Chase Coleman Retakes Helm of Tiger Global's Venture Unit Amidst Client Concerns

investing.com:

Quiver Quantitative — The leadership dynamics at Tiger Global Management, a prominent hedge fund, are undergoing significant changes. Chase Coleman, the firm's founder, is retaking control of the $34 billion venture-capital arm after a period of heightened scrutiny and client dissatisfaction under Scott Shleifer's leadership. This transition marks a strategic pivot for Tiger Global, which has been a formidable player in startup investing.

Coleman's reassertion of control follows a turbulent phase for the venture unit, characterized by a 33% markdown of its private portfolio in the previous year and an additional 6% this year. This downturn triggered client concerns, prompting calls for Coleman and other partners to increase their oversight. The venture unit, comprising two-thirds of Tiger's assets, faced criticism for its rapid deployment of almost $20 billion raised during the venture capital boom, leading to substantial losses and investor dissatisfaction. Clients, including those from JPMorgan Chase & Co.'s (NYSE:JPM) wealth and asset-management division, expressed frustration over the 18% paper loss on their investments.

Market Overview: -Tiger Global founder Chase Coleman takes back control of $34 billion venture unit. -Move follows steep VC market downturn and investor discontent with Scott Shleifer's performance. -Shleifer remains involved as senior advisor, new VC committee formed under Coleman's leadership.

Key Points: -Coleman sought more communication and engagement before Shleifer's $20 billion VC spree. -Clients frustrated by losses, some question Tiger's aggressive investing approach. -Shleifer's departure fuels debate about long-term commitment, venture market exposure. -Tiger defends strategy, emphasizes