Cleaning out the notebook before I head to New York City for Axios BFD, which kicks off at 2pm ET tomorrow.

👑 Tax talk: U.K. officials appear to be vacillating on a proposed "exit tax" for wealthy emigrants.

• The goal would be to put golden handcuffs on those who seek to mimic Nik Storonsky, the Revolut co-founder and CEO who recently moved his residency from the U.K. to Dubai.
• It's a fairly common tax provision in Western countries. Even the U.S. has a version of it.
• But it's quite controversial in Britain, where some believe it would accelerate an entrepreneur exodus — rather than stem it.
• As such, no one really seems to know the proposal's current viability. Some reports say it's been shelved, while others say it remains on the table. Meanwhile, there's new talk of much broader income tax increases, which also could spark founder flight.

💰 Under the clothes: Apparel brand Skims last week announced $225 million in new funding at a $5 billion valuation led by new investor Goldman Sachs Alternatives.

• A source tells me that it was a structured convert, with $5 billion as the technical cap. All primary, no secondary.

🇲🇽 Import/export: The U.S. isn't the only country seeking to expand access to alternative investments.

• Mexico recently changed pension rules that would allow certain accounts to invest up to 30% in alternatives.
• Many Mexican workers are part of compulsory pension plans, akin to the Australian system, and the overall asset pool is surging. Not surprisingly, private equity and credit giants were out in force at a recent industry event in Mexico City.

🚿 Cold water: Secondaries investors were buzzing last month about a Bloomberg report that EQT was seeking to enter the business, holding talks with such firms as Coller Capital, HarbourVest, and Pantheon.

• But Coller just inked a minority stake sale to State Street, and sources tell me that there were no substantive talks with either HarbourVest or Pantheon. If EQT really wants in, it's looking elsewhere.

💀 Graveyard whistler: Forgot to note this gem from Joanne Hannaford, Deutsche Bank's chief information officer and chief product officer, while speaking last month at Money20/20: "No one at Deutsche Bank is worried about AI replacing their jobs."

• People tell themselves all sorts of lies in Las Vegas, but rarely do they share them so publicly...

Leonard Green is in talks to buy Topgolf from Topgolf Callaway Brands (NYSE: MODG) for around $1 billion, per the WSJ.

Why it's the BFD: Topgolf means almost nothing to me, but I have a hunch that it means everything to some of you.

Catch up quick: Golf equipment maker Callaway invested in Topgolf six years after its 2000 founding, and in 2021 bought full control at a $2 billion valuation.

• But the next-gen driving ranges didn't bring in as many casual golfers as Callaway had expected, and by last fall had decided to split up the company.

Cap table: Leonard Green holds just under a 5% stake in Topgolf Callaway, whose largest outside shareholders are Providence Equity Partners (11.5% position) and BlackRock (11.1%).

The bottom line: The 2021 merger was a bogey. Topgolf's value appears to have been cut in half, while the combined company's stock is down more than 60%.

• Project Prometheus, an AI startup focused on real-world applications, has raised $6.2b — much of which comes from co-founder and co-CEO Jeff Bezos — per the NY Times. axios.link/442TkYM

⚡ KoBold Metals, a Berkeley, Calif.-based EV battery mineral exploration company, secured over $163m of a round that could total $200m, per an SEC filing. It previously raised at around a $3b valuation from firms like Durable Capital Partners and T. Rowe Price. axios.link/47ZYaXM

• Flatpay, a Denmark-based provider of card payment solutions for SMBs raised €145m from AVP, Smash Capital, and insider Dawn Capital. axios.link/47MuoXX

🚑 Artios, a British biotech focused on "DNA damage response," raised $115m in Series D funding. SV Health Investors and RA Capital Management led, joined by Janus Henderson Investors and insiders. axios.link/44ehUG2

🚑 Solve Therapeutics, a San Diego-based developer of ADCs for solid tumor malignancies, raised $120m. Yosemite led, joined by Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck, SymBiosis, Alexandria Venture Investments, AyurMaya Capital Management, DC Global Ventures, General Atlantic, and Surveyor Capital. axios.link/43BizkO

🚑 Voize, a German developer of AI scribes for skilled nursing facilities, raised $50m in Series A funding, per Axios Pro. Balderton Capital led, joined by HV Capital, Redalpine and Y Combinator. axios.link/3Xv5hCP

• Span, an AI developer intelligence platform, raised $25m in seed and Series A funding from Alt Capital, Craft Ventures, SV Angel, BoxGroup, and Bling Capital. axios.link/4i59bfi

• Mate, raised $15.5m in seed funding from Team8 and Insight Partners, per Axios Pro. axios.link/4nSsxFz

• Reelables, a London-based provider of printable smart labels for tracking cargo and inventory, raised $10.4m in Series A funding from Amigos Ventures, Moneta, Raptor Group, Silicon Labs, and Smooth Brain. axios.link/44aivIX

🚑 Skeletalis, a Boston-based developer of drugs for treating osteoporosis, raised $8m. Pillar VC led, joined by KdT Ventures, age1, and Slocum Management. axios.link/4nVACtb

• Shipday, a Menlo Park, Calif.-based provider of delivery and logistics software for SMBs, raised $7m in Series A funding. ECP Growth and Ibex led, joined by B Capital and Supply Chain Ventures. axios.link/47NXlCU

🎼 Songscription, a sheet music transcription platform, raised $5m. Reach Capital led, joined by Emerge Capital, 10x Founders, and Dent Capital. axios.link/4pfa1bM

Guidoio, an Italian digital driving school, raised €3.5m in seed funding. 360 Capital led, joined by Azimut Libera Impresa. axios.link/48iWtGk

• Blackford Capital invested in Texas Injection Molding, a Houston-based manufacturer of injection molded industrial components. axios.link/49nzg72

🚑 Carlyle agreed to buy Tarrytown Expocare, an Austin, Texas-based specialty pharmacy, from Sheridan Capital. Axios Pro flashback.

