Term Sheet — Thursday, October 23

• Radio nowhere: Back in May, we discussed how New Jersey's Department of Treasury had launched an investigation into whether or not venture capital firm General Catalyst Partners had violated state pay-to-play rules when it failed to disclose that "executive-in-residence' Charlie Baker donated $10,000 to The New Jersey Republican State Committee. General Catalyst subsequently received a $15 million fund commitment from New Jersey, even though it appears that Baker qualified as a "covered person" under NJ statute. New Jersey sold its position in General Catalyst last month (at a profit), but the underlying issue remains in the news because Baker is the GOP nominee for governor in Massachusetts.

Well, it's now been more than five months since the investigation began, and still no report.

Earlier this week there were a pair of news reports, one suggesting the report was concluded but being held until the next State Investment Council meeting (which is scheduled for after the Massachusetts election), and another that quotes a Treasury spokesman as saying the investigation is still ongoing. So I emailed Treasury to ask the following: "Has the report not been released because the investigation is not yet completed, or because it has not yet been formally presented to SIC during a regularly-scheduled meeting?"

Rather than directly replying, a (different) Treasury spokesman mistakenly included me on a forward to NJ Deputy State Treasurer Rob Romano, in which he wrote: "We just got this question from Fortune. Any thoughts on a response?"

Given that Treasury already had issued a statement about this matter to a local newspaper (and that the statement already had been published), why would my very basic question need to be forwarded to Romano? New information within the 24-hour gap? And why would it take more than four hours to get a response, following which none of my subsequent phone calls were returned?

I'm sorry, but something smells rotten in Trenton. There is no justifiable explanation for why this "investigation" -- which boils down to determining whether or not Charlie Baker meets a legal definition for "covered person" based on his job responsibilities -- is still "ongoing." I certainly understand that state bureaucracy can create needless red tape, and that this may not be a top priority. But the process has now taken nearly twice as long as the OJ Simpson trial, and longer than NJ's original due diligence on the General Catalyst opportunity.

To be clear, there is no evidence to suggest that political considerations played into New Jersey's decision to invest with General Catalyst. The recommendation was made by professional investment staff, and all such recommendations in NJ are pre-screened by making sure the firm in question is top-quartile in its asset class. Nor do I believe that a finding against General Catalyst should disqualify Charlie Baker from the top job in Massachusetts. But it's long past time for the NJ Treasury to present conclusions, or give a reasonable explanation for what's taking so long. Perhaps, as a start, it could pick up the phone.

• Work-work balance: Vancouver-based Version One Ventures today announced that it has closed its second fund with $35 million in capital commitments from LPs like Northleaf Venture Catalyst Fund and BDC Capital. This comes six months after founding partner Boris Wertz joined Andreessen Horowitz as a board partner. Via email, he explained why he raised a second fund after taking the A16Z job:

“Different platforms and a16z is complementary to Version One. 90% of my focus is on investing through V1 at the seed (and selectively A) level and if any of those portfolio companies become interesting to a16z in later rounds, I can sit on the board for them through my board partner role.”

• Coming attractions: Bessemer Venture Partners is holding its annual LP meeting next week, where it is expected to announce plans for its ninth fund (and third to accept LPs outside of the Phipps family). The firm's past two funds each have been capped at around $1.6 billion.

• Special purpose: Enterprise cloud management startup Bracket Computing yesterday came out of stealth mode, announcing that it has raised a total of $85 million in VC funding since its formation three years ago. Included in that was a $25 million Series B lead from Artis Ventures. Thing is, Artis only raises funds of around $50 million, and no venture firm wants that type of concentration. My understanding is that Artis contributed around $5 million from its fund (whose LPs are largely high-net-worth individuals), while the rest came via a special purpose vehicle.

THE BIG DEAL

• Advent International is among several private equity firms that is circling Bayer AG’s €10 billion plastics business, according to Reuters. Bayer has indicated plans to spin off the business via a public offering, but is receiving interest from Advent, Carlyle Group, Cinven, CVC Capital Partners and KKR. Read more.

