US Companies Raised $30B in Q1 2019

Nationally, startups pulled in $30.8 billion in the first quarter of 2019, up 22 percent year-on-year, according to Crunchbase’s latest deal round-up. These investments represented a large chunk (29%) of all US dollars invested in US startups in Q1. 

I'm curious as to how the behavior of a sophisticated investor varies based on the time of the business cycle. So for example, a lot of people have money in traditional equity markets and the stock market is doing quite well. As we reach the top of the business cycle, the performance of the S&P may fall, and this is when we see investors put money into other asset classes, like fixed income or gold. Do these sophisticated investors (VCs, Family Offices, Ultra High Net Worth Individuals, Institutional Firms, etc) allocate money more into private companies and private equity when the stock market has a correction?

To invest in private companies, you usually have to be an "accredited investor", so you either make at least $200,000/year or have $1M in assets. So obviously the average retail investor is not participating in these private deals, but I'm curious as to how the investment deals and deal sizes vary during a recession. Is there more money allocated into startups in such, or do you think there are much smaller deal sizes?
Let me know what your thoughts on how you think these investors act during times of corrections and recessions and how they behave with their money. 






https://techcrunch.com/2019/04/06/startups-weekly-us-companies-raised-30-1b-in-q1-2019/