ChainCatcher news, according to Bloomberg, Tiger Global Management raised about $2.2 billion for its latest venture capital fund, well below its $6 billion target and the smallest amount in nearly a decade, according to people familiar with the matter. Last week's final closing of Private Investment Partners 16 fund (PIP 16) marked the first time Tiger Global's venture capital fund raised less money than in previous years. And Tiger Global’s last $12.7 billion fund was its largest ever. Today, Tiger Global faces its toughest fundraising environment in years, with investors becoming more cautious about venture capital and private equity investments as valuations slide and deals dry up, the report said.
It is reported that PIP 16 will mainly support startups in the field of enterprise technology, focusing on the United States and India, and making multi-year investments. PIP 16 has been on the market for about 18 months, longer than the company usually takes to lock up cash. A person familiar with the matter said that the company delayed the final closing time in part to give investors more time to accept the transition of former venture capital director Shleifer. Some clients also asked for longer time to sort out internal budgets.
Additionally, last November the firm announced that founder Chase Coleman would take over for venture capital chief Scott Shleifer, who stepped down from his role to become a senior advisor.
