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Investment firm Tiger Global Management is seeking to create a pool of capital for startups by raising a $10 billion fund from investors, reported Financial Times.
According to the data from PitchBook, the New York-based firm has taken part in 100 investment rounds in last three months, raising a total of $22.2 billion for private tech companies.
The Tiger Global's previous venture fund became a $6.7 billion fund, following it initially sought $3.8 billion. The US investment firm had even told its investors that it would begin seeking the capital for its next fund.
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Giving the credit to Tiger Global for gaining the lead position in some financings by moving faster and offering higher prices than competitors, venture capitalists cite the firm's pace of dealmaking reflects the boom in private tech companies.
Recent bets by Tiger Global include corporate credit card startup Brex, ShareChat and Turkish instant grocery delivery app Getir.
"The opportunity set across public and private markets in our core focus areas of consumer, enterprise, and financial technology in the US, China, and India is very large relative to the amount of capital we manage and evolving at a rate that is often hard to comprehend," FT quoted Tiger Global letter written to investors in February.
PitchBook expects Tiger Global's new fund may become the largest raised by an independent fund manager for minority investments in technology start-ups.
Tiger Global's competitor, Japanese conglomerate SoftBank recently raised $100 billion for its first Vision Fund focused on technology investments. Also, another private equity firm Insight Partners is mulling to raise $12 billion for the newest fund in its flagship strategy this year.
Meanwhile, Tiger Global in its letter to investors had said that its private investment funds distributed $2.2 billion in proceeds last year, after fees. Adding more, the firm said that distributions were made mostly from acquisitions, such as Uber’s $4.4 billion purchase of the delivery start-up Postmates and Intuit’s $8.2 billon deal for the fintech company Credit Karma.