On June 9, the Republican majority on the U.S. House Appropriations Committee approved a 2027 budget that slashes funding for worker protection agencies.

The bill includes a combined $71.9 million cut for the Department of Labor’s Wage and Hour Division (WHD) and the Occupational Safety and Health Administration (OSHA). Further, the measure implements a 3% cut to the National Labor Relations Board (NLRB). While the legislation slightly increases funding for the Equal Employment Opportunity Commission (EEOC) that the Trump administration has weaponized for political reasons, the amount overall remains insufficient. The appropriations measure now moves to the Senate, where the budget cuts face an uncertain future.

If enacted, these reductions would further strain these agencies that have faced over a decade of flat funding that hasn’t accounted for inflation or rising labor force participation (see Figure A). This chronic underfunding has severely impacted their ability to enforce worker protection laws.

Figure A The consequences of underfunding worker protection agencies

The Department of Labor serves the nation’s workers by administering and enforcing most federal worker protection laws, such as the Fair Labor Standards Act, the Occupational Safety and Health Act, and the Family and Medical Leave Act. Within this framework, the WHD ensures that workers receive wages earned while OHSA evaluates safe workplace conditions and standards. Moreover, independent agencies such as the EEOC enforce a range of anti-discrimination laws while the NLRB enforces private-sector labor law, including workers’ rights to a union and collective bargaining. Together, these government agencies are designed to equip workers with the tools to combat workplace abuses and rectify unequal bargaining power. However, enforcement agencies are unable to fulfill their mandates with reduced staffing and resources.

Since 1992, OSHA has experienced a 16.0% decrease in inspectors. OSHA has been left with so few resources that it would take 191 years for its inspectors to visit every workplace under its coverage just once. Furthermore, a recent Government Accountability Office report flagged critical agency shortcomings, noting OSHA’s weak efforts to address the rising tide of workplace violence against health care and social service workers.

WHD has faced similar staffing challenges. The number of WHD investigators is at its lowest point since at least 1973, despite being tasked with protecting many more workers. As a result, the total number of resolved WHD investigations has dropped significantly over the past few years (see Figure B).

Figure B

Meanwhile, the EEOC has experienced an uptick in discrimination claims over the decades alongside rising labor force participation, yet its resources have not matched the pace of these shifts. For the NLRB, funding for the agency has remained flat except for a recent $6 million reduction in case-handling. The lack of funding has severely impacted field offices—the primary point of contact for union elections—with six closing between 2014 to 2025. In 2024, the NLRB released a statement describing their struggle to meet responsibilities such as conducting hearings and elections amid funding and staffing shortages. The consequence of these challenges is evident. Although favorability for unions nears a record high, major efforts to undermine worker organizing persist.

House budget cuts would leave workers more vulnerable to exploitation

If enacted, the House’s budget cuts would exacerbate an already precarious workplace reality. There were 5,070 fatal work injuries in 2024, according to the Bureau of Labor Statistics (see Figure C). Put another way, a worker died every 104 minutes from a work-related injury. Foreign-born Latinx workers were disproportionately impacted. Reducing OSHA funding and staffing will make it even harder to ensure preventable deaths do not occur.

Figure C

Additionally, amid eroding worker protections, workers have had billions of dollars of wages stolen each year. Undocumented workers are especially impacted, with many fearing to report violations especially amid the Trump administration’s anti-immigrant policies.

Furthermore, workers continue to face discrimination, filing an average of 83,000 charges per year since 1997. Political attacks on diversity, equity, and inclusion have only eroded the mechanisms designed to address these injustices.

The House budget proposal claims to champion efficiency, but true efficiency cannot be achieved by dismantling an already vulnerable labor protection ecosystem or by slashing public-sector resources. The chronic underfunding of worker protection agencies turns legally guaranteed protections into hollow promises and leaves workers exposed to unchecked exploitation and vulnerability. A budget that truly supports U.S. workers would pass robust funding for staffing, investigators, and programs that guarantee safety, fairness, and justice across every workplace.

Jack Gray of European Pensions reports Ontario Teachers’ Pension Plan to invest up to €200m in M&G’s CLO platform:

Ontario Teachers’ Pension Plan has entered into a joint venture with M&G Investments to support the scaling of its European collateralised loan obligation (CLO) platform.

The scheme has agreed to provide investment capacity of up to €200m for equity investments in future M&G Margay CLO issuances, and to participate in the long-term economics of M&G’s European CLO business and support the growth of the platform.

M&G said the investment would support its operations in European private assets for global institutional investors.

Through the combination of M&G’s credit research and investment capabilities in European broadly syndicated loans with Ontario Teachers’ institutional CLO investment experience and capital, the collaboration will look to support platform growth while providing strong returns.

The capital will be deployed on an investment-by-investment basis in accordance with the agreed investment framework.

M&G’s Margay platform is led by head of private corporate credit, Fiona Hagdrup, and manages €1.6bn of CLO assets.

“The European CLO market continues to offer compelling opportunities for long-term investors, supported by a large and diverse pool of underlying senior loans,” said Hagdrup.

“While market conditions may evolve, a disciplined, selective approach to credit remains key.

“Our focus on fundamental analysis, ESG risk mitigation, relative value and portfolio construction positions us well to navigate different phases of the cycle and deliver resilient outcomes.”

Ontario Teachers’ Pension Plan senior managing director, credit, Michael Merkoulovitch, added: “M&G is a valued partner to Ontario Teachers’ within the structured credit space. We share a common investment philosophy and disciplined approach to risk.

“We believe the European CLO equity market is an attractive asset class that complements and diversifies our existing CLO equity programme and are pleased to expand our relationship with M&G.

“With a strong alignment of interest and shared conviction in the opportunity, we look forward to working closely with M&G to grow Margay into one of Europe's leading CLO platforms." 

Ellie Duncan of Alternative Credit Investor also reports M&G forms Ontario Teachers’ Pension Plan JV to grow CLO platform:

M&G Investments has formed a joint venture with Ontario Teachers’ Pension Plan to scale its European collateralised loan obligation (CLO) platform, Margay.

The $279.4bn (£210.1bn) defined benefit pension scheme has agreed to provide investment capacity of up to €200m (£171m) for equity investments in future M&G Margay CLO issuances, and to participate in the long-term economics of M&G’s European CLO business and support the platform’s continued growth.

The joint venture aims to support “disciplined” platform growth, while delivering attractive risk-adjusted returns across market cycles, with capital to be deployed on an investment-by-investment basis, in accordance with the agreed investment framework.

M&G’s €27bn structured and private credit platform includes the Margay CLO programme.

Launched in 2023, M&G’s Margay CLO platform is led by head of private corporate credit, Fiona Hagdrup, and manages €1.6bn of CLO assets within a broader €10bn loan platform.

Hagdrup said the European CLO market continues to offer “compelling opportunities” for long-term investors, supported by a large and diverse pool of underlying senior loans.

The CLO platform has also benefitted from capital from M&G’s Life business, which has invested more than £1bn in structured credit strategies over time.

“Our European platform is underpinned by disciplined credit selection and a long-term investment approach,” said James King, head of private and structured credit at M&G Investments. “Access to aligned long-term capital and the expertise of Ontario Teachers’ provides a strong foundation to scale the Margay programme over time, broadening our investor base and enabling us to deploy into opportunities as they arise, while continuing to deliver attractive risk-adjusted returns for our clients.”

