Tiger Global Management

Last updated

Tiger Global Management, LLC
FormerlyTiger Technology Management LLC
Type Private
Industry Investment Management
FoundedMarch 2001;22 years ago (March 2001)
Founder Chase Coleman III
Headquarters Solow Building, 9 West 57th Street, New York City, New York, U.S.
Products
AUM US$58 billion (September 2022) [1]
Number of employees
162 (2022)
Website www.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 January 2022, a group of investors led by Tiger Global Management invested $50 million in The Graph protocol. [8] 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. [9]

In 2022, the firm experienced significant losses. [10] 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. [11] [12] 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. [11] [12] [13] The Wall Street Journal has referred to the hedge fund's loss as "one of the largest-ever", [11] and an anonymous hedge fund manager quoted by New York referred to the losses as "[...] the biggest in the history of hedge funds". [13]

In June, the firm's venture capital losses were reported to be less severe than those of the firm's funds. [13] 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%. [13]

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. [14] 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. [15]

Private equity funds

Fund [16] 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

Related Research Articles

Sequoia Capital is an American venture capital firm headquartered in Menlo Park, California which specializes in seed stage, early stage, and growth stage investments in private companies across technology sectors. As of 2022, the firm had approximately US$85 billion in assets under management.

<span class="mw-page-title-main">Index Ventures</span> European worldwide venture capital firm

Index Ventures is a European venture capital firm with dual headquarters in San Francisco and London, investing in technology-enabled companies with a focus on e-commerce, fintech, mobility, gaming, infrastructure/AI, and security. Since its founding in 1996, the firm has invested in a number of companies and raised approximately $5.6 billion. Index Venture partners appear frequently on Forbes’ Midas List of the top tech investors in Europe and Israel.

<span class="mw-page-title-main">Accel (company)</span> Venture capital firm

Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional operating funds in London, India and China.

Norwest Venture Partners (Norwest) is an American venture and growth equity investment firm. The firm targets early to late-stage venture and growth equity investments across several sectors, including cloud computing and information technology, Internet, SaaS, business and financial services, and healthcare. Headquartered in Menlo Park, California, Norwest has offices in San Francisco and subsidiaries in Mumbai, India and Tel Aviv, Israel. The firm has funded more than 650 companies since inception.

<span class="mw-page-title-main">Insight Partners</span> American investment manager

Insight Partners is a global venture capital and private equity firm that invests in high-growth technology, software, and Internet businesses. The company is headquartered in New York City, with offices in London, Tel Aviv, and Palo Alto.

Lightspeed Venture Partners is an American venture capital firm focusing on multi-stage investments in the enterprise, consumer, and health sectors. Lightspeed invests in seed, early and growth-stage companies.

<span class="mw-page-title-main">Bain Capital Ventures</span> American venture capital division within Bain Capital

Bain Capital Ventures LLC is the venture capital division within Bain Capital, which has approximately $160 billion of assets under management worldwide. The firm's early-stage investments have included Attentive, Bloomreach, Billtrust, Docusign, Flywire, LinkedIn, Justworks, Turbonomic, Rent the Runway, Twilio, Rapid7, and Redis. Bain Capital Ventures manages $10 billion of committed capital, has over 400 active portfolio companies, and has offices in New York City, Palo Alto, and San Francisco.

Andreessen Horowitz is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California. As of April 2023, Andreessen Horowitz ranks first on the list of venture capital firms by assets under management.

<span class="mw-page-title-main">Thumbtack (website)</span> American online marketplace

Thumbtack is an American home services website. It is an online directory that allows users to search for, rate, and hire local service providers to work on a variety of personal projects, including home improvement, financial and legal services, computer / IT repair and event planning. The company is backed by Sequoia Capital, Tiger Global Management, Javelin Venture Partners, Baillie Gifford, and Capital G, among others.

FirstMark is a venture capital firm based in New York City. FirstMark invests in early-stage technology companies, frequently as the first institutional investor and leading the rounds it participates in. Notable investments include Airbnb, Pinterest, Shopify, DraftKings, Stubhub, Upwork, and Ro.

<span class="mw-page-title-main">Stripes (growth equity firm)</span>

Stripes is a private equity and venture capital firm based in Manhattan, New York, founded in 2008. In 2023, Stripes has US$6.5 billion of assets under management and more than 80 investments. Notable investments include On Running and Monday.com.

CapitalG Management Company LLC is the independent growth fund under Alphabet Inc. Founded in 2013, it focuses on larger, growth-stage technology companies, and invests for profit rather than strategically for Google. In addition to capital investment, CapitalG's approach includes giving portfolio companies access to Google's people, knowledge, and culture to support the companies' growth and offer them guidance.

<span class="mw-page-title-main">Databricks</span> American software company

Databricks, Inc. is an American software company founded by the creators of Apache Spark. Databricks develops a web-based platform for working with Spark, that provides automated cluster management and IPython-style notebooks. The company develops Delta Lake, an open-source project to bring reliability to data lakes for machine learning and other data science use cases.

<span class="mw-page-title-main">Coatue Management</span> American investment management firm

Coatue is an American technology-focused investment manager led by founder and portfolio manager Philippe Laffont. Coatue invests in public and private markets with a focus on technology, media, telecommunications. the consumer and healthcare sectors. Coatue has offices in New York City, Menlo Park, California, London, Shanghai and Hong Kong.

