A recent communication to investors details Tiger Global Management’s plans to establish a new $3.75 billion venture fund, designated Tiger Private Investment Partners XIV, with a projected closing date in March. The New York-based investment firm is driving this initiative.

Despite the fund’s designation, this represents Tiger Global’s thirteenth venture fund; this naming choice may be attributed to partner preferences. This new fund follows closely on the heels of the firm’s twelfth venture fund, which secured $3.75 billion in commitments exactly one year prior.

A representative from the company refrained from providing commentary regarding the investor letter or Tiger Global’s overall fundraising approach when contacted earlier today.

The targeted capital represents a substantial amount, even considering the current landscape of large-scale venture funds. New Enterprise Associates recently finalized a fund with $3.6 billion in capital. Shortly after, Lightspeed Venture Partners announced $4 billion across three separate funds. Andreessen Horowitz, the newest of these firms, declared in November the completion of two funds totaling $4.5 billion.

Tiger Global possesses a compelling argument to present to prospective limited partners. Throughout the past year, a significant number of companies within its investment portfolio have successfully completed initial public offerings or been acquired by other entities.

Yatsen Holding, the parent organization of the prominent China-based cosmetics brand Perfect Diary, became a publicly traded company in November and currently holds a valuation of $14 billion. (Tiger Global’s equity stake was not detailed in the company’s regulatory filings.)

Tiger Global also made an investment in Snowflake, a cloud-based data warehousing company. Although its ownership share wasn’t substantial enough to be included in the company’s S-1 filing, even a small percentage of Snowflake’s current $85 billion valuation would be highly advantageous.

Furthermore, Tiger Global invested in Root insurance, a Columbus, Ohio-based insurance provider established nearly six years ago, which went public in November and presently has a market capitalization of $5.3 billion. Tiger Global held a 10.3% ownership position prior to the offering.

In terms of mergers and acquisitions, Tiger Global observed at least three of its portfolio companies being acquired by larger technology corporations in 2020. These transactions include Postmates’s all-stock sale to Uber for $2.65 billion, Credit Karma’s $7 billion sale to Intuit in cash and stock, and the acquisition of Kustomer, a provider of customer service platforms and chatbots, by Facebook for $1 billion.

Tiger Global, initially rooted in hedge fund management, expanded into private equity in 2003, led by Chase Coleman, formerly with Julian Robertson’s Tiger Management, and Scott Shleifer, who joined the firm in 2002 after a three-year tenure at the Blackstone Group. Lee Fixel later joined in 2006, becoming a crucial contributor to the business.

Shleifer concentrated on investments in China, while Fixel focused on India. The firm’s broader support team, now comprising 22 investing professionals, initially identified opportunities in Brazil and Russia before shifting its focus towards the U.S. market.

Ultimately, all investment choices were made collectively by these three individuals. Fixel departed in 2019 to establish his own investment firm, Addition. Currently, Shleifer and Coleman are the firm’s sole decision-makers.

The question of whether the firm will eventually replace Fixel remains unanswered, although it doesn’t appear to be an immediate priority. Tiger Global typically promotes investors from within its existing ranks rather than recruiting external candidates, suggesting any future leadership addition would likely originate from the current team.

Currently, the firm’s private equity division, which has made investments ranging from Series A funding (Warby Parker) to investments exceeding hundreds of millions of dollars, manages assets totaling $30 million, compared to the $49 billion managed by Tiger Global overall.

One year ago, Tiger Global, with a total of 100 employees, was reported to be managing $36.2 billion in assets.

According to the firm’s investor letter, its gross internal rate of return across its 12 prior funds is 32%, with a net IRR of 24%.

Tiger Global’s investor base encompasses a diverse range of entities, including sovereign wealth funds, foundations, endowments, pensions, and its own employees, who are collectively considered the firm’s largest investors.

Notable successes for Tiger Global include a $200 million investment in the e-commerce company JD.com, which yielded a $5 billion return for the firm. The Wall Street Journal reports that it also generated over $1 billion from the Chinese online-services platform Meituan, which went public in 2018.

Tiger Global also reportedly realized $3 billion from the majority sale of India’s Flipkart to Walmart in 2018, although the Indian government has recently sought to recover $1.9 billion from the firm, alleging outstanding tax obligations related to the sale of its stake.

An outcome that may surprise some investors involves Peloton, the connected fitness company, in which Tiger Global held a 20% ownership stake at the time of Peloton’s 2019 IPO (a deal reportedly facilitated by Fixel, alongside Flipkart). Fueled by increased user adoption during the pandemic, Peloton—previously valued at $4 billion by private investors and doubling in value upon becoming publicly traded—now boasts a market capitalization of $48.6 billion.

Tiger Global has made investments in approximately 50 companies over the past 12 months through its current fund.

Recent investments include Blend, an eight-year-old digital lending platform based in San Francisco, which announced $300 million in Series G funding yesterday, led by Coatue, at a post-money valuation of $3.3 billion.

The firm also spearheaded the recently announced $450 million Series C round for Checkout.com, an eight-year-old online payments platform based in London, now valued at $15 billion. Additionally, it provided follow-on funding to Cockroach Labs, a nearly six-year-old distributed SQL database company based in New York, which recently raised $160 million in Series E funding at a $2 billion valuation, just eight months after securing $86.6 million in Series D funding.

Another significant recent investment centers on Zuowebang, an online education platform in China. In June, Tiger Global co-led a $750 million Series E round in the company.

Last month, the firm again participated, co-leading a $1.6 billion round in the distance-learning company.

Pictured: Scott Shleifer, partner and head of private equity at Tiger Global Management, right, speaks with an attendee during the UJA-Federation of New York Wall Street Dinner in New York, on Wednesday, Dec. 14, 2011.