Joshua Kushner's Thrive is now investing in pro sports, agreeing to buy a small stake in the San Francisco Giants.

• It's being done via a new holding company called Thrive Eternal, which will focus on assets with "qualities that cannot be replicated by technology."

Why it matters: This feels like an asset-gathering gambit by Thrive, which now joins the same IPO watchlist as General Catalyst and Andreessen Horowitz.

• Pro sports is a great business, but doesn't really move the ROI needle for a firm with big stakes in companies like OpenAI and Stripe.

Zoom in: Thrive isn't disclosing details of the Giants deal, which remains subject to MLB approval, but my understanding is that it's for a sub-10% stake and includes both primary and secondary purchases.

• Neither of the club's two existing institutional owners — Arctos and Sixth Street Partners — sold.

The big picture: Thrive Eternal is a permanent capital vehicle initially funded by many existing investors in Thrive Capital's venture capital and growth equity funds.

• No word yet if Thrive Eternal initially raised a blind capital pool or is operating more like a fundless sponsor. But, like most evergreen structures, expect that investors will have liquidity mechanisms.
• Expect it not only to buy into pro sports franchises, but also things like iconic live event venues and festivals. Former Disney CEO Bob Iger, who recently rejoined Thrive as an advisor, will be deeply involved.

Yes, but: Thrive Eternal may not have access to all pro sports franchises.

• For starters, the NFL isn't currently accepting applications for its group of pre-approved franchises.
• Second, Kushner has a small personal investment in the Miami Heat, which may preclude Thrive Eternal from buying into other NBA clubs. A league spokesperson didn't respond to a request for comment.

The bottom line: The key to taking a private investment firm public is to diversify the business, preferably with less volatile assets than venture capital or private equity.

• Kushner already formed Thrive Holdings to apply AI to legacy services companies. Now he's building the third leg of his IPO optionality stool.

Chinese regulators have ordered Meta to unwind its $2.5 billion acquisition of Manus AI, developer of a general AI agent that it claims can complete real-world tasks

Why it's the BFD: It's an escalation of AI tensions between Beijing and D.C.

• It also signals an end to "Singapore washing," a corporate sleight of hand that's helped several Chinese tech companies secure foreign investment and commercial contracts.

Catch up quick: Manus was domiciled in the Cayman Islands, but was otherwise a Chinese company when U.S. venture firm Benchmark led its $75 million Series B round last spring.

• That investment sparked a Treasury Department investigation to determine if it violated outbound investment laws.
• Benchmark is said to have invested with the understanding that the startup's 100 or so China employees would move south to Singapore, which they quickly did.
• Meta acquired the company late last year, with China soon opening an investigation.

What they're saying: In a statement provided to Axios, Meta suggests that the matter isn't yet settled: "The transaction complied fully with applicable law. We anticipate an appropriate resolution to the inquiry."

The bottom line: It's unclear how or if Meta could unscramble the egg.

• Sereact, a German robotic software startup, raised $110m in Series B funding. Headline led, joined by Bullhound Capital, Felix Capital, Daphni, and insiders Air Street Capital, Creandum, and Point Nine. axios.link/3QxbZrS

• Snabbit, an Indian on-demand home-help startup, is in talks to raise around $50m at a $400m valuation led by Susquehanna Venture Capital, per TechCrunch.

• Rival startup Pronto reportedly is in talks to raise $20m at a $200m valuation led by Lachy Groom.

• ComfyUI, an SF-based AI workflow platform for creatives and ad agencies, raised $30m at a $500m valuation. Craft Ventures led, joined by Pace Capital, Chemistry, and TruArrow. axios.link/3OJArWg

🚑 Minish Technology, an LA-based biometric dental restoration startup, raised $22m led by VIG Partners. axios.link/4sW9VHg

🚑 Squaremind, a Paris‑based "physical AI" startup focused on skin exams, raised $18m led by Sonder Capital. axios.link/4sVWBTq

• Audion, a French ad performance tracking startup, raised $15m in Series B funding led by Founders Future and Elevation Capital, per Axios. axios.link/4tCTsZT

