Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY M&A Intelligence Jul 23, 11:02 AM EDT

Aligned Data Centers

BlackRock and MGX closed $40B Aligned Data Centers deal, committed $5B more

A consortium backed by BlackRock and Abu Dhabi-based fund MGX closed the $40 billion acquisition of Dallas-based Aligned Data Centers and committed an additional $5 billion in growth capital.

ReadingInstitutional capital has accepted that AI infrastructure requires permanent ownership, not transactional investment. The next $200B in data center buildout will consolidate into three operators.

WatchWatch for the second fund close. When the consortium announces LP commitments beyond $45B, the tier-two operators will scramble for refinancing windows.

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HENRI IV M&A Intelligence Jul 23, 11:02 AM EDT

Jana Partners / Alkami Technology

Yahoo Finance ↗

Jana Partners pushes Alkami toward sale. Projected EPS growth: 40.83% over five years

Activist investor Jana Partners has pushed Alkami Technology, Inc. (NASDAQ:ALKT) toward a potential sale, with the fintech company forecasting 40.83% EPS growth over the next five years.

ReadingAlkami's board just moved from defensive to negotiation mode. Operators should assume a purchase price between $4.2B and $5.8B lands within 14 months.

WatchJana will file updates quarterly. Watch the stake size—if it crosses 7%, a proxy fight becomes viable and the timeline compresses to 9 months.

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MACALLAN 1926 M&A Intelligence Jul 23, 11:02 AM EDT

Multiple Activist Targets

MSN ↗

Five companies face activist pressure: Yext, Mission Produce, Teradata, BridgeBio, Asbury Automotive

Activist investors have reported 13D filings to the SEC on Yext, Mission Produce, Teradata, BridgeBio Pharma, and Asbury Automotive Group, signaling potential operational or strategic challenges at each.

ReadingBoard compensation and audit committee composition are about to become visible in every 10-K. These five targets represent a testing ground for how quickly activist playbooks work in this interest-rate environment.

WatchWatch for management responses. The ones that hire outside counsel within 30 days are fighting. The ones that don't are already in talks.

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LOUIS XIII Venture Intelligence Jul 23, 11:02 AM EDT

Beneficient / Mendoza Ventures

NASDAQ ↗

Beneficient closed $1.91M financing for Mendoza Ventures Growth Fund III

Beneficient announced a $1.91 million financing for Mendoza Ventures Growth Fund III, LP, enhancing its GP Primary Commitment Program for emerging fund managers.

ReadingFirst-time GPs now have a third funding source. The structural advantage tilts toward operators who finish their Series A before their second fund closes.

WatchTrack how many first-time GPs use this mechanism by Q1 of next year. Once it crosses 15% of new fund formations, you will see compliance questions from the SEC.

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PAPPY 23 Capital Markets Jul 23, 11:02 AM EDT

Leopold Aschenbrenner / OpenAI Ex-Researcher Hedge Fund

MSN ↗

Ex-OpenAI researcher's hedge fund holds major Bitcoin miner positions in new 13F

Leopold Aschenbrenner's hedge fund revealed a U.S. stock portfolio heavily concentrated in companies that supply power and infrastructure behind artificial intelligence.

ReadingInfrastructure plays are moving from energy sector into AI sector. Portfolio managers using stale commodity correlations will underperform against specialists.

WatchWatch for the next batch of 13Fs from micro-cap hedge funds. Any position greater than $50M in Bitcoin or AI infrastructure hardware signals a copycat thesis arriving.

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JOHNNIE BLUE Capital Markets Jul 23, 11:02 AM EDT

Hedge Fund Portfolio Shifts

MSN / TheStreet ↗

Hedge funds split on Microsoft. Daniel Loeb cuts Norfolk Southern and Union Pacific stakes

Hedge funds showed divided stances on Microsoft in Q4 2025, with several high-profile investors aggressively adding positions even as Daniel Loeb slashed railroad stocks in Q1 FY26.

ReadingHedge fund consensus on legacy industrials has fractured. Any continued exposure to rails or logistics becomes a position bet on infrastructure underutilization—or a mistake.

WatchTrack whether Loeb's Q2 filing shows rotation into trucking or last-mile delivery. If not, his view is that transportation demand itself is suspect through 2027.

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WELL POUR Global Business News Jul 23, 11:02 AM EDT

Japan's Ruling Party / Activist Oversight

Reuters ↗

Japan's ruling party plans tighter oversight of activist investor disclosures

Japan's ruling party plans to propose stronger enforcement against suspected violations of shareholder disclosure rules by activist investors.

ReadingActivists will lose Asia-Pacific opacity as a feature. The cost of capital for cross-border activist campaigns just went up.

WatchWatch whether Singapore or Hong Kong adopts similar rules in response. If they do, the Asia-Pac activist play becomes a 18-month window, not a 3-year one.

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