🚨 Breaking: Ant Group's IPO has been put on ice, with company execs being summoned to answer questions from Chinese securities regulators.

• The financial services giant, affiliated with Alibaba, had been expected to raise over $34 billion this week, in what would have been the largest-ever global IPO. Reports were that there had been over $3 trillion of retail investor interest.

🎧 Axios Re:Cap focuses on voter suppression, and its relationship to wealth, with Rev. William Barber and Laurene Powell Jobs. Listen via Apple, Spotify, or Axios.

• We're teaming with our sister show, Axios Today, on a series of short election pods that will post every few hours over the next two days. Please subscribe.

When President Trump first took office, there was lots of talk about "normalization."

Driving the news: Today, American voters will either codify a new normal or relegate many of Trump's unconventional tactics to history's anomalous footnotes. Among them is browbeating and boycotting U.S. companies.

• Trump began tweet-supporting boycotts well before he became president, including against Starbucks (for its infamous red holiday cups) and the maker of Oreos (because it was moving some production to Mexico).
• He continued the practice after Inauguration Day, giving oxygen to grievances that ranged from policy (e.g., Harley-Davidson) to politics (e.g., Goodyear) to personal (e.g., pick a social media or mainstream media company).
• Many of these tweets caused the target company's stock to sink, although the impacts were more pronounced earlier in Trump's term.

Joe Biden has no such history, either before or during the 2020 campaign. This isn't to argue that he's an uncritical friend to business — for example, he wants higher corporate taxes and shares some of Trump's animus toward Silicon Valley — but rather that his strikes would be of the more traditional, technocratic variety.

Flashback: Earlier this year, Trump made a false comment about a Fortune 500 company, related to an action it had taken. When I asked the company’s communications chief why he wouldn't comment on the record, he replied that it wasn’t worth the barrage of negative tweets that would likely follow. “We’d rather minimize the damage,” he explained.

The bottom line: We've stopped being shocked, or even surprised, when the White House attacks an American company by name. One question on the ballot today is if that change is permanent.

REEF Technology, a Miami-based provider of parking lot tech and services, raised $700 million from SoftBank, Mubadala, Oaktree Capital, UBS Asset Management, and Target Global.

• Why it's the BFD: Urban parking lots and garages are undergoing rapid transformation, even sometimes serving as COVID-19 testing sites, and that's only expected to accelerate as automakers develop autonomous fleets.

• More: REEF also formed a $300 million fund to acquire strategic real estate assets, in partnership with Oaktree.
• Bottom line: "REEF began its life as ParkJockey, providing hardware, software and management services for parking lots ... While it still manages parking lots, it now it adds infrastructure for cloud kitchens, healthcare clinics, logistics and last-mile delivery, and even old school brick-and-mortar retail and experiential consumer spaces on top of those now-empty parking structures and spaces." — Jonathan Shieber, TechCrunch

• InRiver, a Swedish provider of product information management solutions, raised $32 million. Lugard Road Capital led, and was joined by return backers Verdane, Industrifonden, Zobito, and RoosGruppen. http://axios.link/aVFs

• Celona, a Cupertino, California-based private mobile networking startup, raised $30 million in Series B funding. NTTVC and Qualcomm Ventures co-led, and were joined by return backers Lightspeed Venture Partners, Norwest Venture Partners, and Cervin Ventures. www.celona.io

🚑 Shoulder Innovations, a Holland, Michigan-based developer of shoulder replacement systems, raised $21.6 million. USVP and Lightstone Ventures co-led, and were joined by Alumni Venture Partners, Wakestream Ventures, Biosciences Research & Commercialization Center of Western Michigan University, Invest Michigan, and Michigan Angel Fund. http://axios.link/IDjq

🚑 SidekickHealth, a Sweden-based gamified health-behavior change platform, raised $20 million in Series A funding. Wellington Partners and Asabys Partners co-led, and were joined by return backers Novator and Frumtak Ventures. http://axios.link/rAtV

• Apkudo, a Baltimore-based provider of supply chain automation software for connected devices, raised $14 million in Series B funding. Harbert Growth Partners and MissionOG co-led, and were joined by return backers Grotech Ventures and Lavrock Ventures. http://axios.link/8GBA

• Stensul, a New York-based enterprise email creation platform, raised $16 million in Series B funding. USVP led, and as joined by Capital One Ventures, Peak State Ventures, and return backers Javelin Venture Partners, Uncork Capital, First Round Capital and Lowercase Capital. http://axios.link/U09w

• Logisly, an Indonesian trucking logistics startup, raised $6 million in Series A funding led by Monk’s Hill Ventures. http://axios.link/6mrq

Stay current on the legal and tax developments affecting VC firm operations.

