Private equity and venture capital aren't leaning into a Blue Wave, according to an Axios analysis of campaign donations made by political action committees affiliated with the American Investment Council and National Venture Capital Association.

Why it matters: Political alignment could impact issues like expanded retail investor access to alt investments, crypto market structure, qualified investment definitions, and AI regulation.

Zoom in: Each PAC mostly followed its recent historical precedent during the current election cycle.

• For the American Investment Council, that meant leaning toward the GOP.
• For the NVCA, that meant only supporting incumbents and trying to match the current House and Senate margins.

By the numbers (PE edition): AIC PAC donated $427,000 to 111 candidates (only two challengers) through Aug. 20, with almost an even split between Democrats and Republicans.

• It also donated another $263,000 to other PACs, where Republicans dominated by more than a 2-to-1 margin.
• Overall, around 58% of AIC PAC donations were to GOP candidates or GOP committees.

By the numbers (VC edition): Around 53% of VenturePAC donations went to Republicans.

• Overall it donated just over $530,000, including $233,000 directly to individual candidates.

Yes, but: These figures don't include September donations, as those reports aren't yet filed with the Federal Election Commission. They also don't reflect contributions made directly by individual VCs and PE pros to candidates, or via other PACs like those affiliated with AI and crypto.

Behind the scenes: NVCA president Bobby Franklin tells me that VenturePAC has a blanket ban on donating to challengers, because of the likelihood that they could be state officials covered by pay-to-play rules.

• He adds that if Democrats do take control of Congress, he'd expect his PAC's percentages to flip blue during the next cycle.
• AIC didn't respond to a request for comment.

KKR has agreed to acquire Gen II, a New York-based private capital fund administrator, for $5.1 billion from Hg and General Atlantic.

Why it's the BFD: The business of private equity keeps creating new business for private equity.

By the numbers: Gen II says it provides back-office services like tax and compliance to more than 275 investment managers representing over $2 trillion in assets.

The bottom line: "Fund administrators appeal to private-equity investors because of their reputation for generating steady and growing fee income." — WSJ

• Vinci, a Palo Alto, Calif.-based chip simulation startup, raised $250m in Series B funding at a $1.5b valuation. Advent International, Temasek, and Xora led, joined by AMD Ventures, Eclipse, Khosla Ventures, and Madrona. axios.link/4dTpRFA

• Etched, a San Jose, Calif.-based developer of frontier inference clusters, is in talks to raise new funding at a $40b-$50b valuation — more than double its recent round — per TechCrunch. axios.link/3VSoCAh

⚡ Gauss Fusion, a German fusion energy developer, is in talks to raise around $150m in Series A funding, per Axios Pro. axios.link/4AQAfI0

• Capitolis, an NYC-based fintech for banks, raised $120m in Series E funding at a $1.9b valuation. Citi led, joined by Bank of America, Nomura, Tradeweb Markets and insiders Barclays, BNP Paribas, JPMorgan, State Street, and UBS. Capitolis also secured $100m of new debt financing. axios.link/4rRjokf

• Spiko, a Paris-based provider of tokenized cash funds, raised $90m in Series B funding. NEA led, joined by Index Ventures, Speedinvest, and White Star Capital. axios.link/47yMImi

🚑 Multiply Labs, an SF-based physical AI startup for medicine manufacturing, raised $75m in Series B funding, per Axios Pro. NantWorks led, joined by AstraZeneca Ventures, Lingotto, Legend Biotech, Fifty Years Ventures, Ora Global, Teradyne Ventures, Strange Ventures, Casdin Capital, Lux Capital, and Founders Fund. axios.link/4ARC47F

🚑 RougeTx, a Dutch biotech focused on a rare bleeding disorder, raised $58m in Series A funding from BioGeneration Ventures, Angelini Ventures, EIB, Aurea, Kurma Partners, Epidarex Capital, Vesalius Biocapital Partners, ROM Utrecht Region, p53 Invest, and Kerna Ventures. axios.link/4AXWQmf