“We believe the European CLO equity market is an attractive asset class that complements and diversifies our existing CLO equity programme and are pleased to expand our relationship with M&G,” added Michael Merkoulovitch, senior managing director, credit at Ontario Teachers’ Pension Plan. “With a strong alignment of interest and shared conviction in the opportunity, we look forward to working closely with M&G to grow Margay into one of Europe’s leading CLO platforms.” 

On Monday, OTPP issued a press release stating it has partnered with M&G Investments (M&G), announcing a €200 million strategic investment in a CLO platform:

London, 27th July 2026: M&G Investments (M&G) and Ontario Teachers’ Pension Plan (Ontario Teachers’) - a leading global institutional investor - have agreed to a joint venture to support the scaling of a multi-billion European collateralised loan obligation (CLO) platform. The investment supports M&G’s ambition to be a leader in European private assets for institutional investors globally through its €93 billion Private Markets business¹.

Ontario Teachers’ has agreed to provide investment capacity of up to €200 million for equity investments in future M&G Margay CLO issuances as well as participate in the long-term economics of M&G’s European CLO business and support the continued growth of the platform.

By combining M&G's track record, in-house credit research and investment expertise in European broadly syndicated loans with Ontario Teachers’ institutional CLO investment experience and capital, the joint venture will support disciplined platform growth while delivering attractive risk-adjusted returns across market cycles. Capital will be deployed on an investment-by-investment basis in accordance with the agreed investment framework.

M&G has a 25-year track record investing in structured and private credit with a platform that has grown to €27 billion, which includes the Margay CLO programme. M&G’s Margay platform is led by Head of Private Corporate Credit, Fiona Hagdrup, supported by a team with extensive experience in European corporate credit and structured finance. It currently manages €1.6 billion of CLO assets within a broader €10 billion loan platform, complemented by M&G’s wider structured credit capabilities. The platform also benefits from capital from M&G’s Life business, which has invested more than £1 billion in structured credit strategies over time.

James King, Head of Private & Structured Credit at M&G Investments, said:

“This investment reflects the strength of our approach and track record in CLOs across market cycles. Our European platform is underpinned by disciplined credit selection and a long-term investment approach. Access to aligned long-term capital and the expertise of Ontario Teachers’ provides a strong foundation to scale the Margay programme over time, broadening our investor base and enabling us to deploy into opportunities as they arise, while continuing to deliver attractive risk-adjusted returns for our clients.”

Michael Merkoulovitch, Senior Managing Director, Credit, Ontario Teachers’ Pension Plan, said:

“M&G is a valued partner to Ontario Teachers’ within the structured credit space. We share a common investment philosophy and disciplined approach to risk. We believe the European CLO equity market is an attractive asset class that complements and diversifies our existing CLO equity programme and are pleased to expand our relationship with M&G. With a strong alignment of interest and shared conviction in the opportunity, we look forward to working closely with M&G to grow Margay into one of Europe's leading CLO platforms."

Fiona Hagdrup, Head of Private Corporate Credit at M&G Investments, said:

“The European CLO market continues to offer compelling opportunities for long-term investors, supported by a large and diverse pool of underlying senior loans. While market conditions may evolve, a disciplined, selective approach to credit remains key. Our focus on fundamental analysis, ESG risk mitigation, relative value and portfolio construction positions us well to navigate different phases of the cycle and deliver resilient outcomes.”

Note to editors: ¹M&G as of 31 March 2026

About M&G ’s Margay Platform
Launched in 2023 and with €1.6 billion currently in issue, M&G’s CLO platform, ‘Margay’, complements the firm’s nearly three decades in European corporate lending and Structured Credit. Margay delivers the same, conservative, fundamental approach that defines M&G, leaning on its deep resources and track record in fundamental credit and structured finance.  Attention to Environmental, Social and Governance risk mitigation - long part of the approach - has bolstered resilience. 

About M&G Investments
M&G Investments is part of M&G plc, a savings and investments company with £371 billion of assets under management (as at 31 March 2026). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.  

For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate.  

M&G plc recognises the importance of responsible investing, is a signatory (both as an asset manager and owner) to the UN-supported Principles for Responsible Investment (PRI), and is targeting net zero emissions by 2050, across our investment portfolios and operations. For more information, please visit: www.mandg.com

About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as at December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn. 

Basically, M&G Investments has established a joint venture with Ontario Teachers’ Pension Plan to support the scaling of a multi-billion-Euro CLO platform.

Launched in 2023, M&G’s Margay CLO platform is led by head of private corporate credit, Fiona Hagdrup, and manages €1.6bn of CLO assets within a broader €10bn loan platform.

Hagdrup said the European CLO market continues to offer “compelling opportunities” for long-term investors, supported by a large and diverse pool of underlying senior loans. 

Michael Merkoulovitch, Senior Managing Director, Credit, OTPP, clearly states why they are funding this joint venture:

“M&G is a valued partner to Ontario Teachers’ within the structured credit space. We share a common investment philosophy and disciplined approach to risk. We believe the European CLO equity market is an attractive asset class that complements and diversifies our existing CLO equity programme and are pleased to expand our relationship with M&G. With a strong alignment of interest and shared conviction in the opportunity, we look forward to working closely with M&G to grow Margay into one of Europe's leading CLO platforms."

For those of you who are not aware, European CLO issuance hit a record high in the first half of 2026 (see details here).  

Underpinning this soaring activity are higher rates and increased trade volatility. There are a huge number of refinancings and resets and the appetite for European CLOs is growing (see DB research here).

OTPP is backing M&G Investments' CLO platform because it trusts their capabilities in this area and their disciplined approach to risk. 

Fiona Hagdrup, Head of Private Corporate Credit at M&G Investments, featured at the top of this post, is impressive and knows her subject matter very well.  

In a 2025 interview with the Korea Economic Daily, she stated this:

With deal pipelines reopening and institutional demand remaining robust, Hagdrup sees the European broadly syndicated loan (BSL) market entering a phase of more balanced supply and demand.

“It’s more balanced than it was at the start of the year,” she said. “There is huge demand for broadly syndicated loans, given their lack of rate duration and significantly higher yield than public bonds.”

She pointed to the CLO, or collateralized loan obligation, market as a stabilizing force.

“With the pickup in issuance activity, supply and demand are settling down into an equilibrium,” she said.

“To some extent, the CLOs underpin the yield of the broadly syndicated loans, and their arbitrage needs demand that loans contribute, 4% plus over risk-free rates in their return.”

That dynamic, she added, helps preserve loan spreads and supports long-term value for institutional investors. 

She obviously knows what she's talking about, and now with OTPP as a partner, I'm confident this will be a highly successful joint venture to capitalize on opportunities in the European CLO market.

Below, John Kerschner and Matthew Bullock of Janus Henderson Investors discuss how CLOs combine diversification, liquidity and floating‑rate exposure. They highlight why active global management can be critical to achieving differentiated outcomes. 

Listen carefully as they demystify CLOs and explain in plain English their attraction to institutional investors looking to invest in a portfolio of high-quality securitized corporate loans. 

Vinny Vucago of FS Sustainability in Australia reports La Caisse backs GO.FARM in $330m farmland push:

Canadian institutional investor La Caisse has partnered with Australian agricultural investment manager GO. FARM to launch a $330 million investment platform targeting permanent horticulture assets, underscoring growing institutional demand for Australian farmland.

