New investments by Tiger Global and Coatue fell 60% and 67%, respectively, this year.
"They're licking their wounds," said Nihal Mehta, a founding partner at Eniac Ventures, whose portfolio includes the marketing-tech startup Attentive, a crown jewel of Tiger Global and Coatue's portfolios.
Speaking to founders, Mehta hears crossover funds come up less and less in conversation, and partners at some crossover funds tell him they're pulling back from new deals, though crossover funds haven't disappeared altogether.
Crossover funds found themselves with billions of dollars in deployed capital and few exits in sight.
Last month, Tiger Global and Coatue both revealed they are seeking to raise new funds earmarked for early-stage startup deals.