Private equity has once again found itself in the crosshairs of Sen. Elizabeth Warren, this time for "treating the stock market like a casino."

Why it matters: Her argument doesn't make much sense. And, by making it, Warren slanders private equity and dilutes her more legitimate criticisms of its actual practices — just as she's in the Senate's majority party for the first time in six years.

What she said: Warren's broadside was part of a letter sent Friday to the SEC, asking it to investigate and provide more information on how it plans to address the recent stock market volatility, related to shares of GameStop, et al.

• The overall letter deserves plaudits for its balance, expressing concerns about possible market manipulation on both sides of the trades, rather than falling too far into the reductionist narrative of Reddit David vs. the Goliath of Greenwich.
• At the very least, Warren correctly points out that none of us really know the buy-side composition.

But then she lists "private equity" first among those allegedly distorting the securities markets, ahead of hedge funds and other investors. Even though private equity, by definition, doesn't participate in short-term public equities investing.

• Caveats: Yes, some private equity firms also manage hedge funds. Plus, there's been a recent spate of "private investments in public equity" (PIPEs) — mostly tied to the SPAC boom, as well as some pandemic rescues like Silver Lake's deal for AMC Entertainment (which obviously is relevant, but not as either a short or momentum play).

The bottom line: What's happened over the past week has caught the national attention unlike any other macro business story in recent memory, brutally exposing some structural weaknesses of modern capitalism. But creating villainous strawmen does little to remedy the problems or inform the public.

Wheels Up, a New York-based private jet subscription service, agreed to go public at a $2.1 billion valuation, via a reverse merger with Aspirational Consumer Lifestyle Corp. (NYSE: ASPL), a SPAC formed by LVMH and L Catterton.

• Why it's the BFD: This is a reminder to not pay much heed to a SPAC's size when it comes to its potential targets. ASPL only raised $240 million in its IPO, representing 11.4% of the total deal value. The remainder consists of a much larger PIPE ($550 million) and existing Wheels Up shareholders rolling over 100% of their equity (valued at a slight premium to where they last invested in mid-2019).

• History: Wheels Up had raised around $770 million from firms like Fidelity, T. Rowe Price, Delta, Franklin Templeton, NEA and Rosecliff Ventures. Several of those firms also participated in the PIPE.
• The bottom line: Private jet usage has been buoyed by the pandemic, as the wealthy seek to avoid the large crowds of commercial terminals and cabins.

• Rockley Photonics, a maker of silicon photonics chipsets with offices in the U.K. and Pasadena, Calif., raised $65 million from backers like Morningside Ventures. http://axios.link/TiQi

• Phocas Software, an Australian provider of data analytics software to the retail, manufacturing and distribution markets, raised A$45 million. Ellerston Capital led, and was joined by OneVentures. http://axios.link/7eWg

⚡ Wallbox, a Barcelona-based maker of smart charging solutions for electric vehicles, raised €33 million. Cathay Innovation and Wind Ventures co-led, and were joined by Iberdrola and Seaya Ventures. www.wallbox.com

• Vulog, a French provider of on-demand mobility platform, raised $31 million from European Investment Bank and return backers Frog Capital, ETF Partners, Inven Capital and BpiFrance. http://axios.link/LVz2

🚑 Dominion Aesthetic Technologies, a Houston-based maker of devices for non-invasive abdominal lipolysis, raised $23.7 million in Series B funding. CEO Cooper Collins led, and was joined by MagnaSci Ventures, McNair Interests and Morton Cohn Investments. http://axios.link/KyjN

• Physna, a geometric deep-learning and 3D search startup, raised $20 million in Series B funding. Sequoia Capital led, and was joined by Drive Capital. http://axios.link/xK6F

• ELSA, an English learning app, raised $15 million in Series B funding. Vietnam Investments Group and SIG co-led, and were joined by Gradient Ventures, SOSV and Monk’s Hill Ventures. http://axios.link/b6Co

• Learn to Win, a Palo Alto-based team learning platform, raised $4 million in seed funding. Norwest Venture Partners led, and was joined by Pear VC and the 20|20 Fund. http://axios.link/3YTP

• Cutback Coach, a program for developing healthier habits around alcohol consumption, raised $3.1 million in seed funding led by Uncork Capital. http://axios.link/41JQ

• Ben, a London-based employee benefits and rewards platform, raised $2.5 million in seed funding co-led by Cherry Ventures and Seedcamp. http://axios.link/IuYC

• Careerist, a Mountain View, Calif.-based tech career development platform, raised $1.25 million in seed funding from backers like IIDF. www.careerist.com