• QuoIntelligence, a German threat intelligence startup, raised €7.3m in Series A funding. Elevator Ventures led, joined by BMH, eCapital Entrepreneurial Partners, and Mercurius Private Equity. axios.link/4tAuQRz

🚑 TriFetch, an SF-based clinic administration startup, raised $1.9m in pre-seed funding led by Nexus Venture Partners. axios.link/48r9Unz

• Apollo agreed to buy the auto interiors unit of Forvia (Paris: FRVIA) for $2.1b (including debt). axios.link/3OLSUS4

• Apollo also reportedly agreed to buy a minority stake in Swiss dental firm vVardis at around a $1b valuation.

🚑 Astorg agreed to acquire Thermo Fisher Scientific's (NYSE: TMO) microbiology business for around $1.08b. axios.link/4mQcgC6

🚑 Fera Science, owned by Bridgepoint, acquired U.K. sustainability consultancy 3Keel Group. axios.link/4cTanAf

🚑 MyEyeDr, a Vienna, Va.-based optometry practice management firm, acquired Lumina Vision Partners, a 28-location practice group in Arizona and Texas. MyEyeDr backers include Goldman Sachs Asset Management, Industrial Investors Group, Cohesive Capital Partners, and Shumway Capital. axios.link/4mOuq7z

• The Sterling Group acquired Scruggs, a Houston-based provider of products and services to the municipal water and wastewater industry, from Rox Capital Partners. axios.link/4mWxb6S

• Sullivan Street Partners acquired Mi Hub, a British work uniforms provider, from LDC. axios.link/42xIw3E

🚑 TPG acquired the U.K. business of Optum, a unit of UnitedHealth Group (NYSE: UNH), per Axios Pro. axios.link/4u7CToB

• VivaGym, backed by Providence Equity Partners, acquired Spanish gym chain Synergym from firms like All Seas Capital. axios.link/48p1ZqI

Avalyn Pharma is the only U.S. IPO expected this week, although Bill Ackman's two new Pershing Square vehicles also are set to list.

• Acko, an Indian digital insurer, hired banks for an IPO that could raise at least $350m, per Bloomberg. Backers include Accel, General Atlantic, and Elevation Capital. axios.link/4vPb5Hr

• Csquare, a Dallas-based data center operator backed by Brookfield Infrastructure Partners, filed confidential IPO papers, per Bloomberg.

• HawkEye 360, a Herndon, Va.-based radio signals intelligence company, set IPO terms to 16m shares at $24-$26. It would have a $2.3b market cap, were it to price in the middle, and plans to list on the NYSE (HAWK). The company raised around $580m from firms like Insight Partners, NightDragon, GIC, and Razor's Edge Ventures. axios.link/49cn8Vj

• InterPrivate Investment Partners V, a blockchain and digital assets SPAC, filed for a $175m IPO. axios.link/4sR3mpr

• Lincoln International, a Chicago-based investment banking advisory, filed for a $100m IPO. axios.link/4mRiFNC

• Lumina Metals, a Canadian copper and silver miner, raised C$406m in an upsized Toronto IPO. axios.link/4mUqHFB

• Suja Life, a better-for-you juice maker owned by Paine Schwartz Partners, set IPO terms to 8.9m shares at $21-$24. It reports a $23m net loss on $327m in revenue for fiscal 2025, and plans to list on the Nasdaq (SUJA). axios.link/4d89MMb

🚑 Eli Lilly (NYSE: LLY) agreed to acquire blood cancer biotech Ajax Therapeutics for up to $2.3b in cash (inclusive of earnouts). Ajax has raised from Eli Lilly, Goldman Sachs Alternatives, Vivo Capital, RA Capital Management, Point72, EcoR1 Capital, Boxer Capital, Schrödinger, and Inning One Ventures. axios.link/4mWgrN5

• The Independents, a French luxury marketing collective backed by Banijay Group and TowerBrook, hired LionTree to review strategic options that could include a stake sale, per the FT. axios.link/4t3m8tZ

