Overview
- Tiger Global launched fundraising for Private Investment Partners 17 with a target range of roughly $2 billion to $3 billion, described as similar in strategy and size to its earliest vintages and to PIP 16.
- The investor letter cautions that AI valuations are elevated and sometimes unsupported by fundamentals, and says PIP 17 will deploy patiently over several years with a targeted approach.
- PIP 16’s concentrated portfolio—70% of capital in 25 companies, with the top 10 accounting for more than three quarters—includes OpenAI, Waymo and Databricks, driving reported paper gains of about 33%.
- Deal activity has slowed dramatically since 2021, when the firm led 212 rounds; this year it made nine new private investments, reflecting the shift away from rapid, high-volume deployment.
- Business Insider reports the first close for PIP 17 is slated for March 18 next year, as the firm argues smaller, concentrated funds have historically produced stronger IRRs than its peak-era megafunds.