Tiger Global Management, LLC (often referred to asTiger Global and formerly known asTiger Technology) is an American investment firm founded byChase Coleman III, a formerTiger Management employee underJulian Robertson, in March 2001. It mainly focuses on internet, software, consumer, and financial technology companies.
Chase Coleman III was a protégé ofJulian 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 ahedge fund to invest in thepublic equity market. In 2003,Scott Shleifer helped Tiger Global expand into investing in theprivate equity market.[6]
From the period of 2007 to 2017, according to thePreqin Venture Report, Tiger Global raised the highest amount of capital amongventure 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] TheWall Street Journal andFinancial 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, whileNew York cited research indicating the losses could account for three-fourths of lifetime gains.[10][11][12] TheWall Street Journal has referred to the hedge fund's loss as "one of the largest-ever",[10] and an anonymous hedge fund manager quoted byNew 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]
In 2024, Tiger Global rebounded with 24% returns tied to rising technology stocks, but the firm was still recouping recent losses.[13]
Tiger Global has two strategies that each manage roughly the same amount of capital.
Thepublic 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]
^abFletcher, 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. RetrievedJune 15, 2022.
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