US-based global investment firm Tiger Global Management has closed its latest $3.75 billion fund named Private Investment Partners XI, surpassing its initial corpus of $3 billion, as reported by Financial Times. The fund was closed on October 15, after six weeks of marketing.
Earlier last month, it was reported that Tiger Global was raising a $3 billion fund to focus on Indian startups.
The latest fund will focus on consumer internet, cloud and industry-specific software, as well as direct-to-consumer companies in China, India and the US.
According to data provider Prequin, Tiger Global’s $3.75 billion fund is the highest venture capital fund to close this year, followed by China-based funds, YF Capital’s Yunfeng III fund, which closed in July with $2.5bn, and Tunlan Investment’s Xiong’An Global Blockchain Innovation Fund, which closed in April with $1.6bn.
Tiger Global has been one of the earliest investors in the Indian startup ecosystem, with the latest fund, it will further strengthen its portfolio in the country.
Tiger Global’s Lee Fixel was instrumental in India’s biggest corporate deal helping Walmart acquire 77% of Flipkart for a mammoth $16 billion. The fund had invested $1 billion in the e-commerce giant, since 2009 and made more than $3.3 billion from the deal, it still owns about 5% stake in Flipkart.
New York-based Tiger Global Management, an investment firm was founded in 2001 by Chase Coleman III. It has investments globally focused on various domains including internet, technology, media consumer, along with industrial sectors.
The investment firm manages $26 billion with the largest chunk, roughly half of it in its venture capital business.
Some of Tiger Global’s most notable investments in India include Flipkart, Ola, Freshdesk, Policybazaar, and Delhivery, among many others.
Indian startup ecosystem has been gaining momentum with a clutch of active India focused funds.
Earlier this month, Social Finance launched two India funds with a combined corpus of $2 billion. Iron Pillar marked the final close of its ₹660 crore maiden fund.