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| Venture capital favors a Joe Biden victory with record 2020 election donations | |  | | During the 2020 election cycle, some 79% of VC contributions went to Democratic organizations and candidates like Joe Biden, the Center for Responsive Politics found. (Drew Angerer/Getty Images) | | | Largely clustered in areas like New York City and Silicon Valley, the venture capital industry was already leaning liberal. And as evidenced by the 2020 election cycle, it's moving further left: More than three-quarters of VC's record $69.7 million in political donations this cycle went to Democratic candidates and causes, according to the Center for Responsive Politics.
What's behind the shift? Industry insiders point to growing frustration with President Trump's immigration actions and hope for Joe Biden's investment plans: | | | | | | | | | | The future of immigrant entrepreneurship hangs on the next US president | |  | | (Image via Kelilah King/PitchBook and Getty Images) | | | Foreign-born founders and startup employees have long played a crucial role in the US venture ecosystem. Changes to immigration policy under the Trump administration have cast doubt on whether this pipeline can continue.
All eyes are on tomorrow's presidential election, as the outcome will likely shape the future of immigrant founders in the US: | | | | | | | |
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| A message from InCloudCounsel | | |
| How to help your portfolio companies cut legal costs, not quality | | Are your portfolio companies relying on slow internal legal processes or expensive outside counsel for routine NDAs, MSAs and vendor contracts? Join us on Tuesday, Nov. 17, to learn how to outsource the right routine legal tasks.
Hear from Warburg Pincus' SVP and Assistant General Counsel Brett Shawn, LiveVox's General Counsel Mark Mallah, and InCloudCounsel's Founder & CEO Troy Pospisil, on how you can modernize legal processes to drive efficiency in operations and bring down legal cost centers.
We'll review the top 10 criteria for how general counsels and investment professionals are evaluating B2B service providers, along with case studies from leaders who are already outsourcing a variety of contracts.
Register for the webinar today | | | | | | | |
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| Mobility's road forward in a post-Uber era | |  | | (Chris J Ratcliffe/Getty Images) | | | Historically, the largest costs for mobility services have been labor and fuel. With increased scrutiny over gig economy work and the rise of more cost-effective electric vehicle technology, a business model shift toward connecting customers directly to vehicles may be in the cards.
We explore this trend in our latest analyst note. Among the takeaways: - Increasing labor costs in the ridesharing market illustrate the evolving role of local governments as gatekeepers in the future of mobility
- Micromobility and fleet-owned car-sharing providers are likely to see economic benefits from improved battery technology
- Large tech companies will lead investing in autonomous vehicles, presenting an existential threat to incumbent ridesharing companies
| | | | | | | | | | KKR pulls in more than $1B in monster Q3 | | What a difference six months makes.
Two quarters after posting a net loss of $1.3 billion, KKR announced net income of nearly $1.1 billion in the third quarter, or $1.79 per share. The earnings were driven by a private equity portfolio that surged 16% during Q3, outpacing an 8.5% bump in the S&P 500, as the firm continued to recover from a Q1 marred by early impacts of the pandemic.
KKR's latest results also blew past its numbers from Q3 2019, when the firm posted a profit of some $250 million, or 43 cents per share. The firm's distributable earnings also increased, clocking in at $410 million, or 48 cents per share, a year-over-year uptick of about 5%. KKR's stock closed Friday down about 2%, in line with the broader market.
There were plenty of highlights that helped KKR cash in last quarter. In August, the firm sold Epicor Software to Clayton Dubilier & Rice for around $4.7 billion, including debt. In September, KKR portfolio company Academy Sports + Outdoors raised $203 million an IPO that valued the sports retailer at $1.1 billion.
The firm also remained active on the investment front in Q3. KKR agreed to acquire Global Atlantic Financial Group for around $4.4 billion in July, and it lined up a $3 billion-plus deal in September to purchase 1-800 Contacts from AEA Investors.
Related read: Mega-deals underscore PE's growing embrace of VC deals in tech | | | | | | | | | | Diving into the data for female founders in Europe | | PitchBook has launched our European VC Female Founders Dashboard, which breaks down venture investment trends for female-founded companies across Europe since the start of 2008.
