When the Biden administration recently proposed a ban on outbound investments to China, it focused almost exclusively on private tech deals.

• Now, Congress is coming for most everything else.

Driving the news: A bipartisan House committee on Tuesday released a landmark report arguing the the U.S. needs to "reset" its economic relationship with China, including much more extensive investment restrictions.

• It called Biden's executive order an "important first step," but argues that the restricted technology definitions are too narrow and that there shouldn't be as many carveouts for passive public equity investments (including via ETFs).
• Then the committee dropped this: "Congress should also enact legislation that requires private equity firms, as well as employee retirement plans governed by ERISA, to disclose their continuing investments in companies based in or controlled by foreign adversaries. Congress should consider and discuss proposals to end purchases of any further interests in those entities."
• Or, put more simply, no more U.S. private equity investment in China-based companies.

But, wait, there's more: The committee also wants to encourage quicker divestment of existing investments in Chinese companies, and reinvestment of that capital into U.S. businesses.

• Per the report: "Enact legislation to ensure capital gains and dividends made from investing in the PRC are not taxed at a lower rate than American workers' salaries. Congress should give investors a one-year period to divest from PRC entities then tax investment in the PRC at the same rate as ordinary income. At the same time, it should defer capital gains taxes for investments shifted to strategic sectors and small businesses in the United States."

Zoom out: This report also could signal a death knell for the World Trade Organization, whose 2001 admission of China began decades of accelerated globalization.

• As Axios China's Bethany Allen-Ebrahimian writes: "The committee calls for like-minded countries to form a new multilateral organization that excludes non-market economies if China's approach to economic governance can't be brought into line with WTO standards."

The bottom line: So far this is just 52 pages of analysis and recommendations, but it's very clear which way the legislative winds are blowing.

Vivendi (Paris: VIV), the French media and entertainment group, said that it's weighing a split into three separate businesses.

Why it's the BFD: This would be a strategic reversal for the conglomerate, which has been seeking to tighten bonds between businesses that remained after Vivendi spun off Universal Music Group via IPO in 2021.

• It also comes less than a month after Vivendi completed its purchase of publisher Lagardère.

Details: The three new companies would be pay TV platform Canal+, advertising unit Havas, and a third entity that would hold Lagardère and other listed and unlisted assets.

• Canal+ would be the largest of the trio, having generated around €515 million in EBITDA last year on €5.9 billion in revenue.
• Vivendi shares rose around 9% on the announcement.

The bottom line: The bet is that Vivendi's parts may be worth more than its whole.

• Udaan, an Indian provider of B2B e-commerce software, raised $340m. M&G led, and was joined by insiders Lightspeed Venture Partners and DST Global. https://axios.link/3RGbLN1

🚑 Tome Biosciences, a Watertown, Mass.-based programmable genomic integration startup, raised $213m in Series A and B funding from a16z, Arch Venture Partners, GV, Longwood Fund, Polaris Partners, Bruker Corp., Fujifilm, and Alexandria Venture Investments. https://axios.link/41jCu5c

• Urban Sports Club, a Berlin-based fitness club subscription service, raised €95m. Verdane led, and was joined by HV Capital and ProSiebenSat1. www.urbansportsclub.com

• Qogita, a Dutch wholesale procurement platform for retailers in the health and beauty sectors, raised €80m in Series B funding. Dawn Capital led, and was joined by Accel, Bessemer Venture Partners, and LocalGlobe. https://axios.link/4agRSDz

• Andalusia Labs, an Abu Dhabi-based digital asset risk infrastructure startup, raised $48m in Series A funding at a reported valuation north of $1b. Lightspeed Venture Partners led, and was joined by Mubadala Capital and insiders Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. https://axios.link/3uYlrdb

🌎 Ecoworks, a German climate-neutral building renovation startup, raised €40m in Series A funding. World Fund led, and was joined by Haniel, Kompas VC, and ISAI. https://axios.link/3GGyEJV

⚡ Dimensional Energy, an Ithaca, N.Y.-based sustainable jet fuel startup, raised $20m in Series A funding. South Korea's Envisioning Partners led, and was joined by United Airlines' Sustainable Flight Fund, Microsoft's Climate Innovation Fund, DSC Investment, and Elemental Excelerator. www.dimensionenergy.com

🚑 PursueCare, a Middletown, Conn.-based virtual addiction treatment provider, raised $20m in Series B funding. T.rx Capital and Yamaha Motor Ventures co-led, and were joined by Seyen Capital and OCA Ventures. It also acquired digital therapeutic assets from bankrupt Pear Therapeutics. https://axios.link/3RET64d

