Adelman's VC-style bets — Lazard pay raises — Brilliant Earth's growth plans

By Jordan Parker Erb

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On the agenda today:

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David Adelman is pushing into VC-style bets

Headshot of David Adelman against an orange background that features a private jet, tequila, credit cards and the Crystal Palace FC logo
Campus Apartments; Marianne Ayala/Insider

Serial entrepreneur David Adelman built his $1.6 billion fortune on campus housing and private equity. Now, he's making aggressive VC-style bets on private jets, vodka, and more. We spoke with Adelman's longtime colleagues to see what makes him tick — here's what they told us.

Lazard associates just got a pay bump

lazard ken jacobs.JPG
Lazard

Associate bankers at Lazard are now the highest paid on Wall Street after a raise brought their base salary to $200,000. The move is the latest in a frenzy of pay hikes across the Street that have been taking place since this spring. Check out the latest salaries for employees at 14 firms.

Understanding the size of Evergrande

Evergrande
STR/ Getty images

Evergrande, China's embattled real-estate giant, is $300 billion in debt — the biggest debt load of any company in the world right now. Analysts worry that if Evergrande defaults, its collapse will send shockwaves through the Chinese economy. To better understand the sheer size of the company, here are six photos and stats that put it into perspective.

UBS CEO said he's open to expanding its money manager

UBS Chief Executive Ralph Hamers addresses a news conference in Zurich, Switzerland in February 2020.
Arnd Wiegmann/Reuters

Ralph Hamers, UBS's chief executive, said if another company could add capabilities and scale to the Swiss bank's $1 trillion asset manager, he'd be open to making a deal. His comments come amid a growing pressure for managers to expand as they cut fees. See what else he said.

Brilliant Earth's CEO is worth $430 million after IPO

Brilliant Earth cofounder and CEO poses in Times Square in front of the NASDAQ billboard on the day of the company's IPO.
Courtesy of Brilliant Earth

Brilliant Earth cofounder Beth Gerstein took the ethical diamond startup public earlier last week, becoming one of the few female founders to lead a company through its IPO. We spoke with Gerstein, who shared her plans for sustaining growth moving forward.

The University of Michigan launched a PE recruiting program 

Karina Miller is an undergrad at the University of Michigan.
Courtesy of the University of Michigan

As buy-side internships attract growing interest from undergrads, the University of Michigan rolled out its Private-Equity Internship+ program, which will help students network and participate in internships on the buy-side. Get the rundown on the program.

China outlawed all crypto-related transactions

China bitcoin mining crackdown Chinese flag cryptocurrencies
Florence Lo/Illustration/Reuters

In the country's biggest crypto crackdown yet, China has outlawed all crypto-related transactions, and announced that foreign exchanges are banned from providing services to its residents. Here's a closer look at what that means.

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