Shuli Ren, Columnist

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?

May 17, 2022 at 12:12 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

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

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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.