NVIDIA Chip Data Center Financing Goes PEU

Full stack AI infrastructure may soon be an investable asset class and private equity underwriters (PEU) aim to play a big role.  Apollo, Blackstone and KKR will join Brookfield, Goldman Sachs and BlackRock to fund the data center build out.  

KKR may stuff that data center financing into its insurance affiliate, Global Atlantic Financial Group.

References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.

Global Atlantic Financial Group's products are shown on their website.  They include annuities and pension risk transfer products.

The PEU boys may load up their insurance holdings with risky data center financing.  And who would back those up if they failed?  

Insurance products are state regulated and many states have "guaranty associations" which cover failed products up to a certain limit.  For most states annuities are covered to $250,000, although a few go as high as $500,000.

As for Global Atlantic the fine print on their website states:

Guarantees provided are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. 

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your tax or legal counsel for advice. 

Life insurance products are issued by and all policy benefits are the responsibility of Accordia Life and Annuity Company, 215 10th Street, Des Moines, Iowa. Accordia Life is subsidiary of Global Atlantic Financial Group Limited. 

Annuities are issued by Forethought Life Insurance Company, 10 West Market Street, Suite 2300, Indianapolis, Indiana. Variable annuities are underwritten and distributed by Global Atlantic Distributors, LLC.

Packaging data center debt could produce regularly recurring PEU fees.  

Significant, dedicated pools of capital at attractive rates is the promise to data centers that use NVIDIA chips.  What's the promise to investors, especially those unaware that data center infrastructure debt is backstopping their insurance product?

FDIC bank limits are fairly well known.  State Guaranty limits may need to be as well.   

The boys that helped break the financial system in 2008 and front and center in 2026.  I would not put it past them to do it again.

As for anyone truly protecting the little person, they went AWOL decades ago.  It happened as politicians Red & Blue loved PEU and their new TechGod brethren.  Increasingly, more are one and they know how to further their interests.  Yours?  Not so much.

Another TechGod Dangle

Meta CEO Mark Zuckerberg committed to building AI super intelligence "with the principles of individual empowerment, invention and balance of power" in a WSJ opinion piece.

Meta's Chief Technology Officer crapped on that vision by hammering an employee who asked about the possible return of a prior time off benefit, Meta Days.  The company offered Meta Days in 2022.  The benefit was a response to overworking staff.

Mark Zuckerberg's yacht was not redirectable when a nearby ship came under duress off the Alaskan coast.  The yacht's crew did not respond to direct hailing calls for assistance.

Recall that TechGods advocate a 96 hour work week to keep up with China.  Also, recall the power that social media put in creeps and criminals hands.  Meta facilitated child predators with its algorithms.

TechGods copied the private equity underwriter (PEU) playbook which leverages capital and political power for obscene profits.  Affiliate employees are simply purchased and divested, garning benefit cuts and layoffs along the way.  

I worked for a healthcare company acquired by two PEUs.  They quickly eliminated half the office staff, cut our floating holiday and reduced holiday pay.  It happened three years before Meta Days disappeared.  I am not alone:

Big conglomerates and private equity were buying up "trusted brands and riding that reputation out until it was a husk of what it was."  

...founders who built brands they love take lucrative offers from big corporations or private equity investors.  

Americans are finding that the quality of many once-beloved name brands is declining (from) ...relentless pressure to increase profits that intrinsically erodes product quality.

Workers know the deal does not favor them, as do voters.  That's because politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one.  

LIV Golf's Saudi Wind-down

The Athletic reported:

President Donald Trump and PIF Governor Yasir Al-Rumayyan were together before the final round of LIV Golf’s event at Trump National Bedminster on Sunday.

The Saudi sovereign wealth fund pulled out of LIV Golf, "golf but louder", after Trump II attacked Iran alongside Israel in a war of choice.  The conflict began February 28, 2026.  Saudi Public Investment Fund (PIF) withdrew future support for LIV in April.