The partnership will see La Caisse commit $300 million in equity alongside a further $30 million investment from GO. FARM, while also taking a minority stake in the Melbourne-based manager.

La Caisse executive vice president and head of infrastructure and sustainability Emmanuel Jaclot said Australia remained an attractive destination for long-term agricultural investment.

"Australia combines world class agricultural resources, strong export markers and significant land transformation opportunities," Jaclot said.

"Through this partnership with GO. FARM, we are backing a proven operator with deep local expertise and a strong commitment to responsible agriculture. Together, we aim to build a diversified platform positioned to capture attractive opportunities across a sector that is becoming increasingly important to global food production."

Founded in 2013, GO.FARM manages approximately $1.6 billion in assets and specialises in developing underutilised land and water assets into institutional-grade permanent horticulture operations.

Founder and managing director Liam Lenghan said the partnership reflected increasing global appetite for agriculture as an institutional asset class.

"Our focus has always been on finding the opportunity, solving the challenges and executing the fundamentals well by building great teams and capability, back by data-driven insights and good science," Lenaghan said.

"This partnership is built on alignment, not just capital. As global institutions seek exposure to agriculture, access to investment-grade assets remains constrained."

The investment builds on La Caisse's growing sustainable land management presence in Australia and GO. FARM's existing institutional investor base, which includes Australian Retirement Trust, and comes as global investors increasingly allocate capital to food production, natural capital and climate resilient real assets. 

Last week, La Caisse issued a press release stating it has partnered with GO.FARM to launch AUD 330 million platform to invest in Australian permanent crops:

Global investment group La Caisse (formerly CDPQ) and Australian agricultural investment manager GO.FARM today announced a new strategic partnership to invest in high-value permanent horticulture in Australia.

Under the partnership, La Caisse will commit AUD 300 million in equity through a platform managed by GO.FARM, alongside an additional AUD 30 million commitment from its partner, for an initial total equity commitment of AUD 330 million. La Caisse will also become a minority shareholder in GO.FARM, reinforcing the long-term alignment between the two organizations.

Founded in 2013 by Liam Lenaghan, GO.FARM manages approximately AUD 1.6 billion in assets with a focus on transforming underutilised land and water assets into high-performing, investment-grade agricultural operations, particularly in large-scale permanent horticulture, with a focus on water efficiency, climate-smart systems and critical infrastructure.

La Caisse selected GO.FARM for its approach to responsible agriculture, operational capabilities and ability to originate, develop and operate agricultural assets on the ground. The partnership will focus on building a diversified portfolio of Australian irrigated permanent crops, leveraging the country's distinctive long-term investment opportunity in agriculture and its significant land transformation potential.

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, said: “Australia combines world-class agricultural resources, strong export markets and significant land transformation opportunities. Through this partnership with GO.FARM, we are backing a proven operator with deep local expertise and a strong commitment to responsible agriculture. Together, we aim to build a diversified platform positioned to capture attractive opportunities across a sector that is becoming increasingly important to global food production.” 

Liam Lenaghan, Founder and Managing Director of GO.FARM, said: “Our focus has always been on finding the opportunity, solving the challenges and executing the fundamentals well by building great teams and capability, backed by data-driven insights and good science. This partnership is built on alignment, not just capital. As global institutions seek exposure to agriculture, access to investment-grade assets remains constrained. This mandate reflects the growing maturity of Australian agriculture as an institutional asset class, and marks a positive moment for both GO.FARM and the sector.”

This partnership builds on La Caisse’s growing sustainable land management presence in Australia and on GO.FARM’s existing relationships with domestic institutional investors, including Australian Retirement Trust, alongside long-standing support from Australian family offices and high-net-worth investors. It also comes at a time when global institutions are increasing their focus on real assets linked to food production, natural capital and climate resilience. In this context, the partnership reflects a shared ambition to continue developing high-quality agricultural investment platforms in Australia over the long term.

ABOUT LA CAISSE

For more than 60 years, La Caisse has invested with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over six million Quebecers, while contributing to Québec’s economic development.

As a global investment group, La Caisse is active in major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, its net assets totalled CAD 517 billion. Learn more at LaCaisse.com, LinkedIn and Instagram.

 La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT GO.FARM

GO.FARM is a leading Australian agricultural investment and development firm, having managed over 96,000 hectares of farmland and 129,000 megalitres of water across New South Wales, Victoria, and Tasmania, with approx. $1.6B of assets under management. The company focuses on transforming underutilised agricultural land into productive, sustainable, and high-value assets. GO.FARM is committed to delivering strong financial returns for its investors, while enhancing the social and environmental fabric of its regional communities.

This is an excellent partnership for La Caisse in Australia to develop a platform focused on investing in high-value permanent horticulture in Australia.

GO.FARM is a leading Australian agricultural investment and development firm and this partnership will allow La Caisse to bolster its presence in Australia's burgeoning farmland industry.

You can read their story here to understand more about them:

We identify underutilised and undercapitalised Australian agricultural assets and transform them to highest and best use. Our expertise lies in landuse change, asset reconfiguration and investment in people, technology, productivity and sustainability. We have successfully executed strategies across greenfield developments, brownfield reversions, rainfed and irrigated farming systems, annual crops and permanent plantings across multiple geographies. 

As stated above, the investment builds on La Caisse's growing sustainable land management presence in Australia and GO. FARM's existing institutional investor base, which includes Australian Retirement Trust, and comes as global investors increasingly allocate capital to food production, natural capital and climate resilient real assets.  

Sustainable land management is a big part of La Caisse's sustainable investing approach.

Recall, last year, La Caisse invested US$200 million in QIC-backed Renewa to accelerate funding of land under clean energy infrastructure (see details here).

With this deal, the focus shifts to Australia where opportunities for investing in agricultural land are plentiful if you partner up with the right group. 

GO.Farms specializes in transforming underutilized agricultural land into productive, sustainable, and high-value assets. 

With this deal, la Caisse joins PSP Investments which has a huge presence in Australia's agricultural lands (a massive portfolio constructed one farm at a time) and OTPP which recently acquired a controlling interest in Mitolo Family Farms and also has a big Australian agribusiness portfolio. 

What is the attraction to Australia's farmland?  

Emmanuel Jaclot, EVP and head of Infrastructure and Sustainability at La Caisse summed it up well: "Australia combines world-class agricultural resources, strong export markets and significant land transformation opportunities."

Real assets like timberland and farmland offer unique cash flows that are inflation-hedged and are not as highly correlated to real estate and infrastructure. 

That, in a nutshell, is why these assets are attractive to institutional investors. 

In other related news, Investment Executive reports La Caisse and Cinven will acquire Optio Group:

Quebec investment manager La Caisse says it has partnered with international private equity firm Cinven to acquire U.K.-based Optio Group, a specialty insurance managing general agent platform.

Founded in 2018, Optio originates, underwrites and manages specialty risk on behalf of more than 60 third-party capacity providers.

Terms of the transaction were not disclosed.

Cinven and La Caisse say in a news release that they believe Optio represents a “compelling investment opportunity” based on several attractive characteristics.

Martin Longchamps, La Caisse’s executive vice-president and head of private equity and private credit, says Optio has a differentiated platform serving complex insurance markets, a strong European base and clear international growth potential.

The transaction is subject to regulatory approvals and other closing conditions. 