• Hadrian, a Dutch offensive security platform, raised $40m. Forgepoint and Smart Fin led, joined by insiders HV Capital, Motive Partners, Picus Capital, and Oetker Ventures. axios.link/3VvUbzV

• Clockwork, a Palo Alto, Calif.-based provider of fault-tolerance software, raised $31m from Premji Invest, Wing Venture Capital, Seligman Ventures and insiders NEA, and e& Capital. axios.link/4y2K1o0

🚑 Sensible Biotechnologies, a U.K. developer of mRNA medicines, raised $27m in Series A funding. OTB Ventures and In-Q-Tel led, joined by insiders Recode Ventures, Isomer Capital, YC, Backed VC, Kaya VC, Civilization Ventures, and BlueYard Capital. It also secured up to $20m in non-dilutive funding from the EU and Slovakian government. axios.link/4yAPeED

🚑 WhiteLab Genomics, a French genomic medicine developer, raised $26m in Series B funding, per Axios Pro. AVP led, joined by Omnes Capital, Yaday Health, Blast Club, and Debiopharm Innovation Fund. axios.link/4i5AveM

⛳ Pro Shop, a golf media startup, raised $24m in Series B funding, per The Hollywood Reporter. Arthur Blank's family office led, joined by Causeway Partners, Ares Capital and insiders PGA Tour and Powerhouse Capital. axios.link/4yypngA

• Reuse, a Latin America-focused tech re-commerce platform, raised $21m. At One Ventures led, joined by Coppel Ventures, ALIVE Ventures, Endeavor Catalyst, IGNIA, and Dalus Capital. axios.link/4y8Cap0

🚑 Iris Labs, a mental health-focused AI startup, raised $20m from Flagship Pioneering. axios.link/4yAvTU0

• Living Optics, a U.K.-based computational hyperspectral imaging platform, raised $20m. BRV Capital Management led, joined by Lockheed Martin Ventures, Applied Ventures, Lam Capital, GK Goh, British Business Bank, Octopus Ventures, Foresight Group, and OTIF Ventures. axios.link/4y3XSu2

• Procuros, a German supply chain connectivity platform, raised €20m in Series A funding. XAnge led, joined by insiders Point Nine, Creandum, and b2venture. axios.link/4759PEV

• Finmid, a German embedded lender, raised €17m in Series A extension funding. Big Pi Ventures and Mainset led, joined by insider Earlybird. axios.link/4rOCRSF

🍷 Santé, a software and payments provider for wine and spirit retailers, raised $15m in Series A funding, per Axios Pro. Fintop Capital led, joined by insiders Bonfire Ventures, Operator Collective, YC, and Veridical Ventures. axios.link/4dHNm4D

• Ghost, an SF-based personal AI infrastructure company, raised $11m in seed funding. A16z led, joined by Abstract Ventures, Audacious Ventures, SV Angel, and Nov. axios.link/3TCdTcH

• Reclinker, a U.K. startup turning demolition waste into low-carbon cement, raised £10m in Series A funding. Clean Growth Fund and AP Ventures led, joined by Development Bank of Wales, Kibo Invest, Zero Carbon Capital, and Cambridge Enterprise. axios.link/4i3OBxh

• UpSmith, a Dallas-based AI platform for home services contractors, raised $10m. Sempervirens led , joined by Asymmetric, Hannah Grey VC, and CIV. axios.link/4dXfXml

⚡ Torch Systems, an SF-based provider of remote monitoring for electric grids, raised $9.5m in SAFE notes from Khosla Ventures, Abstract Ventures, Construct Capital, and Starship Ventures. axios.link/4AXT4cz

• Cleavr, a French accounts receivable automation platform, raised €8m in seed funding. Varsity led, joined by Kima Ventures, Better Angle, Portfolio Ventures, Kerala, and Financière Saint James. axios.link/4dmLduO

⚡ Outer Spaces, a developer of outdoor furnishings embedded with solar and batteries, raised $8m in pre-seed funding, per Axios Pro. Upfront Ventures led, joined by Unlock Venture Partners, Mucker Capital, and Genius Ventures. axios.link/4zeG2W6

