Lee Fixel’s Addition is looking to raise $1.5 billion venture capital fund as the former Tiger Global executive continues to secure large sums of money despite the slowdown in the market.

Fixel’s Addition disclosed the fundraising target in a securities filing. It’s Addition’s fifth fund in less than four years with all previous funds amassing between $1.3 billion or larger. The New York-headquartered firm — an investor in Stripe, Lyra, Snyk, Navan, Alchemy Insights, Chainalysis and Hugging Face — raised its fourth fund less than a year ago.

The fundraising target comes at a time when VCs are slowing down the pace of dealmaking and in many cases cutting short their own funding targets.

This seemingly contrarian move is characteristic of Fixel, who has gained a reputation for going against the tide over the past two decades.

One notable instance of this was his investment in India’s Flipkart via Tiger Global. At a time when many Indian venture capitalists overlooked the opportunity, Fixel’s investment ignited a significant boost in the South Asian startup ecosystem.

Addition maintains an AUM of $6.5 billion and is sitting on dry powder worth over $3.8 billion, per Pitchbook. The firm, which has backed about six dozen startups, has booked five exits in the past two years.

Addition wrote 33 checks last year, down from 49 in 2021. This year, it has only made four publicly disclosed investments, according to PitchBook.

Fixel did not respond to a request for comment.