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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

Ben Geman, author of Generate
Jul 28, 2021 - Energy & Environment

A new push to diversify the climate startup world

Illustration: Aïda Amer/Axios

A prominent energy venture capital firm and large companies including Microsoft and Duke Energy are launching a new fund to help diversify the clean technology startup sector.

Driving the news: The clean energy and climate-tech focused Energy Impact Partners (EIP) on Wednesday morning unveiled the Elevate Future Fund.

44 mins ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.

Airlines call for Biden admin's "immediate intervention" in 5G deployment

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The CEOs of leading U.S. air cargo and passenger carriers on Monday warned the Biden administration there could be "catastrophic disruption" after AT&T and Verizon deploy a new 5G service this week.

Driving the news: They said in a letter to Transportation Secretary Pete Buttigieg and other top federal officials ahead of the C-Band 5G service's deployment Wednesday that "the nation's commerce will grind to a halt" and "could potentially strand tens of thousands of Americans overseas."

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