Private equity sure does love itself some pizza. But it doesn't always turn dough into dough.

• (I'm so very sorry for that.)

Driving the news: LongRange Capital yesterday agreed to buy the non-China operations of Pizza Hut from Yum Brands for $1.5 billion (plus up to $75 million in earnouts), with Yum China buying the rest for $1.2 billion.

• LongRange isn't yet disclosing how it plans to revive the iconic chain, whose sales have slumped despite a shift from eat-in to takeout and delivery.

While we wait to see how the deal works out, here's a brief and noncomprehensive look at PE's pizza past:

🍕 California Pizza Kitchen: Golden Gate Capital took the company private in 2011 for $470 million, and may have recouped some cash via a 2013 dividend recap before the chain filed for Chapter 11 bankruptcy protection in 2020.

• CPK returned to private equity hands late last year, when Consortium Brand Partners and Eldridge Industries bought it for just south of $300 million.

🍕 Sbarro: MidOcean Partners bought the food court staple in 2007 for around $450 million, but it filed for Chapter 11 bankruptcy less than four years later.

• Sbarro filed for bankruptcy yet again in 2014 and now is controlled by CEO David Karam.

🍕 Round Table Pizza: This one went bankrupt before and after private equity got involved, although not during.

• The California-based chain went Chapter 11 in 2011 and two years later secured growth equity from Summit Partners.
• It was acquired in 2017 by Global Franchise Group, a portfolio company of Levine Leichtman Capital Partners that then was sold to Lion Capital. FAT Brands bought Round Table for $445 million in 2021, but filed for Chapter 11 earlier this year.

🍕 Blaze Pizza: Brentwood Associates acquired a "significant noncontrol" stake in 2020, but growth has recently gone in reverse.

• The chain closed more than 10% of its stores in 2024 and 2025, keeping with broader industry struggles.

🍕 MOD Pizza: The Seattle-based chain raised $160 million from Clayton Dubilier & Rice and other firms in 2019, and seemed to be on track for an IPO with around 500 stores.

• But it too hit the skids and explored a bankruptcy filing before selling out to Elite Restaurants in 2024.

🍕 Domino's: This is an oldie but a goodie.

• Bain Capital bought the chain from founder Tom Monaghan in 1998 for around $1 billion, at a time when its pizza crust was regularly compared to cardboard.
• It installed a new CEO named Dave Brandon, who was credited with everything from international expansion to menu revitalization to a successful marketing campaign starring Brandon himself. Domino's went public in 2004 and today has a $10.6 billion market cap.
• Bain would later tried to repeat the Brandon magic by putting him in charge of Toys 'R Us, but that one didn't work out so well.

🍕 Pizza Hut: Not the parent company, but its various franchisee groups.

• The largest was NPC International, a PE hot potato that moved from Merrill Lynch Global PE (2006) to Olympus Partners (2011) to Eldridge Industries (2018).
• It went bankrupt in 2020, and was eventually acquired by PE-backed Flynn Restaurant Group, which now calls itself the largest franchisee of U.S. restaurants.

🍕 Papa Johns: No deal here yet, but it's reportedly weighing a $1.5 billion buyout bid from Irth Capital and the chain's largest franchisee. This comes after Apollo pulled the plug on a $2.1 billion offer.

PayPal Ventures is shutting down and may sell off some of its portfolio on the secondary market, according to Fortune.

Why it's the BFD: It was one of fintech's most active corporate venture investors, pumping more than $850 million into companies like Anchorage Digital, Divvy, and Plaid.

