Term Sheet — Thursday, May 7

Venture capital funds have always "clubbed up" with one another, meaning that LPs would regularly have multiple GP exposures to the same portfolio company. But LPs could limit it a bit via their own portfolio management, making sure that they had diversity of VC fund type (i.e., a mix of early-stage, late-stage, etc.). The historical result was that, if an LP had multiple exposures, it was usually spread out through the cap table (one or two early-stage exposures, one lead Series B/C/D, etc.).

Today, however, the VC world's "stage" hierarchy has become all jumbled up, thanks in part to the massive amounts of money being raised by later-stage companies in no rush to go public. The result is that certain LPs have a lot of late-stage stock in the same portfolio companies -- often inflated even further by separate investments in mutual fund or hedge fund managers that also have dipped down.

Many LPs felt burned by the big buyout club deals that occurred pre-financial crisis, and complained loudly enough that we rarely see them today. Got to wonder when the LP kettle boils over this time around...

• Speaking of big buyout clubs: I've written more about the SunGard IPO plans, including some back-of-envelope math on the possible ROI for the software company's seven PE sponsors. Read it here.

• Update: The WSJ is reporting that CCMP Capital limited partners will allow the firm's latest fund to continue investing, after a sole key-man clause was triggered via the departure and subsequent death of CEO Steve Murray earlier this year. As part of the agreement, CCMP's new keyman group will commit an additional $60 million to the fund, some of which will be used to buy out Murray's stake.Read more here.

• Fund scoop: Storm Ventures has quietly raised its fifth fund with $180 million in capital commitments. That's a bit above the $150 million target, with co-founding partner Tae Hea Nahm saying that "there is a huge amount of money available right now and we could have raised almost double."

The firm plans to continue focusing on early-stage investments, with an emphasis on enterprise tech. It has three partners on this fund -- Nahm, Ryan Floyd and Jason Lemkin -- with co-founders Sanjay Subhedar and Alex Mendez moving into advisory roles (they may invest via Storm on an ad hoc basis).

THE BIG DEAL

• Apax Partners has agreed to acquire Quality Distribution Inc. (Nasdaq: QLTY), a Tampa, Fla.–based logistics and transportation provider, for approximately $800 million (including the assumption of debt). The $16 per share offer represents a 63% premium over Wednesday’s closing stock price. www.qualitydistribution.com

VENTURE CAPITAL DEALS

• Adaptive Biotechnologies, a Seattle-based company focused on sequencing of T-cell and B-cell receptors in the immune system, has raised $195 million in Series F funding. Matrix Capital Management led the round, and was joined by Senator Investment Group, Tiger Management, Rock Springs Capital and return backers Viking Global, Casdin Capital and Alexandria Real Estate Equities. The move comes several months after Adaptive Biotech acquired VC-backed diagnostics company Sequenta Inc. www.adaptivebiotech.com

• Banjo, a Redwood City, Calif.-based provider of social media analysis software, has raised $100 million in Series C funding. Softbank led the round, and was joined by return backer BlueRun Ventures. Read more.

• Robinhood, a Palo Alto, Calif.-based “zero fee” stock trading app, has raised $50 million in Series B funding. New Enterprise Associates led the round, and was joined by Vaizra Investments and return backers Index Ventures, Ribbit Capital and Social Leverage. Read more.

• Moximed Inc., a Hayward, Calif.-based developer of a joint unloading knee implant for pre-arthroplasty patients, has raised $33 million in new VC funding. Vertex Venture Holdings was joined by return backers New Enterprise Associates, Gilde Healthcare Partners, Morgenthaler Ventures and GBS Venture Partners. www.moximed.com

• GaN Systems, an Ottawa-based developer of gallium nitride power switching semiconductors, has raised US$20 million in new VC funding. Cycle Capital Management led the round, and was joined by BDC Capital, Tsing Capital and return backers Chrysalix Energy Venture Capital and RockPort Capital. www.gansystems.com

• Spyryx Biosciences Inc., a Chapel Hill, N.C.-based developer of therapeutics for respiratory diseases, has raised $18 million in Series A funding from Canaan Partners, Hatteras Venture Partners and 5AM Ventures. www.spyryxbio.com

• ChartBeat, a New York-based provider of real-time website traffic data, has raised $15.5 million in Series C funding. Harmony Partners led the round, and was joined by Digital Garage and return backers DFJ, Index Ventures, Jason Calacanis and Jeff Clavier. www.chartbeat.com

• 908 Devices, a Boston-based provider of analytical devices for chemical analysis, has raised $11.6 million in Series C funding. Saudi Aramco Energy Ventures led the round, and was joined by return backers ARCH Venture Partners, Razor’s Edge Ventures, University of Tokyo Edge Capital and Schlumberger. www.908devices.com

• Itineris, an Belgium-based provider of operational software and services for the utilities industry, has raised $10 million in new VC funding. GIMV led the round with a $7.5 million investment, and was joined by return backers PMV and company founder Edgard Vermeersch. www.itineris.be

• Toppr.com, an Indian startup that helps students prep for university entrance exams, has raised $10 million in VC funding. Backers include Fidelity Growth Partners India, SAIF Partners and and Helion Ventures. Read more.

