Sen. Mark Warner (D-Va.) has questions about a $10 billion fee that TikTok's buyers reportedly are paying the U.S. Treasury Department, on top of what they spent to buy the actual business from China's ByteDance.

• So should every U.S. investor and business leader.
• But those involved are keeping silent.

Driving the news: Warner yesterday sent a letter to Treasury Secretary Scott Bessent, asking about how the fee was determined, approved and how the money would be spent without violating the Anti-Deficiency Act — a rule that prohibits federal agencies from spending money without Congressional appropriation (unless used for deficit reduction).

• His office seems to have no additional information than what was first reported by the WSJ.
• For context, a typical M&A banker would take 1% or 2% deal fee. With TikTok, the Treasury Department got over 70%.

Zoom in: When the deal was first announced, many were stunned by the $14 billion price tag. It read like a fire sale, with sources chalking that up to how ByteDance had been put over a barrel by a U.S. law requiring divestiture.

• But we now know the price wasn't really $14 billion. It was $24 billion.
• It's something that likely infuriates ByteDance investors, many of whom are U.S. venture capital firms, even if they got to retain nearly a 20% stake in the carved-out business.
• There also were other bidders, who today might be wondering if their failure was baked in.

Zoom out: The Treasury Department didn't respond to multiple requests from Axios for comment. Not did TikTok U.S. or the office of Vice President Vance, who led deal negotiations.

• Oracle and Silver Lake, which now each own 15% stakes in TikTok US., both declined comment. In its latest earnings report, Oracle noted its equity investment but not any fee payment. For Silver Lake, it's unclear if the fee is being paid by limited partners or the general partner.
• Several background sources who've been chatty throughout the multi-year process have refused to discuss the matter.
• One of the few who talked, albeit briefly, said: "You should FOIA the shit out of this."

The bottom line: The U.S. government appears to have extracted billions of dollars from investors and corporations, in exchange for signing off on a private market transaction.

• It is unprecedented. And officially undisclosed.

Elon Musk and the SEC are working on a settlement over Musk's failure to disclose purchases of Twitter stock prior to making his April 2022 takeover offer, per an SEC court filing.

Why it's the BFD: SpaceX bankers would like this matter put to bed before launching what may be the largest IPO of all time.

The intrigue: Musk's attorney told a court earlier this month that the settlement talks had, at least in part, been done without involvement of SEC enforcement attorneys assigned to the case.

The bottom line: Investors who buy 5% or more of a publicly traded company must disclose that ownership within 10 days of acquisition. Musk, however, didn't disclose until 21 days after he says he hit that threshold.

• He also filed a "13G" form, which is meant for passive investors, rather than a "13D" form that would be used by activist investors, including those interested in making a takeover offer.

• Xbow, an autonomous offensive security startup, raised $120m in Series C funding at a valuation north of $1b. DFJ Growth and Northzone led, joined by Alkeon Capital, Sofina, Altimeter, NFDG Ventures, and Sequoia Capital. axios.link/3Ndlnjc

• Advanced Navigation, an Australian developer of navigation and autonomous systems, raised US$110m in Series C funding. Airtree Ventures led, joined by Quadrant Private Equity, NRFC, Main Sequence, KKR, In-Q-Tel, Alpha Intelligence Capital, Malcolm Turnbull, and OIF Ventures. axios.link/4bjTi2Y

🚑 Excalipoint Therapeutics, a Chinese developer of T-cell engager therapies for cancer and autoimmune disease, raised $68.7m in seed funding from HSG, Apricot Capital, Yuanbio VC, 5Y Capital, Co-Win Ventures, Med-Fine Capital, and Hony Capital. axios.link/3P7Op4m

• Roboforce, a Milpitas, Calif.-based developer of industrial robots, raised $52m led by YZi Labs. axios.link/40GMVjZ

🌎 Solugen, a Houston-based biochemical startup, raised $50m from Idealist Capital and Canada Growth Fund. axios.link/3PIQB2c

• Standard Template Labs, an NYC-based service management platform, raised $49m in seed funding led by Iconiq and CRV. axios.link/4bzKxk1

• Beautiful.ai, a presentation software startup, raised $45m from General Catalyst's non-dilutive program. beautiful.ai

🚑 Mestag Therapeutics, a U.K. cancer and inflammatory disease biotech, raised $40m from SV Health Investors, Johnson & Johnson Innovation, Forbion, GV, and Northpond Ventures. axios.link/4bpKd7q

