Flag Capital Management has raised $353 million for its fifth VC-focused fund-of-funds, and also is marketing its second vehicle focused on the broader private equity markets (target capitalization of $350 million). PE Week subscribers can read more on this story in today抯 print edition.

Arroyo Video Solutions Inc., a Pleasanton, Calif.-based provider of a video services delivery solutions, has raised $13 million in first-round funding. DCM-Doll Capital Management and Foundation Capital co-led the deal, and were joined by Time Warner Investments and Comcast Interactive Capital. As part of the transaction, Carl Amdahl of DCM and Adam Grosser of Foundation Capital have joined the Arroyo Video board of directors. PE Week subscribers can read more on this story in today抯 print edition. www.arroyo.tv

Charles Warden has joined Versant Ventures as a managing director, effective July 1. He will work out of the firm抯 Newport Beach office, and focus on the medical device sector. Warden most recently served as a managing director in the Boston office of Schroder Ventures Life Sciences, which he joined in 1996. In related news, Versant has hired Amy Scott as an associate also focused on the medical device sector. He comes from Edwards Lifesciences (formerly Baxter Healthcare Corp.), where she held various roles focused on brand management and marketing. www.versantventures.com

VC Deals

MedManage Systems Inc., a Bothell, Wash.-based provider of prescription drug sampling solutions, has raised $6 million in Series C funding. Versant Ventures led the deal, and was joined by fellow new investor Lilly Ventures and return backer Prism Venture Partners. www.medmanagesystems.com

Dexterra Inc., a Bothell, Wash朾ased provider of enterprise software that enables business processes to be mobile, has raised $16 million in Series B funding. Canaan Partners led the deal, and was joined by fellow new investors Motorola Ventures and Intel Communications Fund. Return backers include Sigma Partners and Sagus Capital. www.dexterra.com

Calient Networks Inc., a San Jose, Calif.-based provider of photonic switching systems and software, has raised $15 million in new fourth-round funding. The company had held a $20 million first close on the round last November. New investors on the second tranche include Wall Street Technology Partners and DuPont Capital Management, and were joined by return backers Enterprise Partners Venture Capital, TeleSoft Partners and Sofinnova Ventures. Calient now has raised over $280 million in VC funding since its 1999 inception, including a $195 million deal in 2001 at a post-money valuation of approximately $975 million. www.calient.net

Buyout Deals

Mesto Corp. has agreed to sell compaction and paving equipment subsidiary Dynapac to Altor Equity Partners for approximately