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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