Here are three big numbers to watch, as we slog through the dog days of summer:

35%

That's the percentage of U.S. venture capital raised by just 10 companies so far this year.

• Private markets often mirror public markets, on a lag, and that's what we seem to be seeing here.
• Public equities have their Mag 7, and venture capital now seems to have its AI 10. With all the value concentration risk that entails.

5.5%

That's the Q2 private credit default rate for midmarket companies, up from 4.5% in Q1, according to Fitch Ratings.

• Things get even a bit bleaker inside the data, with Fitch reporting a 9.5% default rate for a basket of around 300 companies it rates for the benefit of insurers — the highest mark since Fitch recorded the first such default in 2019.
• This is hardly a crisis level, particularly given lower default rates for larger private credit issuers. But it's worth keeping an eye on, given that private credit would be a top beneficiary of President Trump's effort to encourage 401(k) plans to invest in alternative assets.

Zero

That's the percentage difference between U.S. private equity dollar volume in 2024 and 2025, according to Refinitiv.

• This is despite a 20% increase in overall U.S. M&A, which means that private equity is becoming a smaller piece of the domestic dealmaking pie.
• Globally, private equity volume is up 17% — versus an overall 34% increase.
• Again, the backdrop of Trump's executive order looms large. U.S. private equity activity is strong, but stagnant. Which means that fundraising bumps could be going toward secondaries and continuation funds.

Perplexity yesterday offered to buy the Chrome browser from Google for $34.5 billion.

Why it's the BFD: If nothing else, this is a marketing masterstroke.

• The AI upstart raises its public profile, including awareness of its own nascent Comet browser, by offering to buy something that's not currently for sale.
• It also could serve as a springboard to a much different sort of deal, such as an acquisition of Perplexity by Google or Apple.

Catch up quick: Google may be forced to divest Chrome as a remedy to its antitrust troubles, at which point there could be several bidders with even deeper pockets than Perplexity (including OpenAI).

Behind the scenes: Perplexity code-named this effort Project Solomon, according to documents obtained by Axios.

• The proposed term sheet it sent to Google is nonbinding, and includes a pledge to invest $3 billion over two years to support Chrome.
• Perplexity also says it would "maintain uninterrupted availability and support for existing customers for at least 100 months post-close," and "always allow users to choose their own default settings."

By the numbers: Perplexity most recently was valued by VCs at $18 billion, in an early-summer fundraising round led by Accel, but claims to have requisite financing lined up to buy Chrome for $34.5 billion.

• It did not identify any investors in its letter to Google, but told the WSJ that "several investors including large venture-capital funds had agreed to back the transaction in full."
• Several Perplexity backers tell me that they've not yet spoken to the company about a Chrome deal.

• Cerebras, a Sunnyvale, Calif.-based AI chipmaker that filed for an IPO last fall, is in talks to raise $1b led by Fidelity, per Bloomberg. axios.link/4oyWrAn

• Titan, a New York-based IT services company, raised $74m led by General Catalyst and announced its acquisition of managed service provider RFA. axios.link/45yr8wO

• Appcharge, an Israeli games distribution and monetization startup, raised $58m in Series B funding. IVP led, joined by Playrix, Creandum, Play Ventures, Glilot Capital Partners, Smilegate Investment, Moneta Ventures, BitKraft Ventures, and Corundum. axios.link/3UuMUMW

• 1Kosmos, an Iselin, N.J.-based passwordless authentication platform, raised $57m in Series B funding. Forgepoint Capital and Oquirrh Ventures led, joined by NextEra Energy Ventures and Gula Tech Adventures. axios.link/45gy03a

🚑 Gameto, an Austin, Texas-based developer of stem cell-derived therapies for reproductive health, raised $44m in Series C funding. Overwater Ventures led, joined by Insight Partners, RA Capital, Two Sigma Ventures, Bold Capital Partners, Future Ventures, Ingeborg Investments, Arcadia Investment Partners, PAGS Group, Pontiva Healthcare Partners, and Portfolia. gametogen.com

• Jump, a sports fan experience startup, raised $23m in Series A funding. Seven Seven Six led, joined by Courtside Ventures, Will Ventures, and Forerunner Ventures. axios.link/46Tu6yo

⚡ NRN, a Australian virtual power plant operator, raised A$17m Series A funding and A$50m in debt. Backers include Investible, Virescent Ventures, Electrifi Ventures, Planet Fund, and Australian Ethical Infrastructure Debt Fund. axios.link/4fwyDsK

• Confido, a New York-based AI financial operating system for consumer brands, raised $15m in Series A funding. Footwork led, joined by Watchfire Ventures, Barrel Ventures, Liquid 2, Boulder Food Groups, and YC. confidotech.com

• Mako, a a maker of agents to generate and optimize GPU kernels, raised $8.5m in seed funding. M13 led, joined by Torch Capital and Parable VC. axios.link/45idpvq

• Continua, a developer of AI agents for group chats, raised $8m in seed funding. GV led, joined by Bessemer Ventures Partners. axios.link/47rkmeM

