Attorney – Distributor & Commercial Partnerships

Lecta, one of Europe's largest paper manufacturers and owner of Torraspapel, has completed its restructuring after US private equity firm Apollo took full control alongside funds Cheyne and Tikehau. The European Commission authorised the deal on 10 March. The restructuring eliminates €400 million in debt and separates Lecta's four business units—fine paper, self-adhesives, distribution and specialities—protecting each from potential problems in other divisions. The Luxembourg-based company operates six factories across Spain and Italy. The restructuring comes amid declining global paper demand. Lecta recently sold its French factory, Condat, to Canada's SPB Group after seeking judicial protection for the unit in October. CEO Gilles Van Nieuwenhuyzen said the new structure will enable more agile decision-making and closer customer relationships.

Apollo's Americas client coverage head exits firm after four years. * April 10, 2026 * - 1:20 pm Dennis Cornell, who led client coverage for the Americas at Apollo Global Management, has left the firm after approximately four years, according to a report by Bloomberg citing unnamed people familiar with the matter. Cornell had informed colleagues of his intention to depart several weeks ago, with his exit now completed. His professional profile has been updated to reflect his status as a former partner. He joined Apollo in 2022 as a partner within the firm's capital solutions platform, where he was initially responsible for US origination efforts. Prior to that, he held senior roles in energy and private equity investment banking at Moelis & Company. The departure comes amid broader personnel changes within Apollo's capital solutions business. Two other senior figures, Eric Meyers and Michael Zicari, have also left the firm, with both expected to join Franklin Templeton, according to earlier reporting.

