The Trump administration yesterday took a giant step toward allowing alternative assets in 401(k) plans, with the Department of Labor proposing rules that now will be open for two months of public comment.

The big picture: Pay more attention to the actual rule than to the press release.

• The former focuses primarily on process, including the use of benchmarks. The terms "prudent" or "prudently" are mentioned 105 times. It makes no claim that adding private equity or crypto to a 401(k) will improve performance.
• The latter does a lot more cheerleading for "President Trump's promise for a new golden age," although it does cite "prudent process" near the end.

What they're saying: "I'm surprised by how neutral the rule was, when you think about the massive amount of lobbying there's been around it," a senior 401(k) manager tells me. "It doesn't say certain assets are good or bad. Instead, it really focuses on making a rules-based framework instead of a litigation-based one."

Zoom in: Expect a lot of public comment, particularly from those who fear this expansion could expose retirement savings to higher risks.

• The final rule may look different, as DOL does seem to want advice in certain areas, but don't expect any wholesale change of direction.
• This effort springs not only from President Trump's executive order last summer, but also from his broader belief that Americans will benefit from expanded access to, and participation in, capital markets (e.g., Trump accounts).

Look ahead: Private equity's marketing machine is already ramping up, particularly as the DPI drought has caused some longtime institutional backers to cool on the asset class. It wants individuals to demand its product once DOL codifies the final rule.

• The key differentiator on "prudence" may be those 401(k) plan managers who tip-toe into privates, most likely via target-date funds, versus those who dive in headfirst.

Source: Giphy

Unilever (NYSE: UL) has agreed to sell its food business, including Hellman's mayo, to McCormick & Co. (NYSE: MKC).

Why it's the BFD: This creates a condiments colossus valued at more than $60 billion, and is the largest deal in either company's history.

Deal details: McCormick, the spicemaker whose other brands include Cholula hot sauce and French's mustard, will pay $15.7 billion in cash and the equivalent of $29.1 billion in stock.

• It would result in Unilever shareholders owning around 65% of the combined company, which would generate around $20 billion in annual revenue.

Meanwhile: Unilever said it will freeze global hiring for three months, due to cost increases driven by the Iran war.

The bottom line: Unilever has been in the food business for nearly a century. That's about to change, as it refocuses exclusively on health, beauty and wellness.

• Whoop, a Boston-based wearables maker, raised $575m at a $10.1b post-money valuation. Collaborative Fund led, joined by QIA, LeBron James, Cristiano Ronaldo, 2PointZero Group, Mubadala, Abbott, Mayo Clinic, Macquarie Capital, Glade Brook, B-Flexion, IVP, Foundry, Accomplice, Affinity Partners, Promus Ventures, and Bullhound Capital. axios.link/4175Pkh

• Rebellions, a South Korean fabless AI chip startup, raised $400m at a $2.34b post-money valuation led by Mirae Asset Financial Group and the Korea National Growth Fund. axios.link/4sH5cdc

• Tenex.ai, a Sarasota, Fla.-based AI cybersecurity company, raised $250m in Series B funding. Crosspoint Capital Partners led, joined by Shield Capital and DeepWork Capital. axios.link/4m3MR7K

• 9fin, a London-based analytics platform for debt capital markets, raised $170m in Series C funding at a $1.3b post-money valuation. HarbourVest led, joined by CPP Investments and insiders Redalpine, Highland Europe, Spark Capital, and Seedcamp. axios.link/3NWDRon

🚀 StarCloud, a Redmond, Wash.-based developer of orbital data centers, raised $170m in Series A funding at a $1.1b valuation. Benchmark and EQT Ventures led, joined by Macquarie Capital, NFX, Nebular, YC, Adjacent, 776 Ventures, Fuse Ventures, Manhattan West, and Monolith Power Systems. axios.link/4bY1a98

• ScaleOps, an Israeli computing resource allocation startup, raised $130m in Series C funding at an $800m valuation. Insight Partners led, joined by Lightspeed, NFX, Glilot Capital Partners, and Picture Capital. axios.link/414cJqn

