Lee Fixel, the low-flying head of Tiger Global’s non-public fairness trade, is leaving on the finish of June, the company introduced nowadays in a letter despatched to shoppers 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, in line with the letter.
Fixel, 39, is reportedly making plans to speculate his personal cash and “may start an investment firm in the future,” Tiger Global wrote within the letter.
The transfer comes as a little bit of a marvel. Despite that Fixel has operated in large part within the shadows, keeping off public appearances not like many traders, he has had an outsize have an effect on at the enterprise business during the last 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 non-public traders (with no obvious plans to move 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 bought $18 million value of secondary stocks to Tiger in January.
Over time, traders in Silicon Valley who as soon as considered Fixel as one thing of a on line casino capitalist got here to deeply admire him, apparently, with Benchmark’s Bill Gurley referring publicly to Fixel as a few of the smartest traders at the scene. There’s some proof to beef up the declare, together with the sale ultimate 12 months of Glassdoor, the roles and wage website online, to the Japanese human assets corporate Recruit Holdings for $1.2 billion in money; Spotify’s direct record at the U.S. inventory marketplace ultimate 12 months; and the extra conventional IPOs ultimate 12 months 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 during the last decade. Its largest win ties to an early wager on Flipkart, which bought the vast majority of its e-commerce trade to retail large Walmart ultimate 12 months for $16 billion, however an early-bet at the trip hailing corporate Ola additionally seems to have paid off. (Tiger reportedly bought 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, one in all 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 continues to be observed. It’s additionally simple to look a company like Softbank, which Fixel is aware of via each Ola, Flipkart, and different offers, seeking to convey him into the fold if he’s amenable.
In the intervening time, Fixel seems to be focusing partly on his circle of relatives. In January, he and his spouse gave the University of Florida a $20 million reward in beef up of a analysis institute eager about neurological illnesses 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 shoppers are in the meantime nonetheless soaking up the scoop, 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.”