Lee Fixel, the low-flying head of Tiger Global’s deepest fairness business, is leaving at the pinnacle of June, the firm announced this present day in a letter despatched to clients and viewed by Reuters. Scott Shleifer and Scoot Coleman will proceed as co-managers of the portfolios Fixel has overseen, with Shleifer taking on as its head, in accordance to the letter.
Fixel, 39, is reportedly planning to make investments his beget money and “could well well also beginning up an investment firm at some point,” Tiger Global wrote in the letter.
The traipse comes as a little of a surprise. Despite that Fixel has operated largely in the shadows, maintaining off public appearances unlike many investors, he has had an outsized affect on the mission alternate over the final decade or so, as Tiger has shown up on the cap tables of a rising different of mission-backed companies. Amongst its portfolio companies is Stripe, the payments firm that’s for the time being valued at $23 billion by deepest investors (with no obvious plans to traipse public); the home fitness startup Peloton (Tiger led its Series B); Panda Chosen, a Beijing-based fully shared-kitchen firm that aesthetic raised $50 million in Series C funding led by Tiger; and Olo, a thirteen-year-old mobile and online ordering platform for restaurant chains, which offered $18 million fee of secondary shares to Tiger in January.
Over time, investors in Silicon Valley who once considered Fixel as one thing of a on line casino capitalist came to deeply admire him, reputedly, with Benchmark’s Bill Gurley referring publicly to Fixel as amongst the smartest investors on the scene. There’s some evidence to bolster the claim, including the sale final year of Glassdoor, the jobs and wage web sites, to the Japanese human resources firm Recruit Holdings for $1.2 billion in money; Spotify’s divulge listing on the U.S. stock market final year; and the extra oldschool IPOs final year of Eventbrite and SurveyMonkey. Tiger had backed all of them.
Tiger has also cashed in astronomical on privately held companies in India, into which it plowed at the least $2 billion over the final decade. Its biggest expend ties to an early bet on Flipkart, which offered the bulk of its e-commerce business to retail extensive Walmart final year for $sixteen billion, however an early bet on the traipse-hailing firm Ola also appears to be like to beget paid off. (Tiger reportedly offered piece of its stake to SoftBank however appears to be like to live a believer in the firm, extra newly investing in its electrical mobility unit.)
Tiger was based by Coleman, a protégé of hedge fund pioneer Julian Robertson, in 2000. Shleifer joined two years later, and Fixel came aboard in 2006.
Right here is now not the firm’s first main leadership replace. In 2015, one in every of its investment heads, Feroz Dwan, left to role up his beget investment firm, now known as Arena Holdings Administration, in Recent York.
Whether Fixel follows an identical course remains to be viewed. It’s also easy to glimpse a firm like SoftBank, which Fixel knows thru Ola, Flipkart and other deals, making an try to pronounce him into the fold if he’s amenable. Genuinely, Tiger invested $1 billion straight to SoftBank Neighborhood final year, saying its shares had been undervalued.
For the time being, Fixel appears to be like to be focusing in piece on his family. In January, he and his wife gave the College of Florida a $20 million reward in reinforce of a overview institute centered on neurological ailments that has been named after his father Norman, who suffers from Parkinson’s. His father and his wife are both alums of the college.
Tiger’s clients are meanwhile light appealing the news, presumably. Mentioned Tiger’s letter to them: “Lee has been a driver gradual the growth of Tiger Global’s deepest fairness investing actions in the united states and India, and he has eminent himself as a world-class investor across extra than one sectors and levels.”