Overview
- The firm told investors it is raising Private Investment Partners 17 with a target in the $2 billion to $3 billion range, with multiple reports citing a $2.2 billion goal.
- An investor letter frames the vehicle as a return to earlier, smaller-vintage discipline with tighter pacing, while warning that AI valuations look elevated and sometimes unsupported by fundamentals.
- PIP 16 closed at $2.2 billion after targeting $6 billion, and its stakes in OpenAI, Waymo and Databricks have produced roughly 33% paper gains so far.
- New private investments fell to nine this year, down from 212 rounds led in 2021, underscoring a pullback from the firm’s previous high-velocity approach.
- Recent internal changes include John Curtius’s exit to start a new fund, Scott Shleifer’s shift to an advisory role, and a more direct investing role for founder Chase Coleman.