According to a recent letter sent to its investors, Tiger Global ManagementThe New York-based investment powerhouse, Tiger Private Investment Partners is raising a new $ 3.75 million venture fund called XIV, which expects to close in March.
This is Tiger Tiger’s 13th venture fund, regardless of its title – partners may be superstitious – and it comes hot on the heels of the firm’s 12th venture fund, which closed exactly a year ago, plus $ in capital commitments. 3.75 billion.
A spokesperson for the firm, when reached this morning, declined to comment on the letter or Tiger’s extensive fundraising strategy.
This is a lot of capital to aim for, even amid a sea of heavy new venture vehicles. New Enterprise Associates closes its new fund $ 3.6 billion Last year. Soon after the announcement of Lightpaid Venture Partners $ 4 billion Across three funds. Andreessen Horowitz, the smallest of the three companies, announced in November that it had closed a pair of total funding $ 4.5 billion.
At the same time, Tiger has a strong case for potential limited partners. Only last year, many of its portfolio companies either went public or were acquired.
Yatsen Holding is a five-year-old parent company based in China Cosmetics giant Correct diary, went public In November and is now valued at $ 14 billion. (Tiger’s ownership stake is not a mention on the company Regulatory filing.)
Tiger too quietly Investment In the cloud-based data warehousing organization Snowflake, and again, it did not have a large enough stake to include in the company. S 1Even a small ownership percentage would be valuable, given that Snowflake is now valued at $ 85 billion.
And Tiger supported Root Insurance, about six years old, Columbus, Oh. Based insurance company, which went public in November and currently boasts a market cap of $ 5.3 billion. The Tiger offering had 10.3% sailing.
Like M&A, Tiger saw at least three of its companies swallow large companies during 2020, including all stock sales from postmortem to Uber. $ 2.65 billion; Credit karma $ 7 billion Sale in cash and stock to Intuit; And Kustomer’s sales, which focus on customer service platforms and chatbots, $ 1 billion To facebook
Tiger, who has roots in hedge fund management, started his private equity business in 2002, sliced by Chase Coleman when he was still working for hedge-fund pioneer Julian Robertson in tiger management; Scott Schleifer, who joined the firm in 2002 after spending three years with the Blackstone Group; And, soon after, Lee Fixel, who joined the firm in 2006.
Schleifer focused on China; Fixel focused on India, and the rest of the firm’s support team (it now has 22 investment professionals on staff) focused on finding opportunities in Brazil and Russia before beginning to focus more aggressively on opportunities in the US helped.
Each investment decision was made by all three. Last year, Fixel left Tiger in 2019 to launch his own investment firm, other than this. Now Schleifer and Coleman are the firm’s sole decision-makers.
Is Farmell an open question instead of Fixel. Tiger has been known to prepare investors for his actions rather than hiring outsiders, so a new top lieutenant will almost certainly come from his current team.
Meanwhile, the firm’s private equity arm – which has written everything from Series A checks (Warby Parker) to millions of dollars worth of checks – is currently managing assets of $ 30 million, compared to $ 49 billion. Is, which Tiger is managing expansively.
A year ago, Tiger Global, which employs 100 people in total, was reportedly managing $ 36.2 billion In the property.
According to the organization’s investor letter, the firm’s gross internal rate is 32% in its last 12 funds, while its net IRR is 24%.
Tiger’s investors include a mix of sovereign wealth funds, foundations, endowments, pensions and its own employees, which are collectively considered to be the firm’s largest investors at this point.
Some of Tiger’s biggest wins include a $ 200 million stake on e-commerce giant JD.com, which generated $ 5 billion for the firm. According to the WSJ, it approved more than $ 1 billion on the Chinese online-services platform Mituan Dinping, which went public in 2018.
Allegedly Tiger also piled up $ 3 billion India’s Flipkart majority sales to Walmart in 2018, although the Indian government has done more recently Trying to recover $ 1.9 billion From the firm, claiming that there is an outstanding tax due on the sale of its share in the company.
Not the last, Tiger owned about 20% of the connected fitness company Peloton at the time of its 2019 IPO (reportedly a deal) Brought to the tableTogether with Flipkart).
The $ 4 billion worth of peloton is now valued at $ 48.6 billion before being immediately doubled in value by private investors as a privately traded company.
Tiger has invested its current fund in about 50 companies in the last 12 months. Among its newest bets is The mixtureAn eight-year-old San Francisco-based digital lending platform announced yesterday $ 300 million in Series G fundingIncluding, from Coatue, at a post-money valuation of $ 3.3 billion.
This also led to a new announcement $ 450 million Series C round For Checkout.com, an eight-year-old, London-based online payment platform now worth $ 15 billion. And it wrote a follow-on check to Cockroach Labs, a nearly six-year-old, New York-based distributed SQL database that has just been picked up. $ 160 million in Series E funding A $ 2 billion valuation eight months after raising the $ 86 billion Series D round.
It has the newest, largest stakes center on online education platform Xuowebung in China. Back in June, Tiger co-led $ 750 million Series E round Company.
Last month, Tiger was back again, co-leading A. $ 1.6 billion round In a distance education company.
Picture: Wright, Scott Schleifer, managing director of Tiger Global Management LLC, talks with an attendee during the UJA-Federation of New York Wall Street Dinner in New York on December 14, 2011.