"Tiger Global, the investor that spurred the VC bull market of 2020-2021, is reportedly raising a fresh $2.2 billion fund. The firm sent a letter to potential limited partners, according to a copy obtained by CNBC, seeking to raise the cash for a vehicle called Private Investment Partners 17 (PIP 17). The letter also promises a more humble approach than during the 2021 bull-market madness."
"PIP 15, raised in 2021, was a whopping $12.7 billion fund that pumped cash into startups at a blinding pace largely at peak valuations, TechCrunch reported. In 2021 alone, the hedge fund backed 315 startups, according to PitchBook data, and spurred bidding wars among VCs to get stakes in even unproven startups that ratched up valuations. When interest rates rose, the party was over, and startups spent years trying to live up to their 2021 valuations, many shuttering along the way."
"Tiger Global went on to raise a much smaller PIP 16 fund of $2.2 billion in 2024, Bloomberg reported at the time, which is, admittedly, still an enormous fund. Now, on the strength of PIP 16's blockbuster AI investments, Tiger Global is raising Fund 17. PIP 16 holds stakes in OpenAI, Waymo and Databricks, all of which have had skyrocketing valuations and driven this fund's paper gains by 33% so far, the letter said as reported by CNBC."
Tiger Global is raising Private Investment Partners 17 (PIP 17), a $2.2 billion fund, and pledges a more restrained, targeted investment approach. The firm previously raised PIP 15 ($12.7 billion) in 2021 and backed 315 startups that year, driving competitive valuations through rapid, high-volume investing. Rising interest rates triggered a market correction that forced many startups to fail to meet peak valuations. Tiger Global later raised a smaller PIP 16 ($2.2 billion) in 2024, which holds stakes in OpenAI, Waymo and Databricks and has realized roughly 33% paper gains. Key investment leaders departed or shifted roles after the crash.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]