Motive Partners is raising upwards of $1 billion for its debut private equity fund, Axios has learned.

The London and New York-based upstart recently came out of stealth mode, pitching itself as a next-generation investment firm focused exclusively on the technology-enabled companies that power the financial services industry." A source close to the situation says that it plans to invest $100 million or more of equity in each of its deals (often utilizing LP co-invests), with a heavy focus on carve-outs from established financial institutions.

In short, it seems like Motive wants to basically become the Silver Lake of financial services.

Most of the founding team previously worked at Fidelity National Information Services, while managing partner Andy Stewart previously led BlackRock's alternative investment platform.

No comment from Motive, which can't legally discuss fundraising anyway.

Go deeper

Arrest over Trump letter containing poison ricin

President Trump returning to the White House from Minnesota on Sept. 18. Photo: Win McNamee/Getty Images

A suspect was arrested for allegedly "sending a suspicious letter" after law enforcement agents intercepted an envelope addressed to President Trump containing the poison ricin, the FBI confirmed in an emailed statement to Axios Sunday.

The big picture: Axios understands that the suspect, a woman, was arrested at the Canadian border while trying to enter New York.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 30,881,522 — Total deaths: 958,493— Total recoveries: 21,119,006Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 6,794,479 — Total deaths: 199,469 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.