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Tiger Global is looking to raise $6 billion for its next fund that invests in privately-held tech companies, as per a new investor letter, first seen by Axios. 

Tiger has set a target that is less than half of what it raised for its prior fund. This reflects a decrease in startup funding round sizes and valuations. A first close is planned for January.

Tiger’s portfolio companies include TikTok parent ByteDance, Databricks, Stripe, ByteDance and Shein.

Tiger’s letter reports that its private investment partners funds have raised over $36 billion since inception in 2003, distributed $30 billion, and generated a net internal rate of return of 24%, the Axios report said.

YourStory has not independently verified this report.

Tiger says that it has invested most of its existing fund in early-stage enterprise software and fintech companies in the US and India, with average investment sizes falling to $30 million, and that it expects this strategy to persist.