EQT yesterday closed its 10th flagship fund at its €22 billion hard cap, with a continuing focus on private equity deals in Europe and North America.

Why it matters: This sets an early bar that might not get topped for the rest of 2024, as limited partners continue to hold their wallets tight.

Three big takeaways, per a chat with Suzanne Donohoe, the former KKR and Goldman Sachs exec who last year joined EQT as chief commercial officer and head of capital raising.

1. Private wealth played a larger role in this fundraise than it did with prior flagship vintages, including both family offices, feeder funds, and other distribution channels.

• "In the long run I think that private wealth will be even bigger for us and the overall industry," she adds.

2. Sustainability still matters to LPs, despite some recent political pushback.

• Stockholm-based EQT, which has U.S. offices in New York and San Francisco, has 40 professionals dedicated to portfolio sustainability efforts.
• "Taking the politics out of it, I think many investors understand that if you help make a business more resilient and better positioned for a changed customer base that cares about sustainability, it's likely that business will be worth more money in the future," Donohoe explains.

3. The fundraising market is healing, but isn't yet healed.

• Yes, the denominator effect has lessened thanks to the bull stock market. But liquidity events remain relatively rare, and interest rates haven't yet been lowered.
• "Until distributions fully normalize, there's probably going to be a few haves [like EQT] and a greater number of have-nots," Donohoe says.

The Federal Trade Commission yesterday sued to block Kroger's (NYSE: KR) proposed $24.6 billion purchase of supermarket rival Albertsons (NYSE: ACI).

• Eight states and Washington, D.C., joined the FTC's suit, while the merger is being challenged separately by attorneys general in Colorado and Washington state.

Why it's the BFD: This fight could bleed over into presidential politics, given how Americans have been pinched by higher food costs.

The FTC argues that the merger would reduce choices, raise prices, and hurt employee compensation.

Kroger and Albertsons argue that the merger would lead to lower prices, and create a stronger competitor to grocery market leader Walmart.

• Exodigo, an Israeli underground mapping startup, raised $105m in Series A funding. Greenfield Partners and Zeev Ventures co-led, and were joined by SquarePeg, 10D VC, JIBE, and National Grid Partners. https://axios.link/49ljfLX

• Shadowfax, an Indian logistics startup, raised $100m in Series E funding. TPG NewQuest led, and was joined by insiders Flipkart, Mirae Asset Venture Investments, IFC, Nokia Growth Partners, Qualcomm, Eight Roads Ventures, and Trifecta Capital. https://axios.link/49zc8Q7

• Intenseye, a New York-based provider of workplace safety software, raised $61m in Series B finding. Lightspeed led, and was joined by insiders Insight Partners, Point Nine, and Air Street Capital. www.intenseye.com

🚑 B.well, a Baltimore-based patient engagement and health data platform, raised a $40m in Series C funding led by Leavitt Equity Partners. https://axios.link/3TbOhA9

• Inkitt, a New York-based self-publishing platform, raised $37m in Series C funding. Khosla Ventures led, and was joined by insiders NEA, Kleiner Perkins, and Redalpine. https://axios.link/48r5NoF

• Lapse, a London-based photo-sharing app, raised $30m in Series A funding. Greylock and DST Global Partners co-led, and were joined by GV and Octopus Ventures. https://axios.link/48vHzJY

• Avail, a modular blockchain project that spun out of Polygon, raised $27m in seed funding. Founders Fund and Dragonfly co-led, and were joined by SevenX Ventures, Figment Capital, and Nomad Capital. https://axios.link/430zdsv

🚑 Matter Neuroscience, a New York-based mobile app for happiness, raised $26m from Polaris Partners, Arch Venture Partners, Exor Ventures, and Collaborative Fund. https://axios.link/3IgcO0W

• Helcim, a Canadian payment processing startup, raised US$20m in Series B funding. Headline led, and was joined by investors including Clocktower Ventures, Vesey Ventures, and SilverCircle. https://axios.link/3UPycl5

• Embat, a Spanish corporate treasury management and accounting platform, raised $16m in Series A funding. Creandum led, and was joined by Samaipata, 4Founders, and Venture Friends. https://axios.link/49roKsH

