Tiger Global just closed one of the biggest venture funds ever, with $6.7 billion – ClearTips

If you look at the funding announcements as we do, you may have seen something this year. A lot of mega-rounds are coming together, and Tiger Global is involved in a notable number of them, often included as the co-leads of the rounds.

This week alone, half-a-dozen companies have announced tours in which the New York-based investment giant has screened High-Lead, a company co-led or written to follow-up, including HighRadius, a company that D1 Capital Round-Leaded with $ 300 Million Series C; CityBlock Health, which Tiger Global raised $ 192 million in extended Series C funding; And 6sense, which received a follow-on check from Tiger Global as part of a $ 125 million Series D round. The firm is reportedly in talks to lead a five-year, $ 300 million round of AI chipmakers called Grok.

If you are wondering where all this money is coming from, do not wonder now. Although Tiger Global sent a letter to its investors in January stating that it was raising $ 3.75 billion for its thirteenth venture fund (the title of XIV, apparently for superstitious reasons), a new SEC filing reveals The new fund is almost closed with that amount now: $ 6.65 billion.

In this market too, and especially for Tiger Global, which closed its twelfth fund with $ 3.75 billion in capital commitments only last year, there are a lot of bills.

We have reached out to the firm to find out more, but as we noted back in January, when we caught wind of its fundraising plans, Tiger Global had a strong case to offer potential limited partners.

Among its most recent reasons to celebrate, after closing a $ 600 million round earlier this month, the value of portfolio company Stripe now stands at $ 95 billion. Tiger Global had 10% stake in gaming company Robox prior to a direct listing that it staged earlier this month to become a publicly traded organization. The company’s market cap currently stands at $ 38 billion.

In 2020, several of its portfolio companies either went public or were acquired, including Yatsen Holding, a five-year-old parent company of China-based cosmetics giant Perfect Diary. Snowflake, a cloud-based data warehousing organization; And Root Insurance, a nearly six-year-old, Columbus, Ohio-based insurance company.

As of M&A, Tiger Global swallowed at least three of the big tech companies last year, including post-mortem all-stock sales to Uber for $ 2.65 billion; Credit Karma’s $ 7 billion in cash and Intuit’s sale in stock; And a $ 1 billion customer service platform for Facebook and sales of custumers focusing on chatbots.

Tiger Global, which has roots in hedge fund management, started its private equity business in 2003, cut by Chase Coleman, who previously worked for hedge-fund pioneer Julian Robertson in Tiger Management; And Scott Schleifer, who joined the firm in 2002 after spending three years with the Blackstone Group. Lee Fixel, who would become a significant contributor to the business, joined 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) before focusing more aggressively on opportunities in the US, including Brazil and Russia. Helped find a deal in

Each investment decision was ultimately made by each of the three. Fixel left in 2019 to launch its own investment firm, Edition. Now Schleifer and Coleman are the firm’s sole decision-makers.

Tiger Global’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.

Tiger Global’s biggest win so far included a $ 200 million stake on e-commerce giant JD.com that generated $ 5 billion for the firm. According to the WSJ, it made more than $ 1 billion in withdrawals on the Chinese online-services platform Mituan, which went public in 2018.

The firm acquired a large-scale windfall through its investment in the 20% connected fitness company Peloton, of which the firm was at the time of the Peloton’s 2019 IPO.

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