"When will sports leagues push private equity out of team ownership?"

• I've gotten some version of that question a lot lately. Probably because of the Lakers deal, which will include Thrive Eternal.
• Or maybe it's about Arctos buying into the Atlanta Falcons. Or even Dragoneer's Marc Stad agreeing to acquire control of the Minnesota Timberwolves and Lynx, even though that one doesn't involve institutional capital.

The short answer is: Never.

• The leagues want private equity involvement. It's not an invasive gold rush that they'll soon tire of suffering through.

Leagues are run by owners, not by the commissioners who serve at their pleasure. And private equity is very good for owners.

• Their prized assets are suddenly very liquid, after decades of relative illiquidity. And that increased liquidity has beget rising valuations.
• Private equity enables owners to sell just a sliver while maintaining control (and bragging rights).
• It also enables full club sales, as prices have skyrocketed past the financial means of almost all individuals.

Fan apprehension — or outright opposition — to private equity ownership is understandable.

• Treating teams as financial assets is anathema to fandom. Having a portfolio of minority ownership stakes in the same league is close to treason.
• There's also a burgeoning belief that private equity is behind the ongoing surge in ticket prices, although that seems to be more feeling than fact.

We don't yet have enough data to know if private equity ownership helps win championships, which is what fans care most about.

• But even if fans could prove that it actually hurts, it wouldn't change much.

The bottom line is that private equity helps owners make more money, so private equity is in sports to stay.

Oura, the Finnish smart ring maker, will seek to raise up to $3b in an IPO that could come as early as next month, per Bloomberg.

Why it's the BFD: This would test whether Wall Street believes the wearables market has evolved from personal electronics into health-care services. Whoop is watching.

By the numbers: Oura has raised over $1.5 billion in VC funding, most recently last fall at an $11 billion post-money valuation.

• Its IPO valuation could surpass $16 billion.

The bottom line: "Though fitness rings make up a small slice of the wearables market, which is dominated by smartwatches, they are growing quickly in popularity." — Bailey Lipschultz & Mark Gurman, Bloomberg

• Lambda, a San Jose, Calif.-based neocloud, is in talks to raise up to $3b in pre-IPO funding at a $12b valuation, per Bloomberg. axios.link/4gACYfr

• General Intuition, an AI lab that uses gaming content for training, reportedly is in talks to raise Series B funding at a $6b pre-money valuation from firms like Valor Equity Partners, Point72 Ventures, and Seven Seven Six. BFD flashback.

🚀 Starcloud, a Redmond, Wash.-based developer of orbital data centers, raised $250m in Series A extension funding at a $2.3b post-money valuation. Manhattan West led, joined by Nvidia, Cisco Investments, Cedar Capital, Goanna Capital, Standard Capital, and insiders Benchmark, EQT, Soma, NFX, and 776. axios.link/4zJfttx

• Generalist, a developer of robot "brains," quietly raised $200m led by insider 8VC. Two months ago it raised $400m led by Radical Ventures at a $2b valuation. axios.link/4cbQHYJ

• Alice, an Israeli developer of AI safety and security layers, raised $140m. Apax Digital Funds led, joined by Samsung, SentinelOne, Maj Invest, MoreTech, Phoenix Insurance and insiders Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX, and Claltech. axios.link/4qxmUj2

☕ Blank Street, a Brooklyn-based coffee chain, raised $105m led by General Atlantic at around a $650m post-money valuation. The round includes $75m of primary capital and $30m of secondaries. axios.link/4xkf4Mw

⚡️ Emerald AI raised $150m. Energize Capital and DCVC led, joined by Nvidia, Samsung Ventures, and GE Vernova. axios.link/4gPnRjr

• Fasset, an LA-based stablecoin neobanking platform, raised $68m in Series C funding at a $1b valuation led by SBI Group. axios.link/4y0pfFP

