Beware of that hedge fund in the window

When hedge fund managers advertise, performance dips.

FORTUNE -- Hedge funds soon will be allowed to advertise their wares to potential clients, thanks to a provision in last year's JOBS Act (which had no direct relation to actual jobs). As will private equity funds, venture capital funds and other alternative investment vehicles that heretofore were prohibited from general solicitation.

Former SEC Commissioner Mary Shapiro opposed the change, so she basically sat on MORE

Why Andreessen Horowitz gave a $60 million Lyft

FORTUNE -- Ride-sharing service Lyft today is announcing $60 million in new venture capital funding led by Andreessen Horowitz. So I spent some time on the phone with Andreessen Horowitz partner Scott Weiss to learn why the firm is putting so much money into a company that faces so many challenges.

What follows is an edited transcript of our conversation:

FORTUNE: There is a lot of money going into this general space MORE

Can KKR dance the Saks two-step?

Merging Saks with Neiman Marcus may make sense, but it won't be easy.

FORTUNE -- Kohlberg Kravis Roberts (KKR) reportedly is considering a massive luxury retail consolidation move: Buying both Saks Inc. (which just went on the block) and Neiman Marcus (being sold by a PE group that includes TPG, Warburg Pincus, Leonard Green and Credit Suisse) -- and then merging the two companies together.

To be sure, there are some good MORE

M&A and IPOs

Pfizer Inc. (NYSE: PFE) said that it will split off its remaining 80% interest in its former animal health unit Zoetis Inc. (NYSE: ZTS), which completed a $2.2 billion IPO back in February. The split will be done via an exchange offer. www.zoetis.com

Adobe Systems (Nasdaq: ADBE) has acquired mobile app design agency Thumb Labs for an undisclosed amount. www.adobe.com

BTG PLC (LSE: BTG) has agreed to acquire the Targeted Therapies division of Nordion Inc. (TSX: NDN) for approximately US$200 million. www.btgplc.com Google (Nasdaq: GOOG) has acquired Makani Power, MORE

Private equity deals

Apax Partners has agreed to acquire specialty apparel retailer Rue21 (Nasdaq: RUE) for approximately $1.1 billion, or $42 per share (23% premium to yesterday's closing price). Apax previously owned Rue21 before taking it public in 2009, and still retains nearly a 30% equity position. Its two directors on the Rue21 board recused themselves from board discussions and votes related to the deal. www.rue21

Del Monte Foods has acquired Natural Balance Pet Foods for an undisclosed amount. Del Monte shareholders MORE

Venture capital deals

Interactions Corp., a Franklin, MA-based provider of conversational virtual assistant applications for customer service, has raised $40 million in new VC funding. SoftBank Capital led the round, and was joined by return backers Sigma Partners, Sigma Prime Ventures, RED LLC, Cross Atlantic Capital Partners, North Hill Ventures and Updata Partners. www.interactions.net

Skyhigh Networks, a Cupertino, Calif.-based provider of cloud visibility and control solutions, has raised $20 million in Series B funding. Sequoia Capital led the round, MORE

Pre-Marketing: Too big to jail?

* Brad Stone: Inside Google's secret lab

* Untested: Why does DoJ believe "too big to jail?"

* Irish finance minister: We will not be U.S. "whipping boy"

* Morning Call: Global shares stumble on Bernanke comments

* No ceremony: How Congress quietly undid its insider trading rules

* Duane Stanford: Herbalife's CEO fights back

* DoE joy: Tesla pays back loan early

* Be your own Tim Cook: How to dodge taxes like Apple

* An actual job: Helping hedge funders MORE

New York City loses its private equity boss

Head of NYC private equity investments heads to private firm in which NYC pension invested.

FORTUNE -- Yesterday came news that Barry Miller had stepped down as head of private equity investments for the New York City Employee Retirement Systems (NYCERS), in order to open a New York City office for Connecticut-based private equity firm Landmark Partners.

My immediate reaction: Is this a conflict of interest, given that NYCERS had just committed $400 million MORE

How much did Tumblr's VCs really make?

Reports of VC returns on Tumblr have been greatly exaggerated.

FORTUNE -- Yesterday there were several news reports about how Union Square Ventures had generated a "5,000% return" on its early investment in Tumblr, based on data from research firm Privco. They also claimed that Spark Capital's Bijan Sabet made $77 million for himself, in addition to whatever carry he's entitled to as a partner in the Spark Capital fund that invested alongside USV.

In MORE

Pre-Marketing: Public company, public tax filing?

* Alex Mayyasi: Food truck economics

* Matt Wirz: Beware of the covenant bubble

* David Beisel: Debunking 7 conventional VC wisdom

* Felix Salmon: Public companies should have public tax filings

* David Kirkpatrick: Class warfare knives coming for tech plutocrats

* Morning Call: U.S. futures climb, Europe retreats and Japan jumps.

* Top chef: 3D printed food?

* Academia: Alternative marketing for alternative investments?

* How dare you? "Netflix adultery" affects half of all relationships

* Unprecedented: Town wipes its hands MORE