“The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy. This decision has been made in light of PIF’s investment priorities and current macro dynamics.".

LIV Golf has been a frequent user of Trump golf courses for its professional golf tournaments.  A number of Trump family members were at Bedminster over the weekend.  Ivanka and Eric showed up in pictures.  

Was Al-Rumayyan there for a future PIF investments in Trump II's or one of his kids' projects?  Ivanka is working on an Albanian luxury resort that surely needs capital.

The Saudi SWF Chief may have been there to wrap up PIF's involvement with LIV Golf.

PIF was considering paying off remaining player contracts to settle any potential liability. Multiple players, most notably Jon Rahm, could be convinced to stay with LIV and be given equity in “LIV 2.0” as a result.

Al-Rumayyan may have been there to sell their Saudi equity stake for pennies on the dollar.

As for Trump II's other ventures, there has been much news from his Truth Social company.  A Trump Media and Technology Group press release (of an FT article) stated:

Trump calls Truth Social “his typewriter”, according to the 53-year-old CEO Kevin McGurn.

Trump II's presidential words are being sold for preferential access.  Trump previously called Twitter "his typewriter", while his "human printer" is White House aide Natalie Harp.

McGurn said there are now 10 customers, mostly high frequency traders, (press release of an Axios article).  Are all ten paying $100,000 a month for the service?  

McGurn also said he sees these initiatives:

"becoming a core part of Trump’s business portfolio after the 2028 election when its poster-in-chief stands down."

They've designed an exclusive service and their defense to unfair access to market moving insider information is:

" let the internet and the packet delivery take care of itself."

These people are shameless.  

Trump Media reached a confidential settlement with original DWAC investors Patrick Orlando and ARC Global Investments II.  A 2024 lawsuit challenged the conversion rate of Class B shares.  

"all claims between and among individuals and entities including Trump Media, Patrick Orlando, and ARC Global Investments II LLC have been mutually resolved pursuant to a confidential settlement agreement."

Sometimes the shameless fight amongst themselves.

Ticketing the StubHub TicketMan

Barchart reported:

Baker isn’t only the CEO of StubHub. He’s also the co-manager of a ticket-focused investment fund that buys tickets in bulk and resells them through platforms like StubHub. According to lawmakers, that means institutional ticket resellers are getting a huge advantage and further inflating the costs of an industry that already feels like it’s stacked against ordinary fans.

Stubhub disclosed related party transactions in December 2025: 

Andro Capital (“Andro”) is a seller on the Company’s platform and, in the normal course of business, has engaged the Company to list, price and fulfill its tickets on its behalf. The Company’s CEO has an ownership stake in both the Company and Andro. The Company generated fee revenue from tickets sold by Andro of zero during the years ended December 31, 2025 and 2024 and $0.1 million during the year ended December 31, 2023. As of December 31, 2025 and 2024, $0.1 million was due to Andro in proceeds related to tickets it had sold on the Company’s platform. 

On July 17, 2024, the Company entered into a program agreement (as amended or supplemented from time to time, the “Program Agreement”) with Colloquy Capital LLC (“Colloquy”), an affiliate of Andro. Under the terms of the Program Agreement, the Company refers certain sellers to Colloquy for the opportunity to enter into separate financing arrangements with Colloquy. Under such arrangements, it is anticipated that Colloquy may provide short-term financing to sellers based on those sellers’ existing and/or future expected proceeds generated through ticket sales on the Company's platform. Pursuant to each seller’s agreement with Colloquy, the Company will disburse to Colloquy a percentage of the seller’s proceeds as agreed upon as consideration for the financing provided by Colloquy to the relevant seller. No fees are payable under this agreement by the Company or Colloquy. As of December 31, 2025 and 2024, the Program Agreement resulted in Colloquy obtaining a security interest of $7.9 million and $0.1 million in the seller's proceeds related to tickets sold on the Company's platform, respectively. On March 20, 2025, the Company entered into a separate services agreement with Colloquy, pursuant to which the Company helps facilitate the sale and servicing of tickets owned by Colloquy in return for a fee based on a percentage of revenue collected for the sale of those tickets. Under both agreements with Colloquy, as of December 31, 2025 and 2024, $0.8 million and $0.1 million, respectively, was due to Colloquy in proceeds, related to tickets sold under the services agreement as well as the Company's disbursement of the seller's proceeds under the Program Agreement. The Company generated $3.2 million during the year ended December 31, 2025 and zero during the years ended December 31, 2024 and 2023 in fees associated with the services agreement.