Visit Cooley’s TheFundLawyer blog for updates and primers on key topics for venture capital fund managers, such as carried interest, management fees and LP governance rights.

• Ardian acquired Nevel, a Finland-based district heating and industrial energy solutions company, from Vapo Group. www.nevel.com

🚴 Cerberus Capital Management agreed to buy Canadian bicycle maker Dorel Industries (TSX: DII) for C$470 million, or C$14.50 per share (1% premium to Friday’s closing price). http://axios.link/DLFC

• Congruex, a Boulder, Colorado-based portfolio company of Crestview Partners, acquired True North Management, a Fenton, Mo.-based regional provider of wireless infrastructure. www.congruex.com

• Guardian Capital Partners invested in Upper Echelon, an Austin, Texas-based e-tailer of consumer products under such brands as Everlasting Comfort and Café Du Chateau.

KKR agreed to invest $1.4 billion via two transactions for equity interests in 1,625 megawatts of renewable energy assets from NextEra Energy (NYSE: NEE) and NextEra Energy Partners (NYSE: NEP). http://axios.link/qBBr

• KKR invested in Pinnacle Towers, a telecom tower platform in the Philippines. http://axios.link/jUOk

• Macquarie Capital and GCM Grosvenor agreed to buy Anchorage, Alaska-based telecom company Alaska Communications (Nasdaq: ALSK) for around $300 million, of $3 per share (57% premium to yesterday’s closing price). www.alaskacommunications.com

• Ozon, a Russian e-commerce platform, filed for an IPO that Renaissance Capital estimates could raise $500 million. It plans to list on the Nasdaq, and reports a $13 million net loss on $67 million in revenue for the first nine months of 2020. Backers include Baring Vostok Private Equity (45.1% pre-IPO stake), Index Ventures (6%) and Princeville Global (5.6%). http://axios.link/TKW3

🚑 Jiya Acquisition, a biopharma-focused SPAC formed by Samsara BioCapital, filed for a $100 million IPO. http://axios.link/Q1xe

• Reinvent Technology Partners Z, the second tech-focused SPAC led by Reid Hoffman and Mark Pincus, filed for a $250 million IPO. http://axios.link/CNR4

• Coupa Software (Nasdaq: COUP) agreed to but Llamasoft, an Ann Arbor, Michigan-based provider of provider of supply chain modeling and design software, from TPG Capital for $1.5 billion. http://axios.link/Rixi

• FIC Restaurants, operator of the Friendly's restaurant chain, filed for Chapter 11 bankruptcy protection and agreed to sell its assets to an affiliate of Dallas-based restaurant franchisor RIX Holdings for $1.9 million. It’s FIC’s second bankruptcy since Sun Capital Partners bought Friendly’s in 2007, despite the downright deliciousness of its Wattamelon Roll. http://axios.link/4e5L

• Seven & i Holdings, the Japanese parent company of 7-Eleven, hired Nomura to sell upwards of 300 Speedway gas stations acquired from Marathon Petroleum, per Reuters. The deal could fetch around $1 billion. http://axios.link/NiMA

🚑 PerkinElmer (NYSE: PKI) acquired Horizon Discovery (LSE: HZD), a British cell engineering company, for $383 million in cash. http://axios.link/jlD9

• Waterfall Asset Management of New York agreed to buy U.K.-based Alternative Credit Investments (LSE: ACI) for £639 million in cash. http://axios.link/oard

🚑 Fountain Healthcare Partners of Ireland raised €125 million for its third VC fund. www.fh-partners.com

• Rich Craybas joined Macquarie Group as a New York-based managing director of principal investing. He previously spent nine years with Medley Management. www.macquarie.com

• Jeffrey Groves joined Raymond James as a managing director of private capital solutions. He previously spent 16 years in UBS’s financial sponsors and leveraged finance groups. www.raymondjames.com

• José Angel Medina joined Iberian private equity firm Sherpa Capital as an operating partner. He previously was Europaen CEO for Taghleef Industries. www.sherpacapital.es

🚑 Michael Zappala joined Water Street Healthcare Partners as a vice president. He previously was with Tengram Capital Partners. www.waterstreet.com

The Cooley team breaks down everything you need to know about popular IPO alternatives, including key considerations for going public with a SPAC or direct listing, on their new capital markets blog, CapitalXchange.

Get more information now.

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