.Raphael G.

Luxembourg is #1 in median wealth. Why does this matter more than being rich on paper? When we talk about wealth, two measures often come up: *average wealth* and *median wealth*. But here’s the thing: - Average wealth can be skewed by billionaires at the top. - Median wealth shows the true middle - how the *average household* is actually doing. And this is where Luxembourg shines. 🇱🇺 According to the UBS Global Wealth Report 2024: - Luxembourg leads the world in median wealth at $372,000 per person. - It ranks 2nd in average wealth at $608,000, just behind Switzerland ($710,000). But here’s the kicker: In terms of broad-based prosperity, Luxembourg stands FAR ahead. Take the U.S. as an example: - 4th in average wealth. - Only 14th in median wealth. This gap highlights inequality. A nation can look wealthy on paper, but the distribution tells a much deeper story. Luxembourg proves that true prosperity isn’t about a handful of billionaires. It’s about creating a system where wealth is shared more evenly across households. This reinforces Luxembourg’s reputation as a financial hub, but also as a place where prosperity *reaches more people*. Median wealth isn’t just a number. It’s a measure of opportunity, shared success, and stability. What do you think? Does median wealth tell a better story about prosperity than average wealth? Source: UBS Global Wealth Report 2024.

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Exclusive: Syz Capital to raise more than $200 million (2,000 Bitcoin) for its fund of crypto hedge funds. The Syz Capital BTC Alpha fund, which was launched in March and has been closed to external capital since April, will reopen on 1 October. Richard Byworth, Managing Partner at Syz Capital, said that the fund has already received commitments of around 1,800 Bitcoin. “The fund’s backers include single family offices, multi-family offices, high-net-worth individuals, corporate treasuries and crypto foundations,” Byworth said. Institutional interest in crypto hedge funds has increased significantly. Last year, Hilbert Group partnered with Xapo Bank to launch a bitcoin yield hedge fund. A former Deutsche Bank and Jefferies trader, Tian Zeng is launching his crypto hedge fund Third Eye on 1 August. Full story: https://lnkd.in/gbkjctPr

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Initial Commentary on the EA Games Acquisition : An LBO Case Analysis I’ve been discussing with peers the idea that debt-laden acquisitions can absolutely happen in the tech sector, under the right conditions. The key hinges are ARR (Annual Recurring Revenue) and AROI (Annual Recurring Operating Income), which serve as stabilizers in volatile industries. That said, this is not a classic LBO. The equity contribution here is roughly 66%, higher than the typical ~50% we usually see in leveraged buyouts. This alone changes the risk/return architecture of the deal. Another point: the acquisition is strategic more than financial. The transaction is priced at 20–24x EBITDA, while the market range for gaming assets sits closer to 10–12x. The exception is Microsoft’s Activision deal—also expensive, but backed by clear platform synergies that created outsized free cash flow value. EA doesn’t enjoy the same platform hedge. On the financing side, the $20bn in debt is notable. With a single-B rating, we’re talking about an average cost of $1.8–2bn repayment through 2030)( before any re-IPO). That exit will be critical: unless the sponsors can sell back into the market at the same entry multiple, the IRR profile could collapse. Finally, cost cutting looks unlikely here. In fact, capex (currently ~$200m annually) will likely need to rise to sustain competitiveness in a crowded gaming ecosystem. That means value creation will rely less on margin efficiency, and more on maintaining EV north of $55bn while steadily reducing leverage. I will add an article on the financial analysis of the deal but thought to place some points of the tip of my mind here. #LBO #EAGAMES #acquisitions #pif

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How do you identify the best borrowers in the European lower mid-market? That was the theme of the panel I joined today at IPEM in Paris which has become the must-attend event for our industry.   The reality is clear: in this segment, the difference does not come from “natural deal flow” but from proximity to companies and trusted relationships with sponsors. The lower mid-market is a relationship-driven market, where consistency matters more than opportunism.   Even though global M&A has slowed, this segment maintains positive momentum, supported by consolidation trends and the largest pool of SMEs in Europe. At Eurazeo, this is where our strengths make a difference: a local presence built since 2007, funds of critical size that allow us to act as sole lender, and unwavering discipline in both selection and documentation.   These are the elements that enable us to create long-term value, even in a highly competitive and volatile environment. Many thanks to my fellow panelists for the insightful discussion. David Merriman Aris Constantinides Xavier de Prévoisin Richard Dalaud Rachel McGovern

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The risk-free rate (Rf) to use in the DCF for French companies is now the yield on L’Oreal bonds… 𝗙𝗧 - 𝗙𝗿𝗲𝗻𝗰𝗵 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀’ 𝗯𝗼𝗿𝗿𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝘀𝘁𝘀 𝗳𝗮𝗹𝗹 𝗯𝗲𝗹𝗼𝘄 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁’𝘀 𝗮𝘀 𝗱𝗲𝗯𝘁 𝗳𝗲𝗮𝗿𝘀 𝗶𝗻𝘁𝗲𝗻𝘀𝗶𝗳𝘆 https://lnkd.in/dc85GCw7

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Welcome to Switzerland, JuCoin! 👋 JuCoin a service-driven cryptocurrency exchange founded in Singapore, is expanding to Baar in the canton of Zug with an 8,000 square meter European #headquarters in the heart of Switzerland’s #CryptoValley. Led by CEO Kenny Dan and COO Hugo Teo, the headquarters will grow to around 100 employees by the end of 2025, focusing on local #talent. JuCoin is also pursuing the #MiCA license to ensure full EU regulatory compliance and provide a secure trading experience across the region. 💬 "Switzerland's regulatory clarity and innovation-friendly environment make it the ideal base for our European expansion," said Sammi Li, CEO of JuCoin Global. "By establishing our headquarters in Crypto Valley, we're positioning JuCoin alongside the pioneers that shaped this industry while building the infrastructure to serve millions of European users." With over 12 million users in more than 30 countries, JuCoin’s expansion further strengthens Switzerland’s role as a global leader in #blockchain and #fintech innovation. 📰 Learn more in our article: https://lnkd.in/eEZKjSHW 📄 Discover why Switzerland is the ideal location for your headquarters: https://lnkd.in/eYJ_simi #WhySwitzerland #BusinessExpansion #JuCoin Greater Zurich Area Crypto Valley Association HomeofBlockchain.swiss Kanton Zug Economic Promotion Canton of Zug Switzerland Innovation Swissnex swisstech Presence Switzerland

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