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CalPERS, the country's largest public pension system, continues to move forward on its highly questionable plans to create a direct private equity affiliate. The latest is a Bloomberg report that CalPERS is in talks with two Silver Lake veterans — firm co-founder David Roux and former partner Adam Grosser — to lead the strategy.
• Yesterday we noted that Carta, a platform for managing company equity, raised $80 million at an $800 million valuation co-led by Meritech and Tribe Capital. We've since learned that most of the round was a secondary, and that part of the proceeds were used to buy out shares from existing investor Social Capital.
• President Trump yesterday downplayed the recent stock market ills, which culminated in the S&P 500's worst yearly performance in a decade:
"We had a little glitch in the stock market last month, but we're still up about 30% from the time I got elected. It's going to go up once we settle trade issues and a couple of other things happen."
Numbers: Through market close yesterday, both the Dow and the Nasdaq were up between 28% and 29% since Trump was elected, while the S&P 500 is up 17.3%.
Illustration: Lazaro Gamio/Axios
Bristol-Myers Squibb (NYSE: BMY) agreed to buy Celgene (Nasdaq: CELG) for around $74 billion in cash and stock.
• CarDekho, an Indian online auto sales marketplace, raised $110 million in Series C funding from return backers like Hillhouse Capital, Sequoia India and CapitalG. http://axios.link/te82
🚑 Ablative Solutions, a Kalamazoo, Mich.-based developer of hypertension treatments, raised $77 million in Series D funding. Gilde Healthcare and BioStar Ventures co-led, and were joined by Michigan Accelerator Fund and Novus Biotech. www.ablativesolutions.com
🚑 Gynesonics, a Redwood City, Calif.-based developer of treatment technologies for uterine conditions, raised $75 million in funding led by Bain Capital Life Sciences. Return backers included Abingworth, ATV, Endeavour Vision, HealthCrest, InterWest Partners, HBM Partners, Correlation Ventures and Hercules Technology Growth Capital. www.gynesonics.com
🚑 Connect Biopharma, a Chinese developer of immune modulators for the treatment of autoimmune diseases and inflammation, raised $55 million in Series B funding. Advantech Capital led, and was joined by return backers Qiming Venture Partners, Northern Light VC and Cowin Venture. http://axios.link/b0uf
• Vengo, a New York-based maker of touchscreen vending machines, raised $7 million in new funding. http://axios.link/1y5y
🚑 Jvion, an Atlanta-based healthcare prediction and modeling platform, raised an undisclosed amount of funding led by JMI Equity. Health Enterprise Partners and Health Velocity Capital also participated. www.jvion.com
⛽ Enstor, a natural gas storage platform owned by ArcLight Capital Partners, agreed to buy the non-utility U.S. natural gas storage facilities of Sempra Energy (NYSE: SRE) for $332 million. http://axios.link/BK4b
• KKR agreed to acquire a 50% stake in aviation finance company Altavair, via a $1 billion investment that will initially be used to help acquire six cargo aircraft on long-term leases.
• KKR is in talks to buy a 50% stake in Controp Precision Technologies, an Israeli maker of electro-optical and precision motion control systems for military and homeland security uses, from Aeronautics (TASE: ARCS), per TheMarker. http://axios.link/DyCb
• Nonantum Capital Partners acquired ProVest, a Tampa, Fla.-based legal support services firm. http://axios.link/3o7G
• Vector Capital agreed to buy Aspect Software, a Phoenix-based provider of customer engagement and workforce optimization software. The deal includes more than $100 million in equity. http://axios.link/qTmg
• Vector Capital completed its previously-announced purchase of Host Analytics, a Redwood City, Calif.-based provider of enterprise performance management software, from StarVest Partners (which will retain a minority stake). http://axios.link/BHMN
• Mr. D.I.Y., a Malaysian home improvement retailer, is considering a Kuala Lumpur IPO that could raise around $500 million at a $2.4 billion market value, per Bloomberg. http://axios.link/mTqJ
• BlackBaud (Nasdaq: BLKB) acquired YourCause, a Plano, Texas-based enterprise philanthropy company, from Providence Equity Partners for around $157 million. http://axios.link/dGt8
• Cision (NYSE: CISN) acquired Falcon.io, a Danish social media PR platform. Sellers include Cipio Partners, Prime Ventures, NorthCap Partners and Target Partners. http://axios.link/AIVa
• John Butler joined law firm Sidley Austin as a New York-based partner in its M&A and private equity practices. He previously was with David Pol & Wardwell. www.sidley.com
• Bradley Ellis joined Stifel as a managing director and head of venture banking, per his LinkedIn profile. He previously spent over 10 years with Square 1 Bank.
• Baris Guzel was promoted to principal by BMW I Ventures, per his LinkedIn profile.
• Tan Huck Khim has left Credit Suisse to join Fullerton Fund Management, a unit of Singapore sovereign fund Temasek, as head of private equity. http://axios.link/fwNv
• David Reshef (ex-MIT) and Rosanna Kapeller (ex-Nimbus Therapeutics) have joined the life sciences practice of Google Ventures as a venture partner and entrepreneur-in-residence, respectively. www.gv.com
• Silversmith Capital Partners promoted Sri Rao to general partner. www.silversmithcapital.com