🚑 Altro Health, a software infrastructure company serving the compounding market, raised $7m in seed funding, per Axios Pro. NFX led, joined by Founder Collective and Primetime Partners. axios.link/4APsEt9

• Comparables.ai, a Helsinki-based market intelligence platform, raised $6m in seed funding. Pragmatech and Araya Ventures led, joined by Purple Ventures, Gorilla Capital, hi5 Ventures, and Somersault Ventures. axios.link/4i3UOtc

• Nettle, a U.K. platform for commercial insurance loss control, raised $4.8m in seed funding. MTech led, joined by Project A Ventures, SVV, Portfolio Ventures, and Ventures Together. axios.link/4hQXb1o

🚑 CD&R and McKesson (NYSE: MCK) agreed to buy medical infusion company Option Care (Nasdaq: OPCH) for $5.8b, or $32.05 per share (37% premium on yesterday's closing price). axios.link/4zhIXxA

🚑 Apheon acquired a majority stake in Hager & Meisinger, a German provider of dental instruments and workflow solutions. axios.link/4ASmbxO

• ASK Investment Managers, backed by Blackstone, agreed to acquire SageOne Investment Managers, an Indian portfolio management services company. axios.link/4yQLJKt

• Aurora Capital Partners acquired Softdocs, a Columbia, S.C.-based provider of process automation and document management software for education and government. axios.link/47AQLOY

• Carlton Industrial Solutions, a Reynolda Equity Partners portfolio company, acquired both American Scale & Equipment (Baltimore) and Carolina Scales (Columbia, S.C.). axios.link/4hxy3xy

🚑 FFL Partners invested in Ally Technical (fka Althea US), a provider of medical technology management solutions. axios.link/4APudYb

• FVLCRUM Funds acquired Fidelity Technology Services, a Reading, Pa.-based provider of military simulation training systems. axios.link/4yxn0KH

• Gridiron Capital invested in Weed Man, a North American lawn care franchisor. axios.link/4rK3Aja

• Lornamead, backed by Sojourner Consumer Partners, is merging with AMG Brands to form a single provider of consumer staples for the home and body markets. axios.link/4zfsWrI

• Main Capital Partners acquired a majority stake in Raynet, a German provider of IT visibility, IT asset management, and cybersecurity solutions. axios.link/46YXOAT

⚡ Marlin Equity Partners agreed to invest in Rystad Energy, a Norwegian provider of energy market research. axios.link/4hPvxlo

• Norlee Group, backed by Heartwood Partners, acquired IEM Electric, a Hickory, N.C.-based industrial electrical contractor. axios.link/4ytCijL

🌎 Officine Maccaferri, an Ambienta portfolio company, acquired two makers of lower-carbon road materials: Iterchimica (Italy) and Surface Tech (San Diego). axios.link/4zg9z1K

• TZP Group, HPS, and Capital Dynamics launched Pavilion, an NYC-based vacation rental company managing more than 5,000 homes. axios.link/4dW2E5D

• Warren Equity Partners acquired VDA, an East Hanover, N.J.-based escalator inspection services firm, from Keystone Capital Management. axios.link/4zfCvXM

• DayOne Data Centers, a Singapore-based hyperscale data center operator, filed for an IPO that Renaissance Capital estimates could raise $3b. It reports a $77m net loss on $512m in revenue for the first half of 2026, versus a $13m net loss on $151.5m in revenue for the year-earlier period. DayOne plans to list on the Nasdaq (DODC) and raised from firms like Coatue (19.5% pre-IPO stake), Hillhouse (19.5%), and Achi Capital Partners (15.6%). axios.link/472WCfS

🚑 Lycia Therapeutics, an SF-based biotech targeting disease-causing extracellular proteins, filed for an IPO. The Phase 1 company plans to list on the Nasdaq (LYCA) and raised over $330m from firms like Versant Ventures, Venrock, Redmile, RTW Investments, Janus Henderson, Blue Owl, Balyasny Asset Management, Adage Capital Management, HBM Healthcare Investments, OrbiMed, Eli Lilly, Franklin Templeton, and Invus. axios.link/4yt7ek1