• OpenFX, a Miami-based FX infrastructure startup, raised $94m in Series A funding from M13, Accel, Atomico, Lightspeed, Northzone, and Pantera. axios.link/3NNIhOn

• Qodo, an NYC-based AI coding startup, raised $70m in Series B funding. Qumra Capital led, joined by Maor Ventures, Phoenix Venture Partners, S Ventures, Square Peg, Susa Ventures, TLV Partners, and Vine Ventures. axios.link/4s6yNMd

• Crosby, an NYC-based maker of legal agents, raised $60m in Series B funding. Lux Capital and Index Ventures led, joined by Sequoia Capital, Elad Gil, Bain Capital Ventures, and 01 Advisors. axios.link/4v17LIN

• IQM Quantum Computing, a Finnish quantum computer developer, raised €50m led by BlackRock. axios.link/4bHR3GQ

• Midas, a tokenization protocol, raised $50m in Series A funding. RRE and Creandum led, joined by Framework Ventures, HV Capital, Ledger Cathay, North Island Ventures, Coinbase Ventures, Franklin Templeton, GSR, and Anchorage Digital. axios.link/4uUHtI1

⚡ ThinkLabs AI, a grid startup spun out of GE Vernova, raised $28m, per Axios Pro. Energy Impact Partners led, joined by NVentures, Edison International and insiders GE Vernova, Powerhouse Ventures, Active Impact Investments, Blackhorn Ventures, and Amplify Capital. axios.link/48lngBt

• Kestra, an NYC-based workflow orchestration startup, raised $25m in Series A funding, per Axios Pro. RTP Global led, joined by Alven, ISAI, and Axeleo. axios.link/4862oy1

🌍 Standing Ovation, a French precision fermentationstartup, raised €25m in Series B funding led by Ecotechnologies 2 and Crédit Mutuel Innovation. axios.link/4sb3uzP

• Valinor, a blockchain-based private credit infrastructure startup, raised $25m in seed funding. Castle Island Ventures led, joined by Susquehanna and Maven11. axios.link/4m2HWUA

• Variance, a developer of financial compliance agents, raised $21.5m in Series A funding, per Axios Pro. Ten Eleven Ventures led, joined by 645 Ventures, YC, Urban Innovation Fund, and Okta Ventures. axios.link/4m4nItE

• Create Wellness, a NYC-based maker of creatine gummies, raised $20m in Series B funding led by Alliance Consumer Growth and Impact Capital, with participation from Unilever Ventures. axios.link/4sJyW9v

🚑 Jimini Health, an NYC-based provider patient-facing AI infrastructure for large behavioral health groups, raised $17m in seed funding. M13 led, joined by Town Hall Ventures, LionBird, Zetta Venture Partners, and OneMind. axios.link/4m6Re24

🚑 Scala Biodesign, an Israeli provider of protein design software, raised $16m in Series A funding, per Axios Pro. Grove Ventures led, joined by TLV Partners, Deep Insight and the Israel Innovation Authority. axios.link/47BPDLA

• Whirl AI, a context layer for enterprise AI, raised $8.9m in seed funding led by Iconiq. whirlai.com

• Cara, an AI platform for insurance brokerages, raised $8m in seed funding led by Kearny Jackson, per Axios Pro. axios.link/4sEY8xJ

• Enclave, an Israeli application security startup, raised $6m led by 8VC. axios.link/4s07WRJ

• Allshares, a Bregal Milestone portfolio company, acquired Amalia, a French employee ownership and incentive management company. axios.link/47u3687

• Archer Foodservice Partners, backed by Wynnchurch Capital, agreed to acquire the foodservice business of SternoCandleLamp from Compass Diversified (NYSE: CODI). axios.link/4s7Y9cH

• ATIS, a Thompson Street Capital Partners portfolio company, acquired Alberta-based Vinspec, a Canadian provider of elevator and escalator consulting and inspection services. axios.link/41oVXCJ

🚑 CapVest completed its buyout of German generic pharma company Stada from Bain Capital and Cinven at around a €10b enterprise value. axios.link/4lYaxdC

