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Shuli Ren

Tiger Cubs and the Danger of Hedge Funds Buying Too Many Unicorns

Chase Coleman’s Tiger Global became one of the world’s busiest venture capital investors. Any regrets yet?

Lion cubs to meet their visitors in Istanbul
Photographer: Anadolu Agency/Anadolu

Last year, when the tech sector was all the rage, hedge funds raced to private markets, writing million-dollar checks in minutes, to get exposure to the next-generation of unicorns before anyone else. As the Nasdaq selloff pummels their portfolios, it’s worth asking what their investments are worth now and if they have any second thoughts. 

The most prominent crossover investor — industry jargon for hedge funds that also do venture capital — is Chase Coleman’s Tiger Global Management LLC. The firm’s public stock positions fell from $46 billion at the end of 2021 to just over $26 billion as of March.