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| US VC down rounds pull back to pre-pandemic levels | | The proportion of down rounds across US venture deals rose to 13.6% in the second quarter, as the sudden and sweeping effects of the pandemic squeezed the economy. That was the highest percentage of deals done at lowered valuations since late 2017. Many felt that the pressure on founders to acquiesce on deal terms might be sustained—if not increase—throughout 2020.
The data shows that hasn't been the case. Our Q3 US VC Valuations Report examines the return of founder-friendly terms and the measures that startups have taken to extend their capital runways. Other highlights from the report include: - Nontraditional investors continue to drive huge late-stage valuations
- Median IPO valuations have flourished, while acquisition valuations were mixed
- A spotlight on trends within enterprise tech, consumer tech, biotech and more:
| | | | | | | | | | Here's why Biden's election may not spur a rush of year-end PE activity | |  | Private equity firms may face a heavier tax burden if President-elect Joe Biden can enact his planned policies.
(Matt Makela/Getty Images) | | | Dealmaking in private equity faces a big question mark at year-end.
In recent weeks, a wave of industry professionals have predicted that PE firms would try to execute a rush of last-minute deals over the final weeks of 2020 to lock in gains before possible increases to the corporate tax rate and closure of the carried interest loophole under President-elect Joe Biden.
But the reality is more complicated | | | | | | | | | | S&P Global to buy IHS Markit for $44B | |  | The merger is expected to create a financial data giant
(Spencer Platt/Getty Images) | | | US financial information group S&P Global has agreed to buy London-headquartered IHS Markit in an all-stock deal that values the data provider at $44 billion, including $4.8 billion in debt.
The deal, the largest merger announced this year, is expected to create a significant rival to Bloomberg and Refinitiv. IHS Markit, which was formed from a merger of IHS and Markit in 2016, will also be S&P Global's biggest acquisition in the space since it bought SNL Financial in 2015.
It also continues an ongoing trend towards consolidation in the financial information space. London Stock Exchange is in the process of completing its acquisition of Refinitiv, a $27 billion deal it agreed to a year ago. In August, Intercontinental Exchange also agreed to buy mortgage data business Ellie Mae from Thomas Bravo for $11 billion.
After the deal, S&P Global and IHS Markit shareholders will own around 68% and 32% of the combined company, respectively. Together, the two businesses expect to save $480 million and generate $350 million through cross-selling opportunities. S&P Global CEO Douglas Peterson will lead the combined entity while IHS Markit CEO Lance Uggla will stay on as a special advisor for a year after the deal closes. | | | | | | | | | | Our top articles of November | | | | | | | | | | | A look at the heavy toll of the wastewater crisis in Alabama's Black Belt region. [The New Yorker]
US President-elect Joe Biden's decision to appoint Gene Kimmelman to his Justice Department agency review team may be a sign that the new administration intends to take aggressive action against big tech. [The Information]
A wildlife agency team surveying bighorn sheep in Utah has discovered a strange metal object. Is it a work of art, or something else? [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 50 Deals | 411 People | 79 Companies | 4 Funds | | | | | | |
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| 2007 Vintage Global Venture Funds | | | | | | |
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| PitchBook Capital Perspectives | | Join us on Dec. 10 at 8 a.m. PST/11 a.m. EST for the PitchBook Capital Perspectives conference, where we'll be covering the state of the private markets in the context of COVID-19, the 2020 election and how to adapt to a digital workflow.
The PitchBook Capital Perspectives conference combines the latest market data, institutional research and expert analysis from industry professionals for a virtual event unlike any other.
For the conference, you'll automatically get limited access to PitchBook, and be able to explore detailed data on companies, investors, transactions and more on your own.
Already a client? You'll get early access to a new, highly anticipated feature called Workspaces.
Register now | | | | | | | |
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| Unacademy secures new funding | | | Unacademy has raised around $75 million to $100 million in funding from Tiger Global and Dragoneer Investment Group at a $2 billion valuation, according to TechCrunch. The financing comes less than three months after the Indian edtech startup reportedly raised a $150 million round led by SoftBank at a $1.45 billion valuation. | | | | | | | | Former Zoox CEO launches self-driving car startup | | | Hypr has raised $10 million in seed financing from R7 Ventures and others, according to Forbes. Founded by former Zoox CEO Tim Kentley Klay, Hypr is the developer of an AI-based platform for autonomous vehicles. | | | | | |
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| OneShield picks up growth investment | | | | | | | | | Clearlake plans Dimora acquisition | | | Clearlake Capital has agreed to acquire Dimora Brands from The Jordan Company, which has owned the business since 2016. Based in Dallas, Dimora is a designer, manufacturer and seller of high-end hardware and home accessories. The company was created in 2010 through the merger of Top Knobs and Hardware Resources. | | | | | | | | Sycamore Partners to buy brands from retailer Ascena | | | Sycamore Partners has agreed to acquire a portfolio of brands from Ascena Retail Group for $540 million. The deal includes clothing labels Ann Taylor, LOFT, Lane Bryant and Lou & Grey. Ascena Retail Group filed for Chapter 11 bankruptcy in July. | | | | | | | | China's CITIC Capital pursues $1.8B telecom deal | | | CITIC Capital is eyeing an acquisition of AsiaInfo Technologies in a take-private deal that could value the Chinese provider of telecom services at around $1.8 billion, according to Reuters. The Hong Kong-based firm is reportedly looking to list AsiaInfo on the mainland exchange in the future. | | | | | |
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| JD Health seeks record-setting Hong Kong IPO | | | The healthcare unit of Chinese ecommerce giant JD.com is looking to raise up to $3.5 billion in its Hong Kong IPO, according to Bloomberg. The offering would reportedly be the largest-ever IPO in Asia and value JD Health at between $25.3 billion and $28.5 billion. JD Health offers online prescription and telehealth services and is the largest health platform by revenue in China, according to its IPO filing. | | | | | |
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| Sequoia led $1.9B SpaceX round | | | The mammoth $1.9 billion funding that SpaceX raised in August was led by Sequoia, according to a report from The Information. The $500 million check, said to be the largest ever for the venture firm, was part of a round that reportedly valued SpaceX at $46 billion. | | | | | |
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