• Thread, an AI service desk platform for managed service providers, raised $8m led by Integr8d Capital. axios.link/45evlqD

• Inclined Technologies, an SF-based fintech that lends against whole life insurance policies, raised $8m in Series B funding. HSCM Ventures led, joined by Northwestern Mutual. axios.link/4loo5gE

• Riva Money, a cross-border money transfer startup, raised $3m in pre-seed funding led by Project A. axios.link/47t0zM5

🚑 Merge Labs, a Neuralink rival, is in talks to raise funding from OpenAI's venture group, per the FT. axios.link/45yFQEg

• Adamantem Capital agreed to buy Nexon, an Australian IT services provider, from EQT. axios.link/3JuhljU

• Advent International agreed to acquire Sapiens (Nasdaq: SPNS), a provider of insurance SaaS, for $2.5b, at $43.50 per share (47.5% premoum over yesterday's closing price). axios.link/4oysmAZ

• Apollo agreed to acquire German cooling equipment maker Kelvion from Triton for around €2b. axios.link/4mi6sR0

• Bain Capital agreed to buy Dutch tech services firm HSO from Carlyle for around $1b. axios.link/3UWMEq2

• Blue Sea Capital acquired MicroCare, a New Britain, Conn.-based provider of precision cleaning solutions, from Heartwood Partners. microcare.com

🌎 DWB Consulting Services, a Canadian environmental consultancy owned by CAI Capital Partners, merged with peer Chartwell Resource Group. axios.link/45xBcpI

🔥 J.S. Held, a Jericho, N.Y.-based portfolio company of Kelso & Co. and Harvest Partners, acquired GHL Consultants, a Canadian fire engineering and building code consultancy. jsheld.com

• Milrose Consultants, a Southfield Capital portfolio company, acquired ARC, a provider of permitting and code compliance services in Florida. milrose.com

• Nexa Equity invested in Facility Grid, a Brookline, Mass.-based provider of software for construction commissioning and operational readiness. facilitygrid.com

⚡ Oaktree Capital Management will take control of Scottsdale, Ariz.-based wind turbine blade manufacturer TPI Composites (Nasdaq: TPIC), as part of a Chapter 11 restructuring. axios.link/4fDvQ0Y

• Proterra Investment Partners acquired AcreTrader, a Fayetteville, Ark.-based farmland investing platform that had raised over $70m from firms like Drive Capital, Narya, Anthemis, Revolution, and Jump Capital. axios.link/4mp1TnV

• Race Communications, backed by Oak Hill Capital, agreed to acquire Atherton Fiber, an Atherton, Calif.-based provider of fiber-to-the-home. race.com

🚑 Rallyday Partners invested in Elder Care Homecare, a senior home care agency in the Northeast. eldercarehomecare.com

🚑 TPG and Qatar Investment Authority offered to buy Hong Kong-listed medical device maker Kangji Medical for around US$1.4b. axios.link/45v0MMb

• Westland Insurance, a Canadian portfolio company of Ontario Teachers, acquired Ontario-focused Paul Ayotte Insurance Brokers. axios.link/45mf4yw

• Bullish, a crypto exchange and owner of media outlet CoinDesk, raised $1.1b in its IPO. The company priced at $37 per share, above both its original and revised ranges, and will list on the NYSE (BLSH). axios.link/3Ha4sLp

⚡ Dynamix III, a SPAC led by Andrea Bernatova (ex-CFO of Enchanted Rock Energy), filed for a $150m IPO. axios.link/4mzE3FG

🍺 Orion Breweries, a Japanese beer maker owned by Carlyle and Nomura, plans to list in Tokyo as early as next month, per Bloomberg. axios.link/4mFLDyw

🌎 Tailwind 2.0 Acquisition, a SPAC led by Montauk Climate co-founders Philip Krim (ex-Casper CEO) and Sharo Atmeh, filed for a $150m IPO. axios.link/45Pa3jq

🌎 KKR next month will launch an auction for U.K. recycling group Viridor, which could fetch £7b, per the FT. axios.link/4lqIl19

🔥 The Riverside Co. agreed to sell Performance Systems Integration, a Portland, ORe.-based provider of fire and life safety services, to Summit Fire & Security. axios.link/4ozifM4

• Altus Group (TSX: AIF), a Canadian real estate software firm, is exploring a sale, per Reuters. axios.link/416KTKG

⚡ Nuveen held a $1.3b first close for an energy credit fund targeting $2.5b, per Axios Pro. axios.link/3HszbTY

• Will Lay joined Simpson Thacher & Bartlett as a Boston-based partner in the law firm's M&A practice. He previously was with Kirkland & Ellis. axios.link/46UvtwS

U.S. underwear maker HanesBrands today agreed to buy acquired by Canadian apparel maker Gilden for $4.4 billion in cash and stock (including assumed debt).

• Tariffs are a major driver, as HanesBrands estimates that they've touched 75% of its sales. Prior to news of this deal, shares were down nearly 50% on the year.
• But it's also worth noting that HanesBrands stock has been slumping for years, including through a 2023 activist battle.