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Tiger Global Management announced Monday the launch of its latest venture capital fund, Private Investment Partners 17, targeting a raise between about $2 billion and $3 billion, according to a letter to investors viewed by CNBC.

The hedge fund wrote that it’s expecting PIP 17 to be similar in “strategy, size and construction” to its earliest vintages and its most recent, PIP 16, which targeted $6 billion but ultimately closed at $2.2 billion.

The largest positions in PIP 16 are OpenAI and Waymo.

Compared to the megafunds of the early 2020s, the latest target signals a pivot to a more disciplined strategy for Tiger Global.

The firm was one of the biggest forces in the startup ecosystem over the last half-decade, but has seen heavy markdowns and slower deployment in the last few years.

In 2021, the heyday of its “spray and pray” approach, it led 212 rounds, according to Crunchbase data. This year, it made just nine new private investments.

Tiger first invested in OpenAI in 2021 at a valuation of less than $16 billion and in Waymo that same year at $39 billion. Those stakes today are at massive gains.