Cinven and La Caisse issued a press release stating they will jointly acquire leading specialty MGA platform, Optio:

International private equity firm, Cinven, together with global investment group, La Caisse (formerly CDPQ), today announce that they have reached an agreement to acquire Optio Group (‘Optio’ or 'the Company'), a leading specialty insurance Managing General Agent (‘MGA’) platform headquartered in the UK. Financial details of the transaction are not disclosed.

Founded in 2018 and headquartered in London, Optio originates, underwrites and manages specialty risk on behalf of more than 60 third-party capacity providers. The business underwrites a highly diversified portfolio of specialty risks across six business lines – Profession & Specialty, Transportation, Property & Energy, Healthcare, Transactional Liability, and Surety & Credit – spanning more than 30 products. The company has an established European core with an international footprint, comprising 18 offices across 15 countries spanning the UK, Europe, the US, the Middle East and Asia. A key point of differentiation for Optio is its strong track record of attracting and retaining high-calibre underwriting talent, which in turn drives its leading underwriting performance.

Cinven and La Caisse each have deep experience in the Specialty underwriting sub-sector and have both been tracking Optio for a long time. The Cinven team has known the company's management team for more than two years and, together with La Caisse, has built a strong relationship with management. Cinven and La Caisse believe Optio represents a compelling investment opportunity based on several attractive characteristics:

• Exposure to a structurally growing end-market: Specialty MGAs are expected to continue to outgrow the broader Property & Casualty insurance sector, supported by structural tailwinds including carriers' growing appetite for specialty risks and the continued migration of underwriting talent to MGA platforms like Optio;
• A high-quality, capital-light business model: Optio's portfolio of niche specialty risks is diversified by both product and geography and underpinned by a strong long-term track record of disciplined, low-loss-ratio underwriting;
• A proven track record of attracting and retaining leading underwriting talent: Optio’s underwriting capabilities combine deep sector expertise with a strong track record of high-quality execution, underpinning its position as an emerging leader in the sector as well as its long-tenured relationships across brokers and capacity provider networks;
• Significant opportunity for continued organic and inorganic growth: The business is well-positioned to accelerate its long-term growth trajectory through a combination of organic growth and by executing a pipeline of value accretive M&A opportunities in a highly fragmented market; and
• An exceptional management and leadership team led by CEO, Deepak Soni. 
   

This transaction builds on the Cinven Funds’ extensive expertise and long track record of investing in the specialty underwriting and broader financial services sector, including investments in Compre, Miller and Policy Expert. For La Caisse, the investment reflects a longstanding global focus on insurance and insurance-related platforms, with experience across Europe, North America and Australia.

Luigi Sbrozzi, Partner and Co-Head of the Strategic Funds at Cinven said: “Optio is a marquee opportunity in the MGA space, a financial services sub-sector where Cinven has deep expertise and a strong track record. Deepak and the wider management team have built a leading and differentiated home for specialty underwriting talent, and we are excited to partner with them as they continue to scale the business both organically and through further M&A. We are also delighted to be partnering with La Caisse on this transaction and look forward to working together to support Optio's next phase of growth.”

Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at La Caisse, added: “Specialty insurance is a market where technical underwriting expertise, disciplined risk selection and scale increasingly matter. Optio is well positioned in that environment, with a differentiated platform serving complex insurance markets, a strong European base and clear international growth potential. Our investment reflects La Caisse’s conviction in the long-term fundamentals of the sector, our experience across the insurance value chain, and our focus on backing high-quality businesses alongside sophisticated, like-minded partners.”

Deepak Soni, CEO of Optio, commented: “We are delighted to welcome Cinven and La Caisse as our partners as we embark on the next chapter of the Optio story. Over the past few years, with the support of Preservation Capital Partners, we have successfully built a diversified global platform through investment in our teams and the acquisition of high-quality specialist MGAs. Throughout this period, we have remained focused on delivering strong underwriting results for our insurer partners and outstanding service to our brokers. We are confident that, together with our new shareholder group, we will continue to build on these foundations, pursuing our growth strategy and expanding our capabilities while preserving the entrepreneurial culture and specialist expertise that define our business.”

The transaction is subject to customary regulatory approvals and other customary closing conditions.

ABOUT CINVEN

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid and Luxembourg.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/. 

This was a deal that Cinven brought to Martin Longchamps at la Caisse and his team rightly jumped at the opportunity to acquire Optio, co-investing alongside long-time partner Cinven.

If you read that press release carefully, no doubt about it, Cinven did its homework here, knows Optio's CEO Deepak Soni very well, and understands the company's MGA platform inside out.

I invite my readers to read more about the Optio Group here. They clearly have deep sector expertise:

Optio is a recognised leader in the specialist Managing General Agent (MGA) space, combining deep sector expertise with a progressive, technology-driven approach to underwriting. With a strong focus on niche and complex risks, Optio brings together a team of experienced professionals who deliver tailored solutions across a diverse portfolio, including professional indemnity, contingency, cyber, and more. Their agile structure, combined with robust data insight and underwriting discipline, enables them to respond quickly to market needs while maintaining strong capacity relationships. This positions Optio as a trusted partner for brokers seeking specialist coverage and consistent performance in a dynamic risk landscape. 

Now it's up to Cinven and La Caisse to help Optio grow during its next growth phase.

Alright, two big deals to cover from La Caisse on Monday that you should all be aware of.

Below, discover how GO.FARM is revolutionizing Australian agriculture with innovative and sustainable farming practices. From increasing productivity to reducing environmental impact, GO.FARM is at the forefront of transforming the future of farming. Learn about their advanced technologies, sustainable land management strategies, and commitment to building a greener tomorrow. 

When you partner up with the right people, extraordinary things can happen. This family seems very much in tune with sustainable farming and their love for it shines through below.  

Our recent report asks a bold question: What would the United States look like if we tripled union membership? We find a range of economic and social benefits—such as higher wages, greater access to health insurance, and a stronger democracy. This post examines another social good generated by unions: strong investment in public education.

Investment in public education was one of the key reasons the U.S. became the richest country in the world in the 20th century. Universal education has many positive effects, including creating a more productive workforce and a more informed and engaged democratic society. Unions play a key role in advocating for public spending in education. Figure A shows that states with higher unionization rates spend substantially more per student on education.

Figure A

Adequate levels of per-pupil spending are instrumental policy for maintaining quality education. When per-pupil spending is low, students may struggle to get the support they need to achieve their learning goals. Districts, in turn, may have a harder time retaining teachers and staff because they can’t offer competitive salaries or benefits.

Increased per-pupil funding, by contrast, pays off for students. Greater funding for schools improves educational attainment, student achievement, and economic outcomes in adulthood. In one study, researchers found that a 10% increase in school spending for 12 years led to increases in high school graduation rates, 7% higher wages, and 10% higher family incomes in adulthood for children from districts that experienced the spending increase. More recently, researchers assessing the contribution of federal pandemic educational aid found that each $1,000 increase in per-pupil spending boosted student achievement in math and reading. Importantly, when researchers restricted their assessment to high-poverty districts, the per-dollar effect was nearly twice as large.

Unions are also instrumental to protecting quality public education. This is increasingly under threat due to state- and national-level voucher programs, which divert money away from public education and toward private schools and homeschooling. A substantial share of enrollees in voucher programs are often students who are already attending private school.

