy Infrastructure Credit and funds and accounts managed by HPS Investment Partners served as lead lenders. A separate $657 million construction-to-term …

StepStone Group Inc. has raised $1.7 billion for its first dedicated infrastructure secondaries fund and related separate accounts, expanding the firm’s capacity to provide liquidity across private infrastructure markets. StepStone Secondaries Infrastructure Fund closed with $1.5 billion in commitments, exceeding its target and reaching its hard cap. Separate accounts supplied the remaining $200 million. The …

Private credit’s expansion into wealth management is exposing individual investors to structural risks that regulation has not fully addressed, according to new research from the CFA Institute Research and Policy Center. The report, “Private Credit Funds and the Retail Shift: Structural Vulnerabilities and Policy Responses,” challenges the view that the trend represents broad democratization. Private …

Executive Summary The Treasury market is delivering an unusually divided assessment of the U.S. economy. The 10-year/2-year spread narrowed to 39 basis points last week, down sharply from 50 basis points a week earlier and approaching its 2026 low of 22 basis points. At the same time, the 10-year/three-month spread stood at 83 basis points, …

Vestmark has been tapped by Vanguard to provide an expanded source of model portfolios to registered investment advisors, as asset classes and service preferences continue to be growing factors for clients.  Vanguard has launched the Vanguard Custom Model Portfolios, which aims to provide advisors with customized portfolios through the firm. Through its partnership, Vestmark will …

U.S. employers unexpectedly shed 23,000 jobs in July, falling far short of the 88,000 gain projected by economic consensus, according to data released by the U.S. Bureau of Labor Statistics. The drop was compounded by sharp downward revisions to prior months. May payroll additions were revised down by 66,000 to 63,000, while June figures were …

RQD* Clearing has secured a $74 million minority growth investment led by Bain Capital Tech Opportunities, giving the financial infrastructure provider additional capital to expand internationally and develop products for digital and traditional securities. ABN AMRO Clearing Bank and financial technology investor Nyca Partners also participated in the transaction. Financial terms beyond the investment amount …

Executive Summary The Treasury market is delivering an unusually divided assessment of the U.S. economy. The 10-year/2-year spread narrowed to 39 basis points last week, down sharply from 50 basis points a week earlier and approaching its 2026 low of 22 basis points. At the same time, the 10-year/three-month spread stood at 83 basis points, …