"I can't and won't quit China."

That was a prominent U.S. growth equity investor, when I asked if the Beijing's business crackdown was causing him to reconsider his firm's China strategy.

• It's the same message I've heard repeatedly over the past 24 hours, albeit not usually so pithy. My questions came after SoftBank reported a $3.5 billion third quarter loss, plus a $54 billion dip in net asset value, that it largely pinned on China.
• SoftBank CEO Masa Son began his investor presentation with a picture of a blizzard. Then, when explaining what happened between July and September, he said: "In one word: Alibaba."

Between the lines: SoftBank's experience with Alibaba is instructive when it comes to understanding why private market investors aren't panicking over the Chinese government's increasingly stringent oversight of sectors like Big Tech, lending and for-profit education.

• Yes, Alibaba has shed around $400 billion in market cap over the past year, during which regulators kneecapped its planned IPO of financial unit Ant Group and issued a record fine for monopolistic practices.
• But even in its weakened state, Alibaba still represents what may be the best VC investment of all time — SoftBank invested $20 million in 2000, and its current stake is worth more than $100 billion.
• Few other investors have the concentrated exposure to a single company that SoftBank has with Alibaba, but most still have good reason to view China as the land of outsized returns. Even if a few portfolio companies get hit, or even shut down, it's a worthwhile trade-off.

It's a conclusion I'm also hearing from limited partners, with one major fund-of-funds manager referring to government tightening on companies like ByteDance as "a first world problem."

The bottom line: China's startup environment is no longer the Wild West, but its emergent sheriffs aren't scaring anyone off.

General Electric (NYSE: GE) said that it will split into three publicly traded companies, focused on aviation, energy and healthcare.

• Why it's the BFD: This is what giving up looks like. Or at least CEO Larry Culp's final rebuke to the bloated conglomerate built by Jack Welch and bungled by Jeff Immelt.

• Details: Aviation would retain the GE name and Culp as CEO. The healthcare spinoff would come in early 2023, while energy would become independent in early 2024.
• The bottom line: "GE spent periods as the largest company by market value as recently as the early 2000s, but then the financial crisis hit. Weighed down by its troubled financial arm... The stock was dumped from the Dow Jones industrial average in 2018 after being one of the original members of the blue chip average going back to 1896." — Jesse Pound, CNBC

• Socure, a New York-based platform for digital identity trust, raised $450 million in Series E funding at a $4.5 billion valuation. T. Rowe Price and Accel co-led, and were joined by Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners and Sorenson Ventures. http://axios.link/kSOK

• Collibra, a Brussels-based provider of business data governance software, raised $250 million in Series G funding at a $5.25 billion post-money valuation. Sequoia Capital Global Equities and Sofina co-led, and were joined by Tiger Global and insiders Battery Ventures, CapitalG, Dawn Capital, Durable Capital Partners LP, ICONIQ Capital and Index Ventures. http://axios.link/Z28H

🚑 Arbor Biotechnologies, a Cambridge, Mass.-based developer of generic medicines for liver and CNS diseases, raised $215 million in Series B funding. Temasek, Ally Bridge Group and TCG Crossover co-led, and were joined by Arrowmark Partners, Deep Track Capital, Great Point Ventures, Illumina Ventures, Janus Henderson, Logos Capital, Ono Venture Investment, Piper Heartland Healthcare Capital, Ridgeback Capital Investments, Section 32, Surveyor Capital, T. Rowe Price, Tao Capital Partners, Tekla Capital Management and Woodline Partners. http://axios.link/qrXw

• HawkEye 360, a Herndon, Va.-based RF signal mapping and analytics company, raised $145 million in Series D funding. Insight Partners and Seraphim Space Investment co-led, and were joined by Strategic Development Fund, Jacobs Engineering Group, Gula Tech Adventures, 116 Street Ventures, New North Ventures and insiders Advance Publications, Razor’s Edge Ventures, NightDragon, SVB Capital, Shield Capital and Adage Capital. http://axios.link/Y0Yr

• Razor Group, a Berlin-based Amazon merchant acquisition platform, raised $125 million in Series B funding at a valuation north of $1 billion from Fortress Investment Group, 468 Capital, Victory Park Capital, Presight Capital, Blackrock, Jebsen Capital, Redalpine and GFC. http://axios.link/HklY

• Jackpocket, a state lottery app, raised $120 million in Series D funding. Left Lane Capital led, and was joined by Santa Barbara Venture Partners, Kevin Hart, Whitney Cummings, Mark Cuban, Manny Machado and insiders Greenspring Associates, The Raine Group, Anchor Capital, Gaingels, Conductive Ventures and Blue Run Ventures. http://axios.link/IOFj

• Zoomcar, an Indian car rental marketplace, raised $92 million in Series E funding led by SternAegis Ventures. http://axios.link/VQA0

• Curated, an S.F.-based ecommerce platform, raised $75 million in Series C funding. CapitalG led, and was joined by Forerunner Ventures and Greylock. http://axios.link/E3qF

• VergeSense, an S.F.-based provider of physical office usage software, raised $60 million in Series C funding led by Scale Venture Partners. http://axios.link/tLnY

