Today's column didn't come together in time, so let's head to the notebook:

💸 Offseason: Hedge fund billionaire Steve Cohen no longer wants to fund new fintech startups.

• Point72 Ventures has put its entire fintech portfolio into a $280 million continuation vehicle that will be managed by Canada's Portage.
• It includes around 40 companies, with longtime Point72 Ventures partner Tripp Shriner to become a New York-based partner with Portage.
• Shriner says that Point72 is narrowing its focus to AI and defense-tech, but emphasizes that it has around a 40% stake in the CV. He adds that many other generalist VC firms have moved away from fintech, opening a bigger lane for specialists like Portage.

↕️ Tale of two tapes: Citi this morning surprised Wall Street by reporting an 84% increase in Q4 M&A advisory fees, just a day after JPMorgan disappointed with just 6% growth.

• LSEG league tables show JPM as second in global M&A league tables for 2025, while Citi was fifth. In 2024 they were third and fourth, respectively.

💰 Not too taxing: America's largest college and university endowments are subject to increased excise taxes in 2026, due to provisions in the One Big Beautiful Bill Act, but those extra liquidity needs don't appear to be sparking an increase in private equity secondary sales.

• Sources say there was an uptick in endowment sales last year, including high-profile processes from Harvard and Yale, but that everything right now seems fairly standard.
• One big reason may be expectations of a big year for more traditional liquidity events, via IPOs and strategic sales.

⚖️ On the docket: A Delaware judge rejected a motion to dismiss by K1 Investment Management and K1 partner Ron Cano, which last year were accused of breaching its fiduciary duty to a portfolio company called RTS.

• The ruling also identified Groundforce Capital as the mystery firm that offered funding to RTS, prior to the alleged breach.
• Unrelated case: There's also a new development in the lawsuit by Abu Dhabi Investment Council against Energy & Minerals Group, over a proposed continuation vehicle for portfolio company Ascent Resources.
• Mason Capital Management, a minority investor in Ascent, is arguing that law firm Kirkland & Ellis has a conflict of interest, because it's advising both Ascent and E&M Group.

🪙 One to watch: A big beneficiary of the upcoming IPO for crypto custody firm BitGo could be Trump crypto and AI czar David Sacks, whose VC firm Craft Ventures holds around 7.4 million shares.

• BitGo was one of the positions that Sacks didn't divest last year, after receiving a 208(b)(1) waiver.
• Craft first invested in 2018, as co-lead on a Series B round.

Saks Global today filed for Chapter 11 bankruptcy protection, just 13 months after completing its $2.65 billion acquisition of Neiman Marcus.

Why it's the BFD: It's a clarion call to potential acquirers, either for all of Saks, one of its brands (including Neiman Marcus and Bergdorf Goodman), or its real estate.

Zoom in: Saks secured $1.75 billion in DIP financing from existing lenders, allowing it to continue operations. At least for now.

• It also replaced CEO Richard Baker, who took the job just two weeks ago, with former Neiman Marcus CEO Geoffroy van Raemdonck.

The bottom line: The luxury retailer, which operates nearly 200 stores, has staved off liquidation. At least for now.

• Cerebras Systems, a Sunnyvale, Calif.-based AI chipmaker, is in talks to raise around $1b at a $22b valuation, per The Information. Last year the company withdrew IPO registration and then raised $1.1b led by Fidelity and Atreides at an $8.1b valuation. axios.link/49kLih1

• Etched, a Cupertino, Calif.-based AI chipmaker, raised around $500m at a $5b valuation, per Bloomberg. Stripes led, joined by Peter Thiel, Positive Sum, and Ribbit Capital. axios.link/3Nt9Vzs

🚑 Mirador Therapeutics, a San Diego-based developer of precision medicines for inflammatory and fibrotic diseases, raised $250m in Series B funding from T. Rowe Price, Adage Capital Partners, Fidelity and insiders Arch Venture Partners, OrbiMed, Fairmount, Point72, Farallon Capital Management, Boxer Capital, TCGX, Invus, Logos Capital, Moore Strategic Ventures, Blue Owl Healthcare Opportunities, Woodline Partners, and Venrock. axios.link/3YDJOIv

• Onebrief, a Honolulu-based defense software company, raised $200m in Series D funding at a $2.1b valuation. Battery Ventures and Sapphire Ventures led, joined by Salesforce Ventures, General Catalyst, and Insight Partners. It also secured wargaming startup Battle Road Digital. axios.link/4pEyhDR

• Wasabi, a Boston-based cloud storage company, raised $70m at a $1.8b valuation. L2 Point Management led, joined by Pure Storage and insiders like Fidelity. axios.link/4jHYRuv

• Aikido Security, a Belgian cybersecurity company, raised $60m in Series B funding at a $1b valuation. DST Global led, joined by PSG Equity, Singular, and Notion Capital. axios.link/3ZdUH3W

