Tiger Global Reportedly Raising $2.2 Billion Fund
Tiger Global, the investor that fueled the VC bull market of 2020-2021, is said to be in the process of raising a new $2.2 billion fund. The firm has reached out to potential limited partners with a letter seeking investment for a vehicle known as Private Investment Partners 17 (PIP 17). This move comes with a promise of a more cautious approach compared to the frenzy of the previous bull market.
During the peak of the bull market, Tiger Global adopted a strategy known in the venture industry as “spray and pray”, where investments were made rapidly and abundantly. The previous fund, PIP 15, raised in 2021, was an impressive $12.7 billion fund that poured money into startups at inflated valuations, according to reports.
In 2021, Tiger Global backed a total of 315 startups, sparking competition among VCs and driving up valuations even for unproven companies. However, as interest rates began to rise, the market dynamics shifted, leading to a crash in the venture market in 2022-23.
Following the market downturn, key figures at Tiger Global made strategic moves. John Curtius, a prolific investor, left to establish his own fund, while Scott Shleifer, the firm’s chief of private equity investments, transitioned to an advisory role. The founder of Tiger Global, Chase Coleman, took on a more hands-on role in response to the changing landscape.
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Tiger Global proceeded to raise a smaller fund, PIP 16, totaling $2.2 billion in 2024. Despite being smaller in scale, this fund still made significant investments. Now, building on the success of PIP 16’s AI investments, Tiger Global is launching Fund 17. PIP 16 holds stakes in prominent companies like OpenAI, Waymo, and Databricks, which have seen substantial valuation growth.
However, the firm acknowledges the risks associated with the current market environment. The letter to potential investors highlights the need for caution in AI investments due to elevated valuations that may not be fully supported by company fundamentals. This signals a shift towards a more targeted investment approach to avoid further inflating valuations in what could be perceived as a bubble.
While Tiger Global is gearing up to seize new opportunities in the AI space with its fresh fund, the firm is also conscious of the need to navigate the market with prudence and humility to avoid contributing to unrealistic valuations.
