Tiger Global slashed value of venture fund by a third last year

Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 31, 2016. U.S. stocks rose from a six-week low amid an increase in deal activity as traders assessed the outlook for the presidential election and interest rates in the world's largest economy. Photographer: Michael Nagle/Bloomberg

Tiger Global Management marked down the investments in its venture funds by about 33% last year, resulting in a $23 billion decline in value, according to a person familiar with the matter.

Around $9 billion of the markdown came in the second half of the year, said the person, who asked not to be identified because the information is private. A representative for the New York-based firm declined to comment.

In late November, Bloomberg reported that Tiger Global, which also manages hedge and long-only funds, had marked down the value of its private funds by almost a quarter. The full-year figures for the venture unit, led by Scott Shleifer, were reported earlier Thursday by the Wall Street Journal.

Tiger Global made more venture and private equity investments between the start of 2021 and the end of 2022 than the previous eight years combined, according to PitchBook data. Companies in its privates portfolio include ByteDance, Stripe and Instacart.

The firm’s hedge and long-only funds tumbled 56% and 67%, respectively, last year.