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Market Updates

Private credit funds are delivering higher returns than their private equity counterparts. After ending 2023 with the highest annual returns of any class of private funds, private credit continued to outperform in the first quarter of 2024. Senior, mezzanine and distressed debt all eclipsed every category of private equity. Within private equity, after a rough 2023, venture capital beat out buyout funds in Q1, and has now edged in front when going back to 2019. But overall, in this volatile, high interest rate environment, private credit has seen a more consistent performance.

AI startup Anthropic’s new model is gaining on its rivals. Claude 3.5 Sonnet, which was released last week, is now ranked #1 in a number of metrics on benchmarking site LMSYS, and is #2 overall, behind only OpenAI’s GPT-4o. The newest version of Claude is running at twice the speed - and for one-fifth of the cost - of its previous model. Anthropic has received funding from both Amazon and Google, and could be poised to challenge OpenAI in the race for market dominance.

London’s June art auction season saw mixed results. Following a largely disappointing New York spring art season, the major London auctions, which focused on modern and contemporary art, did not provide much of a turnaround. Sotheby’s evening auction’s highlight was the $20 million sale of a Basquiat, even though the total sale fell short of the high estimate. At Christie’s, some artists born in the 90s, including Daisy Parris, Alia Ahmad and Sophia Loeb, all saw sales way above estimates, perhaps signaling a turn in the market towards younger, more contemporary artists.

Mt. Gox will distribute $9 billion worth of Bitcoin starting in July. The defunct Bitcoin exchange, which shut down after a major hack in 2014, is finally set to distribute what remains of its assets to creditors. Along with some cash and other crypto, there’s 142,000 BTC that will be sent to creditors between July and October. Given that people have been waiting nearly a decade to receive their crypto back, the market is anticipating that many will sell as soon as they get a chance, and the sale will send prices down. The news of the distribution itself fueled a price drop of close to 3%, and the asset now sits around 15% below its all-time high.

📝 Top Stories

• Happy July 4th: The only privately held known copy of a rare broadside printing of the Declaration of Independence sold for $3.36 million at Sotheby’s this week, below the high estimate of $5 million.

• SpaceX’s value keeps growing: The Elon Musk-led company is reportedly preparing a tender offer that will value the company at $210 billion, making it the most valuable private company in U.S. history.

• a16z moving into private equity: The VC giant Andreessen Horowitz is planning to launch its first ever private equity fund, as it continues to expand its business beyond early-stage startup investing.

• The Power of Community: 3i Members is an investing network that brings engaged private investors together to source alternative opportunities and share expertise. Learn more & join the waitlist here.**

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