Point72 joins $400M bet on RISC-V architecture: Why hedge funds are moving deeper into "agentic AI" Infrastructure and betting on the future of open-standard chips. (HedgeCo.Net) In a move that underscores the accelerating convergence between hedge fund capital and next-generation technology infrastructure, Point72 - through its venture arm Point72 Turion - has joined NVIDIA and Apollo Global Management in a $400 million Series G funding round for SiFive, a leading developer of processors based on the open-standard RISC-V architecture. The investment is more than just another venture capital allocation. It represents a growing strategic shift among hedge funds toward "agentic AI" infrastructure - the hardware layer that will underpin the next wave of artificial intelligence systems capable of autonomous decision-making, reasoning, and execution. At the center of this transformation lies a fundamental question: who will control the architecture of the AI-driven economy? The rise of RISC-V: A quiet revolution. To understand the significance of the investment, one must first understand the importance of RISC-V. Unlike proprietary chip architectures such as ARM or x86, RISC-V is an open-standard instruction set architecture (ISA). This means that companies can design and build custom processors without paying licensing fees or being tied to a single vendor's ecosystem. In a world increasingly dominated by AI workloads, this flexibility is invaluable. RISC-V allows companies to tailor chips specifically for AI inference, edge computing, and data center optimization - areas where traditional architectures may be less efficient or more costly. For firms like SiFive, this creates an opportunity to position themselves at the forefront of a new era in semiconductor design. Why hedge funds care about chips. At first glance, a hedge fund investment in semiconductor architecture may seem unusual. But for firms like Point72, the logic is clear. Hedge funds are no longer just trading financial assets - they are increasingly allocating capital across the full stack of innovation, from software to infrastructure to hardware. The rationale is twofold: * Information Edge: By investing directly in emerging technologies, hedge funds gain insights into trends that can inform their public market strategies. * Return Potential: Early-stage investments in transformative technologies offer the potential for outsized returns, particularly in sectors with massive total addressable markets. In the case of RISC-V, both factors are at play. The architecture sits at the intersection of several powerful trends, including AI, cloud computing, and geopolitical shifts in technology supply chains. Agentic AI: the next frontier. The term "agentic AI" refers to systems that can act autonomously - making decisions, executing tasks, and adapting to new information without direct human intervention. These systems require significantly more computational power than traditional AI models, as well as specialized hardware optimized for their unique workloads. This is where RISC-V comes in. By enabling custom chip designs, RISC-V allows developers to create processors tailored specifically for agentic AI applications. This could include everything from autonomous vehicles to intelligent financial systems to advanced robotics. For investors, the implication is profound: the companies that control the hardware layer of agentic AI could capture a significant share of the value created by this technology. NVIDIA's strategic positioning. The participation of NVIDIA in the funding round adds another layer of significance. NVIDIA has emerged as the dominant player in AI hardware, with its GPUs serving as the backbone of modern machine learning infrastructure. However, the company is also acutely aware of the limitations of existing architectures. By investing in SiFive and RISC-V, NVIDIA is effectively hedging its own dominance, ensuring that it remains at the forefront of any shift toward new architectures. This strategy reflects a broader trend among leading technology companies: the recognition that the next wave of innovation may require fundamentally different approaches to hardware design. Apollo's role: private capital meets deep tech. The involvement of Apollo Global Management highlights the growing role of private capital in funding advanced technology development. Traditionally, semiconductor innovation has been driven by a combination of corporate investment and government support. Today, private equity and alternative asset managers are playing an increasingly important role. Apollo's participation suggests that RISC-V is not just a speculative bet, but a strategic investment with long-term commercial potential. For firms like Apollo, the appeal lies in the ability to deploy large amounts of capital into high-growth sectors with the potential for significant value creation. Geopolitics and the push for open standards. One of the most important drivers of interest in RISC-V is geopolitics. In recent years, tensions between major economies have led to increased scrutiny of technology supply chains. Governments and companies alike are seeking to reduce their dependence on foreign technology providers. RISC-V offers a potential solution. As an open-standard architecture, it is not controlled by any single country or company. This makes it an attractive option for nations looking to develop their own semiconductor capabilities. For investors, this geopolitical dimension adds another layer of opportunity - and risk. On one hand, increased adoption of RISC-V could drive significant growth. On the other hand, geopolitical tensions could create volatility and uncertainty. The economics of chip design. The semiconductor industry is notoriously capital-intensive. Designing and manufacturing chips requires significant upfront investment, as well as ongoing research and development. For companies like SiFive, securing funding is critical to maintaining competitiveness. The $400 million raised in the Series G round will likely be used to: * Expand product development * Scale engineering teams * Strengthen partnerships with manufacturers and customers For investors, the key question is whether SiFive can translate this capital into sustainable competitive advantage. Competition and the path forward. While RISC-V holds significant promise, it is not without competition. Established architectures such as ARM and x86 continue to dominate the market, supported by extensive ecosystems and developer communities. Breaking into this market will require not only superior technology, but also the ability to build a robust ecosystem of partners and users. SiFive's success will depend on its ability to: * Deliver high-performance, cost-effective solutions * Attract developers and customers * Navigate complex industry dynamics Hedge funds and the evolution of capital allocation. The investment by Point72 is part of a broader trend in which hedge funds are expanding their scope beyond traditional strategies. Firms are increasingly allocating capital to: * Venture capital and private equity * Infrastructure and real assets * Direct investments in technology companies This evolution reflects a recognition that the most significant opportunities may lie outside public markets. For Point72, the investment in SiFive represents a strategic move to position itself at the forefront of technological change. The bigger picture: AI infrastructure arms race. The race to build the infrastructure for AI is intensifying. Companies, governments, and investors are pouring billions of dollars into data centers, chips, and software platforms. This arms race is driven by the belief that AI will be a defining technology of the 21st century. In this context, the investment in RISC-V can be seen as part of a broader effort to secure a foothold in the foundational layers of the AI ecosystem. For hedge funds, this is not just about returns - it is about staying relevant in a rapidly changing world. Risks and uncertainties. Despite the excitement surrounding RISC-V, there are significant risks to consider. * Execution Risk: Can SiFive deliver on its technological promises? * Market Adoption: Will customers embrace RISC-V at scale? * Competitive Pressure: How will established players respond? * Geopolitical Risk: How will global tensions impact the industry? Investors must weigh these risks against the potential rewards. Conclusion: A strategic bet on the future. Point72's participation in the $400 million funding round for SiFive is more than just a financial investment - it is a strategic bet on the future of computing. As AI continues to reshape industries, the importance of underlying hardware will only increase. RISC-V, with its open-standard approach, offers a compelling vision of that future. For hedge funds, the move into AI infrastructure represents a natural evolution - one that blurs the line between investing and innovation. And while the outcome of this bet remains uncertain, one thing is clear: the race to define the architecture of the AI era is just beginning.