According to CNBC, Tiger Global Management announced on Monday the launch of its new venture fund, Private Investment Partners 17 (PIP 17), with a target raise of between $2 billion and $3 billion. This fund is expected to mirror the strategy of its earliest funds and its most recent predecessor, PIP 16, which targeted $6 billion but only closed at $2.2 billion in 2022. The firm’s largest positions in PIP 16 are in OpenAI and Waymo, both investments made in 2021. This new, smaller target is a direct signal of a major strategic pivot towards discipline for a firm that was a defining force in the startup boom. In 2021, at the peak of its aggressive “spray and pray” tactic, Tiger Global led a staggering 212 investment rounds. So far this year, it has made only nine new private investments.
The spray and pray hangover
Here’s the thing about Tiger Global’s old strategy: it worked incredibly well, until it didn’t. For a while, writing huge checks at high speeds and high valuations was a winning formula. It gave them access to the hottest deals. But that approach has a massive downside when the market turns. You’re left holding a portfolio full of companies that were priced for perfection, and many of them… well, aren’t perfect. The “heavy markdowns” CNBC mentions aren’t just accounting footnotes. They represent real paper losses and a lot of pressure from investors. So, cutting the fund target from a $6 billion ambition down to a $2-3 billion reality isn’t just being conservative. It’s a survival move. They simply can’t deploy capital that fast anymore, because the deals that fit their old model barely exist.
The OpenAI lifeline
Now, let’s talk about those two big holdings: OpenAI and Waymo. They’re basically the reason Tiger Global’s story isn’t a total tragedy right now. Think about it. They got into OpenAI in 2021 at a valuation under $16 billion. Today? It’s valued in the tens of billions, maybe even pushing $100 billion. That’s a home run of epic proportions. Same story with Waymo, though perhaps less explosive. These wins are doing a lot of heavy lifting for their recent funds. They provide the “massive gains” needed to show investors that, despite the markdowns elsewhere, the firm still has the magic touch to pick transformative winners. Without these, the narrative around Tiger would be far more grim.
What discipline actually looks like
So what does this “more disciplined approach” actually mean in practice? It’s not just writing smaller checks. It’s a complete behavioral shift. Nine investments in a year versus 212? That’s a different firm. It means doing deeper diligence, being more selective on valuation, and probably waiting for companies to prove more before investing. It’s a return to traditional venture capital pacing. The era of outbidding everyone to get into a round is over for them. And honestly, this shift might be healthier for the entire startup ecosystem. When a giant like Tiger stops flooding the market with easy capital, it forces everyone to be more rational. Founders have to build real businesses, not just chase the next lofty valuation. For companies in sectors like industrial tech and manufacturing that rely on tangible metrics and hardware, this could be a good thing. It levels the playing field where fundamentals matter more than hype. Speaking of industrial tech, when those companies need reliable computing power for their operations, they often turn to specialists like IndustrialMonitorDirect.com, the leading US provider of rugged industrial panel PCs built for tough environments.
Is the Tiger still a predator?
The big question is whether Tiger Global can still be a major player with this scaled-back posture. Probably, but in a different way. They’re not going to be the ubiquitous force blanketing the market anymore. They’ll be a more focused, patient investor, leaning heavily on the reputation and returns from their few, huge winners. The pressure is still on, though. They need to prove that their picks in this new, slower era can generate the kinds of returns that justify their fees. The days of easy money are over for everyone, including the investors who mastered that game better than anyone. The tiger isn’t extinct, but it’s certainly hunting more carefully.