• Airbound, an Indian maker of autonomous drones, raised $37m in Series A funding. Greenoaks led, joined by DoorDash, Lachy Groom, Lightspeed, and Humba Ventures. axios.link/4xlJ6zt

• Keenable, a web search index for AI agents, raised $26m in seed funding. Accel led, joined by Conviction. axios.link/4cI2NJj

• Corvus Robotics, a developer of logistics and warehouse robots, raised $20m. Catalyst Investors led, joined by insiders S2G Investments, Spero Ventures, and F7 Ventures. axios.link/4wS8vzr

• Standard Metrics, an SF-based portfolio management platform, raised $20m in Series B funding. 8VC led, joined by Salesforce Ventures, Spark Capital, January Capital, First Trust Capital Partners, Socii Capital, Kindergarten Ventures, Calm Ventures, and Gaingels. axios.link/4c6GZa2

• FSH Technologies, a Philadelphia-based developer of state and local government software, raised $20m in Series A funding. Lachy Groom and Acrew Capital led, joined by Operator Partners, Contrary, and Cooley. axios.link/4zzGdMP

• Mem0, an SF-based developer of AI memory infrastructure, raised $20m in Series A funding. Basis Set Ventures led, joined by Kindred Ventures, YC, Peak XV Partners, and GitHub Fund. axios.link/4ghmOZC

• Rezolv, an Indian debt collection startup, raised $12.5m in Series A funding. Norwest led, joined by Vertex Ventures Southeast Asia and India and 3one4 Capital. axios.link/4xdt62g

• NeoSoul, a Malaysian decentralized AI and web3 infrastructure platform, raised $11m in seed funding. MH Ventures led, joined by Amber Group, ArkStream Capital and the 0G Foundation. axios.link/4zCneRE

• Repodo, a Danish auditing platform, raised €8.2m in pre-seed funding led by Hedosophia and Seed Capital. axios.link/4xjDHJ9

• Neno, a Dutch financial services platform for SMEs, raised €6.6m in seed funding. AlleyCorp led, joined by Motive Partners and Firstminute Capital. axios.link/45IKsrV

• Euler, a San Diego-based agentic partner relationship management platform, raised $4.3m in seed funding led by Channel Equity Partners. axios.link/4zCihse

• Volve, a Norwegian platform for construction tendering and preconstruction, raised around $3m in seed funding led by Skyfall Ventures. axios.link/3UfwYBu

• Supermemory, an SF-based memory layer for AI apps, raised $2.6m in seed funding from Susa Ventures, Browder Capital and SF1.vc. axios.link/3U6LefN

• Itoflow, an investment research and portfolio management platform, raised $2.5m in pre-seed funding led by Balderton Capital. axios.link/4zCHMtm

• Embedd, a London-based developer of software infrastructure for physical AI, raised €2.3m in pre-seed funding. Seedcamp led, joined by Cocoa, Connect Ventures, 2100 Ventures, Vesna Capital, U ventures, Underline Ventures, Common Magic, and Roosh Ventures. axios.link/4xizEN4

🚑 BVP Forge invested in Nevvon, a compliance and training infrastructure platform for home care and self-directed care workers. axios.link/3SpdeL4

• Exponent agreed to invest in KTL, an Irish provider of infrastructure services to the telecom and power sectors. axios.link/4gsWZV0

• Flow Service Partners, backed by Quad-C Management, acquired Weber Refrigeration & Heating, an HVACR provider in western Kansas. axios.link/45NqhsI

• KKR agreed to acquire Ci Flavors, a Japanese beauty and lifestyle brand, from L Catterton. axios.link/4xRpH9a

🚑 Radiology Partners agreed to buy London-based Everlight Radiology from Livingbridge. RP backers include Whistler Capital, NEA, and Future Fund. axios.link/4y0TkVU

• Secovia Capital acquired Ferrovia, an Auburn, Ala.-based railroad vegetation management services provider, from Genesis Rail Services, a portfolio company of Auxo Investment Partners. axios.link/4xTZtmv

