Tiger Global Management announced Monday the launch of its latest venture capital fund, Private Investment Partners 17, targeting a raise between about $2 billion and $3 billion, according to a letter to investors viewed by CNBC.The hedge fund wrote that it's expecting PIP 17 to be similar in "strategy, size and construction" to its earliest vintages and its most recent, PIP 16, which targeted $6 billion but ultimately closed at $2.2 billion.The largest positions in PIP 16 are OpenAI and Waymo.Compared to t ...

Financial Data and Key Metrics Changes - For Q1 2025, the company generated $12,100,000 in investment income, a decrease of $2,300,000 or $0.25 per share compared to $14,400,000 in Q4 2024 [10] - Net investment income for Q1 2025 was $4,300,000 or $0.47 per share, down from $5,500,000 or $0.60 per share in the previous quarter [12] - Net asset value (NAV) as of March 31, 2025, was $173,500,000, a decrease of $5,000,000 from $178,500,000 in Q4 2024, with NAV per share dropping from $19.41 to $18.85 [12] Business Line Data and Key Metrics Changes - The company deployed approximately $17,500,000 into new investment opportunities during the quarter, with $15,700,000 in repayments and sales, resulting in a net deployment of approximately $1,800,000 [3][4] - The overall yield on new investments was 10.6%, slightly below the overall portfolio yield of 11% [8] - Six investments were on non-accrual status at the end of Q1 2025, representing 2.64% of the investment portfolio at fair value [8] Market Data and Key Metrics Changes - Approximately 88.5% of the debt securities portfolio was based on floating rates, primarily linked to SOFR, which has slightly decreased over the last few quarters [7] - The company’s gross and net leverage ratios remained flat at 1.5 times and 1.3 times, respectively [12] Company Strategy and Development Direction - The merger with Logan Ridge is expected to provide increased scale, improved liquidity, and greater operational efficiency, enhancing long-term shareholder value [4] - The company is focused on disciplined credit selection and prudent risk management amid a challenging macroeconomic environment [5] - The management team is cautious about the current market environment, anticipating that economic conditions may not improve in the near term [22] Management's Comments on Operating Environment and Future Outlook - The current macroeconomic backdrop, characterized by shifting trade dynamics and inflation, continues to create uncertainty in the market [5] - Management remains confident in the ability to generate strong risk-adjusted returns and drive long-term value for shareholders [6] - The company is planning for potential adverse economic conditions while remaining open to opportunities that may arise [25] Other Important Information - The Board of Directors approved a stable base distribution of $0.47 per share, which is anticipated to be sustainable across market cycles [5] - The company has a healthy pipeline of investments, although new deal flow has decreased significantly [22] Q&A Session Summary Question: Follow-up on Sundance interest reversal - The out-of-period impact from Sundance was approximately $450,000 [15] Question: Normalized level of investment income - The increase in PIK income was noted, with expectations for normalization in the coming quarters [17] Question: Composition of non-accruals and recovery prospects - Two main positions in non-accruals were discussed, with potential upside for Sundance and Naviga estimated at about $0.02 per share [39][41] Question: Dividend policy clarification - The base dividend is set at $0.47, with supplemental dividends dependent on incremental net investment income exceeding this base [30] Question: Risks from private equity sponsors - The company noted that middle market sponsors have been supportive, with ongoing negotiations being relatively non-controversial [31][32] Question: KCAP Freedom joint venture dividends - The company continues to receive distributions from KCAP Freedom, recognized as a return of capital rather than income [52][56] Question: Commentary on Great Lakes joint venture performance - The Great Lakes joint venture is performing better historically compared to KCAP Freedom, with a different structure leading to more straightforward valuations [59]