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Illustration: Annelise Capossela/Axios

Tiger Global is talking to investors about raising $10 billion for a new growth equity fund, just one month after raising $6.7 billion for its last one, Axios has learned from multiple sources.

Why it matters: Tiger's investment pace is unprecedented, which means we have no idea how it's going to play out.

  • You might be thinking: "Ummm ... what about SoftBank Vision Fund?"
  • Yes, it might have put more money to work in a short period of time, befitting a $100 billion fund, but it was in a much smaller number of companies. Tiger differentiated by diversification.

Details: Tiger is premarketing the new fund, its 15th, with plans to hold a first close in October and a final close next March. It may need to accelerate that timeline however, as it's already called around 60% of its Fund XIV commitments. A firm spokeswoman declined comment.

  • The firm has become a constant presence atop the "VC Deals" section of the Axios Pro Rata newsletter, leading the day's largest round. Or sometimes several of them, as it did today (Kajabi and Vast Data).
  • According to a recent story in The Information, Tiger averaged four deals per week during the first quarter.

The bottom line: Tiger was one of the first hedge fund that managed to dive deep into growth-stage tech investing, but is now taking it to heights that make many of its rivals dizzy. And, for limited partners, they'll be asked for more support before really knowing how its most recent support performed.

Go deeper

Exclusive: Houston mayor to lead Black mayors group

Houston Mayor Sylvester Turner speaks during a private funeral for George Floyd. Photo: Godofredo A. Vásquez/Pool/Getty Images

The mayor of the city where George Floyd was raised is taking over a group that represents 500 Black mayors in the U.S. amid national pressure to revamp police departments.

Why it matters: Houston Mayor Sylvester Turner will become the new president of the African American Mayors Association as municipalities across the country examine police reforms and deal with the economic fallout from the pandemic.

Delivery industry sees biggest monthly job losses in more than 20 years

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic's biggest job winner is losing steam.

Driving the news: People who deliver packages to businesses and homes — classified as "couriers and messengers" by the Labor Department — saw the industry's biggest monthly job losses in more than 20 years in April.

FDA authorizes Pfizer COVID vaccine for 12- to 15-year-olds

Photo: Gabby Jones/Bloomberg via Getty Images

The Food and Drug Administration authorized the emergency use of the Pfizer-BioNTech coronavirus vaccine for 12- to 15-year-old adolescents, the agency announced on Monday.

Why it matters: The emergency authorization marks a critical milestone in the push to get more Americans vaccinated and fully reopen schools for in-person learning this fall.

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