<span class="mw-page-title-main">Dataiku</span> French machine learning company

Dataiku is an artificial intelligence (AI) and machine learning company which was founded in 2013. In December 2019, Dataiku announced that CapitalG—the late-stage growth venture capital fund financed by Alphabet Inc.—joined Dataiku as an investor and that it had achieved unicorn status. As of 2021, Dataiku is valued at $4.6 billion. Dataiku currently employs more than 1,000 people worldwide between offices in New York, Denver, Washington DC, Los Angeles, Paris, London, Munich, Frankfurt, Sydney, Singapore, Tokyo, and Dubai.

D1 Capital Partners is an American investment firm based in New York City, United States. The firm invests in both public and private markets globally.

Summit Partners is an American investment firm based in Boston, Massachusetts. The firm focuses on investing in technology, healthcare, life sciences and other growth industries.

<span class="mw-page-title-main">ICONIQ Capital</span> American wealth management and investment firm

ICONIQ Capital is an American wealth management and investment firm based in San Francisco, California. It functions as a family office that provides wealth management services to high net worth clients such as Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and Jeff Weiner. The firm also is involved in investments related to Private Equity and Venture Capital.

Scott Louis Shleifer is an American billionaire hedge fund manager, and the co-founder of Tiger Global Management's private equity investing business. As of September 2022, his net worth was estimated at US$3.5 billion.

References

  1. ↑ "Chase Coleman's Tiger Global Is Slashing the Value of Its Venture Holdings by 24%". Bloomberg.com. November 23, 2022.
  2. ↑ "Tiger Global Management Form ADV" (PDF). U.S. Securities and Exchange Commission. June 14, 2022.
  3. ↑ "Chase Coleman, III". Forbes. 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.
  6. ↑ "Scott Shleifer". Forbes. Retrieved March 28, 2022.
  7. ↑ "Preqin Special Report: The Venture Capital Top 100" (Press release).
  8. ↑ "Graph Foundation Raises $50 Million in Round Led by Tiger". Bloomberg.com. January 21, 2022. Retrieved August 21, 2023.
  9. ↑ Ted Bunker; Laura Cooper (March 18, 2022). "Tiger Global Closes on $12.7 Billion for Latest Growth Fund". Wall Street Journal. Retrieved April 15, 2022.
  10. ↑ Kochkodin, Brandon. "More Losses For Tiger Global From Its FTX Investment". Forbes. Retrieved January 23, 2023.
  11. 1 2 3 Brown, Eliot; Chung, Juliet (June 6, 2022). "Highflying Tiger Global Humbled by Unraveling of Giant Tech Bet". Wall Street Journal. Retrieved June 15, 2022.
  12. 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.
  13. 1 2 3 4 Celarier, Michelle (June 17, 2022). "'The Poster Child' of the Tech Meltdown". Intelligencer. Retrieved June 17, 2022.
  14. ↑ "This Hedge Fund Made the Most Money for Investors Last Year". Institutional Investor. January 25, 2021. Retrieved March 2, 2021.
  15. ↑ "Scott Shleifer". Forbes. Retrieved April 7, 2022.
  16. ↑ "Tiger Global Management | Palico". www.palico.com. Retrieved March 2, 2021.
  17. ↑ Barr, Alistair. "Tiger Global snaps up Alibaba shares at lofty valuation". USA TODAY.
  18. ↑ Moskin, Julia (August 29, 2022). "It's Not Just You — Blank Street Coffee Is Suddenly Inescapable". The New York Times. Retrieved September 13, 2023.
  19. ↑ "Square Closes That $100 Million Round, Mary Meeker Joins Board". TechCrunch. June 29, 2011. Retrieved March 2, 2021.
  20. 1 2 3 4 5 Kruppa, Miles; Parkin, Benjamin (July 27, 2021). "Tiger Global: the technology investor ruffling Silicon Valley feathers". Financial Times.
  21. ↑ "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.
  22. ↑ Li, Yun (August 16, 2021). "Chase Coleman's Tiger Global buys Coinbase, adds to DoorDash and DocuSign bets". CNBC.
  23. ↑ "Credit Karma Confirms New $85M Financing Round Led By Google Capital". TechCrunch. March 12, 2014. Retrieved March 2, 2021.
  24. ↑ "Databricks' Growth Draws $400 Million Series F Investment and $6.2 Billion Valuation". Databricks. October 22, 2019. Retrieved March 2, 2021.
  25. ↑ Vardi, Nathan. "Chase Coleman's Tiger Global Management Generated $1 Billion From Its Facebook Trade". Forbes. Retrieved March 2, 2021.
  26. ↑ McBride, Sarah (December 5, 2013). "Jobs site Glassdoor raises $50 million from Tiger Global". Reuters. Retrieved March 2, 2021.
  27. ↑ "TikTok Exec Sean Kim Joins Kajabi as President". Orange County Business Journal. February 14, 2022. Retrieved April 7, 2022.
  28. ↑ Indian, Express (May 26, 2021). "Koo raises $30 million funding led by Tiger Global". Indian Express. Retrieved May 28, 2021.
  29. ↑ "Tiger Global Said to Invest in LinkedIn at $2 Billion Valuation". Bloomberg.com. July 28, 2010.
  30. ↑ "Nextdoor to go public in $4.3 bln merger with Khosla-backed SPAC". Reuters. July 6, 2021.
  31. ↑ "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.
  32. ↑ McBride, Sarah (April 9, 2014). "Tiger Global helps Q&A site Quora raise $80 million". Reuters. Retrieved March 2, 2021.
  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. 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. Retrieved January 28, 2022.
  38. ↑ "Infrastructure access platform StrongDM raises $54M". VentureBeat. September 15, 2021.
  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. Retrieved March 2, 2021.
  41. ↑ "Alphabet's Waymo raises $2.5 billion in new investment round". cnbc.com. June 16, 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.