Bloomberg: Tiger Global's new venture capital fund raises $2.2 billion, far below the $6 billion target
ChainCatcher news, according to Bloomberg, citing informed sources, Tiger Global Management has raised about $2.2 billion for its latest venture capital fund, significantly below the $6 billion target, marking the smallest fundraising amount in nearly a decade. Last week, the final close of the Private Investment Partners 16 fund (PIP 16) marked the first time that Tiger Global's venture capital fund raised less money than in previous years. Tiger Global's previous fund of $12.7 billion was its largest ever. Reports indicate that Tiger Global is currently facing the toughest fundraising environment in years, with investors becoming more cautious about venture capital and private equity investments due to declining valuations and a lack of deals.
It is reported that PIP 16 will primarily support startups in the enterprise technology sector, focusing on the United States and India, and will involve multi-year investments. PIP 16 has been in the market for about 18 months, longer than the time the company typically requires to lock in cash. An informed source stated that the company delayed the final closing time partly to give investors more time to adjust to the transition of former venture capital head Shleifer. Some clients also requested more time to sort out their internal budgets.
Additionally, last November, the company announced that founder Chase Coleman would succeed venture capital head Scott Shleifer, who stepped down to become a senior advisor.
