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Tiger Seeks to Sell Private-Company Stakes Into Secondary Market
(Bloomberg) -- Tiger Global Management is seeking to offload hundreds of millions of dollars worth of private companies into the secondary market, according to people with knowledge of the matter.
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The vast majority of assets at Chase Coleman’s firm, which managed $51 billion at the beginning of the year, is in startups. The investment firm has hired an adviser to explore options to sell a portion of that, the Financial Times reported Sunday.
A spokeswoman for the New York-based firm declined to comment.
Read more: Tiger Global Slashed Value of Venture Funds by a Third Last Year
Like many of its peers, Tiger Global is grappling with one of the most challenging periods that venture investors have faced in years. They poured money at a rapid pace into splashy startups, bidding up their valuations, only to get burned in last year’s tech swoon. Tiger Global marked down its venture investments by about 33% last year, resulting in a $23 billion decline in value.
Now, as fewer companies are going public, investors are turning to the secondary market to find an exit. They may seek liquidity for several reasons: to provide distributions to clients, fund add-on investments to existing portfolio companies or to ditch companies they don’t believe will bounce back fast enough.
Read more: Hedge Funds Gorged on Startups, and Nobody Agrees on Their Value
Tiger Global has invested in hundreds of venture-backed companies, including ByteDance, Snyk, Discord and Chime.
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