Tiger Global Management LLC is falling short in attracting cash for its latest venture-capital fund, with investors so far committing about $2 billion of the $6 billion the firm had hoped to draw.

The hedge fund started marketing the Private Investment Partners Fund 16 to investors in October, and the so-called first close of the fundraising was in January, by which point a fund would typically have raised more than half of the targeted amount. Five months on, the vehicle has so far raised $2.06 billion, a filing on Friday showed.

Even at the planned $6 billion target, the firm’s latest fund would have been less than half the size of its previous offering, and the tepid reception is a further sign of the strains in the sector as institutional investors pull back from the asset class.

Last year was the firm’s most tumultuous since its founding in 2001, but this year’s surge in AI-related stocks has helped underpin a rebound for Tiger and other tech-focused hedge funds. Tiger Global rose 6.5% in May, boosting its return for the year to 15.5%, people familiar with the matter told Bloomberg earlier this month.

Alex Sacerdote’s Whale Rock Capital Management also returned 14.4% in its public equity portfolio in May, bringing its year-to-date return to 23%. Many funds, however, are still below their high-water mark after losing money last year, and in some cases, in 2021 as well.

Details of the fundraising were reported earlier by the Financial Times.