LIV Golf is better known for its financial banking than for its product, but now is asking investors for a chance to flip the script.

• Axios has learned that the league, which recently lost the support of Saudi Arabia's Public Investment Fund, will seek to raise up to $250 million from new investors.

Catch up quick: LIV was launched in 2022 by Saudi PIF as a less stodgy rival to the PGA Tour, with which it eventually would try but fail to merge.

• For Saudi PIF, a new pro golf league was either an effort at economic diversification or at sports-washing its reputation. Either way, it currently owns almost all of LIV and around 75% of each team.

Behind the scenes: LIV plans to share the fundraising plan with its players, including stars Jon Rahm and Bryson DeChambeau, early this week.

• It then goes to market, with Ducera Partners managing the process. The plan itself was reviewed by LIV's two new board members and restructuring firm Alix Partners.
• Prospective investors will be told that the full $250 million could get LIV to profitability within around 20 months. It also could raise significantly less — down to around $150 million — and then bank on rising team values and a new media rights deal.
• LIV is still operating with remnant Saudi cash, but needs to close its new investment by the beginning of October at the latest. If unsuccessful, it could seek some sort of bridge financing.

Zoom in: No word on specific suitors, but expect outreach to private equity, family offices, and individual billionaires.

The bottom line: The basic pitch is that while LIV was bankrolled by PIF — to the reported tune of $5 billion — the Saudi involvement also turned off some potential sponsors, golfers, and audiences.

• Going forward it would succeed or fail on its own merits. If it can get investors to the green.

Playground Global, an early-stage venture firm focused on deep-tech, tells Axios that it's raised $475 million for its fourth fund.

Why it's the BFD: Playground remains iconoclastic in a venture capital market that's largely turned conformist.

• For example, it believes in developing earthbound solutions to the problems that orbital data centers purport to solve — whether by investing in new compute architectures, semiconductor materials, or energy technologies.

Zoom in: Palo Alto-based Playground previously raised $410 million for its third fund in 2022.

• Unicorns in its portfolio include Agility Robotics, Branch Metrics, NextSilicon, PsiQuantum, Skydio, and Virta Health.

The bottom line: "When software ate the world, Silicon Valley forgot about silicon." — Peter Barrett, co-founder and general partner of Playground Global

• Sigma, an SF-based AI apps and agentic analytics platform, raised $80m in Series E funding at a $3b valuation. Princeville Capital led, joined by ServiceNow Ventures, Workday, Databricks and insiders Sutter Hill Ventures, Altimeter Capital, Spark Capital, D1 Capital Partners, Avenir Growth Capital, NewView Capital, XN, and K5 Global. axios.link/4uB6jMN

• Dust, a multiplayer agentic AI system, raised $40m in Series B funding. Abstract Ventures and Sequoia Capital led, joined by Snowflake and Datadog. axios.link/3RMoMHj

• Searchable, a London-based AI performance marketing platform, raised $14m led by Headline. axios.link/4tDkyz5

• LawX, a German ops automation platform for law firms and notaries, raised €7.5m in seed funding. Motive Partners led, joined by Wenvest Capital, xdeck, and SIVentures. axios.link/3RhjvYf

🌎 Greenpixie, a U.K. data center decarbonization startup, raised £4.7m. Verbund X Ventures led, joined by Octopus Ventures, Armajaro Holdings, and Green Angel Ventures. axios.link/4dxi2EL

• StitcherAI, a Seattle-based IT finance system of intelligence, raised $3m in pre-seed funding. Founders Co-op led, joined by Sunshine Lake VC, Ascend, and Plug & Play Ventures. stitcher.ai

🚑 Alcolase, a Danish biotech focused on alcohol intolerance, raised €1.5m from Ada Ventures, Delphinus Venture Capital, Antler, and Manigoff Invest. axios.link/4tIIbGF

🚑 Kinderhook Industries completed its $1.1b take-private buyout of Enhabit, a Dallas-based home health and hospice provider. axios.link/3Ov1Ivg

• Gamma Communications (LSE: GAMA), a U.K. telco, said it's in separate takeover talks with Epris and Oakley Capital. axios.link/493rNcq

🚑 TA Associates ended talks to acquire Advanced Medical Solutions, a U.K.-based medical device company, sending shares down more than 20%. axios.link/43fwD2I

The only U.S. IPO expected this week is for investment bank Lincoln International, although the bigger IPO news is likely to be SpaceX flipping its S-1..

