When the SEC eventually reopens, one task will be to consider President Trump's request that U.S. public companies shift from quarterly reporting to semiannual reporting.

• Trump echoed earlier arguments of Jamie Dimon and Warren Buffett about encouraging long-term planning.
• SEC chair Paul Atkins followed up by suggesting that such a move could help increase IPO activity by reducing costs and complexity.

The big picture: Both claims rest on the assumption that public companies are artificially hampered by quarterly disclosures, even putting them at a competitive disadvantage to privately held companies.

• If you think this idea gets promoted loudly by the private equity industry, you'd be right.

Zoom in: The reality, however, is that VC and PE-backed companies often report to their boards and shareholders more often than do public companies. Usually on a monthly cadence.

• Yes, it's a much more limited group that's bound by nondisclosure agreements. And sometimes is more customary than contractual. But it's still viewed as a key investor protection by the private markets that Trump and Atkins seek to ape.

Behind the scenes: Moreover, there is zero evidence that significantly more private companies would go public were the reporting cadence relaxed. Particularly at a time when there's a glut of available private capital, which only should grow thanks to the private asset class "democratization" regime that the SEC is pursuing.

• If the SEC or legislators really wanted to push private companies to go public, they would reinstitute the 500 shareholder rule — and a strict interpretation of it — but there isn't any momentum in that direction.

The bottom line: The SEC is almost certain to adopt this change within the next year, even if some of its reasoning is flawed.

TCG, an investment firm focused on sports and emerging media, has decided not to raise a new fund — instead transitioning to a holding company structure with permanent capital, Axios has learned.

Why it's the BFD: This reflects how media is rearchitecting around creators and new conglomerates, with TCG believing that that traditional GP/LP funds can be too restrictive on deal sizes, structures, frequency, and hold times.

• It's also a return to the Los Angeles-based firm's structural roots, when it still was known as The Chernin Group and did such deals as Barstool Sports, Hello Sunshine, Action Network, and Scopely.

Behind the scenes: Most TCG investors were informed of the change earlier this morning.

The bottom line: TCG still has dry powder for a couple investments in the $2 billion fund it closed in 2022, and will continue to manage its existing portfolio.

🚑 Tubulis, a German developer of antibody-drug conjugates for solid tumors, raised €308m in Series C funding. Venrock, Wellington Management, and Ascenta Capital led, joined by insiders Andera Partners, Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Deep Track Capital, Bayern Kapital, Fund+, HTGF, Accident, and Seventure Partners. axios.link/42Hi6gB

🚑 Pelage Pharmaceuticals, an LA-based developer of hair loss treatments, raised $120m in Series B funding, per Axios Pro. Arch Venture Partners and GV led, joined by Main Street Advisors, Visionary Ventures and YK Bioventures. axios.link/3WEdHax

• Ecorobotix, a Swiss maker of a smart pesticide spraying system, raised $105m in Series D funding from Highland Europe, The European Circular Bioeconomy Fund, and McWin Capital Partners. axios.link/4o2GGRm

🚑 MD Integrations, a New York-based telehealth platform, raised $77m from Updata Partners and Denali Growth Partners. axios.link/4qgEFmo

• Dreamdata, a Copenhagen-based B2B marketing platform, raised $55m in Series B funding. PeakSpan Capital led, joined by InReach Ventures, Angel Invest, Curiosity Venture Capital and Crowberry Capital. axios.link/46Qx0n7

🚑 ABK Biomedical, a Canadian maker of imageable embolic medical devices, raised US$35m in Series D funding. JPMorgan Life Sciences led joined by F-Prime Capital, Santé Ventures, and Eight Roads Ventures. axios.link/4q98NzQ

• Basis Theory, an SF-based payments infrastructure company, raised $33m in Series B funding. Costanoa led, joined by Stage 2 Capital, Moneta VC, Bessemer Venture Partners, Kindred Ventures, Box Group, and Offline Ventures. axios.link/43a4n1S

🚑 MediView, a Cleveland-based developer of AR surgical navigation and image fusion tech, raised $24m in Series A funding. GE HealthCare led, joined by Cleveland Clinic, Mayo Clinic, Edge Ventures, and JobsOhio. axios.link/43ccdbg