VENTURE CAPITAL DEALS

• Telcare, a Bethesda, Md.-based provider of cellular-enabled glucose monitors and a cloud-based companion system, has raised $32.5 million in Series C funding. Norwest Venture Partners led the round, and was joined by Mosaic Health Solutions and return backers Sequoia Capital and Qualcomm. www.telcare.com

• Phreesia, a New York-based healthcare point-of-service platform, has raised $30 million in new funding led by LLR Partners. www.phreesia.com 

• PlayStudios, a Las Vegas-based “social casino” developer, has raised $20 million in Series C funding led by Jafco Ventures. Existing backers include DCM and MGM Resorts International. www.myvegas.com

• Quartet Medicine, a Cambridge, Mass.-based developer of treatments for chronic pain and inflammation, has raised $17 million in Series A funding. Backers include Atlas Venture with Novartis Venture Funds, Pfizer Venture Investment and Partners Innovation Fund. www.quartetmedicine.com

• Tipalty, an Agoura Hills, Calif.-based cloud pay-outs management automation platform, has raised $13 million in Series B funding led by Wicklow Capital. www.tipalti.com

• Kebony, a Norway-based developer and producer of wooden products, has raised $12.9 million in new equity funding led by Investinor. www.kebony.com

• Mogl, a San Diego-based loyalty rewards app, has raised $11 million in third-round funding. Company backers include Austin Ventures, Avalon Ventures, Correlation Ventures and Sigma West. www.mogl.com

• Zignal Labs, a San Francisco-based provider of real-time media monitoring and big data analytics solutions, has raised $10.7 million in Series B funding. Return backers include Andy Ballard (Figtree Partners), Mitchell Cohen (Ross Investment Associates) and company co-founder Jim Hornthal. www.zignallabs.com

• Kespry, a Menlo Park, Calif.–based developer of aerial data capture, analysis and visualization systems, has raised $10 million in Series A funding led by Lightspeed Venture Partners. www.kespry.com

• Gamma Medica, a Salem, N.H.-based developer of digital molecular imaging technologies, has raised $5 million in new VC funding from existing backer Psilos Group. The company also secured a $6.5 million financing facility from Hercules Technology Growth Capital. www.gammamedica.com

• Fortress Risk Management, a Wethersfield, Conn.-based provider of technology and services that help community banks and credit unions reduce fraud and financial crime risks, has raised $3.5 million in new funding. Backers include Black Dragon Capital, Advantage Capital Connecticut Partners and the Department of Economic and Community Development for the State of Connecticut. www.fortresserm.com

• Boostable, a San Francisco-based digital ad-buying tool, has raised $3.2 million in seed funding. Backers include Morado Ventures, Omidyar Network, and SV Angel. Read more.

PRIVATE EQUITY DEALS

• Advent International and Avista Capital Partners are in “advanced talks” to acquire Kremers Urban Pharmaceuticals, the U.S. generic drugs business of UCB SA (Belgium: UCB), according to Reuters. The deal could be worth nearly $2 billion. Read more.

• AEA Investors has acquired Pro Mach, a Loveland, Ohio-based packaging equipment company, from Jordan Co. No financial terms were disclosed, but an earlier Reuters report suggested the deal could be valued at approximately $1 billion. www.ProMachInc.com

• Clearlake Capital has formed Mission West Inc., a Houston, Texas-based provider of oilfield water management solutions to customers in North America. No financial terms were disclosed. Mission West will led by Steve Hardwick, former president of Swire Water Systems. www.missionwest.net

• MVC Private Equity  has acquired AccuMED Innovative Technologies Inc., a Buffalo, N.Y.–based manufacturer of textile-based medical products. No financial terms were disclosed, except that Yukon Partners provided minority equity financing while BMO Harris Bank served as administrative agent on the senior credit facility. www.accumedtech.com

• LAI International Inc., a portfolio company of RLJ Equity Partners, has acquired Zak Inc., a Green Island, N.Y.–based maker of precision machined and custom fabricated components for customers in power generation, specialty metals and oil and gas. No financial terms were disclosed. www.laico.com

• Sverica International has acquired Resonetics LLC, a Salem, N.H.–based provider of laser micromachining solutions to the life sciences industry, with a particular focus on polymers. No financial terms were disclosed. Sellers include Corporate Fuel Partners. www.resonetics.com

• TPG Capital has acquired a minority stake in GreenSky Trade Credit LLC, an Atlanta-based home improvement financing company, according to the WSJ. No financial terms were disclosed, except that the investment valued GreenSky at “nearly $2 billion.” Read more.

