The dust has finally settled on the US Presidential elections. While most dealmakers are relieved that a big source of uncertainty has been dealt with, they will have to brace themselves for higher corporate tax and detrimental changes to the treatment of carried interest. Regulatory burdens will also become more onerous under a Biden Presidency, potentially blunting deal-making activity. But all things considered, the conditions necessary for a much-improved deal-making environment in 2021 have emerged.