The interactive dashboard allows users to filter deal data by geography, deal stage, industry and more.
Check it out | | | | | | | | | | It's election week. Here's why private equity dealmakers will be watching particularly closely. [Bloomberg]
For most office workers, the daily commute has disappeared. Many are using that extra time to keep their noses to the grindstone just a little bit longer. [The Wall Street Journal]
LVMH and Tiffany have reached a $15.8 billion truce. For anyone familiar with the history of LVMH chairman Bernard Arnault, the drama that preceded last week's deal came as little surprise. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 57 Deals | 293 People | 65 Companies | 2 Funds | | | | | | |
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| 2010 Vintage Global Venture Funds | | | | | | |
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| Ardian builds out buyout team | | | | | | |
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| Polestar discusses $500M round | | | Electric vehicle maker Polestar is in talks to raise $500 million from investors at a $6 billion valuation, according to Bloomberg. The Swedish startup is owned by Volvo and Chinese auto company Zhejiang Geely Holding Group. Its first fully electric vehicle, which began production earlier this year in China, has run into production issues that resulted in a pair of recalls. | | | | | | | | Conductor collects $150M, eyes US IPO | | | | | | | | | Kandji raises $21M Series A | | | | | | | | |
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| Francisco Partners, Under Armour strike $345M fitness pact | | | Francisco Partners has agreed to acquire MyFitnessPal from Under Armour in a deal that values the online fitness platform at $345 million. MyFitnessPal, which claims more than 200 million users, will now operate as a standalone company. Under Armour acquired MyFitnessPal for $475 million in 2015. | | | | | | | | Vista's Granicus adds on Calytera | | | | | | | | | PE-backed Comlinkdata takes over ShareTracker | | | Comlinkdata, a provider of market analytics for the telecom industry, has acquired ShareTracker, a Boston-based telecom market analytics and research company. Alpine Investors has backed Comlinkdata since 2018. | | | | | |
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| Credit Karma could sell tax prep unit to Square | | | Credit Karma is negotiating a potential sale of its tax preparation business to Square, according to The Wall Street Journal. A deal could reportedly quell antitrust concerns over Credit Karma's pending sale to Intuit, the maker of TurboTax, a $7.1 billion tie-up announced in February. Credit Karma's current backers include CapitalG, Silver Lake and Tiger Global. | | | | | | | | Juul's valuation continues to sink | | | Juul has reportedly cut its internal valuation to $10 billion, down from $13 billion earlier this year, and major backer Altria has slashed its valuation of the e-cigarette maker to less than $5 billion, according to The Wall Street Journal. The tobacco company bought 35% of Juul two years ago for $12.8 billion, a stake it is now said to value at $1.6 billion. That initial investment from Altria, which makes Marlboro cigarettes, valued Juul at a reported $38 billion. | | | | | |
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| Lufax raises nearly $2.4B in NYSE debut | | | Chinese fintech company Lufax began trading on the NYSE after raising $2.36 billion in its IPO. The Shanghai-based business sold 175 million American depositary shares at $13.50 apiece, the top of its expected range; it closed its first day trading down nearly 5%. Lufax had received prior backing from Primavera Capital, LionRock Capital and Arbor Ventures. | | | | | | | | Nestlé completes $1.5B meal delivery deal | | | Nestlé has acquired meal delivery startup Freshly in a deal that values the New York-based company at $950 million, with the potential for $550 million in additional payment based on future milestones. Freshly has raised about $140 million in venture funding since its founding in 2015, according to PitchBook data, with early backers including Highland Capital Partners and White Star Capital. | | | | | | | | Ipsy buys rival BoxyCharm, merging beauty box services | | | Ipsy has bought competitor BoxyCharm, a deal that merges two of the largest global beauty subscription services. The brands will continue to operate as separate entities under a new umbrella organization, BFA Industries. Terms of the deal were not disclosed. Founded in 2013, BoxyCharm was bought by private equity firm KarpReilly in 2016. | | | | | |
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