IPOs

• China Grand Automotive Services, a Chinese auto dealer chain backed by TPG Capital, has postponed its IPO plans, according to IFR. The company had planned to price an $800 million IPO in Hong Kong this year, but is now pushing back the offering until at least 2015, and may list instead on China's domestic stock market. Read more.

• CDBV Technology, a French provider of allergy diagnostics and therapeutics, raised $93 million in its IPO. The company priced 4.3 million shares at $21.64 per share (below its $23 proposed price, which was based on its Paris listing). It will trade on the Nasdaq under ticker symbol DBVT, while Citigroup and Leerink Partners served as lead underwriters. Shareholders include Sofinnova Partners (18.6% pre-IPO stake) and Bpifrance (18.2%). www.dbv-technologies.com

• CSky Solar, a Chinese owner and operator of solar energy parks, has set its IPO terms to 12.5 million shares being offered at between $10 and $12 per share. It would have an initial market cap of approximately $483 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol SKYS, with FBR and Cowen & Co. serving as lead underwriters. Shareholders include IDG-Accel China, which holds a 25.7% pre-IPO stake. www.skysolargroup.com

• CSidoti & Co., a New York-based equity research firm focused on small businesses, has filed for a $35 million IPO. It plans to trade on the NYSE MKT under ticker symbol SDTI, with WR Hambrecht serving as left lead underwriter. www.sidoti.com

• CWingstop Restaurants Inc., a Richardson, Texas-based chicken-wing chain owned by Roark Capital Group, is prepping an IPO that could value the company at around $500 million, according to the WSJ. www.wingstop.com

EXITS

• Cressey & Co. is seeking a buyer for Encompass Home Health Inc., a Dallas–based provider of at-home nursing services, according to Dow Jones. The asking price is around $700 million. www.ehhi.com

• Progress Software Corp. (Nasdaq: PRGS) has agreed to acquire Telerik AD, a Bulgaria–based provider of application development tools, for $262.5 million. Sellers include Summit Partners. www.telerik.com

OTHER DEALS

• iFood, a Brazilian food ordering company backed by Movile, has acquired rivals Papa Rango and Alakarte. No financial terms were disclosed. iFood recently merged with the Brazilian business of UK-based Just Eat (LSE: JE). www.ifood.com.br

• TeamHealth Holding (NYSE: TMH) has acquired Premier Physician Services, a Dayton, Ohio-based medical staffing group with more than 700 physicians and clinicians. No financial terms were disclosed. Edgemont Capital Partners advised PPS on the deal. www.premierdocs.com

FIRMS & FUNDS

• EnCap Investments, an energy-focused private equity group, is planning to seek $5 billion for its tenth fund, according to Bloomberg. Read more.

MOVING IN, UP, ON & OUT

• Nicolas Debock has joined London-based venture capital firm Balderton Capital as a principal focused on the French market. He previously was with Paris-based VC firm XAnge. www.balderton.com

• Sean Jacobsohn has joined Norwest Venture Partners as a principal. He will work out of the firm’s Palo Alto office, and also is newly-opened San Francisco office. Jacobsohn previously was a venture partner at Emergence Capital Partners and, before that, served in executive positions with Hightail and Cornerstone OnDemand. www.nvp.com

• New Enterprise Associates has promoted Jon Sakoda to general partner. He joined the firm’s Menlo Park office in 2006, and sits on the boards of Blue Jeans Network, DataVisor, Desire2Learn, Hearsay Social, Opower, ScienceLogic, Suniva, Swiftype and WibiData. www.nea.com

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