Tiger Global is targeting $6 billion for new fund that will look to invest in invest in startups, “largely in enterprise themes and in India”, according to a report by The Financial Times.
The report cites a letter sent to limited partners as revealing that fundraising for the new fund – Private Investment Partners Fund 16 – the $6 billion target size is less than half the size of Tiger Global’s prior investment vehicle, which closes in February with $12.3 billion in commitments, and reflects expected lower company market valuations following the tech sector rout earlier this year.
Less than half of the funds raised are set to be invested in the first year, as Tiger Global slows its once break-neck pace and adopts a more measure approach to investments. The fund’s typical deal-size has reportedly been halved to around $30 million, with the letter indicating that Tiger will look to take advantage of secondary sales of private technology companies whose values have fallen in the financial market downturn.
Read more: Private Equity Wire
