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Buying the Platform Does Not Buy You Liquidity

hedgeco

1 month ago

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HedgeCo.Net — This week’s dollars split cleanly if you stop adding them. One set of prints bought platforms that own books. Another set bought rails that let someone else get capital out, or in, without owning the franchise. Mark which side of that line you are underwriting.
The platform side is specific. Victory Capital signed a definitive agreement to acquire First Eagle Investments for about $7.0 billion in cash and stock, including assumption of $575 million of notes, and put a $41 billion C...

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