Lee Fixel is leaving Tiger Global – TechCrunch
Lee Fixel, the low-flying head of Tiger Global’s personal fairness trade, is leaving on the finish of June, the company introduced as of late in a letter despatched to purchasers and observed by means of Reuters. Scott Shleifer and Chase Coleman will proceed as co-managers of the portfolios Fixel has overseen, with Shleifer taking on as its head, consistent with the letter.
Fixel, 39, is reportedly making plans to take a position his personal cash and “may start an investment firm in the future,” Tiger Global wrote within the letter.
The transfer comes as slightly of a wonder. Despite that Fixel has operated in large part within the shadows, averting public appearances in contrast to many traders, he has had an outsize have an effect on at the enterprise trade over the past decade or so, as Tiger has proven up at the cap tables of a rising choice of venture-backed corporations. Among its portfolio corporations is Stripe, the bills corporate that’s lately valued at $23 billion by means of personal traders (with no obvious plans to head public); Panda Selected, a Beijing-based shared-kitchen corporate that simply raised $50 million in Series C investment led by means of Tiger; and Olo, a 13-year-old cell and on-line ordering platform for eaterie chains, who offered $18 million value of secondary stocks to Tiger in January.
Over time, traders in Silicon Valley who as soon as seen Fixel as one thing of a on line casino capitalist got here to deeply appreciate him, apparently, with Benchmark’s Bill Gurley referring publicly to Fixel as a number of the smartest traders at the scene. There’s some proof to make stronger the declare, together with the sale final yr of Glassdoor, the roles and wage website online, to the Japanese human sources corporate Recruit Holdings for $1.2 billion in money; Spotify’s direct record at the U.S. inventory marketplace final yr; and the extra conventional IPOs final yr of Eventbrite and SurveyMonkey. Tiger had subsidized they all.
Tiger has additionally cashed in giant on privately held corporations in India into which it plowed a minimum of $2 billion over the past decade. Its largest win ties to an early wager on Flipkart, which offered nearly all of its e-commerce trade to retail massive Walmart final yr for $16 billion, however an early-bet at the experience hailing corporate Ola additionally seems to have paid off. (Tiger reportedly offered a part of its stake to SoftBank however turns out to stay a believer within the corporate, extra newly making an investment in its electrical mobility unit.)
Tiger was once based by means of Coleman, a protégé of hedge fund pioneer Julian Robertson, in 2000. Shleifer joined two years later, and Fixel got here aboard in 2006.
This is now not the company’s first primary management trade. In 2015, certainly one of its funding heads, Feroz Dwan, left to arrange his personal funding company, now referred to as Arena Holdings Management, in New York.
Whether Fixel follows a equivalent trail is still observed. It’s additionally simple to look a company like Softbank, which Fixel is aware of thru each Ola, Flipkart, and different offers, seeking to convey him into the fold if he’s amenable.
In the period in-between, Fixel seems to be focusing partially on his circle of relatives. In January, he and his spouse gave the University of Florida a $20 million reward in make stronger of a analysis institute serious about neurological sicknesses that has been named after his father Norman, who suffers from Parkinson’s. His father and his spouse are each alums of the college.
Tiger’s purchasers are in the meantime nonetheless soaking up the inside track, probably. Said Tiger’s letter to them: “Lee has been a driving force behind the expansion of Tiger Global’s private equity investing activities in the United States and India, and he has distinguished himself as a world-class investor across multiple sectors and stages.”