Tiger Global Management

Last updated

Tiger Global Management, LLC
FormerlyTiger Technology Management LLC
Company type Private
Industry Investment Management
FoundedMarch 2001;23 years ago (March 2001)
Founder Chase Coleman III
HeadquartersSolow Building, 9 West 57th Street, New York City, New York, U.S.
Products
AUM US$58.5 billion (November 2023) [1]
Number of employees
162 (2022)
Website tigerglobal.com
Footnotes /references
[2]

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.

Contents

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

Fund [15] Vintage YearCommitted Capital (US$m)
Tiger Global Private Investment Partners I200399
Tiger Global Private Investment Partners II2007N/A
Tiger Global Private Investment Partners III2007600
Tiger Global Private Investment Partners IV20071,000
Tiger Global Private Investment Partners V20081,100
Tiger Global Private Investment Partners VI20111,250
Tiger Global Private Investment Partners VII20121,490
Tiger Global Private Investment Partners VIII20141,500
Tiger Global Private Investment Partners IX20142,500
Tiger Global Private Investment Partners X20152,500
Tiger Global Private Investment Partners XI20183,750
Tiger Global Private Investment Partners XII20203,750
Tiger Global Private Investment Partners XIV20216,650
Tiger Global Private Investment Partners XV202112,700

Notable venture capital investments

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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. 1 2 3 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. 1 2 3 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. 1 2 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. 1 2 3 4 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. 1 2 3 4 5 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. ↑ Hall, Christine (October 18, 2024). "Scribe launches knowledge-capturing software that gets employees on the same page". TechCrunch. Retrieved August 22, 2024.
  33. ↑ "China's SenseTime, the world's highest-valued AI startup, closes $620M follow-on round". TechCrunch. May 31, 2018. Retrieved March 2, 2021.
  34. ↑ 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)
  35. ↑ "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.
  36. ↑ "Stripe is now valued at $20B after raising another $245M led by Tiger Global". TechCrunch. September 26, 2018. Retrieved March 2, 2021.
  37. ↑ 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.
  38. ↑ "Infrastructure access platform StrongDM raises $54M". VentureBeat. September 15, 2021. Archived from the original on January 7, 2023. Retrieved January 13, 2023.
  39. ↑ "New Investment from Tiger Global doubles TVF's Valuation to $ 80 Million". YourStory.com. May 23, 2019. Retrieved April 6, 2021.
  40. ↑ "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.
  41. ↑ "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.
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