• Paraform, a platform that connects tech companies with recruiters, raised $40m in Series B funding, per Axios Pro. Scale Venture Partners led, joined by Felicis. axios.link/41aNNxl

• WorkFlex, a Dutch cross-border workforce compliance platform, raised €37m led by Spectrum Equity. axios.link/3NFFGpz

• Foresight, a project delivery platform for large-scale infrastructure, raised $25m in Series A funding. Macquarie Capital VC led, joined by Creandum, ISAI Build, i2bf Global Ventures, and Somersault Ventures. foresight.works

🚑 Riva, a Swiss data startup focused on clinical trials, raised $15m in Series A funding. Earlybird led, joined by Defiant, Speedinvest, Amino Collective, and Nina Capital. axios.link/4lxOYjM

• TransFi, a Lithuanian stablecoin infrastructure startup, raised $14.2m in Series A equity and $5m in debt led by Turing Financial Group. axios.link/47Ulbw7

⚡ GridBeyond, an Irish distributed energy software developer, raised €12m from Samsung Ventures and insiders Alantra, Klima, Energy Impact Partners, Mirova, ABB, Constellation Technology Ventures, and Act Venture Capital. axios.link/3NMX5wx

• Niv-AI, an Israeli startup focused on GPU power efficiency, raised $12m from Glilot Capital, Grove Ventures, Arc VC, Encoded VC, Leap Forward, and Aurora Capital Partners. axios.link/3Paoid3

• Multiply, a media agency for B2B companies, raised $9.5m. Mayfield led, joined by Sorenson Capital. gomultiply.com

• Wikifarmer, a Greek B2B food marketplace, raised $7.7m led by Brighteye Ventures and Piraeus Bank, with Point Nine Capital and Metavallon VC participating. axios.link/3NoqflA

🌎 Rubi, an SF-based carbon manufacturing startup, raised $7.5m led by AP Ventures and FH One Investments, with participation from Talis Capital, CMPC Ventures, H&M Group, and Understorey Ventures. axios.link/4bsjQO3

• Candex, an NYC-based vendor payment and onboarding platform, raised a $7m Series C extension from HSBC. axios.link/4cQ2HjT

• Obin AI, a maker of AI agents for financial institutions, raised $7m in seed funding led by Motive Partners, per Axios Pro. axios.link/479zrkt

• Tenkara, an SF-based maker of ops agents for U.S. manufacturers, raised $7m. True Ventures led, joined by HF0, WndrCo, Articulate Capital, Night Capital, SF1, and Transpose. axios.link/4uA6gAY

• VerbaFlo, a U.K. conversational AI platform for real estate, raised $7m in seed funding. Pi Labs led, joined by Haatch, Navigate Ventures, and Old College Capital. axios.link/4rHEEaH

• BambooBox, an Indian provider of enterprise marketing automation software, raised $6.6m. Peak XV led, joined by Emergent Ventures, Arc180, Uncorrelated, and HAF. axios.link/3Pqqpt7

• Steward, an AML and compliance platform, raised $5m led by Motive Partners, with Outward VC and Cooley participating. axios.link/47FpLyd

• Webel, a Spanish home services marketplace, raised €4.3m in seed funding led by Trind Ventures, with Decelera Ventures and Tiburon participating. axios.link/477ckqI

🌎 Level Nine, a German developer of catalysts to enable sustainable chemical production, raised €4m in seed funding led by Visionaries Tomorrow. axios.link/419blCL

• Laminar, a London-based agent debugging startup, raised $3m in seed funding. Atlantic.vc led, joined by YC and AAL.vc. axios.link/4dxGkQi

⚡️ V-Glass, a Waukesha, Wis.-based vacuum insulated glass startup, raised $3m in seed funding from the Grantham Foundation for the Protection of the Environment and its affiliate, Neglected Climate Opportunities. axios.link/4dcaxEL

🌎 Elea & Lili, a Finnish developer of cellulose-based superabsorbent materials, raised €2.5m in seed funding. Lifeline Ventures led, joined by Ikorni Invest and Baltiska Handels Sverige. axios.link/4cODmXv

🚑 CiaoDott, an Italian voice AI for health care, raised €1.5m in pre-seed funding. The Techshop led, joined by Vento, Club degli Investitori, Growth Engine, and Alpha Venture. axios.link/3PcVEYK

• Audax Private Equity acquired AKAM, an NYC-based property management and real estate firm, from Nautic Partners. axios.link/4uArvmk

• ETNA acquired a majority stake in Brolis, a Lithuanian developer of electro-optical sensing technology for defense and security applications. axios.link/41bgR81

