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Tiger Global Management

Tiger Global Management, LLC (often referred to as Tiger Global and formerly known as Tiger Technology) is an American investment firm founded by Chase Coleman III, a former Tiger Management employee under Julian Robertson, in March 2001. It mainly focuses on internet, software, consumer, and financial technology companies.

Background and history

Chase Coleman III was a protégé of Julian Robertson and from 1997 to 2000 worked as a technology analyst for the firm, Tiger Management.[3] In 2000, Robertson closed Tiger Management, and entrusted Coleman with over $25 million to manage, making him one of the 30 or more so-called "Tiger Cubs", fund managers who started their fund management careers with Tiger Management.[4]

In 2001, Coleman established Tiger Technology (which would be later renamed to Tiger Global Management, LLC),[5] as a hedge fund to invest in the public equity market. In 2003, Scott Shleifer helped Tiger Global expand into investing in the private equity market.[6]

From the period of 2007 to 2017, according to the Preqin Venture Report, Tiger Global raised the highest amount of capital among venture capital firms.[7]

In 2020, Tiger Global earned its investors $10.4 billion, more than any other hedge fund on the annual list of the top 20 managers compiled by London fund-of-funds firm LCH Investments.[5]

In March 2022, Tiger Global raised $12.7 billion for a new fund to back fast-growing technology companies in their early stages; the firm has reported 900 investors involved in the new fund.[8]

In 2022, the firm experienced significant losses.[9] By June 2022, the firm's hedge fund and its long-only fund had respectively declined 52% and 62% in value since the beginning of the year.[10][11] The Wall Street Journal and Financial Times reported that these losses eliminated some two-thirds of the value accrued by the hedge fund and the long-only fund over the duration of their existences, while New York cited research indicating the losses could account for three-fourths of lifetime gains.[10][11][12] The Wall Street Journal has referred to the hedge fund's loss as "one of the largest-ever",[10] and an anonymous hedge fund manager quoted by New York referred to the losses as "[...] the biggest in the history of hedge funds".[12]

In June, the firm's venture capital losses were reported to be less severe than those of the firm's funds.[12] A letter to investors from Tiger summarizing the performance of its venture funds in the first quarter of 2022 revealed that losses associated with the funds stood at around 9%.[12]

Business overview

Tiger Global has two strategies that each manage roughly the same amount of capital.

The public equity business uses equity strategies to invest in publicly traded companies.[13] Its notable funds include Tiger Global Investments (the firm's flagship long-short fund) and Tiger Global Long Opportunities (long-only).[5]

The private equity strategy is led by Scott Shleifer.[14]

