According to PANews, Tiger Global Management has raised approximately $2.2 billion for its latest venture capital fund, significantly below its target of $6 billion. This marks the smallest fundraising effort in nearly a decade for the firm. Last week, the final closure of the Private Investment Partners 16 fund (PIP 16) signified the first time Tiger Global's venture capital fund raised less money than in previous years. The firm's last fund, which amounted to $12.7 billion, was its largest ever.
Currently, Tiger Global is facing its most challenging fundraising environment in years, as investors become more cautious about venture capital and private equity investments due to declining valuations and a lack of transactions. PIP 16 will primarily support startups in the enterprise technology sector, with a focus on the United States and India, and will make investments over several years. PIP 16 has been on the market for about 18 months, longer than the company typically takes to secure funds.
An insider revealed that the company delayed the final closing time, partly to give investors more time to adjust to the transition of former venture capital director Shleifer. Some clients also requested more time to organize their internal budgets. It was reported that in November last year, the company announced that founder Chase Coleman would replace venture capital director Scott Shleifer, who resigned and became a senior advisor.