President Trump's latest command economy performance is aimed at large institutional investors in single-family homes, pledging to block them from buying more.

Why it matters: This is his first public break with private equity since returning to office, and a rare time when he might find common ground with Democrats.

• It's also a direct shot at Blackstone, whose CEO Steve Schwarzman is a longtime advisor and supporter.

State of play: Trump is expected to lay out details of his plan later this month during a speech at the World Economic Forum in Davos, and would then need Congress to take up the mantle.

• We've not yet heard any details on how "large institutional investor" would be defined, nor if Trump's plan would include required divestiture of existing assets.

The big picture: Housing costs are a major driver of America's affordability problems — the ones Trump refers to as a "hoax" — but institutional investors own relatively few single-family homes.

• Private equity first entered the market after the financial crisis, led by Blackstone, buying up distressed supply.
• Since then, its interest has ebbed and flowed. For example, Blackstone says that last year it sold more single-family homes than it purchased and that it's been a "net seller of homes over the last decade."
• Brookings estimated in late 2023 that around 3% of America's single-family homes were owned by "large institutional investors," noting that they were more active in the multifamily housing space.
• It added that such ownership was concentrated in select geographies, where the market shares were therefore higher (up to 12% in some cases). Examples included Charlotte, Indianapolis, and Tampa.

Look ahead: It's unclear how institutional investors will react, although public equity investors hammered some of their stock prices yesterday.

• Do they just keep buying when opportunities emerge, expecting Trump's effort to stall? Do they pause? Do they begin selling, worried about becoming distressed sellers themselves?

The bottom line: Few private equity firms own homes, either to flip or to rent. But almost all of them are invested in sectors that impact affordability — so they may not want to get too comfortable.

Pomelo Care, a virtual maternal and infant care company, raised $92 million in Series C funding at a $1.7 billion valuation led by Stripes.

Why it's the BFD: The New York-based startup claims to help support nearly 7% of all U.S. births, and helps reduce ER and NICU admissions.

Other investors include a16z, Plus Capital, Atomico, BoxGroup, and SV Angel.

The bottom line: "Small changes in preventive care can have big impacts on the health of both mothers and babies, and on cost." — Amy Feldman, Forbes

• Anthropic is raising $10b at a $350b valuation led by GIC and Coatue, as first reported by the WSJ and confirmed by Axios. axios.link/4qbFk85

• Cyera, an Israeli data security company, raised $400m in Series F funding at a $9b valuation (up from $6b in its Series E round). Blackstone led, joined by insiders Accel, Coatue, Cyberstarts, Georgian, Greenoaks, Lightspeed Venture Partners, Redpoint, Sapphire, Sequoia Capital, and Spark Capital. axios.link/3NBhtA8

🚑 Parabilis Medicines, a Cambridge, Mass.-based oncology biotech, raised $305m in Series F funding. RA Capital Management, Fidelity and Janus Henderson led, joined by Frazier Life Sciences, Soleus Capital and insiders venBio Partners, Cormorant, Nextech Invest, Arch Venture Partners, Milky Way Investments, GV, T. Rowe Price, Marshall Wace, General Catalyst, Invus, Farallon Capital Management, Foresite Capital, Rock Springs Capital, HBM Healthcare, Samsara BioCapital, Catalio Capital Management, Sixty Degree Capital, and Alderline Group. axios.link/4sAQu8c

🚑 Alveus Therapeutics, an obesity drugmaker with offices in Philadelphia and Copenhagen, raised nearly $160m in Series A funding. Andera Partners, New Rhein Healthcare Investors, and Omega Funds led, joined by Sanofi Capital, Kurma Partners, and Avego BioScience Capital. axios.link/3YuRI78

🚑 Diagonal Therapeutics, a Watertown, Mass.-based developer of clustering antibodies for treating rare genetic diseases, raised $125m in Series B funding. Sanofi Ventures and Janus Henderson led, joined by Deep Track Capital, EcoR1 Capital, Logos Capital, Balyasny Asset Management, Woodline Partners and insiders Atlas Venture, BVF Partners, Lightspeed, RA Capital Management, Frazier Life Sciences, Viking Global, RV Invest, Velosity Capital, Biovision Ventures, and Checkpoint Capital. axios.link/4qDiciE

🚑 Rakuten Medical, a San Diego-based photoimmunotherapy biotech, raised $70m in Series F funding. TaiAx Life Science Fund led, joined by Daiwa Securities, Mitsui Sumitomo Insurance, Sumitomo Mitsui Banking, ABIES Capital, and Nexus CVC. axios.link/3L2BleY

• Valinor Enterprises, an operational holding company for defense and government tech, raised $54m in Series A funding, per Axios Pro. Friends & Family Capitall led, joined by insiders General Catalyst, Founders Fund, and Red Cell Partners. axios.link/49domQS

• Protege, an AI data platform, raised $30m in Series A extension funding ($65m round total). A16z led, joined by insiders Footwork, CRV, Bloomberg Beta, Flex Capital, and Shaper Capital. axios.link/4swDL6i

