peHUB First Read

* Most mega-buyout firms are still loathe to reduce their bloated fund sizes, but TPG Capital continues to do right by its investors. After making a small cut to its general fund last month, TPG has now chopped 25% off of a $6 billion vehicle focused on distressed financial opportunities. Its explanation, in part, is that U.S. government involvement in troubled industries leaves less opportunity for private equity. * VC-backed Cash4Gold is allegedly bribing critics to lay off (or at least lower their Google exposure). Wonder if it's offering greenbacks or gold bouillon. * Morning Call: U.S. futures are up, FTSE up in mid-day trading, the Nikkei rises on a softer yen and China stocks fuel a Hong Kong rally. * BlackRock launches an alternatives fund-of-funds for pensions. Has someone over there been on sabbatical for the past 12 months? Ditto for this piece on Fannie Mae.