Tiger Global Announces Major Leadership Transition
Tiger Global Management, the 22-year-old venture capital and hedge fund giant, is undergoing a significant leadership shift. Founder Chase Coleman revealed in a recent investor letter that Scott Shleifer, longtime head of the firm’s private equity business, will transition to a senior advisory role effective January 1, 2024.
Key Changes in Leadership Structure
- Coleman assumes dual leadership: Taking over both public company investing and private equity divisions
- Shleifer’s new role: Becomes full-time senior advisor with no end date, continuing to guide private fund investments
- Investment Committee formed: Coleman will chair a new Private Equity Investment Committee including Shleifer and other senior partners
Behind the Leadership Transition
According to Coleman’s communication, the change was initiated by Shleifer due to personal circumstances:
“Scott and his family have made their home in Florida and want to stay there,” Coleman wrote, noting that Tiger Global maintains its operational base in New York.
The firm has found its New York-centric model “highly productive” and better suited to its operations.
Historical Context: Tiger Global’s Evolving Leadership
This marks the latest in a series of leadership changes at the firm:
- 2015: Investment head Feroz Dewan departed to establish Arena Holdings Management
- 2019: Lee Fixel left after 13 years to launch Addition, now managing multibillion-dollar funds
- 2020-2022: Shleifer led Tiger Global through a period of aggressive investing and record fundraising
The Shleifer Era: Highs and Lows
Shleifer assumed leadership of Tiger’s private equity business during a particularly volatile period:
- Early 2020: Closed $3.75 billion for Fund 12
- March 2022: Raised $12.7 billion in just four months for subsequent fund
- Market challenges: Later faced significant headwinds from rising interest rates and tech sector volatility
During this period, Shleifer made headlines with his $132 million purchase of a Palm Beach mansion, then the second-most expensive home sale in U.S. history.
Current Fundraising Landscape
Tiger Global’s most recent fundraising efforts reflect market challenges:
- Fund 16: Launched 13 months ago with $6 billion target
- Current status: Yet to close, according to sources
Despite these challenges, the firm has seen positive returns in 2023, partly driven by AI-related investments, including an early bet on OpenAI that now faces uncertainty following recent leadership turmoil at the AI startup.
Looking Ahead: Tiger Global’s Future Direction
With Coleman at the helm, Tiger Global is implementing structural changes:
- New investment committee: Designed to review new opportunities and oversee asset management
- Continued New York focus: Maintaining in-person operations at headquarters
Coleman praised Shleifer as “one of the true pioneers of the crossover investing model,” ensuring his continued influence through the advisory role. The transition marks a new chapter for one of tech investing’s most prominent firms as it navigates an evolving market landscape.
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