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New York-based investment firm Tiger Global has raised $2.7 billion for its newest private equity fund since October, less than half of its target of $6 billion.

The firm has been trying to raise capital for its 16th fund since October 2022. According to two separate regulatory filings submitted to the SEC on Friday, Tiger Global Private Investment Partners XVI, L.P. has only been able to raise $2.68 billion in its first close in January.

The current fund is already half the size of its previous fund for which the investor raised $11.4 billion in February last year, just three months after its first close in November.

Tiger Global isn’t the only large fund struggling to attract backers. Private equity and venture capital firm Insight Partners has cut its 13th fund target from $20 billion to $15 billion due to a “great reset in tech” caused by a steep decline in public company valuations that has impacted the value, number, and quality of start-ups in which it could invest, The Financial Times reported earlier this week.

The New York-based venture capital firm has raised only about $2 billion for its 13th fund, which was first marketed to investors last June.

Tiger Global focuses on private and public companies in the Internet, software, consumer, and payments industries. Its prominent bets include TikTok parent ByteDance, Databricks, Stripe, ByteDance and Shein.

Its portfolio in India includes companies such as Flipkart, Zomato, Ola, PolicyBazaar, CRED, ShareChat, Urban Company, BharatPe, and Infra.Market. The firm has invested over $6.5 billion in India since its entry in 2007.