Tiger Global To Raise $6 Billion For New Venture Fund After Quitting Investment In FTX
The decision was made in response to the company being forced to write down investments in its private portfolio, which included a bet on the defunct cryptocurrency exchange FTX.
According to Bloomberg News, JPMorgan Chase & Co.‘s wealth-management division made its clients one of the biggest cash contributors to PIP 15, Tiger’s precursor vehicle, by raising $1.9 billion. This year’s first quarter saw the closing of Tiger’s largest-ever venture capital fund, which closed at $12.7 billion.
If it generates $6 billion, the PIP 16 fund, Tiger’s third-largest private vehicle, would invest over a minimum two-year period.
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