• Mistral AI, a French generative AI startup, raised €15m from Microsoft as part of a broader strategic partnership. https://axios.link/3wH3nVq

• Interview Kickstart, an SF-based tech skills platform, raised $10m from Blume Ventures. https://axios.link/42TJnuU

🌎 Elevated Signals, a Canadian provider of analytics software for industries like cannabis and climate tech, raised C$7.9m, per Axios Pro. Yaletown Partners led, and was joined by Third Kind Venture Capital, WGD Capital, Colin Harris, Raiven Capital, and Pareto Holdings. https://axios.link/3IfNJTJ

• Rivalz, a Sonoma, Calif.-based maker of functional snacks, raised $6.1m in seed funding led March Group, per Axios Pro. https://axios.link/4c58wHt

• Superfluid, an Ethereum-based token streaming protocol, raised $5.1m. Fabric Ventures led, and was joined by Multicoin Capital, Circle Ventures, Safe Foundation, The LAO, and Taavet+Sten. https://axios.link/48CXK8o

• MoneyHash, an Egyptian payments orchestration startup, raised $4.5m in seed funding co-led by COTU Ventures and Sukna Ventures. https://axios.link/3UTkfT2

🚑 FamilyWell, a Boston-based postpartum mental health provider, raised $4.3m in seed funding, per Axios Pro. 406 Ventures led, and was joined by GreyMatter Capital and Mother Ventures. https://axios.link/48wvFzd

• Finpilot, a Seattle-based generative AI startup for financial analyst research, raised $4m. Madrona led, and was joined by Ascend. https://axios.link/3IaEJ1Y

• Chiral, a Swiss nanotech startup focused on chipmaking, raised $3.8m. Founderful and HCVC co-led the round, which includes grants from ETH Zurich and Venture Kick. www.chiralnano.com

🚑 Upheal, a New York-based notetaking platform for mental health pros, raised $3.25 million in seed funding, per Axios Pro. Credo Ventures led, and was joined by Kaya Ventures and Inovia Capital. https://axios.link/3SXbl4i

• Enkrypt AI, a Boston-based control layer for enterprise AI, raised $2.35m in seed funding. Boldcap led, and was joined by Berkeley SkyDeck, Kubera VC, Arka VC, Veredas Partners, and Builders Fund. www.enkryptai.com

• Darwin AI, a Brazilian provider of an AI-powered sales assistant, raised $2.1m in seed funding. Canary led, and was joined by H20 Capital Innovation, Dalus Capital, FJ Labs, and Latitude Capital. https://axios.link/4a6WknN

🚑 Sonus Microsystems, a Canadian maker of ultrasound tech for remote monitoring, raised a US$2.1 million pre-seed funding led by LDV Capital, per Axios Pro. https://axios.link/49rj0Pn

🚑 Argosy Healthcare Partners acquired Command Medical Products, an Ormond Beach, Fla.-based manufacturer single-use medical devices. axios.link/4bQGu1V

• CST Industries, a Kansas City-based portfolio company of Solace Capital Partners, acquired Ostsee Tank Solutions, a maker of tank solutions like aluminum domes and covers. www.cstindustries.com

• Global Infrastructure Partners, KKR and Macquarie are among those circling a stake in the Polish operations of Cellnex Telecom (Madrid: CLNX), per Bloomberg. https://axios.link/48rpPPT

• kSARIA, a portfolio company of Behrman Capital, acquired Charles E. Gillman Co., a Rio Rico, Ariz.-based maker of electrical cables and harnesses for military ground vehicles. www.ksaria.com

• Lightyear Capital bought Prime Pensions, a Florham Park, N.J.-based third-party administrator of retirement plan compliance and administration services, from Mill Point Capital. www.primepensionsinc.com

• New Mountain Capital is weighing a take-private offer for R1 RCM (NYSE: RCM), a Murray, Utah-based health care services provider, alongside other existing investors. https://axios.link/3uFu10D

• Samsonite, the Hong Kong-listed luggage maker, has received private equity takeover interest, per Bloomberg. https://axios.link/3SXyS5l

• Viking Fence, an Austin, Texas-based portfolio company of Crossplane Capital, acquired Central Texas-focused waste management firm Acorn Waste Solutions. www.vikingfence.com

