U.S. infrastructure investing is becoming unstable, particularly when it comes to renewable energy projects.

Driving the news: The Trump administration last week ordered a stop to work on an offshore wind farm in Rhode Island, even though 65 of the 85 turbines already are installed.

• No direct federal funds are being used for "Revolution Wind," which instead is a joint venture between Denmark's Ørsted and a portfolio company of Global Infrastructure Partners (now owned by BlackRock). It's designed to provide power to around 350,000 homes, and was fully permitted.
• A letter from the U.S. Interior Department cited vague national security concerns, and could result in litigation if not rescinded.
• Ørsted is still calculating its economic damages, but a similar Trump action in New York cost that operator at least $50 million per week.

Elsewhere: Trump also plans to pull existing permits for a planned wind project in Maryland, which is partially owned by Apollo Global Management and expected to power over 700,000 homes.

The big picture: All of this could have a chilling effect on private equity investment in U.S. infrastructure projects, and thus on the U.S. economy and global competitiveness.

• Firms won't be willing to put big money into the ground when it can shift so capriciously.
• Not just for wind projects — which Trump has loudly opposed since turbines were permitted near his Scotland golf course — but also for solar, EV charging, and even more traditional infrastructure like bridges and roads. And that goes double for any project that includes federal funds.

By the numbers: Global investing in renewable energy hit a new record in the first half of 2025, but fell by 36% in the U.S., as my Axios colleague Ben Geman recently reported.

The bottom line: Infrastructure investing is long-term by nature, and investors must be able to trust government promises.

• Can you even begin a new nuclear or fossil fuel project today when the next president might oppose it, and view Trump's actions as precedent?
• An "all-in" energy policy is impossible to implement when the money is moving out.

Bain Capital is seeking to sell luxury parka maker Canada Goose (NYSE: GOOS), but I'm hearing that a formal bidding process hasn't yet begun.

Why it's the BFD: This comes as consumers are being more circumspect about high-priced purchases.

Catch up quick: Bain holds nearly a 32% stake in Canada Goose, which it took public in 2017, and a majority of voting shares.

• It hired Goldman Sachs earlier this year to launch an auction, and CNBC last night reported that it had received offers valued at around $1.35 billion from private equity firms Advent International and Boyu Capital.
• That report sent Canada Goose shares soaring more than 13% at today's open, but a source close to the situation says that no actual bids have been submitted yet. No word on when bids would be due, and it does seem accurate that both Advent and Boyu are in the data room.

By the numbers: Toronto-based Canada Goose reported higher profits of C$95 million for the year ending March 31, 2025, on relatively flat revenue of C$1.35 billion. In Q2, its year-over-year revenue was down 6%.

The bottom line: Bain's sell decision seems to be more a function of time than tariffs, as Canada Goose says 75% of its items are produced in Canada and compliant with the USMCA.

• Attio, a London-based CRM startup, raised $52m in Series B funding. GV led, joined by insiders Redpoint Ventures, 01A, Point Nine, and Balderton. axios.link/3HNmTpo

🚑 Assort Health, a patient communications automation startup, raised $50m in Series B funding at a $750m valuation, per TechCrunch. axios.link/41nds6O

• OpenLight, a Santa Clara, Calif.-based chip design startup, raised $34m in Series A funding. Xora Innovation and Capricorn Investment Group led, joined by Mayfield, Juniper Networks, Lam Capital, New Legacy Ventures, and K2 Access. axios.link/3JxqCba

🚑 Leal Therapeutics, a Worcester, Mass.-based developer of neurology drugs, raised $30m in Series A funding. Dementia Discovery Fund led, joined by OrbiMed and Newpath Partners. axios.link/4mY6xsP

• Debut, a San Diego-based ingredient discovery startup for the beauty market, raised $20m from Fine Structure Ventures, EDBI, Wealthberry, BOLD, GS Futures, Sandbox Industries, and Material Impact. axios.link/4oQaRMN

🚑 Therna Biosciences, a developer of RNA-based medicines, raised $10m in seed funding, per Axios Pro. AIX Ventures led, joined by Pear VC and Fusion Fund. axios.link/3HSdCfG

• Vox AI, a Dutch conversation AI startup focused on quick-serve restaurants, raised $8.7m in seed funding. Headline led, joined by True, Simon Capital, and returning investor Souschef Ventures. axios.link/4lQkaJP