🚑 New Mountain Capital hired Lincoln International to explore options, including asset sales, for dental clinics operator Sonrava Health, per Bloomberg. axios.link/4w8YUFA

• Purely Elizabeth, a Boulder, Colo.-based granola maker, hired Houlihan Lokey to find a buyer for around $600m, per Axios Pro. Backers include SEMCAP, Swander Pace. Fresh Del Monte, and CloudBreak Capital. axios.link/4eJxLTc

⚡ Seraya Partners is seeking to sell Cyan Renewables, a Singaporean operator of offshore wind vessels that could fetch around $2b, per Bloomberg. axios.link/4cyeanD

• Critical Materials (Nasdaq: CRML) agreed to buy European Lithium (ASX: EUR) for around $835m. axios.link/49a8gXu

• Denso (Tokyo: 6902), an auto-parts supplier affiliated with Toyota, reportedly will withdraw its takeover offer for Japanese chipmaker Rohm (T: 6963). axios.link/48i4oUc

🚑 Ligand Pharmaceuticals (Nasdaq: LGND) agreed to buy rival drug royalties aggregator Xoma (Nasdaq: XOMA) for around $740m in cash. https:/axios.link/3QxljMq

• Orix (Tokyo: 8591) agreed to sell its banking unit to Daiwa Securities (T: 8601) for around $2.3b. axios.link/4uccmXs

• The Real Brokerage (Nasdaq: REAX) agreed to acquire Re/Max (NYSE: RMAX) for around $880m. axios.link/3P4V1Rd

⚡ Shell (NYSE: SHEL) agreed to buy Canadian energy firm ARC Resources (TSX: ARX) for US$16.4b in cash and stock. axios.link/4sXmMcc

🚑 Sun Pharmaceutical of India agreed to buy Jersey City, N.J.-based women's health company Organon & Co. (NYSE: OGN) for around $11.75b in cash, or $14 per share. axios.link/4ufBL2v

• United Airlines (Nasdaq: UAL) confirmed that it approached American Airlines (Nasdaq: AAL) about a merger, but says that its pursuit ended after American declined to engage. axios.link/4mQkeeC

• Allianz Global Investors held a $270m first close on a private credit fund targeting Asia-Pacific infrastructure. axios.link/4cIVhP3

• Kompas VC, a Danish firm focused on industrial tech, raised €160m for its second fund. kompas.vc

• Nas Chobanov joined ComCap as a managing director. He previously was with Clearsight Advisors. axios.link/4sXOq99

🚑 Bill Geary joined Red Cell Partners as a senior advisor. He's co-founder of Flare Capital Partners and, before that, was a partner with North Bridge Venture Partners. axios.link/4cMZeRg

🚑 JPMorgan named Jeremy Meilman as vice chair of investment banking, and promoted Jerry Lee and Nick Richitt to global co-heads of health-care investment banking. axios.link/41YYNOU

• Jessica Schmitt joined Manna Tree Partners as managing director of capital formation. She previously was with Waud Capital Partners. axios.link/48r2XTs

• Ashish Sinha joined Obra Capital as a managing director of asset-based finance. He previously was with Encina Capital. axios.link/4cBEXzm

Sirius XM is in preliminary talks to acquire iHeartMedia, as first reported by Bloomberg.

• If consumated, the deal would merge America's largest satellite radio provider and largest terrestrial radio station owner.

Catch up quick: iHeart once was known as Clear Channel, an audio giant acquired by a group of private equity firms in 2006 for $18.7 billion.

• The deal — which closed only after Bain Capital and THL sued their own lenders — ended up being a disaster.
• iHeart filed for bankruptcy protection in 2018, spun off its outdoor advertising business, and returned to the public markets in 2019.

Behind the scenes: Apollo and Irving Azoff are "involed to try and help facilitate a deal," per The Hollywood Reporter.

The bottom line: Both iHeart and Sirius have invested heavily in podcasts to stem the flow of advertising customers and listeners to streaming services, but it's largely been a losing battle.

• iHeart shares jumped 35% on the Bloomberg report, although remain more than 80% below their 2021 high.
• Sirius XM shares are down more than 50% since 2023.