The sharp fall in the valuation ascribed to tech giant Canva – down by more than a third to $US25.5 billion ($39 billion) in just two years – might suggest that some heat has come out of private markets valuations.

But the stunning sale of Australian fashion group Zimmermann to US private enquiry giant Advent International for about $1.75 billion is proof that investors are more than willing to pay up for the right growth opportunities in an environment where they could become harder to find.