Tiger Global Management is on a mission to raise a whopping $6 billion for a new investment fund that invests in private tech companies, according to Axios.

The funding effort is currently ongoing. Axios reported that the first closing will occur in January, citing an investment letter that he reviewed.

The amount seems high, but it is half of what it previously raised, reflecting a decline in the size and valuations of startup funding rounds.

Tiger has already invested in more than three dozen cryptocurrency and blockchain startups since 2020, and the firm’s existing portfolio companies include TikTok parent ByteDance, Databricks, Stripe, ByteDance and Shein.

Axios reported that “Tiger’s letter reports that its Private Investment Partners funds have called in more than $36 billion since inception in 2003, distributed $30 billion and generated a net IRR of 24%.”

According to Tiger: “The funds have generated positive IRRs in all years of investment and consistently strong distributions, with each of our top 10 funds returning between 130% and 1058% of required capital.”

Tiger has invested most of its existing funds in early-stage fintech and enterprise software companies in the US and India. The company’s average investment size falls to $30 million and it expects that strategy to persist.

While in recent months, Tiger has acquired stakes in gaming infrastructure startup Lysto and the NEAR protocol.

In April, Tiger led a funding round for the Near protocol, a layer 1 blockchain network, from investors found in the traditional financial and crypto industries.

According to Bloomberg, the platform raised $350 million, more than double what it raised ($150 million) in January.

In Asia, Tiger led a February Series B funding round for the Philippine Cryptocurrency Exchange (PDAX) to raise $50 million. the The Philippine Digital Asset Exchange raised a total of $63.6 million in funding over 5 rounds.

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