• First up are two notes on the Cerberus/CalSTRS situation: Kevin: "The political correctness in the tone and tenor of your writing about the failed attempt by Cerberus Capital Management to appease liberal sensibilities belies the liberal bias of your outlook on firearms… CalSTRS, if truly troubled by the Sandy Hook shootings, would have actively sought to sell their LP stake to another investor themselves instead of relying on Cerberus to find a way to buy them out. Virtually all LP agreements in PE allow an LP to sell-out with GP approval. Their concern rings hollow and belies the lack of direct responsibility (and inevitable financial loss) CalSTRS is willing to accept to back-up their false virtue."

Ryan: "What this says to me is that Cerberus was never serious in the first place. The partners there have enough money to buy out a few LPs or, if too many LPs want to sell, then they would be able to justify taking a below-market price."

• A few replies on the question of when an incumbent tech company successfully "killed" a popular startup by aping its primary product? Atish: “It’s less about defeating the upstart, and rather about arm-twisting them on valuation to take the exit. Amazon is notorious for this having recreated competing applications, then calling the startup with leverage to force the upstart into a deal they wouldn’t have otherwise taken.”

Sam: “What’s more common is to see a big tech company pay to buy a promising startup and then kill its product altogether, later reviving it as an integration in the big tech company’s existing service.”

Peter: “You could argue that Microsoft vs. Netscape is an example. In 1996 Netscape Navigator was running on 89% of computers, and IE was on 4%. By 2002 IE was running on 95% of desktops and Netscape and its derivations were running on 4%. Microsoft's actions of tying its browser with its monopoly position in operating systems ended it on the losing side of a DOJ action and consent decree. But while Microsoft may have killed Netscape, they couldn't kill the concepts it represented that essentially commoditized the operating system and started the trend towards standards-based protocols that tie together client devices to back-end servers and services.”

• Dave: "Your crowing on the DOE's LPO program is premature. The DOE has had (by their own calculations) $780 million in losses and $810 million in interest payments received. They have disbursed $30.29 billion. So on $30.29 billion they have netted $30 million - less than 1% of committed capital over a 5 year time frame. And this (as they point out) does not include the Treasury's cost of capital. So for the same folks who projected a big win with Solyndra (just months before its demise) to project $5 bn in interest payments (on loans whose average 'loan tenor' is 22+ years) is simply wishful thinking."

• Jon: “To refer to Reddit as a ‘half-billion dollar company’ strikes me as a bit odd. Reddit exerts influence but in revenue and number of employees they're tiny. To me, associating dollars with a company implies revenue.” [To be clear, I used the figure in relation to where investors valued it during its most recent financing round].

• Finally, we have anon: “"I don't know what's worse: That you're an insufferable know-it-all or that you admit you are and don't care."

• Have a great weekend... Go Pats!

THE BIG DEAL

• Neff Corp., a Miami, Fla.-based construction equipment rental company focused on the U.S. Sunbelt region, raised $157 million in its IPO. The company priced 10.5 million shares at $15 per share (below $20-$22 offering range), for an initial market cap of approximately $349 million. It will trade under ticker symbol NEFF, while Morgan Stanley served as left lead underwriter.

The company had filed for bankruptcy in 2010, after which it was acquired by Wayzata Investment Partners. It reports $10 million in net income on $347 million in revenue for the year ending June 30, 2014. www.neffrental.com

VENTURE CAPITAL DEALS

• CloudLock, a Waltham, Mass.-based cloud data security company, has raised $6.7 million in fourth-round funding, according to a regulatory filing. It previously raised around $28 million from Bessemer Venture Partners, Cedar Fund and Ascent Venture Partners. www.cloudlock.com

• Assembly, a collaborative engineering and design platform, has raised $2.9 million in new VC funding. Union Square Ventures led the round, and was joined by Box Group, Collaborative Fund and Thrive Capital. www.assembly.com

• Essess Inc., a Boston-based provider of mobile thermal imaging technology and data analytics for energy loss in buildings, has raised an undisclosed amount of new VC funding from Tamarisc, the Massachusetts Clean Energy Center and return backers Vocap Investment Partners, DFJ Athena, and Constellation Technology Ventures. The company says that it has raised a total of $10.75 million since its 2011 inception. www.essess.com

• Uversity, a San Francisco-based provider of mobile and data solutions for higher-education institutions to improve student enrollment and retention, has raised an undisclosed amount of new VC funding (bringing its overall total to $11.4 million since its 2007 founding). Learn Capital led the round, and was joined by return backers Bill & Melinda Gates Foundation and Retro Venture Partners. www.uversity.com

PRIVATE EQUITY DEALS

• ABRY Partners and Cinven are among several expected bidders for Northgate Public Services, a UK-based provider of services like electricity and gas matering, from KKR portfolio company Northgate Information Solutions, according to Reuters. The deal could be valued at up to £470 million. Read more.

• Affinity Equity Partners and MBK Partners are among the first-round bidders for South Korean car rental company KT Rental, which is being sold for upwards of $720 million by telecom giant KT Corp., according to Reuters. Strategic suitors include SK Networks, GS Retail Co., Hyosung Corp, Hankook Tire Worldwide Co. and SFA Engineering Corp. Read more.

• Audax Group has acquired Checkers Industrial Safety Products, a Broomfield, Colo.-based provider of branded industrial safety products, from Tonka Bay Equity Partners. No financial terms were disclosed. www.checkersindustrial.com

• The Blackstone Group has agreed to acquire the residential property business of GE Japan Corp. for approximately $1.61 billion. The sale includes more than 10,000 units in more than 200 properties. Read more.

• Charterhouse Capital Partners has agreed to acquire Mirion Technologies Inc., a San Ramon, Calif.-based maker of radiation detection products, from American Capital Ltd. for approximately $500 million, according to Bloomberg. Read more.

