Are you a distributions-deprived limited partner in private equity funds, dreading that scheduled meeting with your chief investment officer? If so, please take some blood pressure meds before reading this:

• Private equity bonuses are expected to rise in 2024, excluding carried interest, according to a new report from compensation consultant Johnson Associates.

The big picture: The biggest bonuses are expected to be doled out by the bigger firms (i.e., asset accumulators), plus by secondaries firms.

• Smaller PE firms, particularly those with singular strategies, are expected to have flatter bonus increases. But still bonus increases.

Behind the scenes: This is about retaining talent.

• Private equity has a historical reputation for sky-high compensation, but is facing renewed competition from Wall Street and upstart asset classes like private credit.

By the numbers: Private equity bonuses are expected to be 5% higher in 2024 than in 2023.

• That's only about half the bonus expectations for private credit, and well below investment banking bonuses (15-25% for equity underwriting, 15-35% for debt underwriting).
• Hedge fund bonus increases are expected to be 5-15%, while real estate is expected to be flat.

The bottom line: All eyes are now turning toward 2025, when a possible dealmaking boom could get LPs and GPs in better alignment.

Ari Emanuel is leading a $450 million management buyout of sportsbook tech providers OpenBet and IMG Arena from Endeavor (NYSE: EDR), the company Emanuel founded and leads.

Why it's the BFD: This is being positioned as a prerequisite for Silver Lake to complete its $13 billion take-private of Endeavor, but it's certainly unusual for a target company's CEO to so directly enable such divestitures.

• Let alone to do so twice in as many months.
• TKO Group, the Emanuel-led parent company of WWE and UFC, recently agreed to buy three assets from Endeavor for $3.25 billion in stock (which increased Endeavor's stake in TKO to 59% from 51%).
• Emanuel also is said to be interested in a pair of tennis torunaments and an art fair that Endeavor put on the block.

The bottom line: "A decade after building his media empire, Emanuel is helping to fund its breakup." — Tim Baysinger, Axios Pro

• Neo Financial, a Canadian challenger bank, raised C$360m in Series D funding from Tobi Lütke (Shopify), Stewart Butterfield (Slack), David Baszucki (Roblox), Mike Wessinger (PointClickCare) and insiders Valar Ventures, Golden Ventures, Afore Capital, and Thomvest Ventures. axios.link/40M9PYn

• Ualá, an Argentine challenger bank, raised $300m in Series E funding at a $2.75b valuation. Allianz X led, and was joined by Stone Ridge Holdings Group, Pershing Square Holdings, Alan Howard, Rodina, Claure Group and insiders Soros Fund Management, Goldman Sachs, SoftBank, and Tencent. axios.link/4fpJyDK

• Writer, an SF-based generative AI platform for enterprises, raised $200m in Series C funding at a $1.9b valuation. Premji Invest, Radical Ventures, and Iconiq Growth co-led, and were joined by Salesforce Ventures, Adobe Ventures, B Capital, Citi Ventures, IBM Ventures, and Workday Ventures. axios.link/4emjUOY

🚑 Alentis Therapeutics, a Swiss developer of treatments for CLDN1+ tumors and organ fibrosis, raised $181m in Series D funding. OrbiMed, Novo Holdings, and Jeito Capital co-led, and were joined by Frazier Life Sciences, Longitude Capital, Catalio Capital, Piper Heartland Healthcare Capital, Avego Bioscience Capital, RA Capital Management, Morningside Venture Investments, BB Pureos, and Bpifrance. axios.link/3Z0BuDv

🚀 Firefly Aerospace, a Houston-based rocket maker backed by AE Industrial Partners, raised $175m in Series D funding at a valuation north of $2b led by RPM Ventures. This one has an interesting backstory.

