Tiger Global Management’s private investment head, Scott Shleifer, has stepped down from his position, The Information reported. Shleifer is credited as the person spearheading Tiger Global’s aggressive investment campaign spree during the 2020-2022 phase when several startups scooped up large sums of money with increasing valuations. Shleifer, however, will continue to be the venture capital firm as a senior advisor.
Tiger Global founder Chase Coleman will be now taking over the firm’s private equity and public company investing businesses, reports added.
As of now, the reason behind Shleifer’s departure is not known. Reports, however, say Shleifer wanted to stay in Florida, whereas Coleman wanted people to work from the office.
Coleman in a message sent to investors, as reported by TechCrunch, said “Tiger Global is operating in-person out of our New York offices,” and has “found that having everyone together in New York is highly productive and a better operating model for our firm.”
It’s worth noting that Shleifer has been with the firm since 2002, two years after the company was founded.
Entrackr has reached out to Tiger Global for more details on the management rejig.
Even as Tiger Global made large bets in the 2020-22 phase, the venture capital firm appears to be struggling to get expected results, which includes depleting valuations. The company’s portfolio includes popular firms like Shein, ByteDance, and Stripe.
In June, the firm raised $2.7 billion for its new fund, 55% less than the target fund of $6 billion set by the investment firm. Also, this was 79% less than $12.7 billion raised by Tiger Global for its Fund 15 in March last year.
Tiger Global has been bullish on the Indian startup ecosystem as well. According to Venture Intelligence data, it infused $677 million into Indian startups in 2022 and more than $1 billion in 2021. Ola, PharmEasy, CRED, Sharechat, Delhivery, Groww, Unacademy, Dream11, BharatPe, Gupshup and Infra.Market emerged as some of the top fundraising portfolio companies of the investment firm during this period.
According to an Axios report, Tiger Global is now looking to raise $6 billion for a new private fund. The capital followed by management rejig is likely aimed at reviving Tiger Global’s fortunes in the coming months.