• Pine Tree Acquisition, a SPAC led by Wei Qian (Fusion Park), raised $100m in its IPO. axios.link/3YCSaQu

• Anchorage Digital, valued by VCs at $4.2b, acquired Routable, an SF-based B2B payments company that had raised around $100m from backers like Flexport, Sam Altman and Jack Altman. axios.link/4yyz3HX

• Bain Capital and GIC are weighing a sale or IPO for WHI Holdings, a Japanese HR software provider that could fetch around $3.2b, per Reuters. axios.link/4rP6O4U

⚡ Energy Transfer (NYSE: ET) agreed to acquire Dallas-based Vaquero Midstream for $2.63b in cash and stock. Sellers would include Yorktown Partners and Keeneland Capital. axios.link/4zCO0ZJ

• Informa (LSE: INF) agreed to buy B2B live events business Clarion Events for £2.24b from Blackstone. axios.link/4yzYKrC

🌎 One Rock Capital Partners completed its $470m sale of EnviroServe, an environmental services provider, to Clean Harbors (NYSE: CLH). axios.link/4c6XYt1

• Personio, a German HR software firm valued by VCs at $8.5b, acquired Circula, a German spend management platform that raised around $40m from firms like Alstin Capital, Personio, Neosfer, Canadian Imperial Bank of Commerce, Capnamic Ventures, Storm Ventures, Peak, HW Capital, WENVEST Capital, and Storm Capital Management. axios.link/4ARfOuw

• Prelude Growth Partners sold its minority stake in better-for-you snackmaker Riverside Natural Foods back to the founding family. axios.link/4zix7mJ

• Sainsbury's (LSE: SBRY) earlier this year held merger talks with smaller U.K. grocer Morrisons, owned by CD&R, per the FT. axios.link/4hN09DZ

• Uber (NYSE: UBER) agreed to acquire ezCater, a Boston-based platform for catering and workplace meals, for $2.3b in cash. EzCater had raised over $420m, including at a $1.2b valuation in 2021, from firms like Iconiq, Lightspeed, Insight Partners, SoftBank, Breton Capital Ventures, GIC, Spinnaker Trust, Nobska Point Capital, Maine Angels, and SideCar Angels. axios.link/4ziwXfa

• Paramount Skydance (Nasdaq: PSKY) has completed its acquisition of Warner Bros. Discovery.

• Alto, a Nashville-based self-directed IRA platform, agreed to acquire custodian Forge Trust from Forge Global, a Charles Schwab company. axios.link/473eG9I

• Davidson Kempner agreed to sell ECS, a Portuguese alternative asset manager, to Draycott. axios.link/4j247Ld

• Gyde, an Austin, Texas-based health brokerage platform that's raised $60m from VCs like Lightspeed, acquired Capstone Benefits Consulting, a Statesboro, Ga.-based employee benefits firm. gydehealth.ai

• Simple Logistics, a Nashville, Tenn.-based freight brokerage, hired Tenney Group to prepare for a sale, per Axios Pro. axios.link/4yt8hjX

• TowneBank (Nasdaq: TOWN) agreed to acquire North Carolina's Blueharbor Bank (OTC: BLHK) for around $154m. axios.link/4zhJb7M

• Iron Path Capital raised $450m for its second fund focused on lower-midmarket PE. axios.link/4dleJBh

⚡ LS Power raised around $6b for its sixth flagship power and energy infrastructure fund. axios.link/4hyEj8s

• Sofeon Ventures, a new group led by Victoria Treyger (ex-Felicis), is raising up to $40m for its debut fund, per an SEC filing.

• Theo Bleier joined the early-stage team at Spark Capital. He previously was with Notion. axios.link/4j0epLP

• Neal Reenan and Ian Bushner left Freshfields to become partners in Debevoise & Plimpton's M&A practice. axios.link/4za2rnx

• Sloan Sutta joined Barings as head of asset-based finance. He previously was with Crayhill Capital Management. axios.link/4jooUcb

10-year note yields are soaking up the ink, but don't sleep on volatility for shorter-term government bonds, writes Axios' Matt Phillips.

• The main culprit? Fed uncertainty.