Tiger Global Management<\/span> is going through a major management change. Per a message from founder Chase Coleman sent this afternoon to the 22-year-old firm\u2019s limited partners, Coleman is taking over both the outfit\u2019s public company investing and private equity businesses, while the longtime head of the latter, Scott Shleifer, becomes a a senior advisor as of January 1, a role that is a full-time position with no end date, per a source with knowledge of the maneuver.<\/p>\nAn active venture- and hedge-fund investor, Tiger\u2019s private equity business was formerly headed by Lee Fixel, who stepped down to hang his own shingle in March of 2019. Fixel has subsequently raised a number of multibillion-dollar investment funds at that firm, called Addition.<\/p>\n
At the time, Shleifer and Coleman continued as co-managers of the portfolios Fixel had overseen, with Shleifer taking over as its head. But he assumed control at what looks in retrospect to have proved a treacherous period for the firm. After announcing in January 2020 that Tiger Global garnered $3.75 billion in commitments for its 12th fund, Schleifer put the pedal to the metal, overseeing an operation that made bold bets made at a rapid-fire clip despite already heated valuations. For a time, investors were so happy with the strategy \u2014 which appeared to be working \u2014\u00a0 that they awarded Tiger with a whopping $12.7 billion vehicle that it closed in March 2022 after just four months of fundraising.<\/p>\n
The fund\u2019s timing couldn\u2019t have been worse. Driven by rising interest rates, the public, then private, the broader market began to fall fast, and with it, Tiger\u2019s largely paper returns. Indeed, though the firm began marketing its newest fund, Private Investment Partners Fund 16, to investors 13 months ago, with a $6 billion target, it has yet to close, per a source.<\/p>\n
Per an earlier Bloomberg reported, a surge in AI-related public stocks helped fuel a rebound for Tiger this year; a source says it has seen positive returns all year. Meanwhile, an early bet on OpenAI that looked one week ago like it could help salvage the firm\u2019s private market returns is now in jeopardy, with ousted CEO Sam Altman reportedly in discussions to join OpenAI investor Microsoft and move much of OpenAI\u2019s team into the corporate giant\u2019s fold.<\/p>\n
Per Coleman\u2019s letter to investor, Shleifer will continue to \u201cadvise on our investing activities across the <\/span>breadth of our private funds.\u201d As part of the transition, Tiger Global is also \u201cforming an Investment Committee for our Private Equity business,
which I will chair, consisting of Evan Feinberg, Eric Lane, Griffin Schroeder, and Scott, that will support me in reviewing new investments and overseeing asset dispositions.<\/span><\/p>\nThis story is developing.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Tiger Global Management is going through a major management change. Per a message from founder Chase Coleman sent this afternoon to the 22-year-old firm\u2019s limited partners, Coleman is taking over both the outfit\u2019s public company investing and private equity businesses, while the longtime head of the latter, Scott Shleifer, becomes a a senior advisor as […]<\/p>\n","protected":false},"author":1,"featured_media":122249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-122248","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology"],"yoast_head":"\n
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