It's been nearly three months since fashion-tech company CaaStle told investors that they'd been defrauded of more than half a billion dollars, and that law enforcement was investigating.

• There hasn't yet been an arrest made nor a charge filed.
• For context, Sam Bankman-Fried was cuffed just one month after FTX went bust, and the preceding narrative was that authorities were dragging their heels.

The big picture: I don't have intel on the investigation, and it's theoretically possible that there will be indictments by nightfall.

• But the situation seems to be part of a broader trend in which the Trump administration is putting white-collar offenses on the back burner.
• It's something that all investors should be aware of, if not wary of.

By the numbers: White-collar prosecutions are on track for a decades-long low in 2025, according to the nonpartisan Transactional Records Access Clearinghouse.

• The Securities and Exchange Commission under President Trump has brought 15% fewer civil actions than did former President Biden through the same point in his term.
• And 27.5% fewer than did Trump's SEC during his first term.

Zoom in: The FBI last month ordered agents to "devote more time to immigration enforcement and scale back investigating white-collar crime," per Reuters.

• Securities regulators also have backed down on several notable crypto-related prosecutions. To some that's a needed correction. To others, it's been an overcorrection — perhaps including the pause on a market manipulation case against Justin Sun, who now plans to take his Tron network public via reverse merger.
• Speaking of reverse mergers, the recent SPAC revival is getting oxygen by the perception of relaxed regulation (even though the rules themselves haven't changed).

The bottom line: Crime pays when it isn't prosecuted.

Caris Life Sciences, an Irving, Texas-based precision medicine developer focused on cancer, raised $494 million in its IPO after pricing above its upwardly revised range. It will list on the Nasdaq (CAI).

Why it's the BFD: The IPO winning streak is expanding beyond fintech and digital health.

• Elsewhere, Tampa, Florida-based home insurer Slide raised $408 million in an IPO that offered more shares than expected and priced at the top of its range.

Zoom in: Caris originally set terms at $16-$18 per share, before increasing the range to $19-$20.

• It priced at $21 for a $6.1 billion fully diluted valuation, although that's still below the $7.8 billion mark it got in a 2021 funding round led by Sixth Street.

The bottom line: Public market investors have proven their demand for new names, which many bankers and private market investors had questioned. What's less clear is if this sort of certaintly will refill a barren IPO pipeline, at least later in the summer when Wall Street returns from vacation.

• Teamworks, a Durham, N.C.-based sports software startup, raised $235m in Series F funding led by Dragoneer at a pre-money valuation north of $1b. It's a mix of primary and secondary capital. axios.link/4lvjzxx

🚑 Draig Therapeutics, a Welsh biotech focused on neuropsychiatric disorders, raised £107m. Access Biotechnology led, joined by SV Health Investors, ICG, Canaan Partners, SR One, Sanofi Ventures, and Schroders Capital. axios.link/4jSPRRP

• Animaj, an AI-generated kids entertainment startup, raised $85m from HarbourView Equity Partners and Bpifrance. axios.link/4l4RigW

• Eigen Labs, a Seattle-based Ethereum restaking platform, raised $70m through a token sale led by a16z. axios.link/4ebIgfZ

🚑 Actio Biosciences, a San Diego-based biotech focused on neurological disorders, raised $66m in Series B funding. Regeneron Ventures and insider Deerfield co-led, joined by Canaan Partners, Droia Ventures and Euclidean Capital. axios.link/4l8VPif

• Maven AGI, a Boston-based developer of AI agents for customer experience, raised $50m in Series B funding from Dell Technologies Capital, Cisco Investments, and SE Ventures, per Axios Pro.

• Traversal, an observability and site reliability startup, raised $48m in seed and Series A funding from Sequoia Capital, Kleiner Perkins, NFDG, and Nanabi. axios.link/404B8fm

🔥 Pano AI, an SF-based wildfire detection startup, raised $44m in Series B funding. Giant Ventures led, joined by Liberty Mutual Strategic Ventures, Initialized Capital, and Salesforce Ventures. axios.link/4jThvhq

• Pelico, a supply chain orchestration platform, raised $40m in Series B funding. General Catalyst led, joined by 83North and Serena. axios.link/3SX9i0D

🚑 HOPPR, a Chicago-based medical imaging startup, raised $31.5m in Series A funding. Kivu and Greycroft led, joined by PSG Equity, Morningside Capital, Fortitude Ventures, and Health 2047. axios.link/3TurcIg

🚑 Local Infusion, a Concord, N.H.-based ambulatory infusion provider, raised $30m in Series B funding led by Transformation Capital, per Axios Pro.

🚑 Materna Medical, a Mountain View, Calif.-based women's pelvic health company, raised $20m in Series B2 funding from GLIN Impact Capital, Wealthing VC Club, and Citrine Angels. maternamedical.com

• Extend, an SF-based document processing platform, raised $17m in seed and Series A funding. Innovation Endeavors led, joined by YC, Homebrew, and Character. axios.link/45YpPsL

• Supply Wisdom, a New York-based risk intelligence startup, raised $14m in Series B funding led by Jurassic Capital, per Axios Pro.

