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Tiger Global Management<\/a> announced Monday the launch of its latest venture capital fund, Private Investment Partners 17, according to a letter to investors viewed by CNBC.<\/p>\n Tiger is targeting a raise of $2.2 billion for the fund, according to a person familiar with the firm’s strategy who declined to be named in order to discuss internal matters.<\/p>\n The hedge fund wrote that it’s expecting PIP 17 to be similar in “strategy, size and construction” to its earliest vintages and its most recent, PIP 16, which targeted $6 billion but ultimately closed at $2.2 billion.<\/p>\n The largest positions in PIP 16 are OpenAI<\/a> and Waymo<\/a>, stakes that have helped performance rebound. In a call with investors, Tiger said that PIP 16 is up 33% year-to-date, while PIP 15 is up 16%. <\/p>\n Compared to the megafunds of the early 2020s, the latest raise target signals a pivot to a more disciplined strategy for Tiger Global.<\/p>\n The firm was one of the biggest forces in the startup ecosystem over the last half-decade, but has seen heavy markdowns and slower deployment in the last few years. <\/p>\n In 2021, the heyday of its “spray and pray” approach, it led 212 rounds, according to Crunchbase data. This year, it made just nine new private investments.<\/p>\n Tiger first invested in OpenAI in 2021 at a valuation of less than $16 billion and in Waymo<\/a> that same year at $39 billion. <\/p>\n The Tiger Global letter and audio of the investor call obtained by CNBC also signal some concerns about the potential for a bubble in artificial intelligence.<\/p>\n “[V]aluations are elevated, and, in our view, at times unsupported by company fundamentals,” the firm wrote in the letter. “We also recognize the importance of approaching a technological shift of this magnitude with some humility.” <\/p>\n The strategy that founder Chase Coleman laid out is to prune aggressively and reinforce its biggest winners. <\/p>\n Tiger says it has sold more than 85 companies from PIP 15, generating over $1 billion in proceeds. <\/p>\n That money can now be recycled into follow-in investments for companies it considers winners. <\/p>\n Some of the names Tiger said it would concentrate on include Revolut<\/a>, a digital banking startup, and ByteDance, the parent company of TikTok. <\/p>\n
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