Tiger Global’s fifteenth venture fund, PIP 15, showed paper losses of more than 15% as of June 30, 2024, according to a CalSTRS disclosure described by TechCrunch. TechCrunch said that ranked PIP 15 in the bottom 10% of venture funds raised in 2021. These are interim valuation marks—not a final return or a statement of cash losses paid by investors.
What the disclosure says about PIP 15
CalSTRS, a limited partner in the fund, reported the loss figure in a disclosure covering its investment portfolio, according to TechCrunch’s December 10, 2024 account. PIP 15 had received $12.7 billion in commitments in late 2021. The reported loss was a paper valuation as of June 30, 2024, rather than a calculation of the cash investors had received back.
TechCrunch reported that PitchBook Benchmarks placed PIP 15 in the bottom 10% of venture funds raised in 2021. PitchBook’s benchmark methodology and underlying tables are not available in the account, so the percentile should be read as the reported comparison, not as an independently verified calculation.
How PIP 15 compared with other 2021-vintage funds
TechCrunch also reported positive paper returns for several other 2021-vintage funds held by CalSTRS. The figures below are the comparison as reported in that article; they are not necessarily calculated on identical terms. TechCrunch specifically described Valor’s figure as an internal rate of return.
#1 Best Overall
| Fund | Reported paper return |
|---|---|
| Tiger Global PIP 15 | More than 15% in paper losses as of June 30, 2024 |
| Valor Equity Partners’ fifth fund | 15.7% internal rate of return |
| OakHC/FT | 8.7% |
| IVP | 4.1% |
| GGV, now Notable Capital | 2.8% |
All figures in the comparison were attributed by TechCrunch to CalSTRS reporting. The article also said 315 startups were funded in 2021, underscoring the breadth of that year’s venture market, but it did not establish that this count defined the benchmark group.
Why a paper loss is not the same as an investor’s realized loss
Venture funds hold private-company stakes that may not be sold for years. A paper mark estimates the value of those holdings at a point in time; it is not the same as proceeds from exits or sales, nor does it establish what limited partners ultimately receive. TechCrunch noted that portfolio companies could recover and that funds commonly need years to realize returns.
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Accordingly, the June 2024 mark says how the portfolio was valued at that date, not how PIP 15 will ultimately perform. The TechCrunch account does not establish a later PIP 15 valuation or final investor proceeds.
Examples of Tiger Global markdowns reported earlier
As examples of portfolio valuation cuts, TechCrunch recounted Bloomberg’s 2023 reporting that Tiger Global marked down Superhuman by 45%, DuckDuckGo by 72%, and OpenSea by 94% from peak valuations. These are selected company examples, not a complete accounting of PIP 15’s holdings or losses, and they should not be added together to infer the fund’s return.
How the fundraising backdrop changed
TechCrunch described Tiger Global as a major investor in the pandemic-era venture boom, deploying capital quickly across a broad range of startups. Most of PIP 15’s capital had been deployed by May 2022, according to the article. It also noted that rising U.S. interest rates and lower startup valuations changed the investment environment; those factors provide context, but the account does not prove they alone caused the fund’s marks.
The fundraising for Tiger’s next venture fund reflected a more difficult environment. TechCrunch reported that Tiger initially sought $6 billion for PIP 16, later lowered its target to $5 billion, and closed with $2.2 billion in commitments after roughly 18 months. The revised target and final amount were attributed in the article to reporting by the Wall Street Journal and Bloomberg.
Rank #4
TechCrunch said Tiger Global and CalSTRS declined to comment. Its account is the basis for the figures above; the underlying CalSTRS report and PitchBook benchmark tables were not available in that account.
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