Illustration: Sarah Grillo/Axios. Photo by Bauzen/GC Images

Private equity wasn't mentioned by Elizabeth Warren during last night's debate, even though she got more speaking time than any of the other 11 candidates. For private equity, that was the good news.

The state of play: The bad news for private equity was that at least 9 of the other 11 candidates tacitly acknowledged that Warren is now the Democratic Party's frontrunner.

  • Each of the past three presidential administrations has either brought in top PE executives, or included individuals who went on to become top PE executives.
  • It's almost impossible to imagine that would be true of a Warren presidency, from the perspective of both supply and demand.
  • Without a seat at the table, PE is prone to being on the table.

The real test now for private equity is to move past denial and into bargaining, beyond just supporting Trump or one of Warren's Democratic rivals. Will industry leaders publicly give ground on carried interest taxation? Worker protections? Some portfolio liabilities?

The bottom line: Warren has her plan. Private equity needs one, too.

Go deeper: Warren takes aim at private equity after Splinter shutdown

Go deeper

Updated 25 mins ago - Health

U.S. daily coronavirus cases top 50,000 for first time

A medical technologist processes test samples for the coronavirus at a lab in Tampa, Florida, on June 25. Photo: Octavio Jones/Getty Images

A record 50,655 tested positive for the novel coronavirus in the United States on Wednesday, Johns Hopkins data shows.

Driving the news: The pandemic is accelerating across the U.S., with the Sun Belt being hit particularly hard. Daily coronavirus case records were reported on Wednesday in Texas (8,076), Georgia (2,946), North Carolina (1,843) and Tennessee (1,806).

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of midnight ET: 10,667,217 — Total deaths: 515,646 — Total recoveries — 5,464,367Map.
  2. U.S.: Total confirmed cases as of midnight ET: 2,685,806 — Total deaths: 128,061 — Total recoveries: 729,994 — Total tested: 32,827,359Map.
  3. Federal government: Trump says he still thinks coronavirus will "just disappear" at some point, supports another round of direct payments to Americans.
  4. Public health: Thanks to coronavirus, your home is now your gymFormer FDA chief says 500,000 Americans may be contracting coronavirus a day.
  5. States: Georgia and Arizona report record new coronavirus cases — California shuts down bars and indoor dining for most residents.
  6. 1 ⚽️ thing: 6 players test positive for coronavirus before MLS comeback tournament.
Updated 3 hours ago - Politics & Policy

Biden outraises Trump again with record $141 million June haul

Democratic presidential candidate and former Vice President Joe Biden at Philadelphia City Hall in Pennsylvania in June. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden and the Democratic Party raised $141 million in June, his campaign announced on Wednesday night.

Why it matters: It's the most the presumptive Democratic presidential nominee has raised in a month. It's also more than the record $131 million President Trump's re-election campaign and the Republican National Committee raised last month.