Tiger Global Management is lowering its target for its latest venture capital fund to $5 billion, the second time the investment firm has been forced to cut the fundraising goal.
(Bloomberg) — Tiger Global Management is lowering its target for its latest venture capital fund to $5 billion, the second time the investment firm has been forced to cut the fundraising goal.
Tiger Global lowered its initial target to $6 billion from $8 billion, Bloomberg News reported in October. It disclosed the new reduced target to investors, according to the Wall Street Journal, citing unidentified people familiar with the matter.
Founder Chase Coleman and firm partner Scott Shleifer have been battling reduced values in the tech sector, but last year still pulled off Tiger’s biggest-ever venture vehicle, attracting $12.7 billion. That fund will invest in consumer and tech startups with a focus on India. But investor appetite for its latest VC fund has been weaker than expected amid a tough fundraising environment.
Tiger Global didn’t immediately respond to a request for comment.
The New York-based firm wrote down the value of its private assets by almost a quarter last year, contributing to a $42 billion decline in firmwide assets. Its flagship hedge fund, which invests in a mix of public equities and some private companies, lost 56% last year, while its long-only fund fell 67%.
Tiger Global made 683 venture and private equity investments from the start of 2021 to the end of last year, more than the previous eight years combined, according to PitchBook data. But it actively slowed its venture investments in 2022, curtailing their size and number, as it continued the shift to startups that aren’t close to going public.
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