General Catalyst has reached out to several large organizations about buying a stake in its holding company, as it continues to expand beyond its venture capital roots, Axios has learned.

Why it matters: GC is one of the startup world's most active investors, with $32 billion in assets under management. Portfolio companies have included Airbnb, Anduril, and Stripe.

The big picture: The firm, founded 25 years ago in Harvard Square, has reorganized into three main business lines:

1. Asset management, including $8 billion of new VC funds raised late last year.
2. HATCo, a health-care transformation platform that recently bought an entire health system in Ohio.
3. A new unit designed to help legacy organizations get smarter about AI and other tech modernization. Those organizations would be buyers of the new GP stakes, making them both strategic and financial partners.

Catch up quick: General Catalyst in 2018 sold a GP stake to Petershill Partners, which at the time was part of Goldman Sachs, for $200 million.

• Petershill earlier this month announced it was selling the position for $726 million, in part because of GC strategy changes, but didn't provide many more details.

Behind the scenes: Sources say that GC itself is the buyer, using some proceeds from the new stake sales. Other proceeds would be used to staff up the new tech transformation platform.

• The reason GC isn't having Petershill sell directly to the corporate partners is because the economic structure has changed since 2018.

A spokesperson for General Catalyst declined comment.

The bottom line: Big venture capital is mimicking big private equity, in seeking to become many more things to many more people.

Goldman Sachs Alternatives and Dalfen Industrial paid $293 million to buy a warehouse property portfolio from Blackstone.

Why it's the BFD: Logistics facilities remain positive outliers within the troubled commercial real estate sector.

Details: The portfolio includes 21 buildings that comprise around 2.1 million square feet, in places like Cincinnati, Dallas, Las Vegas, and Philadelphia. Tenants include Amazon.

The bottom line: "Warehouses close to population centers have become increasingly important as US shoppers purchase more and more items online and expect their products to be delivered promptly. At the same time, it's gotten trickier to build these 'last mile' facilities because local residents often complain about truck traffic and pollution." — Bloomberg

• Swan, a French embedded finance platform, raised €42m in Series B extension funding. Eight Roads Ventures led, and was joined by Lakestar, Accel, Creandum, Hexa, and BPI France. axios.link/42z1F6I

🚑 SafelyYou, an SF-based fall prevention and senior living care startup, raised $43m in Series C funding. Touring Capital led, and was joined by Foundation Capital, Omega Healthcare Investors, Inc., Founders Fund, Cross Creek, Samsung Next, and Qualcomm Ventures. axios.link/40yCyy5

🌎 Mangrove Lithium, a Canadian lithium refiner, has raised US$35m from Mitsubishi Corp, Asahi Kasei, Breakthrough Energy Ventures, Orion Industrial Ventures, BMW i Ventures, InBC Investment Corp., Export Development Canada, and BDC Capital. axios.link/4hg3Yjo

🚑 Kode Health, a medical coding platform, raised $27m in Series B funding, per Axios Pro. Noro-Moseley led, and was joined by Mercury, FCA Venture Partners, Epsilon Innovation Fund, and 111 West Capital. axios.link/4gn8ZFH

• SuperOps, a Dallas-based IT automation SaaS, raised $25m in Series C funding. March Capital led, and was joined by Addition and Z47. superops.com

🌎 Meteomatics, an Exton, Pa., weather intel provider, raised $22m in Series C funding. Armira Growth led, and was joined by Alantra and Fortyone. meteomatics.com

• Paxton AI, a Bend, Ore.-based legal assistant AI, raised $22m in Series A funding. Unusual Ventures led, and was joined by Kyber Knight, 25Madison, and WVV Capital. paxton.ai

• Formance, a French fintech infrastructure startup, raised $21m in Series A funding. PayPal Ventures and Portage co-led, and were joined by YC, Hoxton Ventures, and Axeleo. axios.link/4jyHDPI

• OneVest, a Toronto-based wealth management tech platform, raised US$20m in Series B funding. Salesforce Ventures led, and was joined by Allianz Life Ventures, TIAA Ventures, and Omers Ventures. onevest.com

• NeoSpace, a Brazilian startup applying Gen AI to banking, raised $18m led by Itaú Unibanco. axios.link/3Eay1dG

🚑 Bicycle Health, a virtual opioid addiction treatment startup, raised $16.5m, per Axios Pro. Questa Capital led, and was joined by SignalFire, Frist Cressey Ventures, CityLight Ventures, InterAlpen Partners, Valeo Ventures and Hustle Fund, and JSL Health. axios.link/4huqKEB

• Sign, an on-chain token distribution infrastructure provider, raised $16m led by Changpeng "CZ" Zhao's YZi Labs, with participation from Altos Ventures, HackVC, and Amber Ventures. axios.link/3Cg3yuo

🌎 Oxyle, a Swiss startup focused on destroying PFAS in wastewater, raised $15.7m in seed funding. 360 Capital led, and was joined by Axeleo Capital, Founderful, and SOSV. axios.link/40TCElk