• Meniga, a London-based digital bank, raised €15m in Series D funding from backers like Groupe BPCE, Crédito Agrícola, and Omega. https://axios.link/3NnRKsf

• Chalk, an SF-based data platform for machine learning, raised $10m in seed funding from General Catalyst, Unusual Ventures and Xfund. www.chalk.ai

• CurbWaste, a New York-based payments SaaS for the waste management market, raised $10m led by Flourish Ventures, per Axios Pro. https://axios.link/4887fwm

⚡ Plan-B Net Zero, a Swiss wind and biomass energy developer, raised €9.2m in Series A funding led by Yamato Capital. https://axios.link/3teGE1S

• Lolli, a New York-based bitcoin and cashback rewards startup, raised $8m in Series B funding. Bitkraft Ventures led, and was joined by Sfermion, Ulta Beauty's Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, and MZ Web3 Fund, Seven Seven Six, Founders Fund, Bain Capital Ventures, Serena Ventures, Michelle Phan, Logan Paul, Pir Granoff, Night Media, and Animal Capital. www.lolli.com

🚑 Mirror, a German fitness and nutrition management startup led by Gorillas founder Kağan Sümer, raised at least $6m co-led by FoodLabs and Giant Ventures, per Sifted. https://axios.link/3NoSAVA

• Hyperplane, an SF-based developer of customer behavior models for banks, raised $6m. Lachy Groom led, and was joined by SV Angel, Clocktower Technology Ventures, Liquid2 Ventures, Soma Capital, Latitud, Atman Capital, Crestone VC, and Norte. https://axios.link/489BUtL

🌎 Arbonics, an Estonian forest carbon removal platform, raised €5.5m in seed funding from NordicNinja, Plural, and Tilia Impact Ventures. www.arbonics.com

• Stairs Financial, a New York-based home mortgage marketplace, raised $3.5m. Zigg Capital led, and was joined by YC, Antler, and Exceptional Capital. www.stairsfinancial.com

• Barnyard Games, an Encinitas, Calif.-based social gaming startup, raised $3.4m in seed funding. Menlo Ventures led, and was joined by BetaWorks, Alumni Ventures, and Charge VC. www.barnyardgames.com

• Binkey, a Washington, D.C.-based fintech helping businesses accept FSA and HSA payments, raised $3.3m in seed funding, per Axios Pro. Wellington Management led, and was joined by Springtide Ventures, Plug and Play Ventures and Third Culture Capital. https://axios.link/48hYD6s

🌎 NeoCarbon, a German startup seeking to retrofit industrial sites with DAC systems, raised €3.2m in seed funding. Raise Seed For Good led, and was joined by Proptech1 Ventures, Speedinvest, and Antler. https://axios.link/3NomzNr

• SupportPay, a payment tool for divorced parents and other complicated family situations, raised $3.1m in seed funding. HearstLabs led, and was joined by Michigan Capital Network, Victorium Capital, Rendar Capital, Connetic Ventures, and Stage Next Ventures. www.supportpay.com

• Maka, an African fashion and beauty social e-commerce startup, raised $2.7m in pre-seed funding co-led by 4DX Ventures and Janngo Capital. https://axios.link/3GJwQQy

🌎 Woola, an Estonian sustainable packaging startup, raised €2.5m. Metaplanet led, and was joined by insiders Future Ventures and Lemonade Stand. https://axios.link/46VXa4w

• NodeKit, developer of a shared sequencer L1 built on an Avalanche Subnet, raised $1.2m in pre-seed funding. Borderless Capital led, and was joined by Avalanche's Blizzard Fund, Polygon Ventures, and Wormhole Cross-Chain Ecosystem Fund.

