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Tiger Global, the hedge fund managed by Chase Coleman, reportedly marked down the value of its investments in private companies by about a third across its venture capital funds last year.
That reduce its asset valued by ~$23B from the firm’s huge stakes in startups, the Wall Street Journal reported Thursday, citing people familiar with the matter. Its private portfolio, comprised of hundreds of companies, include holdings in TikTok parent ByteDance and payment tech firm Stripe (STRIP). Tiger Global’s newest venture funds fell between 9% and 25% in Q4, the newspaper said.
All of the firm’s largest investments have suffered, people familiar with the matter told WSJ. When Tiger started fundraising last fall, it said its stake in payment processor Stripe was valued at ~$1.6B as of June 2022. On Wednesday, Stripe (STRIP) said it raised more than $6.5B at a $50B valuation. In March 2021, the company was valued by private investors at ~$95B when it raised $600M.
Tiger Global’s flagship hedge fund and its long-only fund — which invest in public markets and focus on high-growth mostly unprofitable tech companies — were particularly hard hit, losing 56% in the hedge fund and 67% in the long-only fund, the WSJsaid. The losses could have been steeper if it hadn’t have been for some private investments.
In November 2022, Bloomberg reported that Tiger Global cut the value of its private funds by almost a quarter, helping lead to a $42B reduction in its assets.
