Tiger World Administration is looking for to dump lots of of thousands and thousands of {dollars} value of personal corporations into the secondary market, in line with folks with data of the matter.
The overwhelming majority of property at Chase Coleman’s agency, which managed $51 billion originally of the 12 months, is in startups. The funding agency has employed an adviser to discover choices to promote a portion of that, the Monetary Instances reported Sunday.
A spokeswoman for the New York-based agency declined to remark.
Like a lot of its friends, Tiger World is grappling with one of the vital difficult intervals that enterprise buyers have confronted in years. They poured cash at a fast tempo into splashy startups, bidding up their valuations, solely to get burned in final 12 months’s tech swoon. Tiger World marked down its enterprise investments by about 33% final 12 months, leading to a $23 billion decline in worth.
Now, as fewer corporations are going public, buyers are turning to the secondary market to search out an exit. They might search liquidity for a number of causes: to supply distributions to shoppers, fund add-on investments to current portfolio corporations or to ditch corporations they don’t consider will bounce again quick sufficient.
Tiger World has invested in lots of of venture-backed corporations, together with ByteDance, Snyk, Discord and Chime.
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