⚡ Ion Storage Systems, a Beltsville, Md.-based maker of solid-state lithium metal batteries, is raising $15m, per Axios Pro. It's raised $38m to date. https://axios.link/4701n7n

• Aldinger, a Dallas-based portfolio company of Incline Equity Partners, acquired Instrument Technologies, a Seattle-based provider of instrument calibration services. www.aldingerco.com

• Apollo Global Management is in talks to provide "emergency funding" to online luxury retailer Farfetch (NYSE: FTCH), per Reuters. https://axios.link/3RH8mhe

• Bain Capital completed its $5.3b buyout of Guidehouse, a McLean, Va.-based consultancy for government and business clients. https://axios.link/40sPAwT

• Clayton Dubilier & Rice agreed to acquire Massillon, Ohio-based snack-maker Shearer's Foods from Ontario Teachers' Pension Plan Board. https://axios.link/3NotrdC

🚑 Great Point Partners recapitalized Ludi, a Nashville-based provider of physician payment automation solutions. www.ludiinc.com

• Line Next, the NFT arm of the South Korean messaging giant Line, raised $140m led by Crescendo Equity Partners. https://axios.link/41mvPax

• TeamSnap, a portfolio company of Waud Capital Partners, acquired MOJO Sports, an LA-based youth sports media platform co-founded and led by former ABC News president Ben Sherwood. MOJO backers included Alpha Edison, Wise Ventures, UTA Ventures, Ironfire Ventures, WndrCo, Thirtyfive Ventures, and Elysian Park Ventures. https://axios.link/4ahOuIK

• Thoma Bravo invested in BlueMatrix, a Durham, N.C.-based content creation and distribution platform for investment research providers. www.bluematrix.com

• TowerBrook Capital Partners acquired a majority stake in Demakes, a Lynn, Mass.-based maker of specialty protein products. www.oldneighborhoodfoods.com

• TPG's Rise Fund agreed to buy a majority stake in Outcomes First Group, a British provider of special education services, from Stirling Square Capital Partners. Investcorp also is participating on the buyside. https://axios.link/3uWtJSG

• ABN Amro (Ams: ABN) agreed to buy BUX, an Amsterdam-based mobile brokerage firm that's raised over $100m in VC funding from backers like ABN Amro, Prosus, Tencent, HV Capital, Kreos Capital, and Velocity Capital Fintech Ventures. https://axios.link/48loKcN

⚡ Abu Dhabi National Oil Co. (Adnoc) is considering a €5b takeover of Dutch chemicals producer OCI (Ams: OCI), per Bloomberg. https://axios.link/3NqKyM3

• Ebury, a British cross-border payments and risk management firm owned by Banco Santander (Madrid: SAN), acquired South African treasury management firm Prime Financial Markets. https://axios.link/41gYQod

• Envestnet (NYSE: ENV) is seeking to sell Yodlee, a Berwyn, Pa.-based data aggregator it acquired in 2015 for $590m, per Bloomberg. https://axios.link/3Ntz8qF

⚡ EQT Corp. (NYSE: EQT) is seeking to sell a portfolio of non-operating interests in Pennsylvania's Marcellus shale wells, which could fetch around $3b, per Reuters. https://axios.link/472QNwd

⚡ Pembina Pipeline (TSX: PPL) agreed to pay C$3.1b to buy Enbridge's (TSX: ENB) stakes in the Alliance Pipeline, Aux Sable and NRGreen joint ventures. https://axios.link/46ZNndU

• Penguin Random House acquired Hay House, a self-help and health and wellness publisher. https://axios.link/3NrL0cS

• TMX Group (TSX: X), owner of the Toronto Stock Exchange, paid US$848m to acquire an additional 78% stake in VettaFi, a New York-based indexing and analytics firm in which it already held a 21% position. It also will assume around $100m in VettaFi debt. https://axios.link/3ToWeT1

• BoxGroup raised $212.5m each for its sixth pre-seed/seed fund and for an opportunity fund. https://axios.link/3NqhPqB

• Partech Venture of France raised €360m for its latest fund. www.partechpartners.com

• Playground Global, a deep-tech VC firm, raised $410m for its third fund. www.playground.vc

🌎 Sandbrook Capital of Stamford, Conn. raised $1.5b for its debut climate infrastructure fund. www.sandbrook.com

• Trestle Partners, a New York-based VC firm focused on early-stage SaaS startups, held a $40m first close for a second fund that's targeting a total of $60m. www.trestlelp.com

• Lisa Lambert joined the George Kaiser Family Foundation as CIO for private markets. She previously led National Grid Partners. https://axios.link/4amU1xx

• Michael McBride, former CRO of GitLab, joined Google Ventures as a general partner. www.gv.com

• Frederick Terrell joined Wells Fargo as vice chair of investment banking. He previously was a senior advisor to Centerbridge Partners. www.wellsfargo.com

Private equity firms are grumbling over the SEC's new private fund rules, but limited partners appear to be appreciative, per Coller Capital's recent survey of 110 institutional investors that oversee at least $2.2 trillion.