• Hamilton Lane invested in Republic, an NYC-based private markets investment platform. axios.link/4lwRJBX

• Icelandirect, a portfolio company of New Heritage Capital, acquired Soma Labs, a Middlesex, N.J.-based supplements manufacturer. axios.link/4ry6UMD

🚑 James River Home Health, a portfolio company of RiverGlade Capital, acquired Golden Rule Hospice, an Atlanta-based hospice operator. axios.link/4bfga3s

• KKR agreed to invest up to $310m into Indian commercial EV maker PMI Electro Mobility Solutions and its Allfleet e-bus platform. axios.link/4uBCuMc

🚑 Nexus Health, a subsidiary of Ares Management portfolio company The Lockwood Group, acquired Stratis Group, a Palm Beach, Fla.-based pharmaceutical consulting firm. axios.link/4bhddzu

• Warburg Pincus acquired a majority stake in TheGuarantors, a provider of residential lease guarantee solutions and underwriting for rental housing. It had raised over $80m from VC firms like Fifth Wall, Portage Ventures, Arch Capital Group, K20 Fund, Kensington Capital Partners, and Alven Capital Partners. axios.link/419xReP

• H.I.G. Capital is seeking to sell JT Thorpe, a Pennsauken, N.J.-based industrial services company, per PE Hub. axios.link/4dn1Mri

• iCapital, an NYC-based alternative investment platform last valued at $7.5b, acquired Hexure, an insurance and annuity software provider, from Thomas H. Lee Partners and NexPhase Capital. axios.link/40BHHWI

• Ramp, an NYC-based corporate card and expense management platform, acquired Juno, a travel and expense management company that had been backed by Xfund and Impression Ventures. axios.link/4so8pOY

• Seaport Capital sold Exacom, a Manchester, N.H.-based provider of communication recording solutions and cybersecurity services to the public safety sector, to Motorola Solutions (NYSE: MSI). axios.link/4uybnS7

🚑 Altai ​Capital Management called on OraSure Technologies (Nasdaq: OSUR) to explore a sale. axios.link/473y7zx

Elliott Investment Management has built a stake in Japanese shipping giant Mitsui O.S.K. Lines (Tokyo: 9401). axios.link/47UnsYb

⚡ Macquarie withdrew its offer to buy a $7b stake in Kuwait's oil pipeline network from Kuwait Petroleum, per Reuters. axios.link/476IdzL

• Rogers Communications (NYSE: RCI) may sell off nearly one-third of Maple Leaf Sports and Entertainment, a C$25b holding company that includes the Toronto Maple Leafs and Toronto Raptors, in a debt-reduction effort, per TD Securities analysts. axios.link/4uFlkxw

• Stephen Smith, co-founder and chair of Peloton Capital Management, acquired a 26.9% stake in the Economist magazine from the family of Lynn Forester de Rothschild. axios.link/3NFG5bz

• MCH Private Equity raised a €300m CV for Barcelona-based frozen baked goods maker Europastry, led by Ares Management. axios.link/4bO6z3Q

🌎 Partech raised €300m for a European climate and industrial tech VC fund. axios.link/4rCCKb0

• Christine Bae and Jacob Ruby both left Kirkland & Ellis to join Simpson Thacher & Bartlett as partners in the law firm's capital structure solutions practice. axios.link/40BIaZ2

• InTandem Capital Partners promoted IR head Lauren Mangino to managing director. axios.link/4cYgtB7

• Michael Kahn joined Cascadia Capital as a director of equity capital solutions. He previously was Houlihan Lokey. axios.link/4sU3sgE

• JPMorgan named Ed Pyne as its new head of syndicated finance for commercial banking. axios.link/4buxfFA

• John Rikhtegar joined Northleaf Capital Partners as VP of VC and PE. He previously was with RBC. axios.link/4bSXUw3

• Eric Smith joined Behrman Capital as an operating partner. He previously was CEO of former Behrman portfolio company BECO Holding. axios.link/4bQ6vAv

• Wei Ming Wong is joining Apollo as a principal on the firm's new Singapore-focused private credit fund, per Bloomberg. He previously was with Warburg Pincus. axios.link/4sXnEy9

Fundraising for U.S. midmarket private equity funds was slower in 2025 than any prior year since 2018, Axios Pro's Lucinda Shen reports.

• There may not be sunnier days ahead, as private equity investors already are fretting about how the Iran war is souring what had been expected to be a 2026 distribution deluge.