Vouchers reduce education quality in several ways. First, voucher programs yield worse academic achievement outcomes relative to public schools. Studies have found that students in voucher program schools experienced test score declines that are comparable or worse than declines due to COVID-19.

Second, voucher programs strain state budgets. And this cost comes at a time when states face budgetary pressure from the Republican tax and spending megabill (OBBBA), which reduced federal funding for Medicaid and SNAP (also known as food stamps).

Third, public school districts experience an additional hidden cost. When students leave public schools with a voucher, school districts lose revenue but must still pay the same amount for fixed costs that can’t immediately adjust to declines in enrollment, such as cooling/heating and utilities. These required payments for a district’s fixed costs mean that districts will have even less to spend on costs that can be adjusted—like school supplies or instructional support—thereby reducing services for students.

States with higher levels of unionization are more likely to have the political resources to fight back against vouchers in legislative fights. As a result, these states are less likely to have universal voucher programs, as shown in Figure B.

Figure B

In sum, there are many ways unions support workers and their communities, and their consistent support of public education shouldn’t be discounted. From advocating for enough funding for high-quality education to defending against education privatization, unions support our nation’s commitment to universal public education. This not only improves students’ academic achievement, but also their economic outcomes well into adulthood.

Overview of PDF Soldiers in 40k

The Planetary Defence Force serves as the Imperium’s first line of defense, deploying disciplined infantry to secure planetary borders, quell uprisings, and counter local threats. Their standard issue weapons and reinforced armor enable rapid response across diverse terrainsTheir presenceNow

Role within the Imperial Guard

PDF soldiers act as the Imperial Guard’s rapid‑reaction force, filling the gaps between regimental deployments and the Space Marine detachments that arrive from the stars. Their primary mission is to secure planetary perimeters, suppress local insurgencies, and maintain order on the front‑lines of the Imperium’s vast borders. Equipped with standard‑issue lasguns and reinforced Iron Boots, they can hold positions against both human and xenos insurgents until heavier forces arrive. In addition to garrison duties, PDF units often serve as the first line of defense against incursions by Chaos cultists, heretical cults, and other internal threats. Their presence on a planet’s surface allows the Imperial Guard to allocate its elite regiments to larger strategic objectives while the PDFs handle day‑to‑day policing, crowd control, and the protection of key infrastructure. The PDF’s role is therefore both tactical and administrative: they enforce Imperial law, secure supply routes, and provide a buffer that protects the Guard’s more specialized units from being overwhelmed by local conflicts. Their disciplined training and standardized equipment make them reliable allies in the Guard’s broader strategy of maintaining order across the Imperium’s countless worlds.

Comparison to Space Marine Auxiliaries

PDF soldiers occupy a distinct niche compared to the auxiliary units that support Space Marine Legions. While Space Marine auxiliaries—such as the Imperial Guard’s own regiments of engineers, artillery, and the loyalist Imperial Guard’s own regiments of engineers—focus on specialized tasks, PDF infantry are trained for rapid deployment, crowd control, and planetary security. Their standard issue lasgun and reinforced Iron Boots allow them to hold ground against local insurgents and to provide a buffer that protects heavier forces from being overwhelmed by civilian unrest or small‑scale xenos incursions. In contrast, Space Marine auxiliaries are typically deployed as part of a larger battle‑fleet or as a dedicated support element within a Space Marine chapter, providing heavy firepower, engineering support, or specialized tactical roles. PDF units, by contrast, are usually stationed on the planet’s surface, tasked with maintaining order, securing supply lines, and acting as the first line of defense against internal threats. Their role is therefore more administrative and policing in nature, whereas Space Marine auxiliaries are primarily combat support units that enhance the offensive capabilities of the Space Marines during large‑scale engagements. This distinction means that PDF soldiers are often the first responders to local crises, while Space Marine auxiliaries are called upon when a chapter requires additional firepower or specialized expertise on the battlefield.

Additionally, the PDF’s training emphasizes versatility; they are taught to operate both in open battlefields and in confined urban environments, making them ideal for riot control and garrison duties. Their equipment—standard lasguns, bolters, and chainswords—provides a balanced arsenal that can be adapted to various threat levels. Space Marine auxiliaries, meanwhile, often carry specialized weapons such as plasma guns or heavy bolters, and their training is tailored to support the chapter’s tactical doctrine. The PDF’s lower cost and simpler logistics also mean that they can be mass‑produced and deployed quickly, whereas Space Marine auxiliaries require more extensive preparation and integration with the chapter’s command structure. This logistical difference further underscores the PDF’s role as a flexible, readily available force that can be mobilized to address immediate threats, while Space Marine auxiliaries are reserved for larger, coordinated operations that demand the full might of the chapter.

Historical Background of the Planetary Defence Force

The Planetary Defence Force emerged during the early Imperium, tasked with protecting planetary borders and quelling internal dissent. Formed from Imperial Guard recruits, they evolved into a rapid response unit, crucial for maintaining order across the galaxy and safeguarding the frontier in void now

Origins and Evolution

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The Planetary Defence Force’s core responsibilities revolve around maintaining planetary stability and acting as the first response to local disturbances.

PDF units are routinely deployed to garrison strategic installations—such as orbital launch pads, mining colonies, and critical infrastructure—where they provide continuous security against sabotage, insurgency, and alien incursions.

In addition to static defense, PDF regiments conduct rapid reaction patrols across urban centers, ensuring swift suppression of civil unrest and preventing the spread of heretical influence.

Their operational doctrine emphasizes crowd control, with squads equipped for riot suppression, crowd containment, and the use of non‑lethal deterrents.

When facing heavier threats, PDF soldiers can be reinforced with armored vehicles and heavy weaponry, allowing them to engage fortified positions or hostile forces that exceed standard infantry capabilities.

Deployment patterns prioritize proximity to potential conflict zones; units are often stationed on planetary perimeters, orbital platforms, or within the immediate vicinity of critical economic hubs.

This strategic placement enables the PDF to respond within minutes to emergent crises, thereby reducing the need for external Imperial Guard or Space Marine intervention.

The force’s adaptability also allows for joint operations with local militias and planetary governors, fostering a collaborative approach to planetary defense that balances military might with civil governance.

Integrating these roles, PDF remains to the Imperium.

Equipment and Armament

PDF soldiers carry standard issue lasguns, bolters, and chainswords, often upgraded with reinforced carapace and iron boots. Their gear balances crowd control with limited anti‑armor capability, enabling rapid deployment across varied terrains. forplanetary defense.

