Macquarie Asset Management is acquiring South Korean cosmetics manufacturers Hwasung Cosmetics and Nowcos for approximately 300 billion won. The Australian firm signed a stock purchase agreement on 18 January to buy a 70% stake in Hwasung and 100% of Nowcos from private equity operator Affirma Capital. Hwasung specialises in colour cosmetics, while Nowcos focuses on base cosmetics. Both companies operate as original design manufacturers (ODM). Macquarie was selected as preferred bidder in a sale process led by Samsung Securities and Rothschild in early August, beating out a European strategic investor. The acquisition marks Macquarie's expansion into Korea's beauty manufacturing sector. The firm typically invests in Korean infrastructure companies including DIG Airgas, LG CNS and S&I Corporation. The deal reflects growing investor interest in K-beauty manufacturing and distribution infrastructure.

Microsoft-backed OpenAI is reportedly raising funds at a valuation of up to $1.2 trillion, according to Macquarie analysts. This would place it above rival Anthropic, recently valued at roughly $965 billion. The funding discussions follow a rebound in OpenAI's commercial momentum, with annual recurring revenue reportedly doubling to $40 billion earlier this year. Macquarie analysts Paul Golding and Alex Luthringer said the GPT-5.6 and Astra releases demonstrate that improved model performance continues driving enterprise and consumer adoption. Macquarie views this development as supportive for SoftBank, which holds significant exposure to OpenAI and controls chip designer Arm. The bank maintains an Outperform rating on SoftBank, citing validation of its broader AI strategy spanning infrastructure, data centres, and robotics.

Sydney-born, New York-based energy trading firm Xpansiv has completed a capital raising in Europe. The company, which is eyeing an initial public offering, already counts Blackstone, Macquarie, Commonwealth Bank of Australia, Goldman Sachs, Aware Super and Aramco Ventures among its backers. The capital raising is designed to support growth in Australia and globally. Xpansiv's founders argue the energy market is undergoing a significant global shift, driven partly by the artificial intelligence boom. The company's blue-chip share register reflects growing investor interest in energy trading platforms amid rapidly changing global energy markets.