• RLJ Equity Partners has acquired MarketCast LLC, a Los Angeles–based provider of analysis to marketers and researchers in the global entertainment industry, from Shamrock Capital Advisors. No financial terms were disclosed, except that GE Asset Management also participated. www.mcast.com

• Vista Equity Partners has completed its previously-announced acquisition of Navex Global, a Lake Oswego, Ore.-based provider of employee compliance training software, from The Riverside Co. No financial terms were disclosed. www.navexglobal.com

IPOs

• Adama Agricultural Solutions, an Israel-based crop protection solutions company, has postponed its $300 million IPO. The company plans to list on the NYSE under ticker symbol ADAM, with Goldman Sachs and BofA Merrill Lynch serving as co-lead underwriters. It reports $230 million in operating income on $1.78 billion in revenue for the first half of 2014. Shareholders include the China National Agrochemical Corp. (60% pre-IPO stake) and Koor Industries Ltd. (40%). www.ma-industries.com

• Cnova NV, the global e-commerce unit of French retailer Casino (Paris: CO), raised $188 million in its IPO. The company priced 26.8 million at $7 per share (below $12.50- $14 range), for an initial market cap of approximately $3.07 billion. It will trade on the Nasdaq under ticker symbol CNV, while Morgan Stanley and J.P. Morgan served as lead underwriters. Cnova reports a $31 million net loss on nearly $4 billion in 2013 revenue. www.groupe-casino.fr

• Neothetics Inc., a San Diego-based developer of therapeutics for the aesthetic market, raised $65 million in its IPO. The company priced 4.65 million shares at $14 per share (middle of $13-$15 offering range), for an initial market cap of approximately million. It will trade on the Nasdaq under ticker symbol NEOT, with Piper Jaffray and Guggenheim Securities serving as lead underwriters. Shareholders include Domain Associates (36% pre-IPO stake), Alta Partners (30%) and RMI Investments (17%). www.neothetics.com

• Net-a-Porter Ltd., a UK-based online luxury fashion retailer, is considering a 2015 IPO, according to Bloomberg. The company is currently owned by listed Swiss jewelry maker Cie. Financiere Richemont SA. Read more.

• Peak Resorts, a Wildwood, Mo.-based ski resort operator, raised $90 million in its IPO. The company priced 10 million shares at $9 per share (low end of 49-$11 range), for an  initial market cap of approximately $126 million. It will trade on the Nasdaq under ticker symbol SKIS, while FBR, Stifel and Baird served as lead underwriters. It reports around $25 million in EBITA and $105 million in revenue for the year ending April 30, 2014. www.peakresorts.com

EXITS

• New Media Investment Group (NYSE: NEWM) has agreed to acquire the 36 newspapers owned by Halifax Media Group for $280 million. Halifax Media Group is a portfolio company of Comvest Partners and Stephens Capital Partners. Read more.

• Stone Point Capital has agreed to sell its majority stake in Asset Allocation & Management Co., a Chicago-based investment management firm with $16.4 billion in AUM, to Securian Financial Group Inc., a unit of Minnesota Mutual Companies Inc. Read more.

OTHER DEALS

• Atkore International, a Harvey, Ill.–based maker of electrical raceway products, has acquired Steel Components Inc., a Coconut Creek, Fla.–based designer and manufacturer of electrical fittings. No financial terms were disclosed. D.A. Davidson & Co. managed the process. www.atkore.com

• JBS SA (Brazil: JBSS3) has acquired Australian big meat producer Primo Group for approximately A$1.45 billion. Read more.

• Mercer, a wholly-owned subsidiary of Marsh & McLennan Cos. (NYSE: MMC),  has agreed to acquire SCM Strategic Capital Management AG, a Swiss specialist private markets advisor. No financial terms were disclosed. www.mercer.com

• Sunnova Energy Corp., a Houston, Texas–based residential solar energy service company, has secured $250 million in new financing commitments from Franklin Square Capital Partners (sub-advised by GSO Capital Partners) and Triangle Peak Partners. Barclays served as placement agent. www.sunnova.com

FIRMS & FUNDS

• Isis Equity Partners, a UK-based private equity firm, has renamed itself Living Bridge. The firm had made the decision to rebrand earlier this year, so as not to be confused with the terrorist group ISIS. www.livingbridge.com

• Pensioenfonds Horeca & Catering, the occupational pension fund for the Dutch hospitality and catering industry, has picked AlpInvest Partners to manage its private equity investments. The system is expecting to commit €500 million between 2014 and 2018 to private equity funds globally. www.phenc.nlc

• Upfront Ventures, a Santa Monica, Calif.-based early-stage tech investment firm, is targeting $250 million for its fifth fund, according to a regulatory filing. Read more.

MOVING IN, UP, ON & OUT

• David Boutry has joined Platinum Equity as a Los Angeles-based principal and head of global business development. He previously was a managing director in Deutsche Bank’s financial sponsors group. www.platinumequity.com

• Stephen Dowd has joined Toronto-based Caledon Capital Management as a partner focused on infrastructure investments. He previously led the infrastructure and timberland investment group at Ontario Teachers' Pension Plan. www.caledoncapital.com

• Laura Hill has joined placement agency Forbes Private Capital Group as a New York-based director, focused on institutional and family office investors in the Western U.S. She previously was director of corporate affairs at the Council of Foreign Relations and, before that, was a director in the capital formation unit of Fortress Investment Group. www.forbespcg.com

• Alejo Vidal-Quadras reportedly has joined KKR as a Spain-based partner. He previously led Spanish activities for 3i Group. Read more.

Share today's Term Sheet:
http://fortune.com/2014/11/21/term-sheet-friday-november-21