The bottom line: "New CEO Enrique Lores is trying to simplify things and pare down the business into parts that could potentially be sold off or have the entire thing taken private, so having a standalone CVC doesn't really make a whole lot of sense. Plus, selling some of the portfolio could probably provide a short-term earnings boost while he figures out the bigger strategy." — Ryan Lawler, Axios Pro

• DeepSeek, the Chinese open-sourced foundational model company, raised $7.5b at a valuation north of $50b. Founder Liang Wenfeng invested $3b, joined by Tencent and CATL. BFD flashback

• Kling AI, a video AI arm of Kuaishou (HK: 1024), is in talks to raise $2b at an $18b valuation led by General Atlantic, per Bloomberg. axios.link/4vXE62X

• CuspAI, a U.K. AI startup focused on material sciences, raised $400m at a $2.6b post-money valuation from firms like Bezos Expeditions and Kleiner Perkins, per the FT. axios.link/3QOW0FY

• Odyssey, a Palo Alto, Calif.-based developer of world models, raised $310m in Series B funding at a $1.45b post-money valuation. Natural Capital led, joined by Amazon, AMD Ventures, GV, EQT, and IQT. axios.link/4xwuLR0

• Ent, an SF-based workspace security startup, raised $100m in seed funding. Decibel led, joined by Sequoia, Crosspoint Capital Partners, Craft Ventures, Shield Capital, Felicis, and In-Q-Tel. axios.link/4gtXaB4

🚑 Triveni Bio, a Watertown, Mass.-based developer of antibody treatments for immunological and inflammatory disorders, raised $65m in Series C funding. Ascenta Capital and Janus Henderson Investors led, joined by Deep Track Capital and insiders. axios.link/4xAyPzR

• Respond.io, a Malaysian provider of customer conversation management maker, raised $62.5m in Series B funding. Camber Partners led, joined by Endeavor Catalyst. axios.link/4xFe0n1

• Conduct, an enterprise software modernization startup, raised $60m in Series A funding, per Axios Pro. Index Ventures and Iconiq led, joined by insiders Creandum, Lucid Capital, and Booom. axios.link/4uKRYwi

• AttoTude, a Menlo Park, Calif.-based connectivity scaling company for AI infrastructure, raised $52m in Series C funding. The Westly Group led, joined by Keysight, Allegis Capital, DNX, Sutter Hill Ventures, Mayfield, Canaan, and Wing Venture Capital. axios.link/44hYHTu

🚑 Vedana Therapeutics, a Seattle-based developer of migraine therapies, raised $46m in Series A funding. Westlake BioPartners and Canaan Partners led, joined by Dawn Biopharma and Alexandria Venture Investments. axios.link/4eNItHT

• Andera, a corporate audit and compliance testing automation startup, raised $37m in Series A funding, per Axios Pro. Lightspeed led, joined by A*, Pear, and BCV. axios.link/4fR4aYC

• Copia Automation, an NYC-based provider of industrial code management and resiliency, solutions, raised $26m. AE Ventures and Squadra Ventures led, joined by KAS Venture Partners and insiders Construct Capital, Lux Capital, Ironspring Ventures, and Renegade Partners. axios.link/44fhAqg

🚑 Rejoni, a clinical-stage medtech focused on uterine health, raised $25m from Clavyst Bio, Amed Ventures, Ascension Ventures, Catalyst Health Ventures, Delos Capital, FemHealth Ventures, Iyengar Capital, and Sparta Group. axios.link/3QlbxgI

• Traysar, an Austin, Texas-based subterra defense-tech startup, raised $25m. Silent Ventures led, joined by Lux Capital, Ora Global, NeverLift VC, Mana, Impatient Ventures, New Vista and Entree Capital. traysar.com

• Foundation Alloy, a Cambridge, Mass.-based metals engineering platform, raised $22m in Series A funding. Voyager Ventures led, joined by Trust Ventures, Yamaha Motor Ventures, America's Frontier Fund, Overlap Holdings, Material Impact, Engine Ventures, and El Cap. axios.link/4fPdn3K

• Limitless Labs, an AI platform for CAD/CAM in mechanical manufacturing, raised $20m in Series A funding. Dell Technologies and Square Peg led, joined by Grove Ventures, Meron Capital, and Kinetica. axios.link/4ve5mKi