🚑 GTCR acquired Surgical Specialties, a Westwood, Mass.-based maker of surgical knives, from ZQ Capital and Vivo Capital. http://axios.link/3zVa

• L Catterton is rivaling CVC Capital Partners to buy German sandal maker Birkenstock, which could fetch more than €4 billion, per Bloomberg. http://axios.link/IiEf

• Service Express, a Grand Rapids, Mich.-based portfolio company of Harvest Partners, acquired Blue Chip, a British IT maintenance and managed services company. www.servicexpress.com

• Susquehanna Growth Equity acquired a minority stake in Board Intelligence, a London-based provider of software and services to corporate boards. www.boardintelligence.com

Source: Giphy

• The Honest Co., a Los Angeles-based baby and beauty products company co-founded by actress Jessica Alba, is prepping a confidential IPO filing, per Bloomberg. Honest Co. has raised nearly $500 million from firms like Lightspeed Venture Partners, IVP and L Catterton. http://axios.link/509J

• Nine companies plan to price U.S. IPOs this week, including TELUS International, Atotech, Sano Biotech and LoanDepot. http://axios.link/xjc8

• AUTO1, a German used-car marketplace, raised €1.8 billion in its Frankfurt IPO, pricing at the top of its €32-38 price range. Backers include SoftBank, Princeville Capital and DN Capital. http://axios.link/8Ynh

🚑 Immunocore, a British developer of T-cell receptor therapies, set IPO terms to 8.3 million shares at $23-$25. It would have a market value of $998 million, were it to price in the middle, and has raised over $780 million from firms like General Atlantic (12.2% pre-IPO stake), Eli Lilly (7.9%), Marlin Life Sciences (7.4%), Baker Brothers (5.2%) and Schroders (5%). http://axios.link/1GUT

🚑 Sensei Biotherapeutics, a Gaithersburg, Md.-based developer of personalized cancer drugs, set IPO terms to 8.89 million shares at $16-$18. The pre-revenue company would have a market cap of $484 million, were it to price in the middle, and plans to list on the Nasdaq (SNSE). It raised $93 million from firms like Cambrian Biopharma (20.8% pre-IPO stake), H&S Ventures (19.7%), Future Ventures (7.1%) and Apeiron Investment Group (6.3%). http://axios.link/oGFj

🚑 Terns Pharma, a Foster City, Calif.-based biotech focused on non-alcoholic steatohepatitis and other liver diseases, set IPO terms to 6.3 million shares at $15-$17. The pre-revenue company would have a fully diluted market value of $384 million, were it to price in the middle, and raised nearly $200 million from Lilly Asia Ventures (37.5% pre-IPO stake), OrbiMed (20.1%), Vivo Capital (13.3%), Deerfield Management (10.4%), Samsara Capital and Suvretta Capital Management. http://axios.link/fd3s

🚑 Vor Biopharma, a Cambridge, Mass.-based engineered cell therapy company, set IPO terms to 8.8 million shares at $16-$18. The pre-revenue company would have a fully diluted market value of $654 million, were it to price in the middle, and raised $156 million from firms like RA Capital (30.6% pre-IPO stake), 5AM Ventures (23.8%), PureTech Health (12.4%), Fidelity (10.6%), J&J, Pagliuca Family Office, Alexandria Venture Investments and Osage University Partners. http://axios.link/OjTz

🍅 AppHarvest, a Morehead, Ky.-based developer of large-scale tomato greenhouses, completed its reverse merger with a SPAC called Novus Capital, and will trade on the Nasdaq (APPH). http://axios.link/HVlk

🚑 Ensysce Biosciences, a La Jolla, Calif.-based company focused on reducing prescription drug abuse and overdoses, agreed to go public at a $207 million valuation, via a reverse merger with Leisure Acquisition Corp. (Nasdaq: LACQ). www.ensysce.com

• Fertitta Entertainment, the parent company of gaming business Golden Nugget and restaurant chain operator Landry’s, agreed to go public at a $6.6 billion valuation via a reverse merger with FAST Acquisition Corp. (NYSE: FST). http://axios.link/wZru

⚡ Microvast, a Stafford, Texas-based electric battery maker, agreed to go public via a reverse merger with Tuscan Holdings Corp. (Nasdaq: THCB), a SPAC formed by InterPrivate Capital, at around a $3 billion valuation. MicroVast had raised around $450 million, plus got a PPP loan. Backers include CITIC Securities and CDH Investments. www.microvast.com

• Nexters Global, a mobile games maker whose titles include Hero Wars, agreed to go public via reverse merger at a $1.9 billion valuation via a reverse merger with Kismet Acquisition One Corp. (Nasdaq: KMST). http://axios.link/kxnK