• Shein, the Singapore-based fast-fashion giant, is considering switching its upcoming IPO to London from New York, per Bloomberg. https://axios.link/3Ifgm3f

🚑 Affinity Equity Partners is launching an auction for Malaysia's Island Hospital, which could fetch more than $800m, per the WSJ. https://axios.link/49sPjgN

• BDT & MSD Partners is weighing a sale of Marquette Transportation, a Paducah, Ky.-based provider of marine towing services that could fetch more than $1b, per Bloomberg. https://axios.link/4bRUuIU

• Jacob Holdings is seeking to sell Cognita, a U.K.-based private school operator, per Reuters. Other backers include BDT & MSD and Sofina. https://axios.link/49v6mz5

🚑 Veradigm (Nasdaq: MDRX) agreed to buy ScienceIO, a Boston-based foundation model provider for health care, for $140m in cash. ScienceIO had raised around $8m from firms like Toba Capital, Dorm Room Fund, and Section 32. www.science.io

• Warburg Pincus is in talks to sell Polish core banking platform Vodeno to UniCredit (Milan: ICG), per Bloomberg. https://axios.link/43aNjI5

• Barclays agreed to sell around $1.1b of outstanding credit card receivables to an affiliate of Blackstone. https://axios.link/49KguDy

• Charter Communications (Nasdaq: CHTR) in weighing a takeover of rival cable provider Altice USA (NYSE: ATUS), which has around a $1.1b market cap and over $25b in debt, per Bloomberg. https://axios.link/3wxcMPA

• FTX agreed to sell the assets of Digital Assets DA, which it acquired and rebranded as FTX Europe in 2021, back to its founders for $32.7m. FTX also settled a lawsuit that sought to claw back the $323m it originally spent to acquire the company. https://axios.link/3OXPtoq

🚑 Gilead Sciences (Nasdaq: GILD) disclosed in a regulatory filing that it reached its $3.3b all-cash takeover agreement with CymaBay Therapeutics (Nasdaq: CBAY) only after the liver-focused biotech's board had unsuccessfully pushed for a 50 cent per share price hike. https://axios.link/3SRCNk0

• Multiply Group, an Abu Dhabi-based tech conglomerate that's prepping an IPO for its media unit, acquired UAE-based advertising firm BackLite Media. https://axios.link/3uFuWy7

🚑 Roche (Swiss: ROG) is considering selling lung disease drug Esbriet, which generated around $229m in 2023 sales, per Bloomberg. https://axios.link/3SOrwku

• ServiceNow (NYSE: NOW) agreed to buy the network management and automation unit of Israel's Atrinet. https://axios.link/48uSUKg

• COTU Ventures, a firm focused on early-stage MENA startups, raised $54m for its debut fund. It's led by BECO Capital co-founder Amir Farha. https://axios.link/3SSnlEj

• Nomad Ventures, an LA-based firm focused on marketplaces and "high network effect" startups, raised $30m for a new fund, per an SEC filing. www.nomadfund.vc

• Ocean Avenue Capital Partners, a Santa Monica, Calif.-based PE firm focused on lower midmarkets, raised $600m for its fifth fund. www.oceanavenuecapital.com

• Qatar Investment Authority is launching a $1b venture capital fund-of-funds. https://axios.link/49GYqKU

• Renovus Capital Partners raised $325m for a multi-asset continuation fund. www.renovuscapital.com

• Zacuna Ventures, an SF-based firm focused on construction tech, raised $56m for its debut fund. https://axios.link/3OXPAA9

• Cara Killackey joined JLL Partners as a managing director of investor relations. She previously was with I Squared Capital. www.jllpartners.com

• Leslie Starr, a former PepsiCo and Advance Auto Parts exec, joined Clayton, Dubilier & Rice as an operating advisor. www.cdr-inc.com

Citigroup yesterday poached JPMorgan's global head of investment banking, Viswas Raghavan.

• Raghavan will be part of Citi's executive management group, serving as head of banking and executive vice chair, and will report directly to CEO Jane Fraser, once he begins this summer.
• It comes as Citi's investment banking "wallet" share is at its lowest level in decades, according to LSEG data, while JPMorgan took the industry's top spot in 2023.