CEO strategy update, Fed rate outlook, bond market dynamics, and the tariff tailwind for African and emerging market origination.
The third quarter of 2026 marks a defining moment for Von Hartmann & Partners — not because of what has changed externally, but because of what we have decided internally.
We have sharpened our focus toward the United States. Private capital. Public markets. M&A. Infrastructure project finance. The US market is the deepest, most liquid, and most institutionally sophisticated capital market in the world. A small percentage of it is still an enormous absolute number. We are building to capture our share of it.
The current market volatility — the S&P 500 correction, the Dow's sharpest decline since April 2025 — does not change the thesis. It sharpens it. The companies that prepare through the turmoil list at the front of the queue when sentiment recovers. VHP's pipeline is being prepared precisely for that moment.
Our Nasdaq relationship is now direct — a Senior Director within the exchange. Our US legal infrastructure through a major New York securities law firm remains the anchor. Our HKEX legal preparation through the largest and longest established law firm in Hong Kong is active for one specific mandate, but we are hopeful for more. Our pan-African legal through Bowmans continues across all other exchange relationships.
The pipeline is real. The partners are institutional. The US market is the focus.
The S&P 500 lost approximately $1 trillion in market capitalisation in recent sessions. The Dow Jones Industrial Average recorded its sharpest single-period decline since April 2025. Market volatility as measured by the VIX has elevated significantly.
The Federal Reserve faces a critical decision. Elevated inflation has kept the Fed cautious on rate cuts — but equity market deterioration of this magnitude creates political and economic pressure for accelerated cutting. The market is now pricing a faster cutting cycle than was anticipated one month ago.
For VHP's listing pipeline this creates a specific dynamic. Short-term: the IPO window narrows as institutional investors become risk-off. Medium-term: Fed rate cuts that follow market distress produce the multiple expansion environment that makes growth company listings viable at premium valuations. The companies that are listing-ready when the window reopens capture the best conditions.
When equity markets fall, investors move to US Treasuries. Bond prices rise and yields fall.
The 10-year Treasury yield — the global risk-free rate benchmark — is the single most important number for VHP's listing timing. When it falls below 4% sustained, the rotation back to growth equities begins. That rotation opens the IPO window.
Track it daily.
The current US tariff environment benefits African and emerging market companies that are not in the direct tariff impact zone.
US institutional investors seeking non-China emerging market exposure are actively allocating to African and Southeast Asian markets. VHP's pipeline is concentrated in precisely these markets.
The tariff environment is a tailwind for our origination.
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