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| What China's five-year plan could mean for VC tech investment | |  | | Chinese president Xi Jinping, center, and premier Li Keqiang, center right (Kevin Frayer/Getty Images) | | | The Chinese government's latest economic roadmap calls for boosting innovation, heralding a potential boon for startups in preferred industries. - The county's five-year plan singles out emerging technologies like quantum computing, space exploration, cryptocurrencies, artificial intelligence and 5G.
- China's strategic plans influence how money from government guidance funds—which oversee more than $800 billion—is spent.
- The government has also signaled its intent to further open up industries to private companies and foreign investors.
| | | | | | | | | | Why many large unicorns are choosing direct listings over SPACs | |  | | (twomeows/Getty Images) | | | Some of the biggest VC-backed companies are already showing significant interest this year in going public via direct listings. Gaming giant Roblox had a successful listing last week, while crypto specialist Coinbase and data software providers Databricks and UiPath are set up for similar exits later this year.
Our recent analyst note explores why companies valued at more than $5 billion might pick a direct listing over a SPAC merger, and why a wider range of businesses could pursue this path to the public markets. Among the takeaways: - A direct listing, combined with a large private funding round, can allow large unicorns to select the specific pricing and investors they want.
- This approach can be especially attractive for companies that have above-market revenue growth or operate in a popular industry, which can drive significant investor demand.
- Regulatory changes may help level the playing field between traditional IPOs and direct listings.
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| A message from InCloudCounsel | | |
| Last chance: Register for an introduction to Insight | | Join our March 17 virtual event for the unveiling of Insight, a purpose-built software solution that allows asset managers to easily organize and manage all of their fund obligations to their investors. Learn how weaving technology into your core legal processes can help you win in an increasingly competitive market by speeding up fundraising and dealmaking.
During this event, attendees will hear from Troy Pospisil, InCloudCounsel CEO and founder, and Miles Chan, VP/GM of Insight, on how to strengthen investor trust, drive organizational accountability, and save time and money.
Be sure to register so that you can join live or watch the on-demand recording at your leisure. Hope to see you there—click here to RSVP. | | | | | | | |
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| Stripe's valuation leaps to $95B | | Stripe's latest funding round values the online-payments giant at a staggering $95 billion post-money, in a European growth-focused bet that makes it second only to ByteDance as the world's most valuable venture-backed company. - Stripe previously was valued at about $36 billion following a private round less than a year ago.
- In the deal announced Sunday, the company raised $600 million from investors including Baillie Gifford, Fidelity and Sequoia. Also participating were Allianz X, Axa and Ireland’s National Treasury Management Agency. Stripe's headquarters are in Dublin and San Francisco.
- At $95 billion, the new price tag vaults Stripe up the valuation leaderboard past SpaceX, Didi Chuxing and Instacart, according to PitchBook data.
- Funding European growth is the main focus of the deal, Stripe said, underscoring the surge in demand by many of the region's largest businesses.