• Biller Genie, an Orlando-based accounts receivable automation platform for SMBs, raised $22m in Series B funding led by Radian Capital. axios.link/4qGdwIN

🚑 Canopy, a connected safety platform for health-care providers, raised $22m in Series B funding led by 111° West Capital and Acme Capital, per Axios Pro. axios.link/49b2khw

🚑 Tucuvi, a Madrid-based AI care management platform, raised $20m in Series A funding. Cathay Innovation and Leadwind led, joined by Frontline Ventures, Seaya Ventures, and Shilling. tucuvi.com

• Mosa Meat, a Dutch lab-grown meat producer, raised €15m from Invest-NL, PHW Group, and Just Eat Takeaway CEO Jitse Groen. axios.link/3Z3bo1Y

• Autonomous Technologies Group, an AI research lab, raised $15m in pre-seed funding from YC, Box Group, and Collaborative Fund. axios.link/45J7Vt7

🚑 ViCentra, a Dutch developer of insulin patch pumps, raised $13m in Series D extension funding ($98m round total) from ROM Utrecht Region, Venturing Tech, and insider Innovation Industries. axios.link/4jvxt2w

🚑 BrightHeart, a French prenatal ultrasound screening startup, raised $12.8m in Series A funding, per Axios Pro. Odyssée Venture and GO Capital led, joined by Mussallem CHD Alliance, Lift Value, Idaho HealthTech Club via Side Angels, axios.link/4sv26cD

• BlueNalu, a San Diego-based cultivated seafood producer, raised $11m led by Agronomics, Siddhi Capital, and Lewis & Clark AgriFood. axios.link/3YwWwsz

• AgileRL a startup focused on reinforcement learning for training AI models, raised $7.5m. Fusion Fund led, joined by Flying Fish, Octopus Ventures, Entrepreneur First, and Counterview Capital. axios.link/3LBPIXH

🚑 CertHub, a German medtech manufacturing compliance startup, raised €6.2m. Cusp Capital led, joined by D11Z, Calm/Storm, UnternehmerTUM. axios.link/4jsIRMG

• Payhawk, a Bulgarian spend management startup, is in talks to raise funding at around a $2b valuation, double its prior round, per Bloomberg. axios.link/4qiYg54

🚑 Antin Infrastructure Partners agreed to acquire Emsere, a Dutch medical equipment rental firm focused on clinical trial logistics, from Gryphion. axios.link/4aR23le

• Armira agreed to acquire Viabus, a Dutch provider of guided group tours. axios.link/4sAOT2c

• Blackstone purchased Madison Dearborn Partners' remaining equity stake in Air Control Concepts, a Norfolk, Va.-based commercial HVAC, electrical and controls company. axios.link/49kwlf3

• BNP Group, an air transport design firm backed by Godspeed, acquired Barcelona-based consultancy Airport Gurus. axios.link/49bofoP

• Bregal Sagemount invested in Redgate, a U.K. provider of database DevOps software. axios.link/44Zhy6K

• Calera Capital acquired ReVamp, a Freeport, Ill.-based provider of residential concrete coatings and fencing installation, from Bertram Capital. axios.link/4qIrdH8

• CVC agreed to acquire iPark, a parking infrastructure platform in Spain and Portugal, from Elliott Investment Management. axios.link/4qJUami

🚑 DirectMed, a Frazier Healthcare Partners portfolio company, acquired Tri-Imaging, a Madison, Tenn.-based provider of aftermarket diagnostic imaging parts, systems, service, and technical training. axios.link/3Z1GY05

🔥 ESTYA, a French portfolio company of Charterhouse Capital Partners, hacquired SIMIE Group, a French fire protection services firm. axios.link/4qcl0U0

🚑 Grant Avenue Capital acquired PatientCare EMS Solutions, a Tyler, Texas-based provider of ground-based healthcare transportation services. axios.link/4jxUlyC

• Gemspring Capital Management acquired TRG, a Cleveland-based provider of tech lifecycle management solutions focused on enterprise mobility. axios.link/453q4Sl

• Gryphon Investors acquired a majority stake in Fortreum, a Landsdowne, Va.-based cybersecurity services firm for regulated industries. axios.link/4jsJFRM

• Haveli Investments acquired a majority stake in Sirion, a Lehi, Utah-based provider of contract lifecycle management solutions, at around a $1b valuation. Sirion had raised over $180m from firms like Partners Group, Tiger Global, Avatar Growth Capital, Morgan Stanley, and Peak XV Partners. axios.link/3Z2kyfb

• Kelvin Group, a Southfield Capital portfolio company, acquired PermaCold Engineering, a Portland, Ore.-based industrial refrigeration company. axios.link/3LrRmuR

• L Catterton agreed to buy cultured dairy grand Good Culture from Manna Tree. axios.link/3YuuopX

⚡️ Pattern Energy, an SF-based renewables developer owned by CPP Investments, agreed to acquire Cordelio Power, another CPP portfolio company which is building or owns 1.5 GW of projects in the U.S. and Canada. axios.link/44ZU4OU