• Del Monte Capital acquired DLG Infrastructure Services, a Houston-based municipal water infrastructure company. axios.link/4tlQZ5C

• FormativGroup, backed by Rockbridge Growth Equity, acquired Flok, a Salesforce consulting firm. axios.link/4v2BSj4

• Galls, a portfolio company of Charlesbank, acquired CMS Uniforms and Equipment, a Nashville-based maker of uniforms for first responders. axios.link/4lVIc7G

• Greenbelt invested in American Wire Group, a Miami-based supplier of wire, and cable, hardware, equipment and accessory solutions. axios.link/3PxTd3f

🚑 Kain Capital invested in White Wilson Medical Center, a multi-specialty physician group in Florida. axios.link/487qQiz

• Michelli Weighing & Measurement, a portfolio company of Summit Park, acquired industrial weighing companies Florida Industrial Scale Company and Industrial Scale and Measurement. axios.link/4sKMiCr

🚑 MTIP invested in Verifarma, a Spanish provider of pharma serialization, traceability, and regulatory compliance solutions. axios.link/4s1OAf6

• Nxtra Data, an Indian data center operator, secured $1b from Alpha Wave ​Global, Carlyle, Anchorage Capital, and Bharti Airtel. axios.link/47t53Sf

• Osprey Landscape Group, a Southfield Capital portfolio company, acquired Palm Gardens, a Dallas-area commercial landscaper. axios.link/47zOh3P

🚑 Prescient Healthcare Group, a portfolio company of Bridgepoint, acquired Dolon, a London-based pricing and market access consultancy. axios.link/4s22b6g

• Tiger Infrastructure Partners invested in Orbis Protect, a British provider of security infrastructure for critical assets and property. axios.link/47ujGF0

• Uber (NYSE: UBER) agreed to buy Blacklane, a Berlin-based provider of limos and other high-end transportation that had raised around $220m from firms like Saudi PIF, Mercedes-Benz Mobility, Gargash Enterprises, Al Fahim Group, the Alstin Family, b2venture, and RI Digital Ventures. axios.link/4sLQVfx

🚑 Aurinia Pharmaceuticals (Nasdaq: AUPH) agreed to acquire Kezar Life Sciences (Nasdaq: KZR), a South SF-based autoimmune biotech, for $51.3m. axios.link/4v0mcN3

🚑 Biogen (Nasdaq: BIIB) agreed to acquire kidney-focused biotech Apellis Pharmaceuticals (Nasdaq: APLS) for $5.6b. axios.link/4dUTsiF

🚑 Eli Lilly (NYSE: LLY) agreed to acquire Centessa Pharmaceuticals (Nasdaq: CNTA), a U.K. developer of sleep disorder medicines, for $6.3b. axios.link/4m0Rv6z

• Sony (Tokyo: 6758) agreed to sell a 51% stake in its home entertainment business to China's TCL Electronics (HK: 1070) for $472m. axios.link/3NBjQ6N

• Corazon Capital, a Chicago-based VC firm, raised $100m for its fourth fund. corazon.com

• Anzu Partners promoted Josh Stiling to principal. axios.link/413mZiM

• Highland Europe promoted Helena Richardson to partner. axios.link/3PFdjIK

• Clark Jeffries (ex-Somerset Reinsurance) and Gary Droscoski (PGIM Private Alternatives) joined H.I.G. Capital as global head of insurance and managing director of capital formation, respectively. axios.link/4s93oZj

• Derek Rush joined Angeles Equity Partners as a vice president. axios.link/3PFNI2l

Allbirds, the wool sneaker maker that helped drive the DTC craze of the late teens, has agreed to sell its assets and IP to brand management firm American Exchange Group for just $39 million.

• That's a significant premium to where Allbirds shares have traded, but a far cry from its market highs after going public in late 2021.
• For context, Allbirds raised $348 million in its IPO after having raised around $200 million from VCs (who last valued the company at $1.7 billion in 2020). One of those venture backers, Maveron, still holds more than a 10% stake.
• The San Francisco-based company is set to release 2025 earnings after today's closing bell.