"Tiger Global's latest private investment fund will raise substantially less money than its predecessors from 2021 and 2022, but the $50 billion asset manager isn't worried. The firm is expected to raise close to $2 billion for PIP 17, a person familiar with the manager told Business Insider. That's a fraction of what PIP 14 and PIP 15 raised and aligns more closely to PIP 16, which closed in early 2024 with $2.2 billion in assets after aiming initially for $6 billion."
"The first 10 private funds, the letter states, all raised less than $3 billion each, made fewer than 50 investments on average, and "generated a 34% gross IRR and a 23% net IRR and made distributions exceeding investor commitments. "We believe funds in this size range afford us significant benefits, particularly with respect to the impact midsize investments can make," the letter reads."
Tiger Global plans to raise roughly $2 billion for PIP 17, considerably smaller than its 2021–2022 funds and similar in size to PIP 16’s $2.2 billion close. Smaller, more concentrated funds have historically correlated with the firm’s strongest returns. The first ten private funds raised under $3 billion each, made fewer than 50 investments on average, and generated a 34% gross IRR and a 23% net IRR with distributions exceeding investor commitments. Funds in this size range are presented as enabling significant impact through midsize investments and reflect a return to a more focused venture approach.
Read at Business Insider
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