⚡ ERock, a Houston-based provider of natural gas power generation systems for enterprises, filed for an IPO that Renaissance Capital estimates could raise $200m. It reported a $59m net loss on $183m in revenue for 2025, plans to list on the NYSE (EROC), and is backed by Energy Impact Partners. axios.link/4uStmCj

• Forbright, a Chevy Chase, Md.-based commercial lender, filed for an IPO and plans to list on the Nasdaq (FRBT). axios.link/4uVIDSV

• Berto Acquisition II, an AI and AI infrastructure SPAC led by Harry You, raised $274m in an upsized IPO. axios.link/4vV1b77

⚡ Energy Transition Special Opportunities, a renewable energy and finance SPAC led by Robert Zulkoski (Conduit Capital Partners), raised $150m in its IPO. axios.link/4uRXPjT

• Freedom Metals Acquisition, a critical minerals and mining SPAC, filed for a $275m IPO. axios.link/4eSJ0Jg

• Iron Dome Acquisition I, an Israeli-focused tech and defense SPAC, raised $150m in a downsized IPO. axios.link/3NPfj08

• Jones Ventures INTL Acquisition1, a SPAC backed by Jones Trading, filed for a $200m IPO. axios.link/43asX2d

• Patriot Acquisition, a financial services and fintech SPAC led by Jack Kopnisky (Patriot Financial Partners), raised $160m in its IPO. axios.link/3Pj7gtF

⚡ Copenhagen Infrastructure Partners and Global Power Synergy (Thailand) are weighing a sale of their offshore wind farm in Taiwan, per Bloomberg. axios.link/4dsINtQ

• Shein agreed to buy SF-based apparel retailer Everlane from L Catterton for around $100m, per Puck. axios.link/3PouQVU

• Sverica sold WinWire, a Santa Clara, Calif.-based digital consultancy focused on Microsoft cloud platforms, to Japan's NTT Data. axios.link/49FnFzn

• Thoma Bravo is weighing a sale of its 55% stake in Command Alkon, an Ohio-based construction software maker that could be valued at more than $1.5b, per Reuters. axios.link/4eOqphp

• Anglo American (LSE: AAL) agreed to sell its Australian steelmaking coal assets to miner Dhilmar for nearly US$3.86b in cash. axios.link/3Potbja

• Corvex Management called for a sale of Whitbread (LSE: WTB), owner of the Premier Inn chain. axios.link/4dhLqjt

⚡ La Caisse and Grupo Energía Bogotá agreed to merge their Brazilian transmission assets into a 50/50 joint venture. axios.link/42WxoxL

🚑 Elliott Investment Management built a "sizable stake" in life sciences toolmaker Bio-Rad Laboratories (NYSE: BIO), per the WSJ. axios.link/499JQxz

• Nestlé (Swiss: NES) launched the auction for a portfolio of vitamin and supplements brands, including Nature's Bounty, per Axios Pro. It could fetch around $1b. axios.link/4dx3nt8

• Norse Atlantic, a listed Norwegian budget airline, reportedly hired JPMorgan to find a buyer. Flashback.

• Prudential (LSE: PRU) agreed to acquire a 75% stake in Bharti Life Insurance for around $365m. axios.link/3PcjeVX

• Publicis Groupe (Paris: PUB) agreed to buy LiveRamp (NYSE: RAMP), an SF-based data onboarding platform, for around $2.2b in cash. axios.link/4dpF9Rq

🚑 Sunshine Behavioral Health, an addiction treatment company with facilities in six states, is seeking a buyer, per Axios Pro. axios.link/42Gr4tX

• Thrive Capital invested around $100m in Shopify (Nasdaq: SHOP), per Bloomberg. axios.link/43axt0B

• Bain Capital is raising a $1b single-asset CV for Spanish aerospace company ITP Aero, per Bloomberg. axios.link/4duei6F

• Taylor Benson joined StepStone Group as head of U.S. defined contribution. She previously was with BlackRock. axios.link/4dgtS7c

• Matt Hall joined Rothschild & Co. as head of U.K. investor advisory. He previously was with UBS. axios.link/4nG8Jae

• Masahiro Shuto is leaving Morgan Stanley Investment Management to join KKR as head of Japan capital markets. axios.link/4tLOtp1

NextEra Energy today agreed to acquire rival utility Dominion Energy, in what's easily the largest power deal of the AI age.

Zoom in: NextEra owns the Florida Power & Light utility, and has renewables, battery, and gas projects nationwide.

• Dominion serves Virginia — currently the largest U.S. data center market — and also operates in several other states.

Look ahead: The merger is likely to face regulatory scrutiny.