Standard Issue Lasgun

The Planetary Defence Force equips its infantry with the L‑12 “Astra” lasgun, a compact, high‑rate‑of‑fire weapon designed for rapid suppression in urban and open‑field engagements. With a 1.2‑second cycle time and a 200‑meter effective range, the Astra balances firepower and mobility, allowing PDF squads to maintain pressure on enemy forces while remaining agile enough to respond to sudden threats. Its lightweight polymer chassis reduces fatigue during prolonged patrols, and the integrated heat‑suppressor prevents overheating during sustained fire. The Astra’s modular design allows for easy field upgrades, such as the optional “Serrated‑Barrel” attachment that increases damage against armored targets. Despite its modest damage output compared to bolters, the lasgun’s reliability and low logistical footprint make it ideal for the PDF’s primary role of crowd control, garrison security, and rapid response to civil unrest. The weapon’s standard ammunition load of 40 rounds is sufficient for most missions, and spare magazines are carried in the soldier’s pack for quick reloads. In combat, PDF soldiers often use the Astra in coordinated volleys, creating a dense fire wall that can deter insurgent forces and protect civilian populations during planetary crises. The lasgun’s low power consumption allows for extended patrols without the need for frequent resupply, a critical advantage in remote or contested sectors where supply lines may be disrupted. Training focuses on disciplined fire teams, with squad leaders coordinating Astra fire arcs to maximize coverage while minimizing collateral damage. The lasgun’s compatibility with iron boots and carapace offers protection against plasma and kinetic threats, enabling soldiers to maintain fire discipline under heavy fire. Field upgrades like the Serrated‑Barrel attachment increase damage against armored targets, while the heat‑suppressor keeps the weapon cool during sustained engagements, allowing PDF units to adapt firepower to the threat environment. Its compact design allows soldiers to carry gear without losing mobility.

Bolter and Chainsword Variants

PDF units occasionally receive heavier firepower when operating in hostile environments or during large‑scale civil disturbances. The “Astra‑Bolt” is a modified 12‑mm bolter with a 30‑round magazine and a lightweight polymer frame, allowing soldiers to maintain a higher rate of fire while keeping the weapon manageable for rapid deployment. Its standard 0.5‑second cycle time and 250‑meter effective range make it suitable for suppressing entrenched insurgents or armored vehicles that outpace the standard lasgun. The Astra‑Bolt’s modular barrel permits the attachment of a “Serrated‑Barrel” or “Plasma‑Coated” insert, increasing damage against armored targets or providing a secondary plasma effect for crowd control. The chainsword variant, known as the “Iron‑Blade”, is a short‑sword with a serrated edge and a reinforced titanium core. It is issued to PDF squads that require close‑quarters combat proficiency, especially in urban or confined environments. The Iron‑Blade’s 30‑cm length and 1.5‑second swing time allow soldiers to engage enemy combatants with minimal exposure to ranged fire. Both weapons are designed for rapid reloading and minimal maintenance, ensuring that PDF soldiers can sustain operations in the field for extended periods without logistical support. Training emphasizes coordinated use of the Astra‑Bolt’s suppressive fire and the Iron‑Blade’s close‑quarters strikes, creating a versatile force capable of adapting to evolving battlefield conditions. — End.!!!

PDF soldiers are equipped with the Iron Boots, a lightweight yet durable composite that offers protection against ballistic and energy weapons while maintaining speed. The boots incorporate a titanium lattice and shock‑absorption system, allowing troops to traverse rubble and trenches. The Iron Boots also feature a magnetic interface that can lock onto metallic surfaces, enabling rapid scaling of walls or securing positions on elevated terrain. In addition to the boots, PDF units wear the Carapace, a modular body armor that can be customized to mission requirements. The Carapace’s core is made of polymer‑infused ceramic plates, providing 30‑mm ballistic resistance and a 10‑mm energy‑shielding layer that deflects plasma and laser fire. The armor’s modular design allows soldiers to attach additional plates or a lightweight exoskeleton for increased strength and endurance. The Carapace also houses a small, built‑in power cell that supplies energy to integrated HUDs, night‑vision optics, and a personal locator beacon. Together, the Iron Boots and Carapace form a versatile defensive package that balances protection, mobility, and technological integration, enabling PDF squads to perform crowd control, garrison duties, and rapid response missions across diverse planetary environments.

Combat Tactics and Deployment

PDF squads excel in deploy, forming tight squads for crowd control. They use layered fire, with bolters suppressing enemies while chainswords cut through barricades. Iron Boots grant speed, enabling fast repositioning. In garrison they secure perimeters maintain order and respond to threats now.!

Crowd Control and Garrison Operations

PDF units specialize in rapid, disciplined crowd suppression, employing bolter volleys to create fire lanes while chainswords clear debris. Their iron‑booted infantry can sprint across rubble, closing gaps between sectors. In garrison, PDF squads establish layered perimeters, using reinforced carapace to absorb artillery and psychic blasts. They secure key infrastructure, maintain order, and provide a mobile reserve that can be dispatched to quell uprisings or reinforce besieged outposts. Their standard issue lasgun offers a low‑power, high‑rate option for non‑lethal crowd control, while the heavier bolter and chainsword provide the firepower needed against armored insurgents. The PDF’s training emphasizes rapid deployment, coordinated fire, and the ability to switch from suppression to direct engagement within minutes. This flexibility makes them indispensable for planetary security, allowing the Imperial Guard to focus on larger tactical objectives while the PDF maintains local stability. During sieges, PDF squads deploy rapid barricades, using their reinforced carapace to shield civilians while artillery crews prepare. Their bolter squads can perform rapid flank attacks, using the terrain to mask movements and create confusion among insurgent ranks. In urban environments, PDF units employ chainsword squads to clear buildings, while their iron boots enable them to breach reinforced doors quickly. When facing psychic threats, PDF squads rely on their carapace’s psychic dampening properties, allowing them to hold positions against daemonic incursions. PDF squads also conduct night patrols, using low‑light optics to detect hidden threats without revealing their positions. PDF squads form a rapid response unit for evacuations!

Mechanized Police and Riot Security

PDF squads equipped with reinforced carapace and iron boots form the backbone of planetary mechanized police forces. Their bolters are tuned for crowd control, firing low‑power, high‑rate bursts that disperse mobs without lethal force. Chainsword squads clear barricades, while standard issue lasguns provide a non‑lethal option for crowd suppression. The carapace’s psychic dampening shields officers from psychic influence during riots, and the reinforced boots allow rapid movement over debris and uneven terrain. In riot situations, PDF units deploy in tight formations, using their bolter fire to create fire lanes while chainsword squads breach gates and clear buildings. Their standard issue equipment includes riot shields, tear‑gas launchers, and non‑lethal projectile launchers, enabling them to subdue hostile civilians without escalating violence. The PDF’s training emphasizes de‑escalation tactics, crowd containment, and rapid response to emergent threats. When a planetary crisis erupts, PDF mechanized police can quickly mobilize to secure key infrastructure, escort civilians, and maintain order while higher‑level forces prepare for larger operations. Their disciplined approach and versatile gear make them indispensable for maintaining civil order in the Imperium’s most volatile regions ensuring stability sector

Statistical Modeling of PDF Soldiers

PDF soldiers use IGu stats: WS 3+, BS 3+, S 3+, T 3+, W 1, A 1, Ld 3, Sv 3. They get +1 to WS/BS, +1 to W, -1 to T, armor save +2, and carry a standard issue bolter with a 4‑shot burst. Their standard issue armor grants a +2 armor save, and they are trained for crowd control and rapid deployment

Suggested PDF Soldier Stats (IGu) and Arbites Comparison

PDF soldiers are typically modelled with IGu stats: WS 3+, BS 3+, S 3+, T 3+, W 1, A 1, Ld 3, Sv 3. They receive a +1 to WS and BS, +1 to W, and a -1 to T to reflect their training in rapid fire and close‑quarters engagement. Their standard issue bolter is a 4‑shot burst with a 4‑shot range, and they wear reinforced armor that grants a +2 armor save. Arbites, on the other hand, are often modelled with Enforcer or Stormtrooper stats, which typically include WS 3+, BS 3+, S 3+, T 3+, W 1, A 1, Ld 3, Sv 3, but with a +2 armor save and a heavier emphasis on crowd control. While PDF soldiers focus on speed and suppression, Arbites are designed for sustained fire and holding ground. In tabletop play, using IGu for PDF soldiers allows for a more balanced representation of their role as a mechanized police force, whereas Arbites’ higher armor saves reflect their function as a frontline crowd‑control unit. Adjustments such as lowering WS/BS by 5 for a more defensive PDF or increasing W for a heavier bolter can be applied to fine‑tune the balance between the two forces. These statistical distinctions also influence mission planning. For example, PDF squads are often deployed in rapid response units, moving quickly through urban environments to neutralize insurgents before they can establish fortified positions. Arbites, with their heavier armor saves, are better suited for holding strategic points, where they can absorb sustained fire while coordinating with orbital support. in the central city!!!!!!!!!!

