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Term Sheet — Friday, February 12

Feb 12, 2016

Abdicated Responsibility

No column this morning, due to some unexpected issues at the home office (don't worry, everyone is okay). Apologies. We'll be back to our regularly-scheduled ramblings on Tuesday.

Have a great long weekend...

THE BIG DEAL

Pandora (NYSE: P) has retained Morgan Stanley to solicit possible takeover offers, according to the NY Times. The online radio company’s current market cap is around $1.94 billion. Read more.

VENTURE CAPITAL DEALS

•  Diffbot, a Palo Alto, Calif.-based developer of an “an AI that can autonomously synthesize the world’s largest database of knowledge,” has raised $10 million in Series A funding. Tencent and Felicis Ventures co-led the round, and were joined by Amplify Ventures, Valor Capital, Bill Lee, Georges Harik and Andy Bechtolsheim. Read more at Fortune.

•  Jisto, a Boston-based “enterprise solution for maximizing computer resource utilization,” has raised $2.45 million in seed funding led by .406 Ventures. www.jisto.com

PRIVATE EQUITY DEALS

•  The commitment deadline has been extended for $10 billion of loans backing Dell's proposed purchase of EMC "due to a slow book order," according to Reuters. Read more.

•  The Blackstone Group has formed Clarion Offshore Partners LLC as a new investment platform designed to provide “strategic solutions to the offshore oil and gas drilling and services sector.” No financial terms were disclosed. Most of the Clarion management team previously led Pride International, which was acquired in 2011 by Ensco plc (NYSE: ESV) for more than $9 billion. www.clarionoffshore.com

•  Farol Asset Management and Liberty Hall Capital Partners have acquired AIM Aerospace, a Renton, Wash.-based provider of composite ducting, substructural and interiors parts for the commercial aerospace industry, for $220 million. www.aimseattle.com

•  First Reserve has acquired the Mariah North Wind power project in Texas from Mariah Acquisition. No financial terms were disclosed. www.firstreserve.com

IPOs

•  Proteostasis Therapeutics Inc., a Cambridge, Mass.-based developer of therapeutics to treat diseases caused by defects in protein processing, raised $50 million in its IPO. The company priced 6.3 million shares at $8 per share, compared to original plans to offer 3.85 million shares at between $12 and $14 per share ($153m initial market cap). The pre-revenue company will trade on the Nasdaq under ticker symbol PTI, while Leerink Partners and RBC Capital Markets served as lead underwriters. Proteostasis Therapeutics had raised over $50 million in VC funding, from firms like Elan Science One (21.6% pre-IPO stake), New Enterprise Associates (17.1%), Healthcare Ventures (13.9%), Fidelity Biosciences (11.7%), Novartis Bioventures (11.6%), Sanofi-Genzyme BioVentures (5.8%) and Cormorant Asset Management. www.proteostasis.com

EXITS

•  ASICS Corp. (Tokyo: 7936) has acquired Runkeeper, a Boston-based fitness app maker. No financial terms were dislcosed. Runkeeper had raised over $11 million in VC funding from firms like Spark Capital, O’Reilly AlphaTech Ventures, Boston Seed Capital and Revolution Ventures. Read more.

FIRMS & FUNDS

•  GGV Capital is raising upwards of $880 million for its sixth VC fund, plus another $250 million for a "Discovery" fund, according to regulatory filings. www.ggvc.com

•  Neuberger Berman has raised $462 million for Marquee Brands Partners LP, a new private equity fund focused on acquiring U.S. and European consumer brands. The fund also has made two investments to date: Bruno Magli, a luxury Italian footwear brand, and Ben Sherman, a British fashion brand. www.marqueebrands.com

MOVING IN, ON & UP

•  Michael Paulus, the former president of Addepar, has left Andreessen Horowitz, where he had been a member of the investment team. No word yet on his future plans.

•  Windjammer Capital Investors has promoted Daniel Lee (Waltham, Mass.) and Ryan Pertz (Newport Beach, Calif.) to vice president. Lee joined the firm in 2010 and sits on the boards of portfolio companies Heritage Food Service Group and Global Claims Services. Pertz joined in 2013 and sits on the boards of Flinn Scientific and Infinite RF. www.windjammercapital.com

Correction: Yesterday we misspelled the name of Teddy Kaplan, a new managing director and New Mountain Capital.

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