🚑 HPS/PayMedix, a Milwaukee-based health care financing company, raised $16m in equity funding. HLM Investment Partners led, joined by Escalate Capital Partners (which also provided $17m in debt) and RVM Enterprises. axios.link/3NfkMx3

• Novee, an Israeli startup focused on "AI offensive security," raised $51.5m from YL Ventures, Canaan Partners and Zeev Ventures, per Axios Pro. axios.link/3LHSSJy

• Flip, an NYC-based customer service automation startup, raised $20m in Series A funding led by Next Coast Ventures and Ridge Ventures. axios.link/4pGCZBd

• IO River, a startup that lets customers use multiple content delivery and edge networks, raised $20m in Series A funding, per Axios Pro. Venture Guides and New Era led, joined by S Capital. axios.link/4jFtTDj

• Project Eleven, a startup seeking to protect cryptocurrencies from the threat of quantum computing, raised $20m in Series A funding at a $120m valuation, per Axios Pro. Castle Island Ventures led, joined by Coinbase Ventures, FinCap Advisers, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet, Nascent Ventures, and Balaji Srinivasan. axios.link/4sDAcer

• SkyFi, an Austin, Texas-based satellite image analysis platform, raised $12.7m in Series A funding. Buoyant Ventures and IronGate Capital Advisors led, joined by DNV Ventures, Beyond Earth, and TFX Capital. axios.link/4pHh5O2

• Monnai, a provider of identity and risk data to fintechs and financial institutions, raised $12m, per Axios Pro. Motive Partners led, joined by insiders Commerce Ventures and 500 Global. axios.link/3ZdQMEg

🚑 Enspire DBS Therapy, a Cleveland-based maker of implantable neuromodulation devices for post-stroke recovery, raised $10.3m in Series B1 funding. Genesys Capital led, joined by Cleveland Clinic and JobsOhio Ventures. axios.link/49Tji4c

• VoiceRun, a Cambridge, Mass.-based enterprise platform for voice AI, raised $5.5m in seed funding. Flybridge Capital Partners led, joined by RRE Ventures and Link Ventures. axios.link/3LMuHJZ

• GrowthPal, an M&A copilot for deal sourcing and execution, raised $2.6m led by Ideaspring Capital. growthpal.com

• Cast AI, as Lithuanian automation platform, raised funding from Pacific Alliance Ventures at a valuation north of $1b. axios.link/4sG8CNK

• Bain Capital Double Impact invested in the American College of Education, an online private college. axios.link/4jBReWx

🚑 Integrated Diagnostic Services, an HCAP Partners portfolio company, acquired Van Nuys, Calif.-based Core Analytics Lab & Radiology. axios.link/4qkLdjz

🚑 Investindustrial acquired Proveris, a Hudson, Mass.-based provider of spray and aerosol testing instrumentation, software and laboratory solutions for pharma. axios.link/3LynoFI

• J.F. Lehman acquired Wellman Dynamics, a Creston, Iowa-based provider of magnesium and aluminum sand castings for aerospace and defense applications, from TRM Equity (which retains a minority stake). axios.link/45FCaBe

🚑 Lead Capital Partners invested in PedsOne, a Vermont-based provider of RCM solutions to pediatric practices. pedsone.com

• Leonard Green agreed to buy NEFCO, a Hartford, Ct.-based distributor of specialty construction products, from Bertram Capital. gonefco.com

• MPearlRock, a partnership between MidOcean Partners and Kroger, acquired snack brand The Good Crisp Company. axios.link/4qrkmCu

🚑 Sheridan Capital Partners invested in ICANotes, an Annapolis, Md.-based provider of practice management and EHR software. axios.link/4sDiLe7

🚑 Solmetex, backed by GTCR, acquired ReLeaf, a hands-free dental hygiene company. axios.link/3LpT3Jt

• Tailwind Capital invested in Valor Fleet, a Leesburg, Va.-based provider of towing and related roadside services. axios.link/3Ncgcj9

• TJC made a follow-on investment in GrowthLoop, an NYC-based provider of agentic marketing solutions. axios.link/3NlJWdi

• TruArc Partners acquired Schill Grounds Management, a Cleveland-based commercial landscaper, from Argonne Capital Group. axios.link/4qXOANj

• TrussPoint, a Soundcore Capital Partners portfolio company, acquired Kansas-based Eaton Roofing & Exteriors. axios.link/4szW7Dz

🚑 Turn/River agreed to buy Starlims, a Hollywood, Fla.-based lab informatics company, from Francisco Partners for around $200m. axios.link/3LKGmca

🚑 Water Street Healthcare Partners invested in Pillr Health, a Boca Raton, Fla.-based provider of pharmacy operations software for health-care delivery organizations. pillrhealth.com