🚑 Alltrna has launched as a transfer RNA platform with $50 million from founding investor Flagship Ventures. http://axios.link/rb1d

• Block Renovation, a New York-based home renovation digitization platform, raised $50 million in Series C funding. SoftBank led, and was joined by Giant Ventures, NEA, Morningside Ventures, Lerer Hippeau, Obvious Ventures, Rainfall Ventures, Firstminute Capital, BoxGroup and SV Angel. http://axios.link/GkbW

🚑 DeepCure, a Boston-based AI drug discovery platform, raised $40 million in Series A funding. Morningside Ventures led, and was joined by insiders TLV Partners, Sapir Venture Partners and Benon Group. www.deepcure.ai

🚑 OcuTerra, a Boston-based biotech focused on ophthalmic diseases like diabetic retinopathy, raised $35 million in Series B funding from undisclosed backers. http://axios.link/ONAv

• Threekit, a Chicago-based 3D visual commerce platform, raised $35 million in Series B funding. Leaders Fund led, and was joined by ServiceNow, Capgemini and insiders Salesforce and Shasta Ventures. www.threekit.com

🚑 Beacon Biosignals, a Boston-based precision medicine startup focused on neurology, raised $27 million in Series A funding. General Catalyst led, and was joined by Casdin Capital. www.beacon.bio

• You.com, a search engine startup led by ex-Salesforce chief scientist Richard Socher, raised $20 million in seed funding. Time Ventures led, and was joined by Breyer Capital, Sound Ventures and Day One Ventures. http://axios.link/9Kq8

• Seasoned, an Austin, Texas-based hiring platform and network for restaurant workers, raised $18.7 million in Series A funding. Horizons Ventures led, and was joined by TPG Growth. http://axios.link/1lsd

• Traive, a Brazilian agricultural lending platform, raised $17 million in Series A funding. SP Ventures and Astella co-led, and were joined by Tiger Global, Bread & Butter Ventures, Minerva VC, Syngenta Group Ventures, Serasa Experian VC and CSN Inova Ventures. www.traivefinance.com

• FunNow, a Taiwan-based instant booking app, raised $15 million in Series B funding. Perfect Hexagon Commodity & Investment Bank and Ascendo Ventures co-led, and were joined by insiders CDIB Capital, Darwin Ventures, Accuvest, Sanput Travel Group and CSV Venture Fund. http://axios.link/VJ8b

• Notabene, a New York-based crypto compliance SaaS, raised $10.2 million in Series A funding. F-Prime Capital and Jump Capital co-led, and were joined by Blockfi, Gemini Frontier Fund, Illuminate Financial, CMT Digital, Fenbushi Capital and insiders Castle Island Ventures and Green Visor Capital. http://axios.link/sRaL

• Point One Navigation, an S.F.-based developer of precision location tech, raised $10 million in Series A funding. UP Partners led, and was joined by Bolt, IA Ventures and Ludlow Ventures. www.pointonenav.com

• Bitmart, a cryptocurrency exchange, is in talks to raise around $20 million led by Alexander Capital Ventures at a $300 million pre-money valuation, per TechCrunch. http://axios.link/pxBz

• Alfa eCare, a Swedish portfolio company of Main Capital Partners, acquired Daisy, a Finnish provider of early childhood education and daycare software for municipalities. www.alfaecare.se

• Highgate and Cerberus Capital Management agreed to buy CorePoint Lodging (NYSE: CPLG), an Irving, Texas-based owner of 160 La Quinta-branded hotels, for around $1.5 billion. http://axios.link/1g9O

• Ipackchem, a Paris-based portfolio company of SK Capital, agreed to buy Mullacka, an Indian crop protection packaging provider. www.ipackchem.com

• Norvestor agreed to buy BST, a Stockholm-based provider of active fire protection services, from IK Partners. www.bstab.com

• PestCo, a portfolio company of Thompson Street Capital Partners, acquired Presto Pest Control, a Telford, Pa.-based provider of commercial pest control services.

• Platinum Equity completed its $5.25 billion purchase of Wilmington, Del.-based water treatment firm Solenis from Clayton, Dubilier & Rice and BASF. http://axios.link/OYqo

• Zenwork, a Fayetteville, Ark.-based provider of tax and regulatory compliance software, raised $162.5 million from Spectrum Equity. http://axios.link/xvff

• 5.11 ABR, an Irvine, Calif.-based technical apparel maker owned by Compass Diversified Holdings, filed for an IPO. It plans to list on the Nasdaq (VXI) and reports a $14 million profit on $321 million in revenue for the first nine months of 2021. http://axios.link/U8uZ

• Braze, a New York-based customer engagement platform, set its IPO terms to 8 million shares at $55-$60. It would have a $5.9 billion fully diluted value, were it to price in the middle, plans to list on the Nasdaq (BRZE) and reports a $26 million net loss on $104 million in revenue for the first half of 2021. It raised $177 million from firms like Battery Ventures, Iconiq, InterWest Partners, Blumberg Capital and Meritech Capital Partners. http://axios.link/xYni