• Lean Technologies, a Saudi fintech infrastructure platform, raised $67.5 million in Series B funding. General Catalyst led, and was joined by Bain Capital Ventures, Stanley Druckenmiller's Duquesne Family Office, Arbor Ventures, and Saudi Venture Capital. axios.link/3Z0nbPm

• AgiCap, a French treasury management SaaS, raised €45m in Series C funding led by AVP. axios.link/40HTpA8

• LocalStack, a Swiss provider of of local-cloud development environments, raised $25m in Series A funding. Notable Capital led, and was joined by insiders CRV and Heavybit. axios.link/48Ksm9q

• Fleek, an SF-based secondhand clothing marketplace, raised $20.4m in Series A funding from HV Capital, a16z, and YC. axios.link/3Z0Uphz

• PointFive, an Israeli cloud cost optimization startup, raised $20m in Series A funding. Salesforce Ventures led, and was joined by Index Ventures, Entree Capital, Sheva VC, and Vesey Ventures. axios.link/4hDreZr

• UnifyApps, an Indian unified enterprise AI agent, raised $20m. Iconiq Growth led, and was joined by Elevation Capital. axios.link/4fnWb25

• Vega, an OS for alt asset managers, raised $20m in Series A funding co-led by Apollo and Motive. vega-alts.com

• SmartBank, a Japanese personal finance management app, raised around $19m in equity funding from SMBC. axios.link/3CpTmiq

• Polar Analytics, a French e-commerce data platform, raised $18m in Series A funding, per Axios Pro. Chalfen Ventures led, and was joined by Point Nine and Frst. axios.link/3Z2xVNi

• Northflank, a London-based workload platform for developers, raised $16m in Series A funding. Bain Capital led, and was joined by Vertex Ventures, Kindred Ventures, Tapestry VC, Pebblebed, and Uncorrelated Ventures. axios.link/3Z08ImD

• Cogna, an AI for writing enterprise software, raised $15m in Series A funding. Notion Capital led, and was joined by Hoxton Ventures and Chalfen Ventures. axios.link/3O3CoJh

• Wheelocity, an Indian supply chain startup focused on rural communities, raised $15m in Series A2 funding led by insider Lightspeed. axios.link/4fqogWK

• Tako, a Brazilian fintech focused on the employee life cycle, raised $13.2m in seed funding co-led by Ribbit Capital and a16z. axios.link/4fmz2NF

• Brightpick, an Erlanger, Ky.-based provider of warehouse automation solutions, raised $12m in equity and debt led by EBRD Venture Capital. brightpick.ai

⚡Tozero, a German battery recycling startup, raised €11m in seed funding. NordicNinja led, and was joined by In-Q-Tel, Honda, and JGC Group. axios.link/3YGJvwh

• Big xyt, a London-based provider of data analytics for financial markets, raised €10m led by Finch Capital. axios.link/3UO6fcF

• Equal, an Indian data-sharing platform, raised $10m in Series A funding at an $80m post-money valuation co-led by Prosus Ventures, Tomales Bay Capital, and founder Keshav Reddy. equal.in

• Substack, the newsletter platform, quietly raised around $10 million from a broad range of strategic investors, including Omeed Malik and Nate Silver, per Axios. axios.link/4evu67I

🚑 Vittoria Biotherapeutics, a UPenn spinout focused on developing cell therapies, raised $10m led by Valley Forge Investment with participation from Global BioAccess Fund, Hatch Biofund, Agent Capital, Tellus BioVentures, NYBC Ventures, and UPenn. vittoriabio.com

🚑 Quantune, a German developer of non-invasive glucose monitoring solutions, raised €8.5m from Point72 Ventures and Vsquared Ventures. axios.link/3CsmCW0

⚡Etpa, a Dutch short-term electricity marketplace, raised €5.5m from 4impact capital and insiders SET Ventures and ABN AMRO SIF. axios.link/3CptN0Y

🚑 Conflixis, a Dallas-based data and risk intelligence startup for hospitals, raised $4.2m in seed funding. Lerer Hippeau and Origin Ventures co-led, and was joined by mark vc, Springtime Ventures, and Crētiv Capital. axios.link/4eoSXtY

