Enormous amount of news to compile this morning, so let's just follow up on a bunch of older items:
Update #1: Back in March we reported that major changes were coming to Oak Investment Partners, the bi-coastal venture capital giant that was in the midst of investing its thirteenth fund. Namely, the firm’s healthcare and financial services investors would raise their own dedicated fund, while Oak’s IT investors would do the same. Both would continue managing out the existing portfolio, but there wouldn’t be shared back-office services or anymore generalist funds going forward.
The first of those efforts, called Oak HC/FT Partners, has held a final close on $500 million in capital commitments. “For us there is a lot of crossover between healthcare and financial services, because both of these areas involve tech-enabled services,” explains partner Annie Lamont, whose deals have included Athenahealth and Castlight.
Lamont is one of three partners, alongside Andrew Adams and Patricia Kemp. I’m pretty sure that makes Oak HC/FT the largest VC firm ever to have a majority of its GPs be female. The firm also has five more dedicated investment professionals, and is seeking to hire an additional fin-tech investor (possibly at a senior level) in London. It has not yet made its first investment, but plans to do so shortly.
Update #2: Last week we mentioned that real-money fantasy sports site FanDuel was working on a new funding round led by a Los Angeles-based investment firm. This was on the heels of DraftKings raising $41 million in new funding at a valuation just south of $200 million.
Official word on the deal came late yesterday: $70 million led by Shamrock Capital Advisors (that’s the LA firm). NBC Sports Ventures and KKR also participated, alongside existing shareholders like Bullpen Capital, Comcast Ventures, Pentech Ventures, Piton Capital and Scottish Investment Bank.
Both FanDuel and DraftKings provide daily real-money fantasy sports games, with an obvious emphasis on professional football. FanDuel says that it has paid out around $310 million to date and that one of its users has won more than $600,000 via the platform.
Update #3: Yes, you just read that correctly: KKR participated in a pure venture capital deal. Sure it’s later-stage, but it’s certainly not a buyout. You may recall that we wrote in January about how KKR was considering the launch of a tech growth equity investing platform, and it seems that the consideration gave way to execution. Not only has KKR backed FanDuel, but it also invested £100 million into British online retailer The Hut Group back in June, and today said that it was plugging $90 million into luxury smart home technology company Savant Systems.
Update #4: Last month we reported that Vistria Group, the Chicago-based private equity firm formed late last year by Obama bestie Marty Nesbitt, had hired former Administration official Tony Miller and that “yet another ex-White House guy” was also expected to join shortly. That guy is Jon Samuels, one of the President’s top lieutenants on Capitol Hill, per my colleague Tory Newmyer. Read more here.
THE BIG DEAL
• Shanda Games (Nasdaq: GAME), a Chinese online gaming company, said that private equity firms backing a $1.9 billion takeover offer led by parent company Shanda Interactive Entertainment have pulled out of the deal. The firms are Carlyle Group, Fountainvest Partners, Primavera Capital. Chinese gaming company Perfect World Co Ltd. also was part of the consortium and has bailed.
Shanda Games said that it has found non-private equity replacements – including an affiliate of Haitong Securities and Ningxia Zhongyincashmere International Group Co. – but it is unclear if the $850 million leveraged loan attached to the deal will hold. www.shandagames.com
VENTURE CAPITAL DEALS
• Delivery Hero, a Germany-based food delivery service, has raised approximately $350 million in new VC funding. Return backers like Insight Ventgure Partners and Kite Ventures were joined by new investor Vostok Nafta. Delivery Hero last month announced that it had acquired local rival Pizza.de. www.deliveryhero.com
• IEX, the “fair” institutional trading platform made famous by the Michael Lewis book “Flash Boys,” has raised $75 million in VC funding. Spark Capital led the round, and was joined by Bain Capital Ventures, MassMutual Ventures, Franklin Resources, Cleveland Capital Management, TDF Ventures, Steve Wynn and Jim Clark. Read more.
• Black Duck Software, a Burlington, Mass.-based provider of open-source software deployment and management solutions, has raised $20 million in new VC funding. General Catalyst led the round, and was joined by return backers like Flagship Ventures, Intel Capital, SAP Ventures, Split Rock Partners and Volition Capital. www.blackducksoftware.com
• One Inc., a Rancho Cordova, Calif.–based provider of cloud software to the property and casualty insurance market, has raised $16.7 million in Series A funding. H&Q Asia Pacific led the round, and was joined by Camp One Ventures and AGI Partners. www.oneincsystems.com
• IndoorAtlas, a Finland-based developer of magnetic anomaly-based indoor positioning solutions, has raised $10 million in new VC funding from Baidu. The company recently announced a $4.5 million raise from KoppiCatch, Vera Ventures, Mobility Ventures and Tekes.www.indooratlas.com
• 3DHubs, a Dutch 3D printer matching service, has raised $4.5 million in Series A funding led by Balderton Capital. Read more.
