Term Sheet — Monday, March 23

• Not a two-way street: Yesterday there was a big NY Times story about how mutual funds are plugging cash into privately-held tech unicorns. This isn't big news to Term Sheet readers -- or anyone who's paid passing attention to tech finance over the past 24 months -- but most of the commentary to date has been about how this new cash pool has impacted startups (including their reluctance to IPO). This piece was arguing about the liquidity and valuation dangers of such deals for those investing 401(k)s in mutual funds – such scary stuff that it even made Drudge’s front page.

Unfortunately, there wasn’t nearly enough context. For example, the piece talks about how Fidelity’s Contrafund has plugged $390 million into Uber, Airbnb and Pinterest. What it doesn’t mention is that Contrafund’s current portfolio NAV is around $112 billion. In other words, that $390 million represents just around one-third of one percent of Contrafund’s overall value. Not exactly the sort of thing that would cause retirees to grab their pitchforks, were all three of those companies to collapse tomorrow.

In fact, the only mutual fund I know of with serious private tech stock exposure is T. Rowe Price’s New Horizons Fund, which describes itself as extremely high-risk, in part, due to its predilection for privately-held tech company stocks (although most of its holdings are publicly-traded securities). In other words, there is no rug-pulling going on.

I'm all for pushing panic buttons, but not in this case.

• From the courthouse: The defense has rested in Ellen Pao's gender discrimination suit vs. Kleiner Perkins, and Judge Kahn subsequently denied the VC firm's motion to rule out punitive damages. Go here for a full recap of the latest proceedings.

• Game Time: 800 Term Sheet readers are participating in our March Madness Extravaganza, with the winner getting to take over this column for a day. Our leader right now is Zach Abrams, managing partner of Stratim Capital. He's only got 7 of the Sweet 16, but each of those 7 is in his Elite 8, and his Final Four remains intact.

• Big thanks to Erin Griffith for filling in late last week. I'd sure hate to be the guy who wrote that Groupon analysis she ripped into. Wait a minute...

THE BIG DEAL

• Informatica Corp. (Nasdaq: INFA), a Redwood City, Calif.-based provider of enterprise data integration software, is expected to receive several private equity takeover bids, according to Reuters.

Hellman & Friedman is teaming with Silver Lake Partners on one offer, while other suitors include Advent International, Canada Pension Plan Investment Board, Permira and Thoma Bravo. Informatica has a current market cap of more than $4.8 billion. Read more.

VENTURE CAPITAL DEALS

• Corsa Technology, a Canadian provider of programmable SDN switching solutions, has raised C$16.5 million in Series B funding. Roadmap Capital led the round, and was joined by return backers like Celtic House Venture Partners and BDC Capital. www.corsa.com

• Uber has raised an undisclosed amount of strategic funding from Indian media group Times Internet. Read more.

PRIVATE EQUITY DEALS

• Bain Capital is planning to acquire Japan Wind Development via a tender offer that could be worth upwards of $81 million, according to Nikkei. The tender is expected to launch Tuesday, at a 25% premium to JWD’s closing price on Friday. Read more.

• John Deere Landscapes, a portfolio company of Clayton, Dubilier & Rice, has acquired Shemin Landscape Supply from Centre Lane Partners. No financial terms were disclosed. Shemin Landscape is a Windsor, Conn.–based distributor and wholesaler of horticultural and landscape products. Lincoln International advised CLP and Shemin on the deal. www.shemin.net

• Karmaloop, a Boston-based streetwear retailer, is “scrambling to avoid a Chapter 11 filing,” according to the NY Post. The company reportedly is seeking new private equity funding to pay off some of its secured debt. Among the possible saviors is existing backer Insight Venture Partners. Read more.

IPOs

• Apigee Corp., a San Jose, Calif.-based API management company, has filed for an $86.25 million IPO. It plans to trade on the Nasdaq under ticker symbol APIC, with Morgan Stanley serving as left lead underwriter. The company reports a $27 million net loss on $32.6 million in revenue for the six months ending January 31, 2015 (compared to a $32m net loss on $23m in revenue for the year-earlier period). The company has raised over $170 million in VC funding from firms like Norwest Venture Partners (26.2% pre-IPO stake), Bay Partners (18.6%), Third Point Partners (12%), Wellington Management (7.6%), Pine River Capital Management, SAP Ventures, BlackRock, Focus Ventures and Accenture. www.apigee.com

EXITS

• CVC Capital Partners has agreed to sell Skrill Group, a European provider of digital wallet solutions and online payment processing capabilities, to Optimal Payments PLC (LSE AIM: OPAY), for an enterprise value of approximately €1.1 billion. www.skrill.com

• EQT Infrastructure has agreed to sell 100% of Swedegas, the owner of Sweden’s entire gas transmission network, to a 50/50 joint venture of Spain’s Enagás Internacional and Belgium’s Fluxys Europe. No financial terms were disclosed for the deal, which is expected to close next month. www.eqt.se

• Welsh, Carson, Anderson & Stowe has agreed to sell a majority stake in United Surgical Partners International, an Addison, Texas–based provider of short-stay surgical centers, to Tenet Healthcare Corp. (NYSE: THC). The deal is structured as a joint venture through which Tenet will initially hold a 50.1% stake in USPI – which will be merged with Tenet’s existing surgical centers and imaging centers – with an option to acquire the entire JV over the next five years via a put/call structure. The JV’s equity value is estimated at $2.6 billion, while the initial deal includes a $425 million payment from Tenet to Welsh Carson. www.uspi.com

OTHER DEALS

• ChemChina has agreed to acquire Camfin, the largest shareholder in listed Italian tire-maker Pirelli SpA, as a precursor to buying all of Pirelli at an enterprise value north of $7 billion. Read more.

• Robert F.X. Sillerman, the founder, executive chairman and CEO of Viggle Inc. (Nasdaq: VGGL) has offered to acquire a 25% interest in Wetpaint, an entertainment site targeting the 18-to-34 female demographic, for $10 million in cash. Wetpaint is currently owned by Viggle, with Sillerman’s offer including an option for him to acquire the remaining 75% stake within the next two years for $40 million. www.viggle.com

FIRMS & FUNDS

• Westly Group is planning to raise between $150 million and $200 million for its next VC fund sometime later this year, according to VentureWire. The Silicon Valley-based firm also is seeking to hire a new managing director. www.westlygroup.com

MOVING IN, UP, ON & OUT

• Bret Bolin has joined Technology Crossover Ventures as a London-based venture partner. He is the former CEO and executive chairman of Misys Ltd., a UK-based provider of financial services software and solutions. www.tcv.com

• Kunal Sony has joined The Carlyle Group as a managing director and head of West Coast origination efforts for business development company Carlyle GMS Finance (including affiliate NF Investment Corp.). He previously was with Medley Management as head of direct lending for the western region. www.carlyle.com

• Tim Stanley has joined Sierra Ventures as a partner, and head of business development and marketing. He previously was founder and CEO of Tekexecs, and SVP of enterprise strategy and industry solutions at Salesforce.com. www.sierraventures.com

• Trilantic North America has promoted five investment professionals to partner. They are: Glenn Jacobson (energy sector), Jeremy Lynch (biz and fin services sectors), Jamie Manges (consumer sector), Li Zhang (biz services sector) and Elliot Attie (CFO). www.trilantic.com

In memoriam

• David Freschman, managing principal of Innovation Capital Advisors, has passed away at the age of 52, after a battle with pancreatic cancer. In lieu of flowers, the family asks that contributions in David's memory be made to the Pancreatic Cancer Action Network. His full obituary can be found here.

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