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First Citizens BancShares has agreed to buy the commercial banking business of Silicon Valley Bank, including all of its deposits and substantially all of its loans.

Why it matters: This is a giant step toward stabilizing America's regional banking sector, after a month of tumult.

• All SVB branches will reopen today under the First Citizens banner, per a press release sent out just after 1am (yes, there's some yawning on this side of the keyboard).

What's included: First Citizens will assume $56.5 billion of deposits and $72.1 billion of loans from the Federal Deposit Insurance Corp. (FDIC), the latter of which came with a $16.5 billion discount.

• The Raleigh, North Carolina-based bank also entered into a loss-share agreement with the FDIC, of up to 50% on loan losses in excess of $5 billion.
• FDIC estimates that SVB will cost up to a $20 billion loss from its Deposit Insurance Fund (which is backed by insured banks, not taxpayers). FDIC received equity appreciation rights in First Citizens with a potential value of up to $500 million (payable in cash) and exercisable until April 14, 2023.

What's not included: SVB's private banking assets aren't in this deal. Bids for that business were due last Friday, although FDIC has not yet provided any information on the auction's status.

• Also not included was SVB's securities business or its venture capital investment portfolio.
• Overall, the FDIC still retains around $90 billion of SVB assets, most of which is its long-dated securities portfolio.

Investor reax: First Citizens shares climbed more than 15% in Monday's premarket trading.

Backstory: First Citizens came into the year as America's 30th largest bank and now, it is poised to absorb much of an institution that had been America's 16th largest bank.

• It's also a bit of FDIC full circle for First Citizens. Last year it bought CIT, which in 2015 bought OneWest, which in 2009 bought the assets of IndyMac from the FDIC.

The bottom line: It's remarkable that a Raleigh bank now owns Silicon Valley's namesake financial institution. For years it was impossible to get a direct flight between RDU and SFO, with many Research Triangle Park founders complaining that it hampered their ability to secure venture capital.

Monarch Collective, a new investment firm focused on women's professional sports, raised $100 million for its debut fund.

Why it's the BFD: Private equity has begun plugging big money into pro sports, partially enabled by changes to league ownership rules, but most of it has been nine-figure checks into men's teams. Monarch is seeking to fund what it views as the next big wave in pro sports, including investments in teams, leagues and adjacencies (e.g., media platforms, products, gaming).

Backstory: Monarch was formed late last year by Kara Nortman, the former Upfront Ventures partner who co-founded the NWSL's Los Angles expansion club (Angel City), and Jasmine Robinson, a former Causeway investor who previously spent time in strategy operations for the San Francisco 49ers (she also grew up in a pro sports household, as her dad played in the NFL).

• Expect the focus to be global, on sports like soccer, basketball, cycling, cricket, golf and tennis.

The bottom line: "I often feel like I'm in 'Back to the Future II' with the almanac, in terms of knowing the future of sports ... We believe we're riding the media curve, and can learn from the existing men's leagues while realizing that the dynamics are changing in terms of how people watch sports and how sports leagues build community." — Kara Nortman to Axios

🚑 ArriVent Biopharma, a biotech whose lead candidate is a mutant-specific EGFR kinase inhibitor, raised $155m in Series B funding. Sofinnova Investments and General Catalyst co-led, and were joined by Catalio Capital Management, HBM Healthcare Investments, Shanghai Healthcare Capital, Sequoia Capital China, AIHC Capital, Terra Magnum Capital Partners, Unicorn Capital Partners Limited, Infinitum Asset Management and insiders Lilly Asia Ventures, OrbiMed, Octagon Capital Advisors, Sirona Capital and Boyu/Zoo Capital. www.arrivent.com

🚑 Labviva, a Boston-based online marketplace for life science supplies, raised $20m in Series A funding. Biospring Partners led, and was joined by insiders Senator Investment Group, B Capital Group and Glasswing Ventures. https://axios.link/3ZokwMq

🚑 Mbiomics, a German microbiome biotech startup, raised €13m in Series A funding. MIG led, and was joined by High-Tech Gründerfonds and Bayern Kapital. www.mbiomics.com

🏀 Huupe, an Irvine, Calif.-based maker of smart basketball hoops, raised $11m from Protagonist VC, Marvan Ventures, TRI Investments, Kawn VC, Genesis Ventures and Reform Ventures. https://axios.link/3JPOjYS

• Mixergy, a British maker of smart water tanks, raised £9.2m from EDP Ventures, Nesta and insiders Oxford Science Enterprises, Kiko Ventures, Foresight WAE Technology and Centrica. www.mixergy.co.uk

• Giadzy, a New York-based lifestyle brand and marketplace launched by chef Giada De Laurentiis, raised $5m led by Defy.vc. https://axios.link/42I0tLN

Apollo’s integrated approach leverages the firm’s deep expertise across asset classes to deploy capital in the key sectors driving today’s energy transition.