• Central, a maker of AI agents for payroll and HR, raised $8.6m in seed funding, per Axios Pro. First Round Capital led, joined by Ritual Capital, Multimodal Ventures, Alumni Ventures, and Surgepoint Capital. axios.link/4n2BDQa

• Sola, an Atlanta-based property insurance company, raised $8m in Series A funding. Fintop Capital and JAM Fintop led, joined by 10vc and Georgia Tech. axios.link/4mESety

• Nauta, a logistics orchestration platform for importers, raised $7m in seed funding led by Construct Capital and Predictive. axios.link/45MMaI9

• Kira, a Miami-based payments infrastructure platform, raised $6.7m in seed funding from Blockchange Ventures, Vamos Ventures, Stellar Blockchain, Grit Ventures, Credibly Neutral Ventures, Michael Seibel, and Oso Trava. axios.link/4oVi2mK

⚡ AiGent, a Houston-based grid reliability startup, raised $6m in seed funding from ZIP and CIV. axios.link/3Hye4jg

🚑 Sleep.ai, a sleep intelligence platform, raised $5.5m from Treasure Coast Ventures, Nurture Ventures, and the HBS Alumni Angels of Greater New York. axios.link/45AKqD7

• Darwin AI, a provider of sales and customer support agents for Latin American companies, raised raised $4.5m in seed funding led by Base10 Partners, per Axios Pro. axios.link/41SZVny

• Bow River Capital acquired the asset-based financing business of Dallas-based Park Cities Asset Management. axios.link/4lLHTus

• Bron Tapes, a Denver-based portfolio company of Rotunda Capital Partners, acquired NSL Aerospace, a Magnolia, Texas-based distributor of liquid adhesives and sealants to aerospace. brontapes.com

• Carousel Capital recapitalized CraneWorks, a Birmingham, Ala.-based crane services provider. axios.link/45Q9Tr0

🚑 Eversana, backed by Water Street Healthcare Partners and JLL Partners, acquired Waltz Health, a Chicago-based digital prescription pricing health company that had raised over $50m from GV, Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital, and Twine Ventures. axios.link/3VlwuXv

• Pacific Avenue Capital Partners agreed to buy Pick Your Part, a self-service business for used auto parts, from LKQ Corp. (Nasdaq: LKQ) for $410m, axios.link/41pr8OF

⚡ TPG agreed to acquire Irth Solutions, a Columbus, Ohio-based provider of enterprise software for energy and infrastructure companies, from Blackstone. axios.link/4lPAIBA

• Crypto.com, which yesterday launched a $6.4b crypto treasury with Trump Media & Technology Group, has met with bankers about an IPO, per Axios Pro. axios.link/45NTaVb

• Commercial Bancgroup, a community bank with dozens of branches in Kentucky, North Carolina, and Tennessee, filed for a $173m IPO. It plans to list on the Nasdaq (CBK). axios.link/421LnSu

• CSLM Digital Asset Acquisition III, a financial infrastructure digitization SPAC, raised $200m in its IPO. axios.link/445cbBG

• Galata Acquisition II, a SPAC formed by Callaway Capital Management, filed for a $150m IPO. axios.link/4geLf8t

⛳ Frasers Group (LSE: FRAS) acquired a minority stake in We Do Play, a U.K. operator of mini-golf courses and trampoline parks. axios.link/3UOkayP

• Mercedes-Benz (ETR: MBG) plans to sell its 3.8% stake in Nissan Motor (Tokyo: 7201). axios.link/47MmMVu

• Crescent Capital Group is targeting $3b for a multi-asset credit continuation fund, per Bloomberg. axios.link/4fXM315

• Eldridge Capital Management is raising $1b for a GP solutions fund, per Bloomberg. axios.link/4nna4Bt

🚑 Portfolia, a San Mateo, Calif.-based VC firm, is raising a $20m fund focused on women's health, per Axios Pro. axios.link/41t1KaB

• SeaTown, a unit of Temasek, raised $612m in a first close for its third Asia-Pacific private credit fund. axios.link/45TdAvU

• Bill Stout left Nuveen to joined Vanguard Group as head of private markets strategy. axios.link/3HSngij

• Will Wells, a former partner at Lightspeed Venture Partners, joined Speedinvest to lead deep-tech investing. axios.link/4n72via