🚑 Nucleus, a DTC genome testing and analysis startup, raised $14m in Series A funding, per Axios Pro. 776 and Founders Fund co-led, and were joined by Neo and One Eight Capital. axios.link/4hlSaMD

• Oumi, an open-source AI startup, raised $10m in seed funding co-led by Venrock and Obvious Ventures. axios.link/3Qgrr8x

• Final Round AI, an SF-based jobs platform, raised $6.9m in seed funding led by Uncork Capital. firstroundai.com

• Zelt, a London-based HR ops platform, raised $6m. Nauta led, and was joined by Venrex and Episode 1. axios.link/3CHbhBA

• Output Sports, an Irish sports science startup, raised $4.8m from Apex Capital, Uni.Fund, Dopamine Sports, Elkstone, Atlantic Bridge, and Enterprise Ireland. axios.link/3PWdz32

• Athenic AI, an SF-based data analysis and business intelligence startup, raised $4.3m in seed funding. BMW i Ventures led, and was joined by TenVC, Scrum Ventures, Stage 2 Capital, Beat Ventures, SpaceCadet, Boost VC and Abstraction Capital. athenic.com

• Cauridor, an African cross-border payments startup, raised $3.5m in seed funding led by Oui Capital, with participation from Rally Cap and BKR Capital. axios.link/40S5QJl

🌎 OneThird, a Dutch food-waste reduction startup, raised €3.5m in Series A funding. Invest International led, and was joined by Pymwymic Home and Oost NL. haxios.link/40uyS0c

• Kodesage a Hungarian provider of legacy software modernization solutions, raised €2.3m in pre-seed funding led by PortfoLion Capital Partners. axios.link/4hxH46U

• AnaCap acquired a majority stake in Edge Group, an Italian insurance broking platform. axios.link/4hBov1w

• Brightstar Capital Partners acquired WW Williams, a Dublin, Ohio-based provider of commercial trucking parts, from One Equity Partners. wwwilliams.com

• Carlyle is investing in Entertainment 360, a Hollywood production and talent management firm. axios.link/40QgDE2

⚡ Smart Wires, a Durham, N.C., grid upgrade and analytics provider, raised $65m from BP Energy Partners and Keystone Group. axios.link/40SqE3t

• Vista Equity Partners invested in RiskExec, a fair lending compliance reporting and analytics SaaS. riskexec.com

• Zayo Group, owned by EQT and DigitalBridge, reportedly is in talks to but the fiber business of Crown Castle (NYSE: CCI), which previously was negotiating with TPG, for around $8b. axios.link/4hsnppa

• Tenable (Nasdaq: TENB) agreed to buy Vulcan Cyber, an Israeli vulnerability remediation platform, for around $150m. Vulcan Cyber had raised over $70m from firms like YL Ventures, Ten Eleven Ventures, Dawn Capital, and Maor Investments. axios.link/40IwHqi

• Molson Coors (NYSE: TAP) paid $88m for an 8.5% stake in FeverTree Drinks (LSE: FEVR) British tonic water and cocktail mixers. The deal also included U.S. distribution rights. axios.link/3Egg11H

• 8VC, the venture firm led by Joe Lonsdale, is targeting nearly $1b for its fifth fund, per an SEC filing.

• Blue Sage Capital, an Austin, Texas-based lower midmarket PE firm, raised $618m for its fourth fund. bluesage.com

• Cogenuity Partners, an SF-based PE firm focused on lower midmarket industrials, raised $425m for itrs debut fund. cogenuity.com

• Hg, a software-focused PE firm, is targeting $12b for its latest fund, per PE International. axios.link/4hxsexh

• Pantera Capital is raising $1b for its fifth fund, Axios Crypto's Brady Dale has learned. A first close is scheduled for June. panteracapital.com

• Sverica raised a continuation fund for Stream Cos., a provider of marketing software to U.S. auto dealers and OEMs. sverica.com

• Ivan Brockman, a longtime partner with PJT Partners, has transitioned into a senior adviser role. axios.link/3CjTznP

• Carrick Capital Partners promoted Rob Delaney to managing director and partner. axios.link/3WBnZbW

• CK Kokron joined SE Ventures as a general partner. He previously was with Qualcomm Ventures. axios.link/3PXq9yW

• Michal Pechoucek, the former CTO of Gen and Avast, joined Evolution Equity Partners as a partner and head of the firm's AI practice. axios.link/40G1O5J

SPACs are back, with eight IPOs so far in January that have raised over $1 billion.

• For context, that's more activity than the SPAC market saw in the first four months of 2024.

Driving the news: FG Merger II, a SPAC focused on financial services industry in North America, yesterday raised $80 million in its IPO.

• Cartesian Growth III, a SPAC formed by Cartesian Capital Group, filed for a $200 million IPO.