🚑 Marble Health, a New York-based pediatric mental health startup, raised $15.5m. Costanoa led, joined by Town Hall Ventures and Khosla Ventures. axios.link/48xtO12

🚑 Medmo, a New York-based provider of radiology appointment management tools, raised $15m in Series A funding . Covera Health led, joined by insiders Origin Ventures, Lerer Hippeau, Digital Health Venture Partners, and Toppan Global Venture Partners. axios.link/4qciJJ0

🚑 WellTheory, a virtual autoimmune care platform, raised $14m in Series A funding. General Catalyst led, joined by 7wire Ventures, Ingeborg Investments, Accel, Box Group, and Up2 Opportunity Fund. axios.link/47drppW

🚑 Zingage, a New York-based provider of virtual home care delivery tools, raised $12.5m in seed funding. Bessemer Venture Partners led, joined by TQ Ventures, South Park Commons, and WndrCo. axios.link/48BoCt3

• Ascribe Bio, an Ithaca, N.Y.-based biofungicide startup, raised $12m in Series A funding. Corteva and Acre Venture Partners led, joined by Syngenta Group Ventures, Trailhead Capital, Silver Blue, Cultivation Capital, and The Yield Lab. axios.link/3WFgwrU

• Launchpad, a manufacturing robotics startup, raised $11m in Series A funding. Lavrock Ventures and Squadra Ventures led, joined by Ericsson Ventures, Lockheed Martin Ventures, Cox Exponential and the Scottish National Investment Bank. axios.link/3KRGd5Y

• Scotch, an OS for the liquor industry, raised $10m. First Round Capital led, joined by Lerer Hippeau, Toba Capital, and Watchfire Ventures. axios.link/47dcTP3

⚡ NxLite, a Canton, Mich.-based maker of energy-efficient window coatings, raised a $9.2m in Series A funding. Crabtree Lane Alt led, joined by Earth Foundry, MUUS, New Climate Ventures, and ACT Venture Partners. axios.link/4ojPlP8

🚑 Sibel Health, a Chicago-based provider of remote patient monitoring tools, raised $9m in Series C extension funding from Maruho Co. and SamsungNext. axios.link/4okv7oA

• LuxQuanta, a Spanish developer of "quantum-safe" cybersecurity solutions, raised €8m in Series A funduing. Big Sur Ventures led, joined by A&G. axios.link/47p72qS

🚑 Pear Suite, an operating system for community health workers, raised $7.6m in Series A funding. Rock Health Capital and Nexxus Holdings led, joined by Mucker Capital, Enable Ventures, SCAN Foundation, Acumen America, Impact Engine, California Health Care Foundation, Open Venture Capital, Incisive Ventures, and 7BC Venture Capital. axios.link/4nTfGE4

• Trove AI, which builds AI assistants for private equity teams, raised $7.1m in seed funding, per Axios Pro. Menlo Ventures led, joined by Khosla Ventures. axios.link/4hbEy7x

🚑 Everbright Health, an SF-based provider of mental health intervention tools, raised $7m in seed funding from W Health Ventures and Sanos Capital. axios.link/4qcRjm6

🚑 Altitude, a nurse practitioner upskilling company, raised $5.4m in seed funding led by Lerer Hippeau. axios.link/4nTfQva

🚑 Smartlens, a maker of glaucoma monitoring devices, raised $5.2m. Ambit Health Ventures led, joined by Graphene Ventures, Boutique Venture Partners, and Harvard Business School Alumni Angels GNY. axios.link/4nWmO2s

🚑 Alleviate Health, a Durham, N.C.-based patient recruitment company for clinical research sites, raised $4.3m in seed funding led by a16z. axios.link/4ooKqwA

• Global Infrastructure Partners, AIP, and MGX agreed to buy Plano, Texas-based Aligned Data Centers for around $40 billion. Sellers include Macquarie Asset Management. Flashback.

