Tiger Global plans to raise $6B for its upcoming venture fund

Even after writing down the worth of its private portfolio due to institutional investors’ retreat from the asset class, Tiger Global Management is seeking $6 billion for its upcoming venture fund.

According to individuals with knowledge of the situation, that figure is lower than the $8 billion some customers had initially been told the firm would probably target because markets have changed and because Tiger Global now places more emphasis on early-stage venture bets. Additionally, the amount is less than just half of the previous vintage.

Tiger Global, a New York-based company, said in a letter to investors on Thursday that the new vehicle, Private Investment Partners Fund 16, will invest in startups, “largely in enterprise themes in India,” and “in a lower-valuation environment.”

Tiger Global will focus on “underpenetrated categories”

The latter reveals that PIP 16 will focus on internet-enabled enterprise software, fintech, and consumer businesses because they are “underpenetrated categories” with strong potential for both immediate and sustainable growth. In addition, the fund will make “opportunistic follow-on investments,” including secondary share acquisitions, in Tiger Global’s current roster of international portfolio companies.

According to some of the sources, employees will contribute at least $500 million, with the majority coming from company founder Chase Coleman and firm partner Scott Shleifer.

Partner John Curtius, who specializes on software and business-to-business ventures, informed investors earlier this week that he is departing the company. He was in charge of more than a hundred of the company’s private wagers. The company informed clients of his exit before starting PIP 16 fundraising to prevent shocks after they had committed funds, according to reports.

PIP 16 will be the 15th fund for Tiger Global (it skipped No. 13). Investors that join will pay a lower management fee of 1.75%, the firm stated in the letter, and the first closing will take place on January 18.

Notably, the company has acquired stakes in NEAR protocol and gaming infrastructure startup Lysto in the past few months. As TheCoinRise reported, Tiger Global has also marked its investment in token manager Magna secured $15.2 million in a seed funding round.