News Highlights: Top Financial Services News of the Day

07/02/2020 | 07:16am
Lemonade Is Priced for Sweet Outlook 

The insurance-tech darling is set to begin trading on Thursday in an initial public offering.

SoftBank Seeks to End Partnership With Wirecard 

SoftBank is looking to distance itself from Wirecard, after the Japanese tech conglomerate helped arrange an investment months before the German payments company went bust.

Hedge Fund Star John Paulson Calls It Quits 

John Paulson made billions of dollars anticipating the 2008 financial collapse. But after running into difficulties in recent years, Mr. Paulson will now convert his hedge fund firm into a private investment firm.

Kennet Partners Hauls in $250 Million for Latest Fund 

Kennet Partners, a growth-equity investor in European technology businesses, has wrapped up raising its fifth fund, which includes a significant commitment from British Patient Capital, a firm executive said.

Wirecard Administrators to Sell Assets as Investigators Search Offices 

Bankruptcy administrators for Wirecard, the scandal-hit German payments company, have begun the process of selling some of its businesses as they try to stabilize its operations and raise money to pay off its heavy debt burden.

Serial Acquirer Mercer Buys 2 More RIAs 

The acquisitions of Argosy in Los Angeles and ClearRock Capital in Sun Valley, Idaho, bring Mercer's client assets close to $20 billion, Barron's reports.

TPG's Rise Fund Launches Matrix Renewables Energy Platform 

Private-equity firm TPG said Rise Fund, its $5 billion social-impact investment fund, has launched a renewable-energy platform with the acquisition of roughly one gigawatt of solar photovoltaic projects from China's Trina Solar Co.

OceanSound Nears First Close of Debut Fund 

The initial close would be for nearly $300 million. The firm is targeting $550 million by the final close, planned for early next year.

Fed's $600 Billion Main Street Lending Program Sees Lukewarm Interest 

The government is offering to lend up to $600 billion to help small and midsize businesses weather the coronavirus-induced recession, but so far interest has been sparse.

Semper Investment Firm Received PPP Loan 

A $2.5 billion investment firm owned by Richard Parsons and Ronald Lauder received a forgivable loan from the federal government's small business loan program.


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