After closing a $12.7 billion fund mere months ago, Tiger Global is planning to go back to market.

The firm intends to raise a new fund this year or next, a person familiar with Tiger told me in a recent feature story for Fortune. There has already been interest from the firm’s existing LP base, the person says. While the firm’s public hedge fund has experienced $17 billion in losses this year, there’s a different dynamic in the other, separate side of its business—the private side, where there have been many up rounds and portfolio companies are experiencing significant growth, according to the person. (A Tiger spokeswoman declined to comment on performance and didn’t respond to a request for comment on whether Tiger planned to raise another fund)

While some investment firms are retreating to the sidelines, others are plowing more money into deals as valuations start to plunge. Firms including Insight Partners, SoftBank, and Tiger Global have upped the number of deals they’ve completed in the first quarter of this year compared to last, according to Crunchbase data. Fidelity, T. Rowe Price, and Altimeter Capital have all taken a step back.

“We’re watching and feeling every moment what’s happening in the public markets,” says Karin Fronczke, who leads Fidelity’s private market investments for its mutual funds—about half of which hold stakes in at least one private company. “The direct line to how that might have implications to private companies and our private shareholding is immediate because we’re owning these companies in the same fund.”

The warnings have come on strong for founders. From the likes of Sequoia Capital, Social Capital, and Y Combinator, the message is consistent—hold cash, prepare for the worst, get ready to go a couple years without being able to raise new capital—to the point where it’s started to bore some CEOs.

“No shit,” one founder, tired of warnings to keep cash on hand from his investors, told me. “Thanks for the advice.”

We’ve seen recessions be incredibly painful—with slews of layoffs and pileups of debt. So far in 2022, at least 28,000 people have been laid off, per Layoffs.fyi—already more than all the layoffs reported last year combined. That includes public companies like Carvana, Netflix, Wells Fargo, and Robinhood, but the wave is crossing into the private companies, too—with Latch, or Outside, cutting staffers in recent weeks. Even Klarna—one of Europe’s most dazzling unicorns, wasn’t immune.

But some firms see an opportunity. I think there’s a phrase for that: Buy the dip.

You can read the full story here.

Luna Lovebad… Earlier this month stablecoin UST lost its peg, and proceeded to tumble in value until it started to hover at, well, zero. The founder of UST creator Terraform Labs, Do Kwon, went radio silent as investors licked their wounds. And then the allegations began: That the Luna Foundation Guard organization never had a multi-signature wallet (meant to prevent bad actors from moving funds at whim), that Terraform Labs Korea dissolved just days before the crash, or that Terra was intentionally attacked. Then, in mid-May, Kwon did re-emerge—this time with the proposal for a new Terra blockchain. Is the industry ready for Kwon’s third act? As my colleague Taylor Locke writes: “Whatever Kwon is, and however his latest plan plays out, two things are certain: He has a talent for winning people’s trust, and every DeFi project he’s launched in his nearly decade-long career has ultimately failed.” You can read the full story here.

Until Monday,

Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
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Jackson Fordyce curated the deals section of today’s newsletter.

VENTURE DEALS

- Motive, a San Francisco-based automated operations platform, raised $150 million in additional Series F funding co-led by Insight Partners and Kleiner Perkins.

- Bibit, a Jakarta-based digital investment app in Indonesia, raised $80 million in funding. The round was led by GIC and was joined by investors including Prosus Ventures and others. 

- Assembled, a San Francisco-based workforce management platform for support teams, raised $51 million in Series B funding. The round was led by New Enterprise Associates and was joined by investors including Emergence Capital and Basis Set Ventures. 

- Zip, a San Francisco-based purchase request platform, raised $43 million in Series B funding. The round was led by YC Continuity and was joined by investors including Tiger Global and CRV. 

- Jadu AR, the Los Angeles-based creator of Mirroverse, an augmented reality game-world, raised $36 million in Series A funding. The round was led by Bain Capital’s Crypto fund and was joined by investors including General Catalyst, LionTree, the VR fund, Alumni Ventures, Position Ventures, Com2Us Holdings, DIGITAL Gaingels, LG, and WeMade. 

