Citadel's intern bubble — BlackRock power players — IPO filing frenzy

 

Happy Saturday!

This week was a nonstop S-1 filing frenzy. Just to name a few: Unity, Sumo Logic, Asana, Jfrog, and Snowflake all filed on Monday; Palantir's S-1 flipped on Tuesday; and digital health startup GoodRx revealed its IPO documents on Friday. 

While there's a long list of companies gearing up for public debuts, be it through direct listings or IPOs, more investors are also getting the green light to pile into private markets. 

The SEC announced this week that it's "modernizing" its definition of an accredited investor. Now, instead of meeting an income or asset threshold, investors will basically just need to demonstrate that they're knowledgeable enough about private markets to jump in. 

At BlackRock, meanwhile, the business of offering assets like private equity, hedge funds, and real estate has become a core part of the firm's long-term growth plan. Rebecca Ungarino took a look at who's driving this massive push:

Meet the 17 power players at BlackRock carrying out CEO Larry Fink's vision to turbocharge private equity and alternative investments growth

Keep reading for a peek inside Citadel's summer camp bubble, a rundown of Goldman Sachs' real-estate investment banking team, and the latest on how Harvard Business School is handling virtual recruiting for MBA students. 

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Have a great weekend, 

Meredith 

Bradley Saacks took a look at how billionaire Ken Griffin's Citadel created a bubble for interns at a resort in Kohler, Wisconsin, by renting out the entire place. 

As Casey Sullivan reported this week, Blackstone is gearing up to have more US employees return to the office after Labor Day. All investment professionals and asset managers will have a COVID test sent to their homes by Aug. 31. 

Private-equity funds are dumping more money into technology companies as the pandemic tanks sectors more reliant on in-person business.

Now, as new entrants crowd the space, big players like KKR, Blackstone, and Carlyle, are leaning on their size to stand out. Casey Sullivan and Meghan Morris spoke with 12 private-equity investors, consultants and portfolio company CEOs to get an overview of the new competitive landscape.

Alex Nicoll spoke with seven bankers who help run Goldman Sachs' real-estate coverage group to learn more about their roles, how the practice's business has grown, and the ways the pandemic has affected what they do.

Harvard Business School is reinventing how it does recruiting this year, going fully virtual during the coronavirus pandemic. It's brought on a legion of more than 80 career coaches and mentors to provide support for students and is offering a more flexible recruiting timetable.

Business Insider got a look inside HBS' program and spoke to two administrators laying the groundwork for recruiting this fall.

Careers

  • RANKED: Bonuses at 10 bulge-bracket banks, where investment-banking analysts can get $50,000-plus payouts their first year out of college
  • 9 recession-proof legal practice areas set to boom, according to top lawyers and recruiters

Real estate

  • The venture arm of a massive Canadian pension plan takes us inside its search for its first construction tech investment. Here's its playbook.
  • Apple is in talks to potentially expand its NYC footprint. It shows how tech is becoming a lone bright spot for a battered commercial real-estate market.

Wealth management

  • Goldman Sachs just lost another wealth team to UBS in one of the industry's biggest financial adviser moves of the year

Asset management

  • A first-of-its kind ETF focused solely on the burgeoning US cannabis industry is prepping a launch after spending a year navigating regulatory red tape

Fintech 

  • Equifax's CTO explains why he's going all in on the public cloud instead of taking baby steps — and how that decision was more critical than picking which provider to go with
  • Visa is backing a fintech looking to eliminate checkout hardware, and it's an example of the future of how we'll pay for things
  • Here's the 20-slide pitch deck Finix used to sell its vision of payments-as-a-service and nab $30 million from backers including Amex's VC arm

Law

  • 2 GCs on how they made the switch from Big Law firms like Ropes & Gray and Sullivan & Cromwell to the buzzy world of startups
  • 7 fintech general counsels explain how to navigate legal issues in a move fast, break things startup culture
  • A top M&A investment banker has sued NYC and a group of building companies over his wife's death after she was crushed by debris that fell from a 17-story building

“UK

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