• OrangeQS, a Dutch quantum chip testing startup, raised €12m in seed funding. Icecat Capital led, joined by Cottonwood Technology Fund, QBeat Ventures, QDNL Participations, and InnovationQuarter Capital. axios.link/4n7Vuy4

• PrismaX, an SF-based robotics intelligence platform, raised $11m in seed funding. a16z led, joined by Stanford Blockchain Builder Fund, Symbolic, Volt Capital, and Virtuals Protocol. axios.link/4kPF5wQ

• Polar, an open-source billing startup, raised $10m in seed funding led by Accel. polar.sh

• Swarmia, a Finnish engineering productivity SaaS, raised €10m led by DIG Ventures and Karma Ventures. axios.link/45zrAwF

• Ubyx, an NYC-based stablecoin clearing platform, raised $10m in seed funding. Galaxy Ventures led, joined by Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium. axios.link/4l7Vjku

• Root, a new social media platform, raised $9m in seed funding led by Headline Ventures and Konvoy Ventures. rootapp.com

• Diskover, a Reno, Nev. unstructured data management startup, raised $7.5m in seed funding from Park Capital Partners, The Hive, Snowflake Ventures, and NetApp. It also acquired data intelligence and orchestration platform company CloudSoda. axios.link/4nbXJAO

🚑 Quilt Health, a Boston-based digital help startup focused on treatment access gaps, raised $6m in seed funding. MaC Venture Capital and Underscore Ventures led, joined by Meridian Street Capital, BoxGroup, Watershed VC, and Coalition Operators. quilthealth.com

• Embedl, a Swedish startup focused on improving AI efficiency in embedded systems, raised €5.5m from Chalmers Ventures, Fairpoint Capital, SEB Greentech, Spintop Ventures, and STOAF. axios.link/405SV5J

• Superscale AI, a German marketing startup, raised $5m in pre-seed funding led by Creandum, with Interface and s16vc participating. axios.link/4lbL0vY

• SportsVisio, a sports video platform, raised $3.2m led by Sony Innovation Fund. sportsvisio.com

• Other Half, a Chicago-based pet wellness brand, raised $3m in seed funding. Willow Growth led, joined by Habitat Ventures and Chicago Pacific Founders. axios.link/4n5AM1Z

• Athena, a generative engine optimization platform, raised $2.2m from YC, FCVC, Red Bike Capital, and Amino Capital. athenahq.ai

• DÔEN, a California lifestyle brand with more than $100m in annual revenue, raised growth equity from Silas Capital. axios.link/44an9pL

🚑 KPS Capital Partners ended talks with Warburg Pincus about a joint buyout bid for listed German medical packaging firm Gerresheimer, per Bloomberg. Warburg previously had teamed with KKR, which also dropped out of the process. axios.link/3G6S26d

• Lee Equity Partners acquired a majority stake in U.K. financial consultancy Shackleton Advisers from Sovereign Capital Partners. axios.link/4jPvNj3

• Osaic, a wealth manager owned by Reverence Capital Partners, is acquiring CW Advisors, a Boston-based RIA managing $13.5b in client assets, from Audax Private Equity. axios.link/4jZaM5A

• ROR Partners, a Gemspring Capital portfolio company, acquired Incline Marketing, a digital marketing agency for location-based service businesses. rorpartners.com

• SolomonEdwards, a Renovus Capital Partners portfolio company, acquired Pencek Advisors, a consultancy focused on PE portfolio company transformation. solomonedwards.com

🚑 Surgery Partners (Nasdaq: SGRY) rejected Bain Capital's take-private bid. axios.link/3ZALbIS

🌯 Thompson Street Capital Partners acquired Bubbakoo's Burritos, a franchisor of fast-casual Mexican-fusion restaurants with 130 locations. bubbakoos.com

🚑 Caris Life Sciences, an Irving, Texas-based precision medicine company focused on cancer, raised $494m in its IPO. It priced at $21 per share, above its upwardly revised range, for a $6.1b fully diluted valuation. It previously raised at a $7.8b valuation in a 2021 round led by Sixth Street, and will list on the Nasdaq (CAI). axios.link/4ky63ZN

• Slide Insurance, a Tampa, Fla.-based home insurer, raised $408m in its IPO. It priced 24m shares at $17, versus plans to offer 20m at $15-$17. It reports $201m of net income on $847m in revenue for 2024, and will list on the Nasdaq (SLDE). axios.link/3FTiuA9

• Canva, a visual design company valued by VCs at $26b, acquired MagicBrief, an Australian creative intelligence platform for marketing and creative teams. MagicBrief was seeded by Archangel Ventures and Blackbird Ventures. axios.link/45tLt8b

⚽ Fenway Sports Group is weighing a purchase of Spanish soccer club Getafe, per The Telegraph. Which is weird, because recent events would suggest that FSG is low on cash. axios.link/45ZWgXN

⚡ Keyera (TSX: KEY) agreed to buy most of the Canadian LNG business of Houston-based Plains (Nasdaq: PAA) for C$3.77b in cash. axios.link/445TrlD

• Sabadell (Madrid: SAB) is exploring a sale of British bank TSB, per the FT. axios.link/45nFkdG

• Aurelius of Germany raised €830m for its fifth flagship midmarket PE fund. axios.link/4l7hoQd

• Macquarie Asset Management raised $6.8b for its sixth Americas infrastructure fund. axios.link/44kdJJf

⚡ Post Oak Energy Capital raised $600m for its fifth fund. axios.link/3HKUmQO

• Tim Busler joined the U.S. Small Business Administration as senior counsel. He previously was a managing director with Young America Capital. axios.link/4e8zBuo

• HSBC named Christopher Chua as head of Asia and Middle East M&A, per Bloomberg. axios.link/462BqXU

• Eshang Saini joined Angeles Equity Partners as VP of operations. He previously was with Boston Consulting Group. axios.link/4lbCDjR

What you're looking at is a distillation of venture capital's distribution deadbeat problem, courtesy of Carta.

• Only 54% of 2018 funds have returned any money to limited partners, while the figure falls to 37% for the 2019 vintage and 30% for 2020.
• Around 81% of 2017 funds have at least some DPI. That obviously sounds better, but this is still just about having DPI above zero — eight years later.