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Photo: Mark Makela/Getty Images

Expect to begin hearing a lot about private equity firm Pine Island Capital Partners, as its partners include Tony Blinken (Biden's secretary of state nominee, now on leave from Pine Island) and Michèle Flournoy (Biden's possible defense secretary nominee).

What to know: Pine Island was formed in 2018 by former CIT Group and Merrill Lynch CEO John Thain, former Goldman Sachs buyout big Phil Cooper, and ex-Coca-Cola executive Clyde Tuggle. It focuses on mid-market companies in a variety of sectors, including aerospace and defense.

To date, it's operated as a fundless sponsor, buying two companies that rely in large part on government contracts. It also formed a SPAC and does have eventual plans to raise a traditional private equity fund.

Details: Pine Island has an informal relationship with WestExec Advisors, a consulting firm whose co-founders include Blinken and Flournoy. A Pine Island spokesperson says no money ever changed hands between the two shops.

Between the lines: Obviously, there's a D.C. revolving door issue here, although its importance is subjective rather than statutory. But don't be surprised if Senate Republicans demand information on Pine Island's investors, some of whom might be covered by confidentiality agreements.

Go deeper

Updated Mar 24, 2021 - Politics & Policy

Biden Cabinet tracker: Which nominees have been confirmed

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

All of President Biden's Cabinet nominees have now been confirmed by the U.S. Senate.

The big picture: Biden now has known, trusted people around him, many from the Obama administration, to help implement his policies and turn away from the tumultuous Trump years.

European Super League faces collapse after English soccer teams quit

Fans of Chelsea Football Club protest the European Super League outside Stamford Bridge soccer stadium in London, England. Photo: Rob Pinney/Getty Images

The European Super League announced in a statement Tuesday night it's considering its future and "proposing a new competition" after all six English clubs pulled out of the breakaway tournament.

Why it matters: The announcement that 12 of soccer's richest clubs' from England, Spain and Italy would start a new league was met with backlash from fans, soccer stars and politicians. The British government had threatened to pass legislation to stop it from going ahead.

Corporate America finds downside to politics

Illustration: Annelise Capossela/Axios

Corporate America is finding it can get messy when it steps into politics.

Why it matters: Urged on by shareholders, employees and its own company creeds, Big Business is taking increasing stands on controversial political issues during recent months — and now it's beginning to see the fallout.