Tiger Global Management, the New York–based hedge fund that made more private tech investments than any other firm last year, raised more than $11 billion for its latest venture capital fund as of January, according to a person familiar with the matter. The firm plans to close the fund, Private Investment Partners 15, in March with a total of $12 billion, up from the initial target of $10 billion set last year, the person said.

Tiger’s PIP 15 fund is already one of the top 10 biggest VC funds ever raised, and the firm has started making investments from it. External investors in the fund added around $2 billion to it during the past three months, reflecting continued demand from institutional investors for stakes in private tech companies even as a stock market meltdown has clipped the wings of public tech companies—and the performance of Tiger’s public investments. Amid the stock market swoon, VC investors including Tiger Global have lowered valuations on some startup deals, even after agreeing to pay higher prices.