Apollo aims to be a leading provider of capital for the energy transition through its sustainable investing platform.

• Clearlake Capital offered to buy Blackbaud (Nasdaq: BLKB), a Charleston, S.C.-based provider of donor management and related software for nonprofits and other community groups, for around $4.8b. Clearlake currently owns a 20% stake in Blackbaud, and its $71 per share bid represents a 22.8% premium over last Friday’s closing price. https://axios.link/3FUgJzG

• CVC Capital Partners and Elliott Management are among those prepping bids for all or parts of troubled British movie theater operator Cineworld (LSE: CINE), per Sky News. https://axios.link/3TJAGPj

• Garnett Station Partners acquired Firebirds Wood Fired Grill, a Charlotte-based restaurant chain. www.firebirdrestaurants.com

• InvoCare (ASX: IVC), an Australian funeral home operator, turned down a A$1.82b takeover offer from TPG. https://axios.link/3zaIZdC

⚡ Northvolt, a Swedish maker of lithium-ion batteries, is in talks to raise up to $5b in new funding, per the FT. Last year it raised $1.1b in convertible note funding from such backers as Baillie Gifford, Goldman Sachs, OMERS and Volkswagen. https://axios.link/3LT0t5H

⚡ Origin Energy (ASX: ORG) agreed to be acquired for A$15.35b, with its energy markets business to be owned by Brookfield and its integrated gas business to be owned by MidOcean Energy (backed by EIG Global Energy Partners). https://axios.link/40BHYGX

• TA Associates acquired a minority stake in MRH Trowe, a German commercial line insurance brokers, from AnaCap Financial Partners. www.mrh-trowe.com

• Harita Nickel, an Indonesian metal miner, raised around $659m in its Jakarta IPO, per Bloomberg. https://axios.link/40k4fti

• Advent International is seeking a buyer for IDEMIA, a French biometrics and fingerprint ID firm, per Les Echos. https://axios.link/3Zi3Mq7

🚑 TPG is seeking a buyer for TE Asia Healthcare Partners, a Singapore-based health clinic and hospital operator that could fetch nearly $1b, per Bloomberg. https://axios.link/3z7yx6H

• Cathay Financial of Taiwan and Bajaj Finance of India are among those weighing bids for the Indonesia business of Commonwealth Bank of Australia (ASX: CBA), per Bloomberg. https://axios.link/3TLYRfR

• Elliott Investment Management said it won't proceed with its plan to nominate directors to the Salesforce (NYSE: CRM) board. https://axios.link/3z6NXbh

• Standard Chartered (LSE: STAN) agreed to sell its Jordanian business to Arab Jordan Investment Bank. https://axios.link/3lINqsV

• Crédit Agricole (Paris: CAGR) launched a China M&A advisory business. https://axios.link/40qfXCQ

• KPS Capital Partners plans to seek $8b for its sixth flagship fund, with a $10b cap, per the WSJ. It also will target $1.5b for its second midcap fund. https://axios.link/3LTNxML

⚡ Magnesium Capital, a London-based energy transition PE firm co-founded by Ian Jones (ex-Apax Partners), is raising its debut fund, per an SEC filing.

• OpenView, a Boston-based expansion-stage VC firm, raised over $570m for its seventh fund. www.openviewpartners.com

🚑 SR One, a life sciences-focused VC firm, raised $500m for its second independent fund since spinning out of GlaxoSmithKline in 2020. www.srone.com

• Jacob Andreou, Snap’s former head of growth, is joining Greylock as a general partner, per Fortune. https://axios.link/3FPSgvl

• Ryan Selwood, former chief development officer at Carlyle, joined Bregal Investments as chief investment officer. www.bregal.com

• 8V8 Ventures promoted Amir Kabir to general partner. www.av8.vc

• Actis promoted Neda Vakilian to head of investor solutions. She joined Actis in early 2022 from Amber Infrastructure. www.act.is

No investment-grade bond deals priced in the week after the failures of Silicon Valley Bank and Signature Bank, Axios' Kate Marino writes. Deals started up again last week, but as of Thursday, it was the year's second-slowest week.

• In the high-yield bond market (for riskier companies with lower credit ratings) there was zero issuance last week, and near-zero in each of the two weeks prior.
• Go deeper.

Apollo, a high-growth alternative asset manager, aims to create positive social and environmental impact by investing in a more sustainable future.

Over the past 5 years, the firm has deployed significant capital towards decarbonization and the energy transition.

Learn more.

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