Tiger Global Management on Monday announced the launch of its newest venture capital fund, Private Investment Partners 17, which aims to raise about $2 billion to $3 billion, according to a letter to investors seen by CNBC.
The hedge fund wrote that it expects PIP 17 to be similar in “strategy, size and structure” to earlier vintages and the latest PIP 16. PIP 16 was targeted at $6 billion, but ultimately ended at $2.2 billion.
The biggest players in PIP 16 are OpenAI and Waymo.
Compared to the mega-funds of the early 2020s, the latest targets mark a shift towards a more disciplined strategy for Tiger Global.
The company has been one of the biggest forces in the startup ecosystem for the past five years, but the past few years have seen significant price cuts and slow deployment.
In 2021, the heyday of the “spray-and-pray” approach, he led 212 rounds, according to Crunchbase data. The company made just nine new private investments this year.
Tiger first invested in OpenAI in 2021 at a valuation of less than $16 billion, and in the same year invested in Waymo for $39 billion. Today, those stakes have increased significantly.