• Lume AI, a data mapping automation startup, raised $4.2m in seed funding. General Catalyst led, and was joined by YC, Khosla Ventures, Floodgate, and Soma Capital. axios.link/40JKNJE

🌏 Anthrogen, an SF-based low-carbon chemicals developer, raised $4m in seed funding, per Axios Pro. Regen Ventures and BoxGroup co-led, and were joined by YC and Wayfinder. axios.link/3UI1PDN

• Deckmatch, an Oslo-based VC matching platform, raised $3.1m in seed funding. Alliance VC and Luminar Ventures co-led, and were joined by First Degree Capital and Skyfall Ventures. axios.link/3O4aE7f

• Ooodles, a U.K. fintech focused on IT procurement, raised $2.7m led by Altitude VC. ooodles.com

🚑 Paloma Health, a provider of NHS-funded autism assessments for children, raised £2m in pre-seed funding. Triple Point Ventures led, and was joined by Heal Capital. paloma.health

• ADIA agreed to buy a stake in Qlik, a data analytics software owned by Thoma Bravo, at a $10b valuation, per the FT. axios.link/3YMP5wW

• Blackstone is in talks to buy a massive minority stake in PE firm American Industrial Partners, per Bloomberg. axios.link/4fCtNJa

• Bridgepoint agreed to acquire Schuberg Philis, a Dutch IT consultancy. schubergphilis.com

• Decks & Docks, a Clearwater, Fla.-based portfolio company of CCMP, acquired Bayou City Lumber, a Houston-area outdoor building material supplier. decks-docks.com

• Fortress Investment Group acquired Curzon, a U.K. arthouse film company. axios.link/3UMiDK2

🚑 Genesis Capital sweetened its bid for Australian dental chain Pacific Smiles to A$316.4 million. axios.link/3UNPi1I

• Golden Gate Capital acquired a majority stake in Brava, a Washington, Iowa-based provider of composite roofing materials. bravarooftile.com

• Goldman Sachs Alternatives agreed to buy Sila Services, a King of Prussia, Pa., provider of residential HVAC, plumbing and electrical services, from Morgan Stanley Capital Management. axios.link/3UI9t1i

• Sound Growth Partners acquired LPi Digital, a Milwaukee-based provider of print and digital bulletins and newsletters to faith-based, community, and membership organizations. 4lpi.com

🚑 Triton is considering a takeover bid for Evotec, a listed German drug discovery company, per Bloomberg. Evotec backers include Novo Nordisk and Mubadala. axios.link/3UKYHam

• Partners Group picked UBS and Bank of America to lead an IPO of Dutch conveyor-belt maker Ammega, per Bloomberg. axios.link/4hGxoIa

• Flag Fish Acquisition, a SPAC focused on businesses with a connection to Asian markets, filed for a $60m IPO. axios.link/3AFKGE7

• Hennessy Capital Investment VII, the latest SPAC led by Daniel Hennessy, filed for a $150m IPO. axios.link/3Z4L4pi

• Willow Lane Acquisition, a consumer goods SPAC led by blank-check vet Luke Weil, raised $110m in its IPO. axios.link/3zyfAOo

🚑 Cardinal Health (NYSE: CAH) agreed to buy a majority stake in GI Alliance from Apollo and its physician owners, for $2.8b in cash. It also will pay $1.1b in cash for Advanced Diabetes Supply Group. axios.link/4fGIv23

• Carlyle is seeking to sell or list Flender, a German maker of mechanical and electrical drive tech that could fetch around €4b, per Bloomberg. axios.link/3Ashvo9

• First Reserve is talking with bankers about a sale process for Refuel, a Charleston, S.C.-based convenience store operator that could fetch more than $1.5b (including debt), per Reuters. axios.link/4fj3BDR