• ItsOn Inc., a Redwood City, Calif.-based provider of a cloud-based mobile services platform, has raised an undisclosed amount of Series C funding from Cisco Systems. The company previously announced a $12.5 million Series C tranche led by Tenaya Capital. www.itsoninc.com
PRIVATE EQUITY DEALS
• Aon Risk Solutions, the global risk management unit of Aon PLC (NYSE: AON), has sold its risk management information systems business (Aon eSolutions) to Symphony Technology Group for an undisclosed amount. www.aon.com
• Arcus Infrastructure Partners and PSP Investment are nearing an agreement to acquire the French operations of broadcaster TDF for approximately €3.55 billion, according to Reuters. TDF is owned by Charterhouse Capital Partners, Ardian and TPG Capital. Read more.
• Bruckmann, Rosser, Sherrill & Co. has acquired New Archery Products Corp. and Quikfletch LLC, Forest Park, Il.-based makers of archery products and accessories. No financial terms were disclosed. www.brs.com
• CVC Capital Partners and First Reserve are among those prepping bids for a majority stake in Italian valve maker Petrolvalves, according to Reuters. The position is being sold by the founding Candiani family, at an enterprise valuation north of €1 billion. Other suitors could include General Electric, IMI PLC and Emerson Electric Co. Read more.
• Highlander Partners has acquired Versatex Building Products LLC, an Aliquippa, Penn.-based provider of cellular PVC building products for the new construction and renovation/remodel markets. No financial terms were disclosed. www.versatex.com
• SAS Sistema de Ensino, a Brazilian learning systems provider, has raised an undisclosed amount of equity funding from General Atlantic. www.portalsas.com.br
• Savant Systems, a Hyannis, Mass.-based luxury smart home technology company, has raised $90 million in growth equity funding from Kohlberg Kravis Roberts & Co. www.savantsystems.com
• Strategic Funding Source Inc., a New York-based provider of direct financing to small and midsize businesses, has secured a $110 million line of equity financing led by Pine Brook ($35m called down so far). www.sfscapital.com
• The Sterling Group has acquired Aquatic US Holdings Corp., an Anaheim, Calif.-based maker of bathtubs and showers for the residential single family and multi-family housing markets. No financial terms were disclosed. www.sterling-group.com
• Tricor Pacific Capital has acquired Tiger Calcium, an Alberta, Canada-based maker of calcium chloride products for dust control, road stabilization, de-icing, oilfield drilling fluids and water suppression applications. No financial terms were disclosed. www.tricorpacific.com
• TriWest Capital has acquired International Fitness Holdings Inc., an operator of fitness clubs in Alberta, Canada, from North Castle Partners. No financial terms were disclosed. IFH clubs operate under the World Health and Spa Lady brands. www.northcastlepartners.com
• Veritas Capital has agreed to acquire BeyondTrust Software Inc., a Phoenix-based provider of account management and vulnerability management software, for $310 million. Sellers include Insight Venture Partners. www.beyondtrust.com
• Warburg Pincus is investing nearly $700 million for approximately a 6% stake in China Huarong Asset Management Co., according to Bloomberg. The investment was part of Huarong’s previously-announced sale of a 21% stake for approximately $2.4 billion. Other buyers included Goldman Sachs, Khazanah Nasional Bhd, China Life Insurance Co., Fosun International, China International Capital Corp., COFCO Corp. and Citic Securities Co. Read more.
• Tokai Pharmaceuticals Inc., a Cambridge, Mass.-based developer of prostate cancer drugs, has set its IPO terms to 5.4 million shares being offered at between $13 and $15 per share. It would have an initial market cap of around $291 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol TKAI, with BMO Capital Markets, Stifel and William Blair serving as lead underwriters. Shareholders in the pre-revenue company include Apple Tree Partners (49.15% pre-IPO stake) and Novartis Ventures (28.12%). www.tokaipharmaceuticals.com
• Viking Therapeutics Inc., a San Diego-based developer of therapeutics for treating metabolic and endocrine disorders, has set its IPO terms to 5 million shares being offered at between $10 and $12 per share. It would have an initial market cap of around $167 million, were it to price in the middle of its range. The pre-revenue company plans to trade on the Nasdaq under ticker symbol VKTX, with Oppenheimer & Co. and Roth Capital Partners serving as lead underwriters.www.vikingtherapeutics.com
• Zalando, a Germany-based online fashion retailer, is prepping a Frankfurt floatation that could raise around €500 million at a €6 billion valuation. Shareholders include The Ontario Teachers' Pension Plan, TH Lee Putnam Ventures, DST Global and HV Holtzbrinck Ventures. Read more.
