PitchBook News - Ant's delay and China's new IPO era

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The Daily Pitch: VC

November 9, 2020

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

Today's Top Stories

Despite Ant's stumble, China's stock market remains primed for mega-IPOs

Ant Group's IPO reportedly faces a delay of at least six months.
(THINK A/Shutterstock.com)

The world's would-be biggest IPO may be on ice, but China's plan to build competitive markets for publicly traded equities is humming along.

Shanghai logged more IPOs than any global exchange through the third quarter of 2020, with hundreds more in the pipeline. As mainland exchanges ascend, a herd of Chinese unicorns is weighing where to list its shares:

Recommended Reads

Antitrust regulators have broken up AT&T before. This time, the telecom titan might be on the verge of doing the deed itself. [Bloomberg]

An interview with Kathleen McCarthy, global co-head of real estate at Blackstone, about how the firm envisions the post-pandemic future of real estate. [Fortune]

When he took the reins of Mastercard, Ajay Banga rejected quarterly earnings guidance in favor of a more forward-looking approach. It's a strategy that's paying off during the pandemic. [The New York Times]

Since yesterday, the PitchBook Platform added:

273

People

73

Companies

1

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2016 Vintage Global Funds-of-Funds
	VC Deals
	Pony.ai picks up $267M Series C
	ColdQuanta collects $32M Series A
	Aperio Systems gets $8.5M from National Grid
	AiDash gets $6M Series A

The Daily Benchmark

2016 Vintage Global Funds-of-Funds

Median IRR

12.04%

Top Quartile IRR Hurdle Rate

17.03%

1.23x

Median TVPI

Select top performers

SVB Strategic Investors Fund VIII

Euro-PE Select Opportunities

StepStone Capital Partners III

*IRR: net of fees

44 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Pony.ai picks up $267M Series C

Ontario Teachers' Pension Plan has led a $267 million investment in Pony.ai, a developer of self-driving cars and other autonomous vehicle technology. The Series C funding values the company, which maintains offices in both the US and China, at more than $5.3 billion. Pony.ai raised a prior $462 million round in February at a reported valuation of some $3 billion.

Additional Investors:

5Y Capital, ClearVue Partners, Eight Roads, Fidelity China Special Situations

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ColdQuanta collects $32M Series A

ColdQuanta has raised $32 million in a round co-led by Global Frontier Investments and LCP Quantum Partners. The Boulder, Colo.-based company develops instruments and systems for quantum technology applications like computers and positioning systems. Founded in 2007, the company was valued at $30 million in November 2019, according to PitchBook data.

Additional Investors:

Foundry Group, Maverick Ventures

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Aperio Systems gets $8.5M from National Grid

Aperio Systems, an industrial internet-of-things data specialist based in Israel, has pulled in an $8.5 million Series A round led by National Grid Partners, the venture arm of the UK's National Grid.

Additional Investors:

Data Point Capital, EDP Ventures, Jump Capital, Scopus Ventures, Soundproof Ventures

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View 59 competitors »

AiDash gets $6M Series A

AiDash, a Santa Clara-based provider of satellite analytics, has raised $6 million in a Series A funding led by National Grid Partners and Benhamou Global Ventures.

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View similar company »

Chart of the Day

"Through Q3, over three-quarters of PE deal volume in the DACH region closed in Germany, one of the more successful Eurozone countries to navigate the pandemic. Germany's GDP has reduced in 2020, partly due to international trade wars, Brexit, and the pandemic's impact on its industrial and automotive industries, two essential sectors in the country's economy."

Source: PitchBook's 2020 DACH Private Capital Breakdown