Tiger Global Raises $3.75 Billion for Latest Venture Fund

(Bloomberg) -- Tiger Global Management has amassed $3.75 billion for its 11th venture capital fund, according to a person familiar with the matter.

The New York-based firm’s initial fundraising target was $3 billion for the pool, said the person, who asked not to be identified because the matter is private. The new fund, Private Investment Partners XI, will specialize in technology investments like consumer internet, cloud and industry-specific software. It will also focus on direct-to-consumer firms in the U.S., India and China.

The latest fundraising brings Tiger Global’s venture capital assets under management to more than $15 billion -- the bulk of the roughly $28 billion that the firm oversees, according to the person. The firm’s venture unit has made more than 200 investments in 30 countries, including a nearly $2 billion position in Spotify Technology SA. It also made about $3 billion after investing $1 billion in Flipkart Group, Bloomberg reported in May.

Tiger Global partners Chase Coleman, Lee Fixel and Scott Shleifer are the fund’s three portfolio managers. Coleman founded Tiger Global in 2001. He’s one of the more successful “tiger cubs,” a term coined for alumni of Julian Robertson’s hedge fund Tiger Management, where Coleman was a technology analyst.

A representative for Tiger Global declined to comment. The fundraising total was earlier reported by the Financial Times.

To contact the reporter on this story: Melissa Karsh in New York at mkarsh@bloomberg.net

To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Mary Romano, Alan Mirabella

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