Glenn Youngkin will be the next governor of Virginia, after topping Democratic rival Terry McAuliffe in an election that many view as a purple proxy for November 2022. Why it matters: It's a big win for private equity, often viewed as ballot box poison, given that Youngkin previously served as co-CEO of The Carlyle Group. By the numbers: Youngkin raised $21.8 million from private equity industry donors, but $20 million of that came from his own bank account. McAuliffe, on the other hand, raised $4.7 million from private equity.