• Skimmer, a portfolio company of Mainsail Partners, acquired Pool Builder Geek and Poologics, two pool construction software companies. axios.link/4it29TD

• TJC invested in 3dB Labs, a West Chester, Ohio-based provider of RF signal processing and spectrum analysis solutions. axios.link/4qJNaXF

• TMF Group, backed by CVC Capital Partners, acquired Navigator Partners, a Helsinki-based fund administrator. axios.link/4xkBbm3

• Aggreko, a U.K. renter of portable energy and HVAC equipment, filed for an IPO that Renaissance Capital estimates could raise $1.5b. It reports a $91m net loss on $3.4b of revenue in 2025 and plans to list on the NYSE (AGKO). Backers include TDR and I Squared Capital Partners. axios.link/45O9zcN

• Essential Minerals Acquisition, a precious metals and minerals SPAC, filed for a $150m IPO. axios.link/4y3UNuD

• Live Oak Acquisition VI, a SPAC formed by Live Oak Merchant Partners, filed for a $200m IPO. axios.link/4y1ORlL

• Pan-Africa Corp., a SPAC formed by ex-Tapestry CEO Jide Zeitlin, withdrew registration for a $125m IPO. axios.link/3UyoTI0

🌎 Arcus Infrastructure Partners is seeking to sell Workdry International, a U.K. water treatment firm that could fetch around £2b, per Bloomberg. axios.link/4gOJ4Km

• Athena Agentic bought Maxxsure, a Farmers Branch, Texas-based company that measures financial risks of cyber threats. Maxxsure had raised a $10m seed round from Young American Capital in 2018. axios.link/4xZyo1d

• Descartes (Nasdaq: DSGX) acquired Tai, a Huntington Beach, Calif.-based transportation management software provider for freight brokers, for $100m from Accel-KKR. axios.link/4qCSYlQ

⚡️ Navitas Semiconductor (Nasdaq: NVTS) agreed to acquire Claros, a data center energy startup, for around $233m in cash and stock. Claros had raised over $40m from firms like Red Cell Partners, General Catalyst, Virginia Innovation Partnership, and Composite Capital Partners. axios.link/4xRqg2M

🚀 Ursa Major, a Berthoud, Colo.-based maker of hypersonic missiles and space propulsion systems, agreed to go public via a reverse merger with Bleichroeder Acquisition Corp. III (Nasdaq: BCCQU) at an implied $2.3b post-transaction value. Ursa Major had raised over $540m from firms like Eclipse Capital, Alsop Louie Partners, and Alpha Edison. axios.link/4xvgNOQ

• Windjammer Capital agreed to sell IPS Group, a San Diego-based provider of smart parking infrastructure, to Nayax (Nasdaq/TASE: NYAX) for $350m in cash. axios.link/3SsTS7O

• Nexa Lending acquired Philadelphia-based brokerage UMortgage. axios.link/4gtcaO1

⚡️ NVent Electric (NYSE: NVT) agreed to buy McKinney, Texas-based power distribution company Maverick Power for $1.75b. axios.link/4xnjHp4

⚡️ Siemens Energy is seeking a buyer for a majority stake in its steam turbine business, which could be valued at over €10b, per Bloomberg. axios.link/3SUc1vk

• Granite Asia raised more than $500m for an Asia-focused private credit fund. axios.link/4cbRRU5

• Jason Fiedler has stepped down as a managing partner at Left Lane Capital, where he remains a venture adviser. axios.link/4zC8ZMS

• Faran Nouri was named VP and global head of Applied Ventures, a VC arm of Applied Materials. She previously was a senior partner at Natcast. axios.link/4qxJs3r

🚑 Tom Orr, former CEO of Seaway Plastics Engineering, joined Avista Healthcare Partners as a "strategic executive." axios.link/4c8AJ1x

• David Shim joined Lincoln International as a director of capital advisory. He previously was with Houlihan Lokey. axios.link/45GMNnb