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Wednesday, November 29, 2023

Tiger Global seeks $6B to invest in enterprise companies, Indian startups

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Tiger Global Management is looking to raise $6 billion for its next venture fund. The newly
launched vehicle, Private Investment Partners Fund 16 will invest in startups, mostly in enterprise topics
and in India, and will do so in a lower-valuation context.

Tiger Global Management is looking for $6 billion for its next venture fund, despite having to write down
the value of its private portfolio as institutional investors withdraw from the asset class.

According to sources familiar with the subject who requested not to be identified discussing private
contacts, this is less than the $8 billion some customers were first told the company would likely target,
since markets have evolved and Tiger Global concentrates more on early-stage venture bets. The figure
is also less than half that of the previous year.

The new vehicle, Private Investment Partners Fund 16, would invest in startups, “mostly in enterprise
themes and in India,” and “in a lower-valuation environment,” according to a letter to investors issued
by New York-based Tiger Global on Thursday.

According to the letter, PIP 16 will focus on internet-enabled corporate software, fintech, and consumer
enterprises since they are “underpenetrated sectors” with quick and long-term development potential.

In addition, the fund will undertake “opportunistic follow-on investments” in Tiger Worldwide’s current
global portfolio firms, including secondary share acquisitions.

Employees will contribute at least $500 million, with the majority coming from founder Chase Coleman
and business partner Scott Shleifer, according to some of the sources. Tiger Global recently informed
investors that partner John Curtius, who specialized in software and business-to-business investments, is
leaving the firm. He was in charge of over 100 of the firm’s private wagers.

People asserted that it informed clients of his departure before starting fundraising for PIP 16 to avoid
shocks after they had committed funds.

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