Hedge fund Tiger Global Management is dialling back its venture-capital ambitions and returning to a more measured, early-stage strategy, as the firm seeks to rebuild credibility with investors following heavy markdowns across its private portfolios, according to a report by Bloomberg.
Chase Coleman’s firm is targeting roughly $2.2bn for its new Private Investment Partners XVII fund — a dramatic downsizing from the $6.7bn and $12.7bn vehicles it raised at the peak of the 2021–22 tech boom. The pivot marks a return to Tiger’s roots – smaller funds, slower capital deployment and tighter underwriting, which the firm says historically generated its strongest returns.
According to a letter to investors, Tiger’s first 10 PIP funds — each sub-$3bn and making fewer than 50 bets — delivered a 23% IRR, outperforming the firm’s recent mega-funds that were caught out by the rapid repricing of late-stage growth equity.
The strategic reset follows a bruising period for Tiger’s hedge fund investors, who have long relied on Coleman’s public-markets discipline as an anchor to the firm’s asset-gathering machine. After mistimed late-cycle venture wagers, LPs pushed for tighter governance, reduced risk-taking and a more deliberate private-markets approach. PIP 17 will mirror the structure of its recent, smaller predecessor, with Tiger insiders – including Coleman himself – serving as the fund’s largest backers.
The firm made just nine new investments in 2025 after reviewing “hundreds”, signalling a decisive end to the rapid-fire dealmaking that had become synonymous with Tiger during the boom years. Capital deployment for PIP 17 is expected to stretch over several years.
Tiger has been actively realising gains to recycle capital into its highest-conviction positions. It has exited more than 85 companies in its $12.7bn PIP 15 fund, freeing over $1bn to double down on winners such as ByteDance and Revolut.
Despite setbacks, Tiger says its newer PIP 16 vehicle is showing a “high hit rate”, with roughly two-thirds of invested capital going into AI-focused companies including Waymo, OpenAI, Temporal and Cerebras. The firm noted there are “no known impairments” in that portfolio to date.