• NeuralTrust, a Barcelona-based platform for securing AI agents, raised $20m in seed funding. Alstin Capital led, joined by VentureFriends, Seaya, Kibo Ventures, Banc Sabadell, EA Ventures Plug and Play Fund, and Finaves. axios.link/3SegyrU

• Karta, a WhatsApp-run credit card for global travelers, raised $15m in Series A funding (plus a $125m credit facility). Galaxy Ventures led, joined by Illuminate, Canary, and Clocktower Ventures. axios.link/4g9Z7Tt

🚑 Clair Health, maker of wearable hormone monitors for women, raised $11.6m in seed funding, per Axios Pro. Khosla Ventures led, joined by Brydge Club, Cartan Capital, AGI House, Insiders VC and Anne Wojcicki. axios.link/4xA4rFO

• HighGround, a defense investing intel platform, raised $6.5m in seed funding, per Axios. Next Frontier Capital led, joined by Tandem Ventures, Fulcrum Capital, and Context Ventures. axios.link/4vOUJh2

• Tenet Security, a cybersecurity startup focused on AI agents, raised $6m from The Westly Group and MizMaa Venture. axios.link/4oGtTWc

🚑 Vali Health, an SF-based maker of AI agents for home care agencies, raised $6m in seed funding from Bonfire Ventures, Supernode, and Comma Capital, per Axios Pro. axios.link/4vSvGtx

• Swsh, an NYC-based fan engagement platform for live experiences, raised $4m in seed funding. Game Changers Ventures led, joined by Stellation Capital, SignalFire, MaC Venture Capital, Scooter Braun, and Guy Oseary. axios.link/4edJbhp

• PDKINEMATICS, a Lithuanian developer of precision guidance systems, raised €2m in seed funding led by Coinvest Capital and Iron Wolf Capital. axios.link/4vlEOHe

• Allvia, backed by Trinity Hunt Partners, acquired Smith Communication Partners, a workforce strategy and employee communications consultancy. axios.link/4uGGDgO

🚑 Altaris agreed to acquire drug development firm Simulations Plus (Nasdaq: SLP) for around $375m, or $18.50 per share, and then merge it with existing Altaris portfolio company Chemical Computing Group. axios.link/4uJ1RL9

⚽ Ares Management and Michele Kang are in talks to assume control of troubled French soccer club Olympique Lyonnais, per Bloomberg. axios.link/4veOfIh

• Bertram Capital invested in Bluebird, a Minneapolis-based omnichannel retail commerce services company. axios.link/4uEvYDk

🚑 CVC agreed to acquire a majority stake in WillowWood, a Mt. Sterling, Ohio-based maker of prosthetic liners, feet, and knees, from Blue Sea Capital. axios.link/4emfERr

• Flatirons Solutions, a Teleo portfolio company, acquired Scope AR, an SF-based training and remote training solution for frontline workers. axios.link/4fL4EiY

• Francisco Partners acquired EfficientIP, a provider of network automation and security solutions, from its founders and minority backers TempoCap and Jolt Capital. axios.link/3SdT06r

• GreenArrow, a CAI Capital Advisors portfolio company, acquired HBC Co., a Lodi, N.J.-based provider of electrical and transportation infrastructure services. axios.link/4veJ3UN

• KKR made a $1.4b equity commitment to its commercial aircraft leasing partnership with Altavair. axios.link/4a4OX2z

⚡ Lead Edge Capital invested in Elektrik, a Lindon, Utah-based distributor of medium voltage electrical components. axios.link/44dPVGa

• Leonard Green & Partners completed its acquisition of Cumming Group, a Westport, Conn.-based construction project consultancy, from New Mountain Capital. axios.link/4mvlns2

• Lone Star Funds is in pole position to acquire ContiTech, the industrial unit of Continental AG, per Bloomberg. axios.link/44j4HeI

• Montagu agreed to acquire a majority stake in BMC Helix, an agentic AI service-ops platform, from KKR-owned BMC Software. axios.link/4godSBU

