According to a report today, December 1, Tiger Global Management, an American investment firm, investors noted a significant 18% notional loss during the end of September, following the firm’s decision to reduce valuations for several companies in its portfolio.
Meanwhile, the Private Investment Partners (PIP) 15 fund, with an almost $13 billion valuation, reduced the value of an AI-powered email company, Superhuman, by 45%. Additionally, it lowered the valuation of the privacy-focused search engine platform DuckDuckGo by 72%, according to anonymous sources.
The American investment firm, Tiger Global, has marked down its stakes in the Bored Ape Yacht Club, an NFT collection encompassing 10,000 unique collectibles, by 69%. Moreover, the firm also marked down its stakes in the NFT marketplace OpenSea by 94%, according to a Bloomberg report.
The mentioned data illustrates a reduction in Tiger Global’s valuations ever since its initial investments in each company.
Furthermore, what’s interesting is that one of the company’s key members, overlooking a management of $50 billion, declined to comment.
Apart from this, the venture capital industry currently seems to be witnessing a reckoning as startups flounder with cash floamid of higher interest rates.
Besides, Coatue Management, led by Philippe Laffont, reduced its internal valuation for OpenSea by 90% and devalued its holdings in Calendly and Notion.
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The Tiger Global firm is an investment organization specializing in the global Internet, software, consumer, and financial technology sectors.
In the previous week, Tiger Global informed investors that Scott Shleifer, the head of the firm, recently decided to step down from the role, transitioning to a senior adviser starting January 1.
Despite the change, Scott plans to continue as a partner. The firm, headquartered in New York, cited Shleifer’s desire to be with his family in Florida as the reason for this decision.
Tiger Global reduced valuations in its venture funds by approximately 33% last year, leading to a substantial $23 billion decline in overall value. The PIP 15 fund concluded its final close early last year.
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