• Bitpanda, a Vienna-based crypto exchange valued by VCs in 2021 at $4.1b, is prepping a Frankfurt IPO for this year, per Bloomberg. axios.link/456jCKq

• Liftoff Mobile, a Redwood City, Calif.-based mobile ad software firm backed by Blackstone and General Atlantic, filed for an IPO that Renaissance Capital estimates could raise $400m. It reports a $26m net loss on $492m in revenue for the first nine months of 2025, and plans to list on the Nasdaq (LFTO). axios.link/49Agac5

• Quantinuum, a quantum computing group, is prepping an IPO, per Bloomberg. It recently raised $600m at a $10b valuation from backers like Honeywell, Quanta Computer, NVentures, JPMorgan, Mitsui, and Amgen. axios.link/4qtLwbW

• Astorg is seeking to sell IQ EQ, a fund services business that could fetch around €2b, per Bloomberg. axios.link/4sKwmR6

• Warburg Pincus is considering a sale of London-based insurance broker McGill and Partners, which could fetch more than $1b, per Bloomberg. axios.link/4qSzHeP

Netflix reportedly is preparing to make an all-cash bid for the studio and streaming assets of Warner Brothers Discovery, which previously accepted an $83b cash-and-stock offer from Netflix and is facing a proxy fight from Paramount.

⚡ Canadian Natural Resources (TSX: CNQ) is in talks to buy a C$1.4b portfolio of natural gas properties from Tourmaline Oil (TSX: TOU), per the Globe & Mail. axios.link/49v65yF

• CI Global Asset Management, backed by Mubadala, agreed to buy Invesco's C$26b Canadian investment fund business. axios.link/4bwfkje

☕ Coca-Cola (NYSE: KO) abandoned its sale efforts for U.K. coffee chain Costa Coffee, per the FT. axios.link/3Niqtu4

HSBC (LSE: HSBA) is considering a sale of its Singapore insurance business, per Bloomberg. axios.link/4qWKKUA

• Old Glory Bank, an Oklahoma-based crypto-friendly bank, agreed to go public at an implied $250m valuation via a merger with Digital Asset Acquisition Corp. (Nasdaq: DAAQ), a SPAC led by Peter Ott (Cambium Capital Management). axios.link/4aXShOc

• Usercentrics, a German customer privacy platform that's raised around $25m from firms like Full In Partners, acquired MCP Manager, a governance platform for the Model Context Protocol. usercentrics.com

• Vesant Media Group (Nasdaq: VSNT) completed its acquisition of Free TV Networks, an Atlanta-based group whose channels include Outlaw and Busted. axios.link/48IkNke

⚡AIP Management of Denmark held a €2b first close on its fifth energy transition and infrastructure fund, which is targeting a total of €3b. axios.link/454tAMk

• CF Private Equity, an affiliate of Commonfund, raised $187m for its fifth PE co-investment fund. axios.link/49v2bEA

• SEMCAP raised $125m for its inaugural food and nutrition fund. semcap.com

• Sixth Street raised €3.75b for its third European direct lending fund. axios.link/4aUGAaY

• Superorganism, a VC firm focused on biodiversity, raised $26m for its debut fund. axios.link/4pBxJhW

• Bain Capital named David Gross as its sole managing partner, with John Connaughton becoming chair. axios.link/4pK1nlj

• Watch: Gross was part of a private equity panel I moderated last year at Milken.

• M13 promoted Morgan Blumberg to partner. axios.link/3Yz0vF7

• Alex Behm is joining Wellington Management to lead a secondaries practice. He previously was with Hamilton Lane. axios.link/4qjVuw6

• Bertram Capital promoted Chris Brown to partner. axios.link/3LBkvUt

• Bregal Investments promoted Jens Brenninkmeyer to CEO. axios.link/4aZ34rq

• Cascadia Capital promoted Kerri Hagen to managing director of financial sponsors. axios.link/4pzegyF

• Sean Daugherty joined JPMorgan as a managing director of M&A. He previously was with Guggenheim Securities. axios.link/4bxGFBE

• Lerer Hippeau promoted Will McKelvey to principal, Tanaz Mody to operating partner, and Emily Libresco to head of marketing and communications. lererhippeau.com

• Lexington Partners promoted Peter Grape, Simon Oak, and Mike Skelly to partners. axios.link/3Zcapwx

• Shannon Saffari joined Anteris Advisors as a partner. She previously led corporate governance at PJT Camberview. axios.link/49T7P4H

• Sharon Seemann joined Israeli VC firm Lama Partners (fka FXP Partners) as a partner. She previously was a partner and CMO at YL Ventures. axios.link/4pAXsXW

Most alt asset firm stocks are down since the beginning of 2025, and the culprit looks to be investor sentiment on everything besides private equity.

• Carlyle, still more of a pure-play PE firm than its peers, outperformed.
• Apollo, which is the most debt-focused firm in the above chart, underperformed.