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April 10, 2024 | Tom Ballard

VC News | Triangle Tweener Fund makes 18 investments in Q4

Tiger Global Management reportedly raised about $2.2 billion for its latest venture capital fund, well short of a $6 billion target.

From Research Triangle Park:

The Triangle Tweener Fund has announced 18 new investments in Q4 of 2023. Ten were new portfolio companies, while the other eight were follow-on investments. Collectively, the fund awarded $940,000 during the quarter. Other details for readers who want to know these sorts of things include:

  • Eleven of the start-ups were Tweeners and seven were Pre-Tweeners.
  • $767,000 (82 percent) of the dollars went to Tweeners, with the balance – $175,000 (18%) invested in Pre-Tweeners; $52,345 average investment.
  • The average investment was $52,345.
  • One-half of the investments used the Simple Agreement for Future Equity (SAFE) vehicle.

For more information, read last week’s blogpost here.

From New York City:

Tiger Global Management raised about $2.2 billion for its latest venture capital fund, well short of a $6 billion target and its smallest fundraising haul in roughly a decade, according to people familiar with the matter. According to a report by Bloomberg, it marked the first time a Tiger venture pool attracted less cash than the one that preceded it. Tiger’s last fund of $12.7 billion was its largest ever.

Known as the Private Investment Partners (PIP) 16 fund, the article said that Tiger’s early expectation was to raise $8 billion for PIP 16, but the firm told investors in October 2022 that it was targeting $6 billion. By the following February, it revised that down again to $5 billion, as higher interest rates squeezed Silicon Valley start-ups and spooked investors, The Wall Street Journal reported. As of June, PIP 16 had gathered $2.06 billion.

 


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