Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.
By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.
French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.
Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.