Term Sheet — Thursday June 27

Hello Term Sheet readers. It's Lucinda, who is taking over this newsletter until you jet off to a hopefully sunny, but not too hot location for July 4. In the meantime, please send deals to [email protected]

Social Capital fell apart after co-founder Chamath Palihaptiya shook up his investing approach, with plans to make fewer but larger investments in a bid to boost returns. Now, Palihapitiya is back, reportedly spinning out a new data-driven venture firm dubbed "Caas," or capital-as-a-service, per TechCrunch. The idea is to simplify and to some extent, automate, the VC investing process.

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