Tiger Global’s Top Venture Fund Suffers 18% Loss Following Portfolio Markdowns

Following a turbulent 2022, Tiger Global Management is bracing for another challenging year marked by losses, as the firm has reduced valuations for several portfolio companies. This information comes from Bloomberg, which cites sources familiar with the situation.

Tiger Global’s $13 billion Private Investment Partners 15 fund marked down its stake in Bored Ape Yacht Club, collection of nonfungible tokens, and NFT marketplace OpenSea by 69% and 94%, respectively. It slashed valuations for privacy search engine platform DuckDuckGo by 72% and 45% for AI-powered email company Superhuman. 

The firm, which manages approximately $50 billion, recorded an 18% paper loss in its largest fund at the end of the third quarter. 

Tiger Global has been investing in companies across the cryptocurrency sector. In addition to NFTs, the firm plowed money into blockchain security and privacy startups. However, many of these firms have faced dwindling cash flows in a high-rate environment. 

Last week, the firm, based in New York, informed investors that its head of private equity, Scott Shleifer, would be stepping down.

 A separate Axios report said Shleifer was one of the main driving forces behind the tech “unicorn” boom.  

Besides some earlier-stage startups that have experienced valuation ‘resets,’ the firm’s portfolio also includes companies such as Stripe and TikTok owner ByteDance.