• Kaiko, a French crypto data provider that's raised $90m in VC funding, agreed to buy Swedish crypto index provider Vinter that had raised $7m from firms like Octopus Ventures. axios.link/4fLXCY5

• Partners Group is weighing a sale of International Schools Partnership, a London-based private international schools operator that could fetch more than €5b, per Reuters. axios.link/4fHrS66

• Red Hat, owned by IBM, agreed to buy Neural Magic, a Somerville, Mass.-based developer of deep learning inference software that had raised $30m from NEA, a16z, Amdocs, Comcast Ventures, Pillar VC, and Ridgeline Ventures. axios.link/4fm24wB

🚑 The U.S. Justice Department will seek to block UnitedHealth (NYSE: UNH) from completing its proposed $3.3b purchase of Amedisys (Nasdaq: AMED), per Bloomberg. axios.link/3UIaupN

• Aristocrat Leisure (AX: ALL) agreed to sell its mobile gaming unit Plarium Global to Modern Times (STO: MTG) for up to $820m ($600m upfront). axios.link/40IqTOP

• Boeing (NYSE: BA) is considering a sale of its Jeppesen navigation unit, which could fetch around $6b, per Bloomberg. axios.link/3O5GikM

🚑 Cigna (NYSE: CI) says it will not pursue a merger Humana (NYSE: HUM). axios.link/4evn1nE

🚑 McKesson (NYSE: MCK) and Oracle (NYSE: ORCL) are among the final bidders for listed EMR data company Veradigm (fka Allscripts), per Axios Pro. axios.link/4fkCVCN

• Julius Baer Group (Swiss: BAER) hired Goldman Sachs to sell its Brazil unit, per multiple reports. axios.link/3ArpjXd

• AshGrove Capital of London raised 650m for its second specialty lending fund. axios.link/4g1juyT

• Bynd VC raised €40m for its third fund focused on startups in Portugal and Spain. axios.link/3UN8sFf

• Forerunner Ventures raised $500m for its seventh early-stage fund. axios.link/4hMGpiQ

• Godspeed Capital, a PE firm focused on lower midmarket defense and government services companies, raised $675m for its third fund. godspeedcm.com

• Intudo, an Indonesian VC firm, raised $75m for its fourth flagship fund and $50m for a fund focused on natural resources and renewable energy. axios.link/4fzqVNo

• Israel Secondary Fund added $40m for its third fund, which is now $350m. axios.link/3Z2dnVk

• Transom Capital Group, an LA-based midmarket PE firm, raised $675m for its fourth fund. transomcap.com

• Arch Venture Partners promoted Corey Ritter to partner. axios.link/4erzTuY

• Brad Boggess joined Houlihan Lokey as a managing director of capital markets. He previously led asset management for Blackstone Credit and Insurance. axios.link/3CrlWjG

• Jacques Chappuis was named CEO of PGIM, the asset management business of Prudential Financial, effective next May. He most recently was co-head of Morgan Stanley Investment Management. axios.link/40IGyO9

• Bhumika Gashti joined PPM America Capital Partners as senior managing director of IR. She previously was with Intrinsic Edge Capital Management. axios.link/3UKpweV

• Josko Grljevic joined Mayfair Equity Partners as CTO. He previously was group COO at Talon Outdoor. axios.link/4hJ2yhV

• Richa Mehta joined Radical Ventures as a partner. She previously was with Iconiq Capital. axios.link/4flyIyv

• Rajeev Misra is formally stepping down as co-CEO of SoftBank Vision Fund, more than a year after he launched his own investment firm.

• Greg Myers stepped down as IR chief at Vista Equity Partners, and will be succeeded by Cheryl Leahy and Stephen Seelbach, per Bloomberg. axios.link/3Z389sq

• Qatar Investment Authority named Mohammed Al Suwaidi as CEO. He previously was Americas CIO for the $510b sovereign wealth fund. axios.link/4felEuR