• Acronis, a Woburn, Mass.-based data protection company, has acquired BackupAgent, a Dutch cloud backup startup. Acronis backers include Millennium Technology Ventures, while BackupAgent had raised around $2 million from Runa Capital and Solid Ventures. Read more.
• AVG Technologies (NYSE: AVG) has agreed to acquire Location Labs, an Emeryville, Calif.–based provider of mobile security products. The deal is valued at upwards of $220 million, including $140 million up-front and another $80 million in possible earnouts. Location Labs had raised $26 million in VC funding from Bluerun Ventures, Draper Fisher Jurvetson, Intel Capital, Mitsui Global Investment and Qualcomm Ventures. www.avg.com
• Kohlberg Kravis Roberts & Co. has agreed to sell its 74.9% stake in Versatel GmbH, a German telecom and IT services provider, to United Internet AG (DB: UTDI), which already held the remaining 25.1% position. The deal values Versatel at €1.25 billion. www.versatel.de
• Sun European Partners has completed its previously-announced sale of DBApparel, a French maker of branded men’s and women’s intimate apparel like the WonderBra, to HanesBrands Inc. (NYSE: HBI) at an enterprise value of €400 million. www.dbapparel.com
• TouchTunes Interactive Networks, a New York-based provider of digital jukeboxes for bars and restaurants, has hired Moelis & Co. to find a buyer, according to Reuters. The deal could be valued at approximately $500 million. TouchTunes shareholders include 3i Group and VantagePoint Venture Partners. Read more.
• 1-800-Flowers.com (Nasdaq: FLWS) has agreed to acquire Medford, Ore.–based gift basket company Harry & David for $142.5 million in cash. J.P. Morgan and Wells Fargo are providing financing. www.hndcorp.com
• Concur Technologies Inc. (Nasdaq: CNQR), a Bellevue, Wash.-based provider of travel and expense management software, is exploring a possible sale, according to Bloomberg. The company already has hired an investment bank and approached Oracle (which is not pursuing the opportunity). Concur has a current market cap of around $5.7 billion. Read more.
• Sprinklr, a New York-based social relationship platform, has acquired Branderati Inc., a New York–based maker of social media tools, an undisclosed amount. Sprinklr has raised raised over $60 million in VC funding from such firms as Battery Ventures, Intel Capital and Iconiq Capital. www.sprinklr.com
FIRMS & FUNDS
• Crestview Partners, a New York-based private equity firm, has closed on $2.4 billion for its third fund, according to peHUB. It is targeting a total of $3 billion with a $3.5 billion hard cap. Read more.
• European Capital Debt Management, an affiliate of American Capital, has secured £100 million for a new fund that will provide debt financing to small and mid-sized UK businesses. The British Business Bank is committing £50 million to the fund, while the remaining £50 million is being committed by European Capital Ltd. and its affiliates.
• Oaktree Capital Group is targeting $10 billion for a new distressed opportunities fund, according to Bloomberg. Read more.
• Turnbridge Capital Partners, a Texas-based private equity firm focused on the energy services and products market, has closed its first institutional fund with $400 million in capital commitments. Eaton Partners served as placement agent. Turnbridge was originally formed in 2008. www.turnbridgecapital.com
MOVING IN, UP, ON & OUT
• Robin Budenberg and Nick Reid have joined Centerview Partners as UK-based partners. Both previously were with UBS. www.centerviewpartners.com
• Plexus Capital, a Charlotte-based private equity firm, has promoted Michael Painter to managing partner. www.plexuscap.com
• Siddharth Ramakrishnan has joined AssetMark as director of strategy. He previously spent two years with Genstar Capital and, before that, was an investment banker with Morgan Stanley. www.assetmark.com
• Gordon Watson has joined Victory Park Capital as a New York-based principal, with a focus on direct private equity and equity investments in specialty finance. He previously was a portfolio manager focused on distressed debt at GLG Partners. www.victoryparkcapital.com
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