⚡ New Mountain Capital acquired Commonwealth Associates, a Jackson, Mich.-based power engineering firm. axios.link/4ovI3ZY

• The Riverside Co. acquired AssetIntel, a Sanford, Fla.-based provider of infrastructure inspection and asset management software. assetintel.co

🌎 Rochester Midland, a Peak Rock Capital portfolio company, acquired ClarityChem, a Depew, N.Y.-based provider of water and process treatment solutions. axios.link/4gqZrNv

• Rubicon Technology Partners acquired CaseWorthy, a Utah-based case management platform for nonprofits and governments, from STG Partners. axios.link/4erNogd

• Space Age Electronics, a DelCam Capital portfolio company, acquired SprinkGuard, a Mishawaka, Ind.-based maker of fire sprinkler protection products. axios.link/4ouTNMk

• Spatco, a Kian Capital portfolio company, acquired Florida-focused Discovery Tank Testing and Tank Wizards. Discovery provides environmental compliance and testing services to retail fueling sites and commercial operators, while Tank Wizards provides fuel tank-cleaning, fuel polishing and heavy maintenance services. axios.link/4ox0IEV

• TPG agreed to acquire both Waste Eliminator, which operates in Georgia and South Carolina, and North Carolina-focused Liberty Waste Solutions from Allied Industrial Partners. axios.link/4erTMEt

• xFact, a Renovus Capital Partners portfolio company, acquired Stonewall Solutions, a provider of custom tech to state and local governments. axios.link/4xtNJYA

• Csquare, a Coppell, Texas-based data center operator backed by Brookfield Infrastructure Partners, filed for an IPO that Renaissance Capital estimates could raise $600m. It reports a $120m net loss on $987m in 2025 revenue, and plans to list on the NYSE (CSQR). axios.link/4vrxvxy

• Cantor Equity Partners VII, the 16th SPAC formed by Cantor Fitzgerald, raised $250m in its IPO. axios.link/4nQapOk

• Market Technology Acquisition, a fintech SPAC led by Jonathan Slone (uSmart Capital), filed for a $200m IPO. axios.link/44klUEB

• Databricks acquired Panther, an SF-based security operations center developer that raised around $140m from firms like Lightspeed, Coatue, Snowflake Ventures, S28 Capital, Innovation Endeavors, Lightspeed Venture Partners, and Iconiq Growth. Panther was valued at $1.4b in 2021. axios.link/4uHK9HP

• Portobello Capital paused the auction for Spanish legal-tech Legálitas, over concerns about how AI is impacting the sector, per Bloomberg. axios.link/4egzrTM

• Principal Mineral, whose backers include Overmatch Ventures, J2 Group and New Industrial Corp., agreed to buy Isola Group, a Chandler, Ariz.-based maker of components for printed circuit boards, from Cerberus. axios.link/4fLrQh7

🚑 Nano Dimension (Nasdaq: NNDM) agreed to merge with Infinite Epigenetics, a Lexington, Ky.-based epigenics platform, for $890m. axios.link/43KcAK7

• Align Capital Partners raised $770m for its fourth flagship PE fund and $375m for a second fund focused on lower midmarket co-investments. axios.link/4ewSR5L

• Clearlake Capital Group raised $14.8b for its eighth flagship fund, shy of its original $15b target. axios.link/4fTU8pP

⚡ I Squared Capital is partnering with the U.S. International Development Finance Corp. to form a $3b investment platform for energy infrastructure in South and Southeast Asia. axios.link/4oBltiS

• Pegasus Tech Ventures will serve as general partner of a $60m corporate venture fund for Japanese bio-robotics company Cyberdyne (Tokyo: 7779). axios.link/4xtL8Ok

SpaceX was more valuable than Amazon at Tuesday's market close, and briefly topped Microsoft during the session. All of which is bonkers.

• SpaceX shares are up even higher in early morning trading, while Amazon and Microsoft shares are down.