Tiger Global raises $8.8B, while a16z targets $6.5B for new funds

Money continues to flow into the venture capital ecosystem at a torrid pace, with two of the industry's more active investors closing or seeking to raise giant funds.

Tiger Global has had a first close of $8.8 billion for its fifteenth fund and has already invested a third of that capital, Bloomberg reported. Since the start of the pandemic, Tiger has been one of VC's most active investors, backing 264 deals this year alone. 

The final close of the $10 billion fund is expected in March 2022, a year after the firm wrapped up its fourteenth fund on $6.7 billion.

Meanwhile, Andreessen Horowitz is seeking to raise about $6.5 billion across a pair of funds, The Wall Street Journal reported. The Silicon Valley firm closed a $2.2 billion crypto fund and a $400 million seed-focused fund earlier this year.

The firm has participated in 196 deals this year so far, which is nearly double its 2020 investment pace. This is the first year a16z's dealmaking activity has lagged Tiger Global's.