Tiger Global Management announced Monday the launch of its latest venture capital fund, Private Investment Partners 17, according to a letter to investors viewed by CNBC.
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.
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.
The largest positions in PIP 16 are OpenAI and Waymo, 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%.
Compared to the megafunds of the early 2020s, the latest raise target signals a pivot to a more disciplined strategy for Tiger Global.
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.
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.
Tiger first invested in OpenAI in 2021 at a valuation of less than $16 billion and in Waymo that same year at $39 billion.