Tiger Global launches new fund eyeing between $2-$3 billion as it takes more disciplined approach

On Monday, Tiger Global Management announced the launch of its new venture capital initiative, Private Investment Partners 17, with a fundraising goal set between $2 billion and $3 billion. This information was disclosed in a letter to investors that was accessed by CNBC. The firm indicated that PIP 17 will mirror the strategy, size, and structure of its earlier funds, particularly the recent PIP 16, which had a target of $6 billion but ultimately concluded with $2.2 billion in commitments. Notably, PIP 16's largest investments include significant stakes in OpenAI and Waymo, showcasing the fund's focus on high-potential tech firms. In contrast to the expansive strategies of the early 2020s, this new target reflects a more measured and disciplined investment approach from Tiger Global. The firm, which has been a dominant player in the startup landscape over the past five years, has faced substantial markdowns and a slowdown in investment activity recently. In 2021, during what was seen as the peak of its aggressive investment strategy, Tiger Global led 212 funding rounds. However, this year, the firm has only executed nine new private investments. Tiger Global's history with OpenAI dates back to 2021, when it invested at a valuation of less than $16 billion. That same year, it also invested in Waymo at a valuation of $39 billion. Both investments have since seen significant appreciation, underscoring the firm’s capacity for identifying promising technology ventures.