Conflicts of interest are business du jour so it should be no surprise that Stubhub's CEO Eric Baker found multiple ways of cashing in.  If private equity underwriters can be on all sides of a deal, so can Mr. Baker, a former Bain Capital staffer.  

Baker was ably assisted by Declaration Partners, the family office of Carlyle Group co-founder David Rubenstein.  

In early 2020:

Declaration Partners formed a private equity syndication fund, Declaration Partners Opportunity II. All capital commitments were fully funded at closing and were used by Declaration to participate in a minority investment in Viagogo’s acquisition of StubHub

Declaration cashed out of StubHub after the IPO.  I'm sure Mr. Rubenstein was well aware of Mr. Baker's blatant conflicts of interest and possibly admired his ability to squeeze more ka-ching out of every transaction.  

Can anyone say pre-emptive pardon for this Baker boy?  Politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one.  

Government of, by and for the TechGod

Western TechGods inhabit a unique position according to a Silicon Valley journalist.   

....outlining the connections between these men (and it is all men) and the origins of their often deeply weird beliefs, many of which view everyone outside their circle or opposed to their agenda as expendable.

They are the landed white men of our time and happen to have billions, if not trillions in wealth.   A paralyzed and conflicted political system already ceded power to private equity underwriters (PEU) over the last two decades.  It is wholly incapable of dealing with TechGods given their wanton illegal business models (intellectual property theft), casting aside of drug laws (ketamine) and ability to provide overwhelming financial sponsorship for candidates.

TechGods noticed and copied the PEU playbook with searing and audacious adaptations.  They were ably coached by fellow TechGod J.D. Vance, albeit a junior version in Silicon Valley as well as the White House.

These former libertarians make huge bank off Uncle Sam's wallet and believe they can manage a country better than elected officials or paid bureaucrats.  They occupy multiple full time jobs, skating in and out of CEO, board, advisory and other ownership roles.  

Under management theory they have the skill of Chris Farley on ice skates, yet they own the rink, the building, the block and the city.  They desire no feedback on their performance as they have no peers.  

TechGods are superior in every way and they believe they have to design the future, even if it means taking away rights and turning citizens into rats pressing a bar for a piece of cheese or to avoid an electric shock.  

I removed a reference to TechGods giving payback to jocks and the high school "in crowd" as part of Palantir CEO Alex Karp's disdain of sales people.  What did not fit yesterday finds a home today in The Nerd Reich: Silicon Valley Fascism and the War on Democracy.  

My wise friend noted:

Every time a pension fund buys a stock in an ETF that forces valuations higher, benefiting each of the fellows in the article.  That  ever increasing wealth gives them the fuel to light democracy as we know it.  They use the market mechanism to destroy the public and enhance their security.

Politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one and the average citizen hates the whole stinking lot.

TechGod Derides Sales Unit

Palantir's Alex Karp attacked his own salespeople yet again in "another case of Palantir ignoring the norms of growing a business."  Long ago Palantir ignored the first rule of business, hiring a sane chief executive.  

Karp's language is so pristinely structured that customers want his products without salespeople. He mostly sells to Uncle Sam and corporate chiefs fearful of missing out on the AI tech imperative.  

Panic can go both ways.  Sales in, sales out (like AI's garbage in, garbage out).