| | | | | | | | | | For now, Las Vegas lies dormant. But Apollo Global Management and Vici Properties are betting that, soon, a new Roaring '20s will begin. [Bloomberg]
NASA's massive new James Webb space telescope is too large to be flown to its future launch site in South America. Which means it will have to go by sea. Which means NASA is now worried about pirates. [The Atlantic]
Will a well-funded sector of companies working to build electric air taxis create a new future of transportation? It might help to look back on the past. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 29 Deals | 108 People | 24 Companies | | | | | | |
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| 2014 Vintage Global Real Assets Funds | | | | | | |
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| Private market fund performance: Spotlight on first-time and emerging managers | | Join us as we analyze the historical track record of emerging funds and provide insight into how to identify and assess these nascent managers. Highlighting information from our most recent Benchmarks Report, our experts will discuss: - Updates on the latest performance trends in private markets
- Analysis of historical performance of first-time funds and emerging managers
- Overview of current opportunities from first-time funds and emerging managers
RSVP now to secure your spot. | | | | | | | |
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| | | Simon Hu, the CEO of Chinese fintech giant Ant Group, has resigned from the company and handed the reins to chairman Eric Jing, according to reports. Following its failed attempt to go public late last year, Ant Group is in the midst of a structural overhaul that has been imposed by Chinese regulators. | | | | | |
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| Airtable sets sights on $5B valuation | | | Cloud collaboration services provider Airtable is planning to raise over $200 million, bringing the company's valuation to around $5 billion, Reuters reported. Airtable was valued at $2.59 billion last year after a $185 million Series D, according to PitchBook data. The startup's roster of backers includes actor Ashton Kutcher, Stripe CEO Patrick Collison, Benchmark and Coatue. | | | | | | | | Monte Rosa Therapeutics secures $95M | | | | | | | | | | FalconX has raised $50 million in a round co-led by Tiger Global and B Capital Group. The Bay Area-based company is the developer of a digital asset trading platform for cryptocurrencies. | | | | | |
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| Cardinal Health to divest Cordis to H&F | | | Cardinal Health has agreed to sell its Cordis business to Hellman & Friedman for about $1 billion, including liabilities. Cordis develops and manufactures minimally invasive cardiovascular products to improve patient care. Cardinal Health acquired Cordis from Johnson & Johnson for $1.9 billion in 2015. | | | | | | | | THL takes over AbacusNext | | | Thomas H. Lee Partners has agreed to acquire a majority stake in AbacusNext, a software provider for the legal and accounting industries, from PSG. The San Diego-based company will continue to be led by CEO Scott Johnson and the company's senior management team. | | | | | | | | CD&R purchases S&S Activewear | | | Clayton Dubilier & Rice has completed a deal for S&S Activewear, an Illinois-based wholesaler of imprinted apparel and sports uniforms. Founded in 1988, S&S has more than 2,000 employees and about $1.5 billion in sales. | | | | | |
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| Crypto exchange Binance under CFTC scrutiny | | | Binance, which operates one of the world's largest cryptocurrency exchanges, has become the subject of an investigation by the Commodity Futures Trading Commission, Bloomberg reported. The company, which isn't registered with the agency, is under scrutiny for allowing US residents to buy and sell derivatives that may have violated CFTC rules, the report said. Binance has raised capital from investors like Sequoia and Janse Capital. | | | | | |
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| Sentinel-owned Holley merges with SPAC | | | Holley, an auto parts maker founded in 1903, is going public through Empower, a blank-check company, at a valuation of about $1.55 billion, including debt. Sentinel Capital Partners, a PE firm that owns Holley, will be the company's largest shareholder when the deal closes. Empower is formed by MidOcean Partners. | | | | | | | | Richard Branson's Virgin Orbit seeks SPAC deal | | | Virgin Orbit, Richard Branson's satellite launch company, has reached out to banks to help it go public by a blank-check merger, The Wall Street Journal reported. The company is reportedly pursuing a valuation of $2.5 billion to $3 billion. Branson owns about 80% of the business, the report said. | | | | | | | | Joann shares rise in return to public market | | | Stock in Joann rose 2.1% during the fabric and crafts company's first day of trading on Friday, closing at $12.25 per share in Joann's return to the public market after a decade of private equity ownership. The company priced its IPO at $12 per share, below the expected $15 to $17 range. Leonard Green & Partners took Joann private in a $1.6 billion deal in 2011. | | | | | |
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| KKR seeks $12B for latest infrastructure fund | | | KKR has set a $12 billion target for its fourth flagship infrastructure fund, according to Reuters. The vehicle will reportedly focus on oil and gas pipelines and other renewable energy products. The firm raised $7.4 billion for its third flagship infrastructure fund in 2018. | | | | | | | | Openspace Ventures closes $200M fund | | | Openspace Ventures, a Singapore-based early-stage firm, has raised a third fund with $200 million in commitments. That brings the Southeast Asia-focused firm's total committed capital to $425 million. Openspace has offices in Bangkok, Jakarta and Manila, Philippines. | | | | | |
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"Sweden, the largest country in the Nordic region, accounts for the bulk of Nordic PE deal activity. Sweden's proportions of PE deal volume in the Nordics hit a 10-year high in 2020, accounting for 48.5% of all closed deals—up from 39.0% five years ago."
Source: PitchBook's 2021 Nordic Private Capital Breakdown | | | | | |
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