While raising $2.2 billion for its latest venture fund, Tiger Global Management falls short of its goal.
Tiger Global Management's most recent venture capital fund has garnered only $2.2 billion, well short of its $6 billion goal, according to PANews. This is the firm's lowest fundraising effort in almost ten years. The Private Investment Partners 16 fund (PIP 16) final closure last week was the first occasion that Tiger Global's venture capital fund raised less money than in prior years. With a final fund size of $12.7 billion, the company raised the most money it had ever done.
Due to falling valuations and a paucity of transactions, investors are becoming increasingly hesitant to make venture capital and private equity investments, which is creating the most difficult fundraising climate Tiger Global has seen in years. PIP 16 will invest over a number of years, mostly assisting entrepreneurs in the corporate IT space, notably in the US and India. PIP 16 has been available for purchase for almost 18 months, which is longer than the time the company usually needs to raise money.
According to an insider, the company postponed the final closing time in part to allow investors more time to acclimate to Shleifer's departure as venture capital director. Additionally, a few clients asked for additional time to set up their internal budgets. According to reports, the business declared in November of last year that founder Chase Coleman will take over for venture capital director Scott Shleifer, who stepped down to take on the role of senior advisor.