• Panera Bread, the quick-serve chain bought by JAB Holding for $7.5 billion in 2017, said it is prepping an IPO that would include an investment from restauranteur Danny Meyer and his USHG Acquisition Corp. (NYSE: HUGS) SPAC. http://axios.link/OjrQ

🥗 Sweetgreen, an L.A.-based fast-casual restaurant chain, set IPO terms to 12.5 million shares at $23-$25. It would have a $2.55 billion market cap, were it to price in the middle, plans to list on the NYSE (SG) and reports an $87 million net loss on $243 million in revenue for the first 39 weeks of 2021. It raised around $670 million in VC funding, most recently at a $1.8 billion valuation, from backers like Fidelity, T. Rowe Price, Anchorage Capital Group, Lone Pine Capital, Revolution, Red Sea Ventures, Collaborative Fund, Signatures Capital, Scott Belsky, Danny Meyer, Naomi Osaka and Daniel Boulud. http://axios.link/cCWc

• TypTap Insurance Group, a Tampa, Fla.-based homeowners insurance provider being spun out of HCI Group (NYSE: HCI), filed for an IPO. http://axios.link/t8Qz

🚑 Blade Therapeutics, a South S.F.-based developer of anti-fibrotic therapies, agreed to go public at an implied $353 million valuation via Biotech Acquisition Co. (Nasdaq: BIOT). It had raised over $130 million from firms like MPM Capital, Pfizer Ventures and Deerfield Management. http://axios.link/2Rtf

• Plus, a self-driving truck developer, canceled its plans to be acquired at a $3.3 billion implied valuation via Hennessy Capital Investment Corp. V (Nasdaq: HCIC), with the two sides citing regulatory uncertainty outside the U.S. http://axios.link/gFnq

• Springbig, a Boca Raton, Fla.-based cannabis loyalty and marketing automation platform, agreed to go public at an implied $500 million valuation via Tuatara Capital Acquisition Corp. (Nasdaq: TCAC). Backers include TVC Capital and Altitude Investment Management. http://axios.link/1iwH

• Viasat (Nasdaq: VSAT) agreed to buy British satellite communications group Inmarsat for $7.3 billion from Apax Partners and Warburg Pincus. http://axios.link/OIfg

• Happiest Baby, an L.A. maker of smart bassinets, is seeking a buyer for around $1 billion, per Bloomberg. The company raised over $70 million in VC funding from backers like Lauder Partners, DG Daiwa Ventures, Felicis Ventures and Falkon Ventures http://axios.link/gr9K

TELUS (NYSE: TU) acquired Blacksmith Applications, a Lawrence, Mass.-based trade spend management SaaS provider, from Strattam Capital for $275 million. http://axios.link/VVv9

• Newcrest Mining (ASX: NCM) agreed to buy the stake it doesn't already hold in Canadian gold miner Pretium Resources (TSX: PVG) at a US$2.8 billion valuation (22.5% premium to Monday’s close). http://axios.link/SI3Q

🚑 Tenet Healthcare (NYSE: THC) agreed to buy SurgCenter Development, an owner of 92 ambulatory surgery centers in 21 states, for $1.2 billion. http://axios.link/J7jK

• Alpha JWC, a Jakarta-based VC firm, raised $433 million for its third fund. http://axios.link/DKYT

• Beringer Capital, a Toronto-based PE firm, raised US$307 million for its fourth fund. www.beringercapital.com

• Bison Capital is targeting $500 million for its sixth non-control PE fund focused, per public pension docs. http://axios.link/pGzo

• Brookfield Asset Management raised over US$500 million for its second tech growth equity fund. www.brookfield.com

• Jane Caldwell joined Ridgemont Equity Partners as chief administrative officer. She previously was COO at BlackArch. www.ridgemontep.com

• K.V. Kamath joined KKR as a senior advisor focused on India. He's the former president of New Development Bank and current chair of India’s National Bank for Financing Infrastructure and Development. www.kkr.com

• J.D. Mullin (ex-Intuit) joined Summit Partners as an executive-in-residence. www.summitpartners.com

• Carletta Ooton joined Apollo Global Management as head of ESG. She previously was at Amazon as VP of product assurance, risk and security. www.apollo.com

• Marc Pillemer is leaving The Blackstone Group to join Blue Owl as a managing director. http://axios.link/stNx

• Trilantic North America promoted both Lindsay Ting and Lee Nussbaum to managing directors. www.trilanticnorthamerica.com

• Cook Wylly joined Thoma Bravo as a principal. He previously was with Brentwood Capital Advisors. www.thomabravo.com

The U.S. Justice Department and Federal Trade Commission yesterday released an annual report on the Hart-Scott-Rodino premerger notification program.

• Since the agencies implemented an electronic document submission system on March 18, 2020, they received over 8,000 electronic HSR filings representing over 4,000 transactions through Sept. 10, 2021.
• The report says that the FTC brought 28 merger enforcement challenges in fiscal 2020, the highest number since 2001 when Congress increased the HSR filing thresholds. DOJ challenged 15 mergers in fiscal 2020.