President Biden has been clear that he wants to raise taxes on capital gains for high earners. But, until a WSJ scoop last night, it wasn't known that he wants those taxes raised retroactively.

Why it matters: It's unscrupulous.

• This isn't a judgment on the merits or demerits of raising top capital gains rates, either to Biden's preferred 39.6% (plus an ACA surcharge) or closer to the 30% rate than many Democrats prefer. It's a judgment on changing the rules after the game has been played.

Per WSJ: "Biden's expected $6 trillion budget assumes that his proposed capital-gains tax rate increase took effect in late April, meaning that it would already be too late for high-income investors to realize gains at the lower tax rates if Congress agrees, according to two people familiar with the proposal."

• This is different than what White House economic adviser Heather Boushey told me last month on Axios Re:Cap, when asked about retroactivity.

The White House argument is likely to be that retroactivity will prevent investors from taking advantage of the period between Biden's original announcement and ultimate bill passage.

• But this ignores that Biden's announcement was just a starting point for negotiations, and was more press release than bill.
• And, again, the White House chose not to say at the time that the taxes would be retroactive, leading reasonable investors to make decisions under the assumption that any hikes would take effect either once legislation is signed, or perhaps at the beginning of 2022.

The bottom line: It's laudable that the administration wants its math to work, as part of the most ambitious infrastructure and social spending plan of our lifetimes. But it shouldn't use unfair means to ensure the rich pay their fair share.

Full Truck Alliance, a Chinese platform that connects shippers and truckers, filed for an IPO that could raise at least $1.5 billion at a $30 billion valuation.

• Why it's the BFD: The company, also known as Manbang Group, claims to be the world's largest digital freight platform bygross transaction value, and reflects how there's still plenty of money to squeeze from the "Uber for everything" trend.

• Details: Full Truck Alliance plans to list on the NYSE (YMM) and reports a $25 million profit on $396 million in revenue for 2020.
• ROI: It raised $3.6 billion in private funding, most recently last fall at an $11.7 billion valuation, from firms like SoftBank Vision Fund (22.2% pre-IPO stake), Sequoia Capital China (7.2%), Permira, Tencent, Hillhouse Capital, GGV Capital, Lightspeed China Partners and Baillie Gifford.
• Bottom line: "China's logistics market is becoming increasingly competitive. Full Truck Alliance competes with other companies such as Huolala. And giants such as Alibaba and Tencent are also putting more emphasis on growing their own logistics businesses." — Arjun Kharpal, CNBC

• QuintoAndar, a Brazilian real estate marketplace, raised $300 million in Series E funding at a $4 billion valuation. Ribbit Capital led, and was joined by SoftBank and Alta Park. http://axios.link/9CJi

🚑 GenapSys, a Redwood City, Calif.-based developer of gene sequencing equipment, raised $70 million in Series D funding from firms like Farallon Capital Management and Soleus Capital. http://axios.link/7nhS

• RevenueCat, a San Francisco-based provider of in-app subscription tools, raised $40 million in Series B funding at a $300 million valuation. YC Continuity Fund led, and was joined by Index Ventures, SaaStr, Oakhouse, Adjacent and FundersClub. http://axios.link/W6U7

• Poparazzzi, a photo sharing app, is raising $20 million in Series A funding led by Benchmark at around a $135 million valuation, per Forbes. http://axios.link/uasn

• Breinify, a Cupertino, Calif.-based data science startup focused on marketing teams, raised $11 million co-led by Gutbrain Ventures and PBJ Capital. http://axios.link/djxO

• Airspace Link, a Detroit-based drone safety startup, raised $10 million from Altos Ventures and Thales. http://axios.link/VbMV

• Pyn, an Australian targeted communications startup, raised US$8 million in seed funding from Accel, Ryan Sanders (BambooHR) and Scott Farquhar (Atlassian). http://axios.link/amOw

• Filtered.ai, a Boston-based technical hiring service, raised $7 million from Silicon Valley Data Capital and the AI Fund. http://axios.link/PoHU

• Greg, a plant-care app, raised $5.4 million in seed funding. Index Ventures led and was joined by First Round Capital. http://axios.link/WZAI

• Infinite Objects, a New York-based art hardware startup, raised $6 million. Courtside VC led, and was joined by Dapper Labs. http://axios.link/iBWc

• Kitt, a British provider of workspace solutions to landlords, raised £3.6 million in seed funding led by Barclay Ventures. http://axios.link/73FL

• CPPIB is in talks to buy Mobilitie, a Newport Beach, Calif.-based wireless infrastructure company that could fetch more than $1.3 billion, per Bloomberg. Sellers would include Shamrock Capital. http://axios.link/9CVa

🚌 FirstGroup (LSE: FGP) secured shareholder approval for the $4.6 billion sale of its U.S. school bus business to EQT Infrastructure, over the opposition of its top investor. http://axios.link/nPcZ

• Odyssey Investment Partners agreed to buy The Planet Group, a Chicago-based professional services organization, from MidOcean Partners. Planet will be merged with Odyssey portfolio company ProPharma. www.theplanetgroup.com

• Relativity ODA, a Chicago-based legal and compliance software company backed by Silver Lake, acquired Text IQ, an AI startup that raised around $15 million from Floodgate, FirstMark Capital, Sierra Ventures and Touchdown Ventures. No financial terms were disclosed, but Axios hears the price tag was north of $100 million. http://axios.link/vlHC

• Eurowag, a Czech payments company owned by TA Associates, hired Citi, Jefferies and Morgan Stanley for a London IPO that could value the company north of $2 billion, per Reuters. http://axios.link/en58

⚡ Green Hydrogen Systems, a Danish-based developer of electrolyzers to produce green hydrogen, plans to raise around $164 million in a Copenhagen IPO. Its raised over $33 million in VC funding from firms like Nordic Alpha Partners and Norlys Holding. http://axios.link/gQ2e

🚑 AGIC Capital, a Chinese PE firm, hired RBC to restart the sale process for medical laser company Fotona, which could fetch at least $800 million, per Bloomberg. http://axios.link/Qu8d

• DocuSign (Nasdaq: DOCU) agreed to acquire the IP and team of Clause, a New York-based smart agreement company backed by firms like Galaxy Digital Holding. www.docusign.com

• Tata Sons bought a majority stake in Indian online grocer BigBasket, which had raised over $760 million from firms like Bessemer Venture Partners, Ascent Capital, Helion Venture Partners, Zodius Capital, Alibaba, Mirae Asset Management and CDC Group. http://axios.link/B1pm

• HEXO Corp. (TSX: HEXO) agreed to buy Canadian cannabis producer Redecan for C$925 million. http://axios.link/T6VA

• BBH Capital Partners raised over $1.2 billion for its sixth fund. www.bbh.com

• First Move Capital, a Boulder, Colo.-based VC firm focused on the transportation sector, raised $150 million for it’s a new fund. http://axios.link/za2g

• Further Global, a buyout firm founded by ex-Carlyle Group exec Olivier Sarkozy, is raising $1.25 billion for its second fund, per SEC filings. http://axios.link/IbmA

• HarbourVest Partners raised $833 million for its second credit opportunities fund. www.harbourvest.com

• Lerer Hippeau, a New York-based VC firm, made four promotions to partner: Andrea Hippeau (joined in 2014 from Bark & Co. and The Dodo), Caitlin Strandberg (joined in 2018 from FirstMark Capital), Isabelle Phelps (first joined as a summer intern in 2017, previously at Dorm Room Fund), and platform director Stephanie Manning Cohen (joined in 2017 from Work-Bench). http://axios.link/LeQN

• Go deeper: Hedge fund influence grows