Prime Highlights:
- Tiger Global launches its latest fund, PIP 17, marking a shift toward a more focused and disciplined investment strategy.
- The firm is strengthening its top-performing portfolio companies while positioning itself for long-term stability.
Key Facts:
- Tiger Global is aiming to raise $2.2 billion for PIP 17, reflecting a more measured approach compared to its earlier aggressive dealmaking.
- The previous fund, PIP 16, recorded a 33% gain this year, supported by strong performance from key investments.
Background:
Tiger Global Management has launched its new venture capital fund, Private Investment Partners 17, showing a shift toward a more careful investment approach. The firm is aiming to raise $2.2 billion for the fund, reflecting a move back to the more focused strategy it followed in its earlier investment years.
According to information shared with investors, PIP 17 is expected to follow a similar structure to the firm’s previous funds, including PIP 16, which also closed at around $2.2 billion despite an initial target of $6 billion. Tiger’s renewed discipline comes after years of aggressive dealmaking, particularly in 2021, when it led more than 200 funding rounds during the height of its broad “spray and pray” strategy.
Recent results support the firm’s updated strategy. Tiger Global said PIP 16 has gained 33% so far this year, helped by strong performance from several of its key portfolio companies. Its earlier fund, PIP 15, has also seen a 16% increase year-to-date. With performance rebounding, the firm is doubling down on its top performers and streamlining its portfolio.
Tiger has exited more than 85 companies from PIP 15, generating over $1 billion in proceeds. These funds are now being channeled into follow-on investments in companies it views as long-term winners. Among the firms highlighted for continued support are Revolut, ByteDance, Flock Safety, Harbinger, Rokt, Cargomatic, and BVNK.
Even as Tiger Global looks to grow, the firm is staying careful about rising company valuations. In a recent letter to investors, it said some valuations seem too high and stressed the importance of staying grounded during fast-moving changes in the market.
With PIP 17, Tiger Global aims to stay balanced, focusing on its strongest investments while adapting to a changing business environment.