• Accel-KKR acquired a majority stake in Phocas Software, an Australian midmarket business intelligence and financial planning platform. axios.link/4okOkGv

🍕 Apollo approached Papa John's (Nasdaq: PZZA) about a $64 per share buyout, up from an earlier bid, per Reuters. axios.link/4hcUhmO

• Astira Capital Partners acquired CallRevu, a Towson, Md.-based call intelligence platform for the auto industry. axios.link/4qbGVLt

• Excelitas Technologies Corp., a portfolio company of AEA Investors, agreed to acquire Luxium Solutions, a Hiram, Ohio-based provider of single crystal scintillation materials for radiation detection, from SK Capital Partners and Edgewater Capital Partners. axios.link/49418wE

• Lee Equity Partners closed its $1.6b recapitalization of McLarens, a Georgia-based provider of technical insurance claims services. axios.link/47wo8Cn

• Lone Star Funds agreed to buy Hillenbrand (NYSE: HI), a Batesville, Ind.-based plastic parts and equipment maker, for $3.8b, or $32 per share. axios.link/4h9mkTY

• Main Capital Partners acquired TrustArc, a Walnut Creek, Calif.-based provider of data privacy and AI risk management software, from Bregal Sagemount. trustarc.com

• Marlin Equity Partners invested in Intelligent Locations, a Raleigh, N.C.-based provider of real-time location system software for health-care enterprises. axios.link/42EcqDU

⚡ Norlee Group, a Heartwood Partners portfolio company, acquired Beaumont Electric Co., a Naples, Fla.-based electrical services firm. axios.link/48wi66Q

• Northrim Horizon invested in Solutions360, a Canadian provider of ERP software for systems integrators. axios.link/42IruAy

• Serent Capital invested in Edulog, a Missoula, Mont.-based provider of student transportation software for K-12 school districts. axios.link/4oiCb4W

⚡ Cardinal Infrastructure Group, a Raleigh, N.C.-based provider of wet utility services, filed for an IPO. It reports $13m of net income on $188m in revenue for the first half of 2025 and plans to list on the Nasdaq (CDNL). axios.link/47q4FnO

• FG Imperii Acquisition, a financial services SPAC, filed for a $200m IPO. axios.link/43cmdRQ

• General Purpose Acquisition, a SPAC targeting maritime businesses and digital infrastructure, filed for a $200m IPO. axios.link/4nV4XsI

⚡ GIC is in talks to sell its 32% stake in French gas transmission firm Terega to Spain's Engas (Madrid: ENAG), per Reuters. axios.link/4ojbJs4

• Altice, the French telecom giant, rejected a €17b takeover offer from Bouygues, Orange, and Free-iliad. axios.link/43cAk9K

• Built Brands, an American Fork, Utah-based protein bar maker, hired Houlihan Lokey to explore a sale that could fetch more than $1b, per Reuters. axios.link/4n63Oxm

⚡ Citadel acquired German power trading company FlexPower for an undisclosed amount. axios.link/4hfhkgI

• Coinbase (Nasdaq: COIN) increased its investment in Indian crypto exchange CoinDCX, at a $2.45b post-money valuation. axios.link/4qcziEA

🚑 Novo Nordisk agreed to buy rare disease drugmaker Omeros (Nasdaq: OMER) for upwards of $2.1b. including $340m upfront. axios.link/4n3Wcv6

• TrueCar (Nasdaq: TRUE) agreed to go private for $227m in a deal led by founder Scott Painter, who will return as CEO. axios.link/47pSkjw

• Rimac Group, a Croatian sports-car maker, confirmed that it's in talks to buy Porsche's stake in their Bugatti Rimac joint venture. axios.link/3KOx3au

• RCP Advisors raised $1.26b for its fifth PE secondaries fund. axios.link/4nKw5dT

🚑 Shore Capital Partners raised $625m for its sixth flagship PE fund focused on health care, and $225m for its second search fund. axios.link/47nCLsx

🚑 Town Hall Ventures raised $440m for its fourth health-focused fund. axios.link/4hhG73U

• Jim Jensen joined Orrick as head of the law firm's fund formation practice. He previously was with Wilson Sonsini. axios.link/48rQC24

Bank profits and stock prices are soaring on the dealmaking revival.

What follows are the year-over-year jumps in investment-banking fees, according to Q3 2025 earnings reports:

• Morgan Stanley: 44%
• Bank of America: 43%
• Goldman Sachs: 42%
• JPMorgan: 16%