Jacob Polny has stepped down as a Europe-focused principal with private equity firm TPG Capital, according to an email sent out on Monday to friends and colleagues. His next stop will be Telemos Capital, which he refers to as a private equity-focused family office that is in the process of being formed. Per his note:

"I felt this was a unique, entrepreneurial challenge that I couldn't reject. Building something from scratch appeals to me, and I was also attracted by the flexible mandate and evergreen capital base."

Polny had joined TPG from Altor Equity back in 2008, and covered both the Nordic region and pan-European industrials. His portfolio companies included Saxo Bank and X2 Resources.

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Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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U.S. economy sees record growth in third quarter

Shoppers carrying Forever 21 bags in Times Square. Photo: Alexi Rosenfeld/Getty Images

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.