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

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On the agenda today:

• Serial entrepreneur David Adelman is making aggressive, VC-style bets. 
• Lazard associates are now the highest paid bankers on Wall Street.
• Brilliant Earth's CEO shared her plans for growth following the company's IPO.

Let's get started. 

David Adelman is pushing into VC-style bets

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

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, 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

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 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 

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

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.

On our radar:

• Patagonia's new CEO rages against his own machine: "You could really argue that the world would be better off without us in it."
• Women-owned bank "Salomon Sisters" is coming to Wall Street, Bloomberg reports. Get the latest on the Lazard-backed firm.
• Young professionals hunting for apartments in big cities are pretty much screwed. Here's why.
• A UBS trader has sued, claiming stress damaged his mental health, according to Bloomberg. More on that here.
• The wealthy are lining up to join these four exclusive social clubs.