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Sean Conlon, Joseph Wilkins, Justina Lee, Lee Ying Shan and Fred Imbert of CNBC report the S&P 500 closes little changed Friday as Iran fears and chip sell-off weigh down market: 

The S&P 500 ended near flat on Friday, weighed down by chip stocks, as investors assessed the latest developments regarding the Middle East conflict.

The broad market index added just 0.05% and closed at 7,411.98 while the Nasdaq Composite dropped 0.64% to end at 24,975.82.The Dow Jones Industrial Average gained 235.60 points, or 0.46%, to settle at 51,947.25. A 3.5% jump in Apple boosted the blue-chip index.

Stocks had moved higher earlier in the session, while oil prices pulled back, after Reuters, citing three Pakistani sources, reported that Pakistan is ​considering a path toward establishing new peace negotiations between the U.S. and Iran, with the push being initiated by China. However, ​obstacles to discussions with the U.S. are still high, the sources said.

Earlier this week, U.S. President Donald Trump said he will soon make a decision on whether to launch a “massive attack” on Iran after the conflict in the Middle East extended to a new battleground in the Red Sea. Speaking to Axios, the president said the proposed strikes would be bigger than anything seen in the war so far, and that Iran has not “received enough pain yet.”

“I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it,” Trump said in the interview.

The New York Times on Friday reported that Trump was meeting with top advisors and his cabinet’s senior members to make a decision on whether to escalate the U.S.′ attacks on Iran.

Oil prices came off their lows after the report. Brent crude futures — which topped $100 per barrel for the first time since late May this week — eased from those levels to settle at $96.78, dropping nearly 4%. U.S. West Texas Intermediate futures fell 3% to settle at $89.31 a barrel.

Traders seemed hesitant to stay long going into a weekend that could bring more aggressive attacks on Iran.

U.S. forces have pummeled Iranian targets over the past two weeks, with Central Command completing a 13th consecutive night of strikes overnight.

“What is going on in the Middle East has the potential to create real economic outcomes with respect to restriction of hydrocarbon flows and the absorption capabilities of the global economy to deal with that,” said Bill Northey, investment director at U.S. Bank Asset Management Group.

Though Northey director believes rates will remain unchanged next week in light of this week’s spike in oil, the investment director added, “Fed Chair Kevin Warsh has been very clear about returning the U.S. economy’s inflationary level to their target and use that as a choice, and we take him at his word.”

Intel shares fell nearly 8%, reversing course from earlier gains after the chipmaker’s second-quarter results exceeded Wall Street’s expectations. Other chipmakers slid alongside it, with Broadcom off 2.7% and Advanced Micro Devices down 3.3%. Micron Technology declined 7%, and the VanEck Semiconductor ETF (SMH) pulled back 3%.

“I think you’re just seeing a lot of outsized flows move in and out of that space on a day-to-day basis, but as we step back and look at where the powerful earnings growth is, where it exists in today’s environment and what’s driving ’26 and ’27 estimates, these are the primary beneficiaries,” Northey said.

“We just have to understand that there’s going to be some sentiment flows that occur in and around the space,” he continued.

The S&P 500 and the Nasdaq booked back-to-back weekly losses, falling 0.6% and 2.1%, respectively. The Dow declined 0.4% in the period, marking its third straight losing week.

Grace O'Donnell   and Jake Conley of Yahoo Finance also report the Nasdaq slips, Dow and S&P 500 recover to close a volatile week on Wall Street:

US stocks diverged on Friday as investors assessed a new set of global tariffs against a backdrop of AI jitters, rising oil prices, and elevated bond yields.

The Dow Jones Industrial Average (^DJI) rose roughly 0.5%, while the S&P 500 (^GSPC) inched above the flat line. The tech-heavy Nasdaq Composite (^IXIC) fell 0.6% as Wall Street stocks attempted to stabilize after a sharp sell-off on Thursday, led by megacap tech names.

All three major indexes posted weekly losses, led by a 2% decline for the Nasdaq over the past five days. 

Stocks faced a choppy week after the "Magnificent Seven" stocks collectively shed nearly $800 billion in market value on Thursday amid a sell-off sparked by ballooning AI spending. Shares in semiconductor giant Intel (INTC) fell nearly 8% on Friday as well despite the company's results blowing past Wall Street's expectations in the second quarter.

Overnight, President Trump's latest set of global tariffs targeting nearly all US imports went into effect. The new Section 301 tariffs, which the administration hopes will better withstand legal scrutiny, levy rates of 10% to 12.5% on the US's top trading partners.

The White House exempted some energy products from those tariffs as markets contend with higher oil prices that threaten to derail progress on inflation and ripple throughout the economy. That said, S&P Global's flash PMI showed that US business activity expanded at the fastest pace in eight months in July, boosted by the World Cup.

Offsetting some of the pressure on markets, oil prices fell on Friday, with Brent crude (BZ=F) futures down 4% to trade below $96 per barrel. But the international benchmark was set for a weekly gain after touching $100 per barrel.

On the corporate front, Verizon Communications (VZ), American Express (AXP), and NextEra Energy (NEE) reported earnings beats but missed estimates on revenue. 

The biggest story of the week was Tesla, Alphabet losing hundreds of billions in value in post-earnings stock plunge:

 

This didn’t help Mag-7 stocks this week. 

What else? SpaceX (SPCX) stock stumbled to a new all-time low ahead of a major mission test tonight, just as it gambles that Starship can take over for the company's lucrative Falcon launch business:

Again this week, we see how unforgiving this market is; anything momentum-related got clobbered while energy stocks took off on mounting tensions in the Middle East. 

And here are the US large-cap top and bottom performers this week (full list here):

 

Next week, more big tech earnings including semis which have been hit hard lately and a big Fed meeting where we will see if Chair Warsh raises rates.

Lastly, President Trump is having another tariff tantrum, hitting Canada and the EU. We shall see where this one goes.

Below, DoubleLine Deputy CIO Jeffrey Sherman joins CNBC’s Squawk on the Street to break down recent moves in U.S. Treasuries amid renewed tensions with Iran. Mr. Sherman argues the surprising strength in the long bond has less to do with oil and more to do with a broader overhang of fiscal deficits across the developed world, pointing to similar dynamics in the U.K., Germany and Japan. 

He sees the real inflation signal showing up on the front end of the curve instead, and he continues to favor short duration, particularly in securitized credit, where AAA paper offers a meaningfully wider spread over Treasuries than comparable corporate bonds.