• Proven Optics, a Silversmith Capital Partners portfolio company, acquired Brightfin, an Englewood, Colo., provider of expense and finance management software. axios.link/4qlXILB

• Service Express, a Warburg Pincus portfolio company, acquired Park Place Technologies, a Cleveland-based provider of data center services, from GTCR and Charlesbank Capital Partners. axios.link/49t6Q9U

• Sigma, a portfolio company of Wind Point Partners, acquired Masonry Supply, a Selma, N.C.-based maker of municipal waterworks castings, polymer enclosures and other waterworks accessories. axios.link/4qIGPuu

• TA Associates invested in PureSpectrum, a Westlake Village, Calif.-based market research tech company. axios.link/4svPZvM

• TPG is in talks to buy up to a 20% stake in Indian securities firm IIFL Capital Services, per Reuters. axios.link/4qIfs3s

• UserTesting, a Thoma Bravo portfolio company, acquired User Interviews, a participant recruitment platform for user research, market research, and AI training. axios.link/3YXD0FM

⚡ Vickery Energy Partners, a portfolio company of Quantum Capital Group, acquired Tribune Resources, a collection of assets in both wet and dry windows of the Marcellus Shale. axios.link/4swge5t

• Chagee (Nasdaq: CHA), a Chinese teahouse operator and franchisor that went public last year in the U.S., is exploring a Hong Kong float, per Bloomberg. axios.link/4jG7llN

🚑 Soren Acquisition, a heath care SPAC, raised $220m in its IPO. axios.link/4mV9IBi

• Willow Lane Acquisition II, a consumer goods, leisure and gaming SPAC, filed for a $125m IPO. axios.link/4pusl07

• Zhipu, a Chinese generative AI company, raised $558m in its Hong Kong IPO. It had raised around $1.4b from firms like Alibaba, Tencent, Ant Group, Xioami and HSG. axios.link/3LfUFp3

⚡ Constellation Energy (Nasdaq: CEG) completed its $26.6 billion acquisition of Houston-based power producer Calpine from Energy Capital Partners, Access Industries, and CPP Investments. BFD flashback

• Fireblocks, a crypto custody and infrastructure firm, agreed to acquire fintech accounting startup Tres Finance for about $130m, per Fortune. Tres had raised around $19m from Lightspeed, Cyberfund, MoonPay Ventures, New Form Capital, Boldstart Ventures, Cyber.Fund, Faction Ventures, and Ambush Capital. axios.link/3YtY1Yw

• Henkel has offered to buy Olaplex (Nasdaq: OLPX), a Santa Barbara, Calif.-based hair products company controlled by Advent International, per Bloomberg. axios.link/4aPRRJA

🚑 AbbVie (NYSE: ABBV) denied a WSJ report that it's in advanced talks to buy oncology biotech Revolution Medicines (Nasdaq: RVMD), whose market cap rose to nearly $20b on the initial report. axios.link/3LCegjl

• BlueScope Steel (ASX: BLS), Australia's largest steel producer, rejected an A$13.5b takeover offer from SGH (ASX: SGH) and Indiana-based Steel Dynamics (Nasdaq: STLD). axios.link/3Nxcmku

🚑 Eli Lilly (NYSE: LLY) agreed to buy inflammatory disease biotech Ventyx Biosciences (Nasdaq: VTYX) for $1.2b in cash. axios.link/4jxISir

• Nike (NYSE: NKE) sold NFT subsidiary RTFKT, which it previously shut, to an undisclosed buyer. axios.link/49sDfxw

• Zilch, a British consumer fintech that's raised over $700m in equity and debt, acquired Lithuanian lender Fjord Bank. axios.link/4poXsKn

• Bruin Capital raised $1b for a new fund focused on sports tech and services companies. axios.link/3LrcWQ7

🚑 Catalio, a NY-based health care investment firm, raised $325m for its second credit fund. axios.link/4ppSEVn

• Creation Investments of Chicago raised $46m for its second impact credit fund. axios.link/3LBPwHX

• Eir Partners Capital, a Miami-based PE firm, raised $1b for its third fund. axios.link/49seCB8

• Guidepost Growth Equity raised $521m for its fourth fund. axios.link/4qIgWuA

• KKR raised $2.5b for its second Asia-focused private credit fund, per Bloomberg. axios.link/4qJ2TFc

• Lux Capital raised $1.5b for its ninth fund.axios.link/4qFPg9J

• Warburg Pincus raised $3b for its third financial services fund. axios.link/4qc49B1

• Zeynep Tumer Bayazid joined AEA Investors as head of EMEA IR and fundraising. She previously was with AlbaCore Capital Group. axios.link/3LBfFGT

• Kay Blackwell joined GenNx360 Capital Partners as head of IR, succeeding the retiring Carmen Rojas. Blackwell previously was with Neotribe Ventures. axios.link/4ssV0Fp

• Ravi Gupta, a partner at Sequoia Capital, plans to launch a startup that Sequoia will back. He joined Sequoia in 2019 after serving as COO and CFO of Instacart and, before that, a director at KKR. axios.link/3NfRAFZ