Tiger Global Management has launched its new venture capital fund, Private Investment Partners 17 (PIP 17), aiming to raise $2.2 billion. The fund will follow a strategy similar to its previous funds, particularly PIP 16, which closed at $2.2 billion despite targeting $6 billion. PIP 16 has performed well, with significant investments in OpenAI and Waymo, contributing to a 33% year-to-date increase. The firm’s approach is shifting towards more disciplined investment practices after experiencing heavy markdowns and a slowdown in deal-making over the past few years. In a notable contrast to its aggressive investment style in 2021, when it led 212 rounds, Tiger Global has only made nine new private investments this year. The firm has expressed concerns about inflated valuations in the artificial intelligence sector, warning that many may lack solid fundamentals. Founder Chase Coleman has outlined a plan to streamline their portfolio by focusing on high-performing companies, selling off over 85 businesses from PIP 15, and reinvesting that capital into perceived winners. Tiger's strategy includes continued support for companies like Revolut and ByteDance. Other targets mentioned include Flock Safety, Harbinger, Rokt, Cargomatic, and BVNK. By concentrating resources on a smaller number of investments, Tiger aims to navigate the current market environment more effectively.