On the FOMC, Sherman thinks the committee is probably biased toward a hike, but the timing is awkward given the approaching midterms. He sees the recent repricing in the bond market as effectively doing some of that work already, giving policymakers room to stay on hold and watch how the conflict evolves rather than being forced into a decision next week.

Also, Warren Pies, 3Fourteen Research, joins 'Closing Bell Overtime' to talk what's ahead for the markets and the Federal Reserve.

Third, Jeremy Siegel, Whartons School of Business and WisdomTree, joins 'Closing Bell' to talk what's ahead for the markets and the Federal Reserve.

lastly, Charles Bobrinskoy, vice chairman at Ariel Investments, joins 'Squawk on the Street' to discuss the latest market trends, his outlook for the markets, and more.

S&P Capital IQ reports Iberdrola Energía Internacional, S.A.U. reached an agreement to acquire 80% stake in Caruna Networks Oy from KKR & Co.and Ontario Teachers' Pension Plan Board for €2 billion:

Iberdrola Energía Internacional, S.A.U. reached an agreement to acquire 80% stake in Caruna Networks Oy from KKR & Co. Inc. (NYSE:KKR) and Ontario Teachers' Pension Plan Board for €2 billion on July 21, 2026. The valuation attributed to 100 % of the Caruna Group, in enterprise value terms, including net financial debt, is approximately €5 billion , and will entail a total approximate outlay by Iberdrola Energía Internacional for 80 % of its share capital of  €2.014 billion as the purchase price, comprising a payment of approximately €1.014 billion on the closing date of the Transaction and a deferred payment of approximately €1,000 billion, payable within the 30 months following closing, subject to the customary adjustments in transactions of this nature.

Under the transaction, KKR will divest its entire 40% ownership stake in Caruna, and Ontario Teachers' Pension Plan (OTPP) will also sell its shareholding (40%) in the company. Upon completion of the transaction, Iberdrola will become the majority owner of Caruna. The ownership stakes of pension insurance company Elo (7.5%) and AMF (12.5%) will remain unchanged. The ownership change will have no impact on Caruna's operations, customers, employees, partners, or ongoing investments. The company's business operations will continue as normal.

The transaction has been entered into on customary market terms and is subject to the conditions precedent typical of transactions of this nature, including, among others, obtaining third-party approvals and the relevant regulatory authorisations regarding foreign investments in Finland, foreign subsidies and merger control by the European Commission. The Transaction is expected to be completed by the end of 2026 or during the first quarter of 2027. The transaction is expected to be EPS-accretive on the first year.

On Tuesday, Ontario Teachers’ issued a press release stating it has reached an agreement to sell stake in Caruna to Iberdrola:

• Iberdrola has agreed to acquire majority ownership of Finland’s largest electricity distribution company Caruna, including the 40% shareholding of Ontario Teachers’

London, July 21, 2026: Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced that it has reached an agreement to sell its 40% shareholding in Caruna, as part of a broader transaction that will see Iberdrola become the new majority shareholder for the business. The transaction values Caruna at around €5 billion, including its financial debt.

Caruna is Finland’s largest energy distribution company delivering around 12,000 GWh of electricity to over 740k customers in 80 cities and municipalities across the country. During the period of Ontario Teachers’ ownership, the key focus has been to support Caruna’s growth and strengthen the network, to improve resilience, drive security of supply and help support Finland’s energy transition.

James Adam, Senior Managing Director, Infrastructure at Ontario Teachers’ said: “We are proud to have been part of Caruna’s growth and development for the past five years. We would like to thank Matti Ruotsala, Jyrki Tammivuori and the Caruna team for their continued hard work in ensuring it delivers secure, reliable energy to its customers. We are confident that together with Iberdrola, Caruna will continue its success in its next chapter.”

The investment is subject to regulatory approvals and customary closing conditions.

About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as of December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.  

It is also worth reading the press release Iberdrola issued on this deal: 

• Caruna serves one and a half million people –more than 20% of Finland’s population– and has 89,000 km of electricity distribution networks
• The transaction marks Iberdrola’s entry into Finland, a market with an AA+ credit rating, attractive regulation and strong growth prospects driven by electrification
• The deal, together with the recent divestment of thermal power plants in Mexico, reinforces the Group’s strategy of focusing its investments on electricity networks

Iberdrola has reached an agreement to acquire Caruna, Finland’s leading electricity distribution company, in a transaction valuing 100% of the company at around €5 billion, including its financial debt.

The transaction will involve a payment of €2 billion for 80% of the company’s equity, while Nordic pension funds AMF and Elo will retain their current 20% stake.

Caruna is the country’s largest electricity distribution operator and serves one and a half million people –more than 20% of the Finnish population–. The company has a network of approximately 89,000 kilometres, 67% of which is underground.

Caruna operates, through two distribution concessions, in the area surrounding central Helsinki and in the Joensuu region —with strong industrial activity and growing demand linked to new data centres, as well as residential developments— and in other areas of western and north-eastern Finland.

Network growth and new opportunities

The acquisition, together with the recent divestment of thermal power plants in Mexico, reinforces Iberdrola’s strategy of focusing its investments on the networks business in stable markets with attractive regulatory regimes: Finland has an AA+ credit rating and a regulatory framework in place until 2031 that offers a return on equity of around 8%.

The company is expected to increase its earnings and asset base by around 7% annually over the coming years, with annual investments of between €200 million and €300 million to reinforce and digitalise its electricity network in a context of strong growth in renewable capacity1.

These investments could increase in the future due to growing demand, the electrification of the economy, the expansion of data centres and the development of electricity transmission infrastructure, which Finnish regulation has allowed distribution companies to undertake since the beginning of 2026.

Completion of the acquisition is expected in the first quarter of 2027, subject to obtaining customary regulatory approvals for this type of transaction.

Iberdrola’s executive chairman, Ignacio Galán, said: “This transaction reinforces our strategic commitment to electricity networks as essential infrastructure for promoting energy security, self-sufficiency and competitiveness. Finland offers high credit quality and a predictable and attractive regulatory framework, while Caruna has strong growth prospects due to the need for networks linked to new renewable generation, rising demand from the industrial and residential sectors and the electrification of the economy”. 

I discussed OTPP's investment in Caruna, Finland’s largest electricity distribution company, back in March 2021. You can read that comment here. 

Caruna is an excellent asset that was previously owned by OMERS Infrastructure prior to being sold to KKR and OTPP.

Now Iberdrola has acquired a controlling stake and KKR and OTPP couldn't have found a better strategic to acquire their 80% interest in Caruna (40% each).

Just read Iberdrola's press release and you'll understand why it acquired this asset and how it fits in its "strategic commitment to electricity networks as essential infrastructure for promoting energy security, self-sufficiency and competitiveness."

OTPP and KKR are big investors in the grid and this asset fits well in their respective portfolios.

They sold their interest, realized a gain, and will now move on to their next investment. 

It demonstrates that you do not need to keep an infrastructure investment on your books forever. If the right buyer comes along, you sell it at the right price. 

Below, Iberdrola has given a new boost to its strategy to grow in the electricity networks business and has reached an agreement to acquire Caruna, Finland's main electricity distribution company, in a transaction that values 100% of the company at approximately €5 billion, including its financial debt, and allows the group to enter this business in the Nordic country, the energy company reported.

The second clip shows you why this Spanish giant was the best company to acquire Caruna. Well done.