TechGods hate feedback from customers. which is why they structure things so as not to receive it.  But they dislike it even more from underlings.  Take this recent Glassdoor review of Palantir:

Extensive track history of not paying earned sales commission. Karp is open and very public with is disdain for sales. This is felt everyday and the BU is treated as 2nd class citizen. 

Culture is horrendous. Shadow hierarchy, back stabbing, split commissions, and extreme arrogance.

Karp is a role model for shitty, self enriching leadership, so widespread in the halls of government and executive suites of its billionaire sponsors (private equity underwriters (PEU)/and their TechGod brethren).  

You can have "few salespeople" when the game has but a few players enacting "the plan" which you helped craft over decades.  Karp has been a long serving member of the Bilderberg Steering Committee, which also employed Palantir's products.  It's a nice gig when global tamperers help you with product development.

Update 8-5-26:  Karp continued his insult tour by calling frontier AI models "Marxist" and saying they think they "deserve to colonize your enterprise", as well as those labs are "trying to drug addict us."

PEU Life of Walter, Mark

FindLaw reported:

Prosecutors in Manhattan and the SEC are now investigating Delaware Life, Clear Spring, and Guggenheim’s asset‑management arm, including how private‑credit investments tied to Walter’s broader business empire were disclosed and how Guggenheim represented its revenue.

Guggenheim Partners' website states "it conducts its operations with the highest legal and ethica standards."

The issue is a common one for private equity underwriters (PEU), related party transactions which are supposed to be arm's length and disclosure can be required.  Some deals are more of a bear hug (not arm's length) and disclosures inaccurate (from lying).

In response to subps sent to Delaware Life and Clear Spring in February, the insurers say they reviewed their books and found reporting errors in how billions in private‑credit investments backing other parts of Walter’s business empire had been classified. Delaware Life had previously told regulators that about 3 percent of its portfolio was invested in Walter‑linked companies; after re‑checking, it disclosed that related‑party investments were actually at least $17 billion (around 39 percent of its total invested assets), meaning a much larger portion of its book was tied to affiliated entities than regulators had been told.

That's a 1.200% miss for Delaware Life.

Walter’s holding company, TWG Global, links his sports teams with his insurance and asset‑management businesses. It has acknowledged the investigation and says it is cooperating, while the parent of Delaware Life and Clear Spring maintains that its capital and liquidity remain strong.

PEUReport wrote about TWG's purchase of the Lakers in June 2025.  Private equity targeted sports in a big way in the last two years and I speculated about UVA basketball coach Tony Bennett's possible involvements after he stepped down from that job.  

PEUs are all about incentives, do this to get that, money, power, political influence. I can't think of a worse next job for Tony Bennett than employment with the greed and leverage boys. However, that is the tidal wave getting ready to engulf college athletics. They need someone like Tony. The question is does Tony need them?

The Lakers hired Bennett in February.  It's clear Mark Walter needs to raise the ethical bar.

The likely banquet of non-consequences will be served up to Walter by U.S. political leaders as politicians Red & Blue love PEU and their new TechGod brethren and increasingly, more are one.

Note:  TWG Global did a deal with xAI and Palantir so it even has a bit of a TechGod flair.  Add a sovereign wealth fund cap to TWG with its investment arrangement with Mubadala Capital.  That's a lot of get out of jail free cards.

Also, Chris Whalen of the Institutional Risk Analyst  noted problems with PEU owned life insurers.

The American Prospect noted the intersection of private equity, private credit, life insurance companies and AI.  

Add not properly funded reinsurance from offshore insurers (PEU owned) and it seems capital serves every link in the chain except the annuity/policy holder.

Take one private credit fund from Jeffries:

...the fund presented exposure to Walmart Inc. and AutoZone Inc., when it was actually holding invoices those companies owed to First Brands.

...told investors its two biggest exposures were to Glencore Plc and Cargill Inc., when in reality those were invoices owed to Radiant World

First Brands blew up and Radiant World is currently leaking badly.  

The Carlyle Group taught us such things are defensible as puffery.