• Zanbato Inc., a Mountain View, Calif.-based platform for private placement workflows and connectivity in private securities markets, has raised $8 million in Series B funding. Accelerate-IT Ventures led the round, and was joined by return backer Formation8. www.zanbato.com

• Blitsy, a Chicago-based arts and crafts e-commerce company, has raised $3.6 million in Series A funding. Greycroft Partners led the round, and was joined by Data Point Capital and return backers like Chicago Ventures, FireStarter Fund and Lakewest Venture Partners. www.blitsy.com

• Delvv, a Palo Alto, Calif.-based developer of mobile intelligence apps, has raised $3.5 million in seed funding. No investors were identified. www.delvv.com

• Big Data Partnership, a UK-based provider of big data services, has raised £3.1 million in Series B funding led by Beringea. www.bigdatapartnership.com

• ChatWork, a San Francisco-based cloud communication platform for business teams, has raised $2.5 million in new VC funding from GMO Venture Partners. www.chatwork.com

• Bone Biologics Corp., an Edison, N.J.–based developer of a proprietary protein for use in bone regenerative medicine, has raised $2 million from Hankey Capital. www.bonebiologics.com

• Incentive, a Venice, Calif.-based enterprise collaboration platform for mid-market organizations, has raised $1.7 million in seed funding. No investors were identified, although the company did say that it was “recently selected to join Microsoft Ventures.” www.incentive-inc.com

• Jetbay, a platform for foreign inbound travelers to research and book private tours to China, has raised $1.6 million in seed funding led by ChinaRock Capital Management. www.jetbay.com

• Doblet, a San Francisco-based network of batteries for on-demand phone charging, has raised $1.3 million in seed funding led by SoftTech VC. www.doblet.com

• Intradiem Inc., an Atlanta-based provider of intraday automation solutions to frontline workforces, has raised an undisclosed amount of new VC funding. JMI Equity led the round, and was joined by return backer MK Capital. www.intradiem.com

PRIVATE EQUITY DEALS

• Chicken Salad Chick, an Auburn, Ala.–based chain of chicken salad restaurants with 32 locations, has raised an undisclosed amount of private equity funding from Eagle Merchant Partners. www.chickensaladchick.com

• RL360, a UK-based investment management firm backed by Vitruvian, has acquired offshore life insurer Clerical Medical from Lloyds. No financial terms were disclosed. Read more.

• Tengram Capital Partners has acquired an undisclosed stake in The Works Products Ltd., a maker of aromatherapeutic beauty products, for an undisclosed amounts. www.thisworks.com

IPOs

• aTyr Pharma Inc., a San Diego-based developer of Physiocrine-based therapeutics to address rare diseases, raised $75 million in its IPO. The pre-revenue company priced 5.4 million shares at $14 per share, for an an initial market cap of around $316 million. It will trade on the Nasdaq under ticker symbol LIFE, while J.P. Morgan and Citigroup served as lead underwriters. Shareholders include Fidelity Investments (13.56% pre-IPO stake), Polaris Partners (10.56%), Domain Associates (10.52%), Alta Partners (10.27%), Cardinal Partners (10.16%), Sofinnova Ventures (8.93%) and Baker Brothers Life Sciences (8.93%). T. Rowe Price, Federated Investors, Deerfield Management, Rock Springs Capital Management, EcoR1 Capital and Sphera Global Healthcare. www.atyrpharma.com

• HTG Molecular Diagnostics, a Tucson, Ariz.-based provider of a "platform to facilitate the routine use of complex molecular profiling," raised $50 million in its IPO. The company priced 3.57 million shares at $14 per share, for an initial market cap of around $94 million. It plans to trade on the Nasdaq under ticker symbol HTGM, with Leerink Partners serving as lead underwriter. HTG reports a $9.8 million net loss on around $2 million in revenue for the first nine months of 2014. Shareholders include Novo AS (24.8% pre-IPO stake), S.R. One (19.6%), Merck Capital Ventures (19.5%), Fletcher Spaght Ventures (12.3%), Solstice Capital (6.1%) and Valley Ventures (5.6%). www.htgmolecular.com