- Upflex, a New York-based hybrid workspace provider, raised $30 million in Series A funding. The round was led by WeWork and was joined by investors including Newmark, Cushman & Wakefield, Ecosystem Integrity Fund, GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments, and Silicon Valley Bank. 

- NatureMetrics, a Guildford, U.K.-based DNA biodiversity monitoring and analysis company, raised $15 million in funding from investors including 2150VC, Ananda Impact Ventures, BNP Paribas, and SWEN Capital Partners’ Blue Ocean.  

- Planet FWD, a San Francisco-based carbon assessment platform, raised $10 million in Series A funding in a round led by Acre Venture Partners and Congruent Ventures.

- Xona, an Annapolis, Md.-based user access platform provider for operational technology, raised $7.2 million in Series A funding. The round was led by DataTribe Opportunities Fund and was joined by investors including TFX Capital and others.

- Copyleaks, a Stamford, Conn.-based plagiarism detection platform, raised $6 million in Series A funding in a round led by JAL Ventures. 

- how.fm, a Cologne, Germany-based SaaS training platform for warehouse operators, raised $5.4 million in seed funding from investors including Kindred Capital, Capnamic Ventures, and others. 

- RepVue, a Chapel Hill, N.C.-based sales organization ratings platform, raised $5 million in seed funding. The round was led by S3 Ventures and was joined by investors including TDF Ventures, Knoll Ventures, Alerion Ventures, GTMfund, Triangle Tweener Fund, and other angels.   

- Fyxt, a Venice, Calif.-based operations platform for commercial real estate, raised $4 million in Series A funding. The round was led by RET Ventures and was joined by Reuben Brothers.

- Basetwo, a Toronto and Sunnyvale, Calif.-based SaaS A.I. platform for manufacturers, raised $3.8 million in seed funding. The round was led by Glasswing Ventures and Argon Ventures and was joined by investors including Caffeinated Capital, Graphite Ventures, MaRs IAF Pareto Holdings, Plug and Play, and Quiet Capital.

- Parvis Invest, a Vancouver-based real estate investment platform, raised $2.7 million in Series A funding led by Gravitas Securities.

- STAN, a Bengaluru, India-based fan engagement platform, raised $2.5 million in seed funding. The round was led by General Catalyst and was joined by investors including Better Capital and other angels. 

- Kapaga, a London-based cross-border payment platform for small and medium businesses, raised £1.5 million ($1.9 million) in funding. The round was led by Target Global and was joined by other angels.

PRIVATE EQUITY

- Ares Management agreed to acquire a minority stake in Ryan, a Dallas-based tax services and software provider. A deal is valued at $2.5 billion. 

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IPOS 

- HSBC, a London-based banking and financial services company, is weighing an initial public offering of its Indonesian business. 

SPAC

- ECARX Holdings, a Shanghai-based mobility tech company, agreed to go public via a merger with COVA Acquisition Corp., a SPAC. The deal values the company at $3.82 billion.  

FUNDS + FUNDS OF FUNDS

- FFL Partners, a San Francisco-based private equity firm, raised over $900 million for a fifth fund focused on health care and tech-enabled services companies. 

- Updata Partners, a Washington D.C.-based growth equity investment firm, raised more than $608 million for a fund focused on software companies.  

- 1Sharpe Ventures, an Oakland-based venture capital firm, raised $90 million for a fund focused on pre-seed to Series A-stage real estate-tech companies.

PEOPLE

- 1906 Group, a Bethesda, Md.-based holding company, hired Andrew Gorczyk as vice president. Formerly, he was with Brown Advisory.

- Clean Energy Ventures, a Boston-based venture capital firm, hired Gilchrist DiPrete as director of finance. Formerly, he was with Omega Funds.  

- ICG, a London-based alternative asset manager, hired Elsa Palanza as managing director and global head of sustainability and ESG. Formerly, she was with Barclays. 

- Kian Capital Partners, an Atlanta and Charlotte-based private investment firm, hired Thomas Bullock and Doyle Silvia as associates. Formerly, Bullock was with Driven Brands and Silvia was with VRA Partners.