Tiger Global Management’s private investment head, Scott Shleifer, one of its key figures spearheading the company’s private investment, will step down from his current role of head of private investing in January 2024.
According to Bloomberg report, Shleifer will become a senior advisor, Tiger Global’s co-founder Chase Coleman informed its shareholders on Tuesday.
Shleifer is credited as the person spearheading Tiger Global’s aggressive investment campaign spree during the 2020-22 phase when several start-ups scooped up large sums of money with increasing valuations. Shleifer, however, will continue to be the venture capital firm as a senior advisor.
Tiger Global founder Chase Coleman will be now taking over the firm’s private equity and public company investing businesses, reports added.
The major shakedown at the top of the hedge fund comes at a time after its investment of a record $19 billion in the private market in a two-year period starting from 2021. However, as the market saw a correction in late 2022, Tiger saw the valuation of its assets plummet.
According to The Information, the $12.7-billion venture fund — launched in October 2021 — had a loss of 20 per cent on paper, net of management fees.
Key exits
Over the course of the period, Tiger Global has been witnessing key exits. Just last year, the US hedge fund saw the exit of John Curtius, the partner who was heading Tiger’s SaaS bets. Prior to that, Lee Fixel, who led Tiger’s investment in India, quit in 2019. Fixel is well known for his bets on Flipkart – a deal that earned Tiger hefty returns. Fixel later went on to launch his own VC firm Addition and has already invested in Indian start-ups such as Delhivery, which went public in 2021.
In the Indian context, Tiger Global, along with SoftBank, is known for producing unicorns with its handsome cheques. Tiger has backed 40 out of the 111 Indian unicorns. Some of these unicorns include CRED, Delhivery, BharatPe, Urban Company, and Mensa Brands.