• Shopify Inc., an Ottawa-based cloud commerce platform for small and mid-sized businesses, has set its IPO terms to 7.7 million shares being offered at between $12 and $14 per share. It would have a fully-diluted market value of around $1.1 billion, were it to price in the middle of its range. The company plans to trade on the NYSE and TSX under ticker symbols SHOP and SH, respectively. Morgan Stanley, Credit Suisse and RBC Capital Markets are serving as lead underwriters. Shopify reports a $22 million net loss on $105 million in revenue for 2014, compared to a $5 million net loss on $50 million in revenue for 2013. It has raised around $122 million in VC funding from firms like Bessemer Venture Partners (30.28% pre-IPO stake), FirstMark Capital (11.87%), OMERS Ventures (6.05%), Georgian Partners (5.48%) and Felicis Ventures. Read more.

• Tallgrass Energy GP LP, holder of GP and LP interests in midstream gas company Tallgrass Energy Partners LP (NYSE: TEP), raised $1.2 billion in its IPO. The company priced 41.5 million shares at $29 per sharer (above $24-$27 range), making it the year’s largest U.S. IPO. It will trade on the NYSE under symbol TEGP, while Citigroup and Goldman Sachs served as lead underwriters.

• TerraForm Global, a Bethesda, Md.-based renewable energy company being spun out of SunEdison (BYSE: SUNE), has filed for a $700 million IPO. J.P. Morgan, Barclays, Citigroup and Morgan Stanley are serving as co-lead underwriters. Its initial portfolio includes solar projects in China, India, South Africa, Uruguay, Malaysia and Thailand, wind projects in China, Brazil, India and South Africa, and hydro-electric projects in Brazil and Peru. www.sunedison.com

• Verseon, a Fremont, Calif.-based pharma company, raised £65.8 in its IPO. The company priced 32.57 million shares at 202 pence per share, for an initial market cap of approximately £302.5 million. It will trade on the LSE under ticker symbol VSN. www.verseon.com

• Wingstop Inc., a Dallas, Texas-based chicken-wing chain owned by Roark Capital Group, has filed for an $86.25 million IPO. It plans to trade on the Nasdaq under ticker symbol WING, with Morgan Stanley, Jefferies and Baird serving as lead underwriters. The company reports nearly $9 million of net income on $67.5 million in revenue for 2014.  Last year, the WSJ reported that Wingstop was hoping for around a $500 million market cap post-IPO. www.wingstop.com

EXITS

• Gilead Sciences Inc. (Nasdaq: GILD) has acquired EpiTherapeutics ApS, a Danish developer of small molecule inhibitors of epigenetic regulation of gene transcription. The deal was valued at $65 million in cash. EpiTherapeutics had raised VC funding from such firms as Astellas Venture Management, Lundbeckfond, Novo AS, Merck and Seed Capital Denmark. www.epitherapeutics.dk

OTHER DEALS

• RockYou, a San Francisco-based gaming and in-game advertising company, has acquired PlayHaven, a San Francisco–based mobile ad network, from Science Inc. RockYou backers include Columbia Capital and SoftBank Capital. Read more.

FIRMS & FUNDS

• Landmark Partners has closed its seventh real estate private equity fund with $1.6 billion in capital commitments. www.landmarkpartners.com

MOVING IN, UP, ON & OUT

• Stuart Bernstein, head of venture capital coverage at Goldman Sachs, is retiring at the end of next month. He has been with the firm since 1986, and founded its cleantech and renewables group. Read more.

• Andreas Bösenberg and Michael Palm have joined Sun European Partners as managing directors. Bösenberg previously was deputy head of private equity and special situations with VTB Capital, and will work out of Sun’s Frankfurt office. Palm previously was founding partner and CEO of Seven Summits Capital, and will lead Sun’s new Stockholm office. www.suncappart.com

• David Heilbrunn has agreed to join Fifth Street Asset Management (Nasdaq: FSAM) as a managing director and member of the firm’s management committee. He previously was a managing director of The Carlyle Group. www.fsam.fifthstreetfinance.com

• George King, former president of Valero Energy Corp. (NYSE: VLO), has joined EnCap Flatrock Midstream as a senior advisor. www.efmidstream.com

• Reshma Sohoni, co-founder of Seedcamp, has joined digital financial services investment and advisory firm Anthemis Group as a senior advisor. www.anthemis.com

• T. Rowe Price said that William Stromberg, the firm’s global equities head, will become president and CEO on Jan. 1, 2016. He will succeed James Kennedy, who has served in the roles since 2007. www.troweprice.com

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