Friday, 1 July 2016
Last updated 8 hours ago
Jan 24 2011 | 10:36am ET
Alternative investments firm Tiger Global has raised $1 billion for its sixth private equity fund, and plans to raise another $250 million before closing it.
The New York-based fund expects to line up the last commitments next month, Bloomberg News reports. The total committed to the new fund is about half the more than $2.5 billion Tiger Global has raised for its previous five funds over the past 10 years.
The firm's fifth fund, which raised $1.1 billion, has returned about 15% annually to investors since its inception in 2008, thanks in part to an early investment in the social-networking web site Facebook. Tiger Global has already poured about $80 million of the sixth fund into Facebook.
Tiger Global was founded by Tiger Management veteran Chase Coleman, who was the legendary hedge fund's chief technology analyst. In addition to its stable of p.e. funds, Tiger Global also manages some $4.4 billion in hedge funds.