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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

Felix Salmon, author of Capital
11 mins ago - Economy & Business

Protecting America against catastrophe

Illustration: Annelise Capossela/Axios

America has been hit by a series of catastrophic failures — and the only certainty is that more are on the way.

Why it matters: Our infrastructure is failing, and the less we invest in it now, the more it's going to continue to fail in the future.

Cities are starting to ban gas stations

Illustration: Eniola Odetunde/Axios

Petaluma, California, has voted to outlaw new gas stations, the first of what climate activists hope will be numerous cities and counties to do so.

Why it matters: Expect more such ordinances, particularly in liberal towns. Grassroots groups are popping up with the mission of spreading this type of ban and forcing pollution cleanups at existing gas stations.

Column / Harder Line

New England power fight foreshadows divisive clean energy future

Illustration: Sarah Grillo/Axios

It wasn’t his first choice, but Sean Mahoney isn’t fighting a 150-mile proposed power line sending Canadian hydropower to New England as part of the region’s climate-change goals.

Why he matters: Mahoney, a senior expert at the nonprofit Conservation Law Foundation who lives in Maine, is seeking to compromise in a bitter battle over the proposal. Expect more fights like this as President Biden and other political leaders pursue zero-carbon economies over the next 30 years.