• Clayton Dubilier & Rice agreed to acquire Sealed Air (NYSE: SEE), a Charlotte, North Carolina-based packaging company whose products include Bubble Wrap and Instapak, for $10.3b (including assumed debt). BFD flashback

⚡ Eclipse Power, backed by Octopus Investments, agreed to buy the U.K. electricity distribution unit of Swedish utility Vattenfall. axios.link/3LOZGoi

• Finsolutia, a Pollen Street Capital portfolio company, agreed to acquire Hipoges, a Madrid-based real estate and loan management platform. axios.link/4oFzrzb

🍔 Goldman Sachs is in talks to buy Burger King's Japanese operations from Affinity Equity Partners for around $452m, per Nikkei. axios.link/3M4Fij6

• Permira and Warburg Pincus are in talks to buy Clearwater Analytics (NYSE: CWAN), a Boise, Idaho-based investment and accounting software maker with a $5.6b market cap, per multiple reports. axios.link/4o0FIED

⚡ rPlus Energies, a Salt Lake City-based renewables developer backed by Sandbrook Capital, acquired two Idaho solar and storage projects with 900MW in total capacity. axios.link/4o2ENn4

• Warburg Pincus agreed to buy Toronto-based lender ECN Capital (TSX: ECN) for C$1.1b. axios.link/4i1OnoN

Two companies plan to list IPOs on major U.S. exchanges this week: Central Bancompany and Gloo Holdings.

⚡ Hornbeck Offshore Services, a Covington, La.-based provider of marine transport services to the oilfield market, revived a $100m IPO that it originally filed for in late 2023. It plans to list on the NYSE (HOS), while backers include Ares Management, Whitebox Advisors, and Highbridge Capital Management. axios.link/4r1Yjmt

• Praetorian Acquisition, an AI transformation SPAC led by Justin Di Rezze (ex-CEO of Theoria Medical), filed for a $220m IPO. axios.link/4oLudCj

• Gibraltar Industries (Nasdaq: ROCK) agreed to acquire OmniMax International, a Georgia-based maker of residential roofing accessories and rainware solutions, for $1.335b in cash from Strategic Value Partners. axios.link/3LHO3Q6

• Janney Montgomery Scott, owned by KKR, is in talks to sell certain financial services units — including M&A advisory — to Brean Capital, per Bloomberg. axios.link/4o05GIj

🚑 Johnson & Johnson agreed to buy Halda Therapeutics, a New Haven, Conn.-based developer of precision cancer treatments, for $3.05b in cash. Halda has raised more than $220m from Canaan Partners, Access Biotechnology, Deep Track Capital, Frazier Life Sciences, and RA Capital Management. axios.link/47KoRRD

• Onex hired Rothschild & Co. and Morgan Stanley to find a buyer for Tes, a British education software provider that could fetch up to $2b, per Bloomberg. axios.link/49nRXHM

• Grant Thornton is weighing options for its India unit, including a minority stake sale or a merger with its U.S. or European businesses, per Bloomberg. axios.link/3LBthSi

• Havas, a listed Dutch advertising firm, is circling British rival WPP (LSE: WPP), per the Times. axios.link/3Xx4PUB

• Mantiqueira, a Brazilian joint venture between JBS and the founders of Mantiqueira Alimentos, agreed to buy Arizona-based egg producer Hickman's Egg Ranch. axios.link/49VUI38

• MS&AD Insurance (Tokyo: 8725) agreed to acquire an 18% equity stake in Barings, an asset management subsidiary of MassMutual. axios.link/4i8bDlc

📺 Paramount Skydance (Nasdaq: PSKY) agreed to sell Chilean television channel Chilevision to Canada's Vytal Group. axios.link/3WZ9Bu4

🍺 Sapporo (Tokyo: 2501) is in talks to buy some Asian operations of Danish brewer Carlsberg (CSE: CARL), per Bloomberg. axios.link/3LKVohO

📺 Sinclair (Nasdaq: SBGI) acquired an 8% stake in Scripps (Nasdaq: SSP), which it's been seeking to acquire. axios.link/47Z5gfb

⚡ TotalEnergies (Paris: TTE) agreed to buy a 50% stake in a European flexible power-generation platform owned by Daniel Kretinsky's EPH for €5.1b in stock. axios.link/47ZvSgl

• Ardabelle Capital, a French PE firm led by ex-Eurazeo CEO Virginie Morgan, held a €250m first close on its debut €500m-targeted fund, per Bloomberg. axios.link/4o1RzCp

• Reimagine Ventures raised $25m for a pre-seed fund focused on Israeli AI startups. axios.link/4piH0Mq

🚑 Sofinnova Partners of Paris raised €650m for its 11th flagship life sciences VC fund, per Axios Pro. axios.link/4pdX3e3

• Tailwater Capital of Dallas raised at least $425m for its fifth flagship fund focused on energy infrastructure, per the WSJ. axios.link/4ia2nx6

Berkshire Hathaway on Friday disclosed a $4.3 billion stake in Alphabet, making it the investment giant's 10th-largest holding.

• The 17.85 million shares actually are worth a bit more now, given that Alphabet stock opened up around 5% on the news.
• Maybe Warren Buffett, who's just weeks away from retirement, thinks that Google could be the AI market's big winner.

Go deeper: What Warren says about giving and the market