TCV, a 28-year-old mainstay of the venture capital industry, has raised 50% to 75% less capital for its next flagship fund for private investments than the $5.5 billion target it set last year, according to new securities filings and a document compiled by one of TCV’s limited partners.
The filing doesn’t clarify whether TCV is raising more capital for the fund or has finished the process, which started last summer. Either way, the smaller-than-planned fundraising by one of the biggest VC firms in the world could indicate lower demand among institutional investors to back private technology funds as shares of many smaller public tech companies continue to struggle. Tiger Global Management and Insight Partners, two other major startup backers, also have indicated they will raise less capital for their next funds than they originally planned.
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