Private equity funds

Notable venture capital investments

References

  1. ^ Celarier, Michelle (March 5, 2024). "Tiger Global's Chase Coleman Says IPOs Are Still in the 'Desert'". Institutional Investor. Archived from the original on March 25, 2024. Retrieved May 7, 2024.
  2. ^ "Tiger Global Management Form ADV" (PDF). U.S. Securities and Exchange Commission. June 14, 2022. Archived (PDF) from the original on July 16, 2022. Retrieved July 6, 2022.
  3. ^ "Chase Coleman, III". Forbes. Archived from the original on July 30, 2017. Retrieved March 2, 2021.
  4. ^ "Top Hedge Fund Returns 45% With Robertson's 36-Year-Old Disciple - Bloomberg Business". Bloomberg News. January 21, 2016. Archived from the original on January 21, 2016. Retrieved March 2, 2021.
  5. ^ a b c Taub, Stephen (March 10, 2021). "How Chase Coleman Became a Hedge Fund Legend". Institutional Investor. Archived from the original on March 24, 2021. Retrieved March 12, 2021.
  6. ^ "Scott Shleifer". Forbes. Archived from the original on March 28, 2022. Retrieved March 28, 2022.
  7. ^ "Preqin Special Report: The Venture Capital Top 100" (Press release).
  8. ^ Ted Bunker; Laura Cooper (March 18, 2022). "Tiger Global Closes on $12.7 Billion for Latest Growth Fund". Wall Street Journal. Archived from the original on April 15, 2022. Retrieved April 15, 2022.
  9. ^ Kochkodin, Brandon. "More Losses For Tiger Global From Its FTX Investment". Forbes. Archived from the original on January 23, 2023. Retrieved January 23, 2023.
  10. ^ a b c Brown, Eliot; Chung, Juliet (June 6, 2022). "Highflying Tiger Global Humbled by Unraveling of Giant Tech Bet". Wall Street Journal. Archived from the original on June 15, 2022. Retrieved June 15, 2022.
  11. ^ a b Fletcher, Laurence; Quinio, Akila; Kruppa, Miles; Gara, Antoine (May 18, 2022). "The mauling of Tiger Global". The Financial Times. Archived from the original on May 20, 2022. Retrieved June 15, 2022.
  12. ^ a b c d Celarier, Michelle (June 17, 2022). "'The Poster Child' of the Tech Meltdown". Intelligencer. Archived from the original on June 17, 2022. Retrieved June 17, 2022.
  13. ^ "This Hedge Fund Made the Most Money for Investors Last Year". Institutional Investor. January 25, 2021. Archived from the original on February 27, 2021. Retrieved March 2, 2021.
  14. ^ "Scott Shleifer". Forbes. Archived from the original on April 8, 2022. Retrieved April 7, 2022.
  15. ^ "Tiger Global Management | Palico". www.palico.com. Archived from the original on March 3, 2021. Retrieved March 2, 2021.
  16. ^ Barr, Alistair. "Tiger Global snaps up Alibaba shares at lofty valuation". USA TODAY. Archived from the original on October 29, 2021. Retrieved October 19, 2021.
  17. ^ Moskin, Julia (August 29, 2022). "It's Not Just You — Blank Street Coffee Is Suddenly Inescapable". The New York Times. Archived from the original on September 27, 2023. Retrieved September 13, 2023.
  18. ^ "Square Closes That $100 Million Round, Mary Meeker Joins Board". TechCrunch. June 29, 2011. Retrieved March 2, 2021.
  19. ^ a b c d e Kruppa, Miles; Parkin, Benjamin (July 27, 2021). "Tiger Global: the technology investor ruffling Silicon Valley feathers". Financial Times. Archived from the original on October 28, 2021. Retrieved October 19, 2021.
  20. ^ "Carta was just valued at $1.7 billion by Andreessen Horowitz, in a deal some see as rich". TechCrunch. May 6, 2019. Retrieved March 2, 2021.
  21. ^ Li, Yun (August 16, 2021). "Chase Coleman's Tiger Global buys Coinbase, adds to DoorDash and DocuSign bets". CNBC. Archived from the original on October 28, 2021. Retrieved October 19, 2021.
  22. ^ "Credit Karma Confirms New $85M Financing Round Led By Google Capital". TechCrunch. March 12, 2014. Retrieved March 2, 2021.
  23. ^ "Databricks' Growth Draws $400 Million Series F Investment and $6.2 Billion Valuation". Databricks. October 22, 2019. Archived from the original on March 7, 2021. Retrieved March 2, 2021.
  24. ^ Vardi, Nathan. "Chase Coleman's Tiger Global Management Generated $1 Billion From Its Facebook Trade". Forbes. Archived from the original on September 19, 2021. Retrieved March 2, 2021.
  25. ^ McBride, Sarah (December 5, 2013). "Jobs site Glassdoor raises $50 million from Tiger Global". Reuters. Archived from the original on November 8, 2023. Retrieved March 2, 2021.
  26. ^ "TikTok Exec Sean Kim Joins Kajabi as President". Orange County Business Journal. February 14, 2022. Retrieved April 7, 2022.
  27. ^ Indian, Express (May 26, 2021). "Koo raises $30 million funding led by Tiger Global". Indian Express. Archived from the original on May 26, 2021. Retrieved May 28, 2021.
  28. ^ "Tiger Global Said to Invest in LinkedIn at $2 Billion Valuation". Bloomberg.com. July 28, 2010. Archived from the original on August 16, 2018. Retrieved March 2, 2021.
  29. ^ "Nextdoor to go public in $4.3 bln merger with Khosla-backed SPAC". Reuters. July 6, 2021. Archived from the original on October 29, 2021. Retrieved October 19, 2021.
  30. ^ "Brazil's Nubank Raises $30M Led By Tiger To Build Out Its Mobile-Based Credit Card Business". TechCrunch. June 2, 2015. Retrieved March 2, 2021.
  31. ^ McBride, Sarah (April 9, 2014). "Tiger Global helps Q&A site Quora raise $80 million". Reuters. Archived from the original on November 8, 2023. Retrieved March 2, 2021.
  32. ^ "China's SenseTime, the world's highest-valued AI startup, closes $620M follow-on round". TechCrunch. May 31, 2018. Retrieved March 2, 2021.
  33. ^ Ghosh, Sam Nussey, Sayantani (July 13, 2018). "SoftBank's cheap valuation draws $1 billion bet from U.S. fund Tiger Global". Reuters. Archived from the original on November 8, 2023. Retrieved March 2, 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  34. ^ "Tiger Global Among Top Spotify Holders With $1.9 Billion Stake - Bloomberg". Bloomberg News. May 6, 2018. Archived from the original on May 6, 2018.
  35. ^ "Stripe is now valued at $20B after raising another $245M led by Tiger Global". TechCrunch. September 26, 2018. Retrieved March 2, 2021.
  36. ^ Kate Rooney; Ryan Browne (January 30, 2019). "Stripe rides the online payments boom to a $22.5 billion valuation". CNBC. Archived from the original on August 6, 2019. Retrieved January 28, 2022.
  37. ^ "Infrastructure access platform StrongDM raises $54M". VentureBeat. September 15, 2021. Archived from the original on January 7, 2023. Retrieved January 13, 2023.
  38. ^ "New Investment from Tiger Global doubles TVF's Valuation to $ 80 Million". YourStory.com. May 23, 2019. Retrieved April 6, 2021.
  39. ^ "UiPath Raises $225M to Become NYC's Newest Decacorn". AlleyWatch. July 15, 2020. Archived from the original on February 10, 2021. Retrieved March 2, 2021.
  40. ^ "Alphabet's Waymo raises $2.5 billion in new investment round". cnbc.com. June 16, 2021. Archived from the original on June 18, 2021. Retrieved June 18, 2021.

External links