Addition sets a $1.5B target for fifth fund

 

Addition is looking to raise $1.5B of capital toward its fifth fund, per a securities filing reviewed by TechCrunch.  The news comes as established VC firms are having difficulty raising VC funds, causing them to lower their fundraising targets amidst the VC funding pullback trend.  Addition has made four investments so far this year and is unlikely to match its peak number of 49 deals from 2021.  Per Pitchbook, the firm still has $3.8B of dry powder available for deployment.  Addition's assets under management (AUM) currently total $6.5B.  The firm's previous four funds have all closed above $1.3B.  Notable portfolio startups include Stripe, Synk, Navan, Alchemy Insights, Chainalysis, and Hugging Face.  The New York-headquartered firm was founded by former Tiger Global executive Lee Fixel.