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  "documentTitle": "Global Top 100 companies by market capitalisation",
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      "text": "However, two trends have offset the above to provide tailwinds for Unicorns in the year ahead.",
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      "text": "However, two trends have offset the above to provide tailwinds for Unicorns in the year ahead: Many public companies have seen a surge in demand since COVID-19 took hold which has translated into valuation growth, particularly technology / technology enabled and healthcare businesses – sectors where Unicorns are well represented. Unicorns are typically disruptors within their sectors – whether through new technology, tapping into changing consumer trends or broader societal changes (e.g. ESG investing). COVID-19 appears to have accelerated these secular shifts which stands the Unicorns in good stead. Loose monetary policy has provided inexpensive, abundant liquidity which has flowed into public and private investment. It also creates an environment that supports growth investing, which clearly plays to the Unicorns benefit. If economies start to recover from COVID-19 and monetary policy remains loose, this will continue to be supportive for Unicorn valuations.",
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      "text": "A further surge related to Unicorn valuations and transaction volumes is likely to lie in mergers with Special Purpose Acquisition Companies (\"SPACs\"). In 2020 and the first quarter of 2021 a large number of these have listed on the US exchanges, and the SPAC trend is gaining some traction in Europe where a number of Unicorns also exist. These SPACs typically have a two year window to deploy funds. A number of these SPACs have already created IPO opportunities for Unicorns in the past twelve months, including Arrival and OpenDoor. We expect this trend to continue assuming the monetary policy backdrop remains loose.",
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      "text": "Finally, another aspect to watch - competition between exchanges in attracting IPOs of Unicorns (and other fast growth companies). A number of the exchanges, including the London Stock Exchange, have made this a key strategic goal to try to redress the balance of IPOs of Unicorns on domestic markets as opposed to, or as well as, the US exchanges.",
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      "text": "A year ago, there was mounting scepticism about the soundness of some Unicorn business models and their path to profitability – and, in turn, the valuations being put on Unicorn businesses. The last year continued to see some Unicorns fall by the wayside. Some have postponed or moderated exit plans. In the early stages of the COVID-19 pandemic, it seemed that investors would need to focus on following their money to support existing investments which would act as a brake on investment into existing and potential Unicorns.",
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      "text": "Top 100 unicorns outlook",
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