• Otonomo, an Israeli automotive data exchange platform, is going public at a $1.7 billion valuation via a reverse merger with Software Acquisition Group Inc II (Nasdaq: SAII). Otonomo raised nearly $100 million from Delphi Midstream Partners, NTT Docomo Ventures, Avis Budget UK, Alliance Ventures, StageOne Ventures and Hearst Ventures. http://axios.link/eOcb

• Alpha Capital Acquisition, a Latin America tech SPAC led by LetGo co-founder Alec Oxenford, filed for a $200 million IPO. http://axios.link/RbvU

• Altimar Acquisition III, a SPAC formed by HPS Investment Partners, filed for a $125 million IPO. http://axios.link/9rj0

• CF Acquisition VI, a SPAC formed by Cantor Fitzgerald, filed for a $300 million IPO. http://axios.link/MbaP

• FTAC Hera Acquisition, a financial services SPAC led by Betsy Cohen and Daniel Cohen, filed for a $750 million IPO. http://axios.link/zmmA

⚡ HNR Acquisition, an energy SPAC formed by Houston Natural Resources, filed for a $100 million IPO. http://axios.link/HgZO

🚑 Longview Acquisition II, a SPAC formed by health care hedge fund Glenview Capital, filed for a $500 million IPO. http://axios.link/gKEK

⚡ Peridot Acquisition II, a SPAC formed by Carnelian Energy Capital, filed for a $300 million IPO. http://axios.link/aPYL

• Simon Property Group Acquisition, a SPAC formed by Simon Property Group, filed for a $300 million IPO. http://axios.link/XUQq

⚾ SportsTek Acquisition, a sports SPAC led by Tim Luhnow (ex-Houston Astros GM, fired over sign-stealing scandal) and auto racing exec Tavo Hellmund, filed for a $125 million IPO. http://axios.link/5rXx

• Tailwind International Acquisition, a tech SPAC led by Pierre Denis (ex- CEO of Jimmy Choo Group), filed for a $250 million IPO. http://axios.link/huUb

• Twelve Seas Investment II, a SPAC focused on global companies based outside the U.S., filed for a $250 million IPO. http://axios.link/URjX

• VPC Impact Acquisition III, a fintech SPAC formed by Victory Park Capital, filed for a $225 million IPO. http://axios.link/cXmI

• Eaton (NYSE: ETN) agreed to buy Cobham Mission Systems, a maker of air-to-air refueling equipment, from a portfolio company of Advent International for $2.83 billion. http://axios.link/f5Em

• Manzanita Capital is seeking a buyer for Eve Lom, a London-based skincare brand known for its cleanser balm, for upwards of $200 million, per Bloomberg. http://axios.link/bXft

• Rapid7 (Nasdaq: RPD) acquired Alcide, an Israeli provider of Kubernetes-based security, for around $50 million. Alcide raised around $12 million from firms like Intel Capital, CEIIF and Elron Electronic Industries. http://axios.link/gUTp

🚑 The Riverside Co. is seeking a buyer for Greenphire, a King of Prussia, Penn.-based clinical trial payments platform that could fetch around $1 billion, per PE Hub. www.greenphire.com

⚡ GIC, a Singapore-based sovereign wealth fund, agreed to pay $2.05 billion for a 19.9% stake in the Indiana unit of Duke Energy (NYSE: DUK). http://axios.link/ON1o

🚑 Horizon Therapeutics (Nasdaq: HZNP) agreed to buy autoimmune disease specialist Viela Bio (Nasdaq: VIE) for around $3.1 billion, or $53 per share (53% premium to Friday’s closing price). http://axios.link/LOgO

• JD Sports Fashion (LSE: JD) agreed to buy Maryland-based fashion retailer DTLR Villa for $495 million. http://axios.link/6fFa

🚑 Arch Venture Partners, a biotech-focused VC firm, raised $1.85 billion for its eleventh flagship fund. http://axios.link/sQJN

• FinTLV of Israel raised $120 million for a new growth equity fund focused on insurance and fintech startups. http://axios.link/KFVd

• Teamworthy Ventures of New York is raising up to $125 million for its third fund, per an SEC filing. www.teamworthy.com

🚑 Alex Albert (ex-Ares Management) and Neel Varshney (ex-KKR) joined health care-focused Patient Square Capital as founding partners. www.patientsquarecapital.com

⚾ Theo Epstein, the baseball exec known for leading the Chicago Cubs and Boston Red Sox to World Series victories, is joining Arctos Sports Partners as an executive-in-residence. http://axios.link/Hkqi

• JMI Equity promoted Peter Arrowsmith to managing general partner. www.jmiequity.com