peHUB First Read

* Horse trainers are starting horse funds, complete with a 2% management fee and 20% “carry.” I guess you’d now call Big Brown a double, rather than a homerun.

* Time to put investment banking back in its box.

* Freescale is spinning off its MRAM unit into a new VC-backed company called Everspin. The deal includes a $20 million venture infusion from firms like New Venture Partners, Sigma Partners and Lux Capital — while Freescale will remain Everspin’s largest sngle shareholder. Freescale told me that the move had nothing to do with needing new liquidity (to pay off leveraged loan interest, for example), as almost all of that $20 million is going straight into Everspin’s coffers.

* Buyouts takes an early look at big LBO performance. (sub req.)

* Lehman takes a big loss.

* Macquarie loses A$750 million.

* Big funding for Bigpoint.