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<ul class="summary-list"><li>D1's Dan Sundheim and SurgoCap's Mala Gaonkar spoke about investing in AI a Chicago conference.</li><li>Sundheim said it won't be private companies leading this tech change for once.</li></ul>The best way to invest in the world's hottest trend is not through seed rounds or even fully-fledged private companies, said D1 Capital Partners founder Dan Sundheim, despite<a target="_blank" href="https://techcrunch.com/2024/10/20/investments-in-generative-ai-startups-topped-3-9b-in-q3-2024/#:~:text=In%20Q3%202024%2C%20VCs%20invested,based%20companies%20across%20127%20deals."> billions flooding into artificial intelligence start-ups</a> last quarter alone.Sundheim, whose portfolio has billions invested in both public and private companies, believes the best way to tap into the <a target="_blank" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">AI frenzy</a> is through public companies. Speaking at Tuesday's Invest for Kids conference in Chicago, he said that AI, unlike other big technological advances, will be felt across sectors so all companies have an interest in putting money toward it.Large public corporations have the most resources to implement AI across their businesses, according to a recap of his comments viewed by Business Insider. In other words, scale is more of an advantage in the AI field than nimbleness.He said companies putting capital and talent behind AI projects are doing so without expecting a short-term return on their investment. The infrastructure required by these projects, he said, means companies are looking at the ROI a decade from now, not a quarter.Sundheim was speaking on a panel with Mala Gaonkar, the former Lone Pine executive who launched SurgoCap Partners at the start of 2023. From her vantage point, AI will impact industries on different timelines, so over the next three to five years, it's crucial to know which areas will feel immediate benefits and which sectors will take time.Gaonkar said medtech— such as diagnostic imaging — should benefit from AI advances earlier than other sectors.Sundheim also said that because of AI infrastructure needs, there will be investment opportunities in companies that supply the equipment to upgrade the electrical grid.Both firms have had strong years investing in public markets.Gaonkar's fund is up more than 25% this year, <a target="_blank" href="https://www.businessinsider.com/lone-pine-spinouts-struggle-except-mala-gaonkar-surgocap-tiger-cubs-2024-10">BI previously reported</a>, as assets have swelled to more than $3 billion. Sundheim's D1, which according to regulatory filings manages roughly $26 billion, is up more than 34% in its public book though its venture investments have been marked down 2.6% so far in 2024, according to <a target="_blank" href="https://www.institutionalinvestor.com/article/2dw7rnwdclm7wl4q9tr7k/hedge-funds/d1-capitals-dan-sundheim-makes-changes-after-two-consecutive-knockdowns">a recent report from Institutional Investor</a>.The two funds are a part of Julian Roberston's Tiger Management's broader <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">Tiger Cub network</a>, which is known for its focus on growth stocks, particularly in the tech sector. Sundheim, who was the CIO at Viking Global before launching D1 in 2018, joined funds like Tiger Global and Coatue in 2020 and 2021 in their aggressive funding of private companies. PitchBook notes that the firm has made 228 investments in private companies since six years ago.While the private portfolio has been a drag on Sundheim's overall returns the last three years — and he's now looking to public giants for AI exposure — he still said Tuesday that the most exciting company in the world is a private one: Elon Musk's SpaceX.D1 has a stake worth roughly $2.5 billion in the company, according to the II report.The two firms declined to comment.

Tiger Grandcubs on AI: How investors Dan Sundheim and Mala Gaonkar are thinking about the space

<ul class="summary-list"><li><a target="_blank" href="https://openai.com/index/scale-the-benefits-of-ai/">OpenAI announced </a>it raised $6.6 billion in new funding at a $157 billion post-money valuation.</li><li>Tiger Global Management is part of this round, according to two sources familiar with the matter.</li></ul>Tiger Global Management is doubling down on OpenAI, investing in the ChatGPT maker's massive new funding round, according to a source familiar with the matter.<a target="_blank" class="" href="https://openai.com/index/scale-the-benefits-of-ai/">OpenAI announced Wednesday</a> it raised $6.6 billion in new funding at a $157 billion post-money valuation. Thrive Capital is leading the round, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/openai-has-closed-new-funding-round-raising-over-6-5-billion">according to Bloomberg.</a> Other investors in this round include Cathie Wood's ARK Venture Fund, Microsoft, Nvidia, Fidelity, and Altimeter. The amount of Tiger's investment couldn't be learned but investors are required to put in a minimum of $250 million, <a target="_blank" class="" href="https://affiliate.insider.com?h=a0c21b230525bf43625dbbc3d14ea971dc3c92b4e4e7def513d06d904be22f70&amp;postID=66fd7dd8d8616474985cc10e&amp;postSlug=tiger-global-openai-latest-funding-round-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftiger-global-plans-to-join-openais-funding-round">The Information previously reported.</a>Tiger Global, founded by Chase Coleman, <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-changed-venture-capital-startups-funding">invested at a furious pace</a> during the tech boom, making 335 investments in 2021, according to Crunchbase. As the market soured, the firm <a target="_blank" class="" href="https://www.businessinsider.com/crossover-funds-tiger-global-d1-deals-2024-2023-12">has been much quieter,</a> but it did purchase $125 million of OpenAI shares at the end of 2021.The closure of OpenAI's new funding round comes just a week after <a target="_blank" class="" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">three of its top leaders suddenly resigned.</a> Last week, former CTO Mira Murati, former Chief Research Officer Bob McGrew, and former VP of Research for Post Training Barret Zoph announced they were <a target="_blank" rel="" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">leaving the company</a>.<a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-remove-non-profit-control-give-sam-altman-equity-sources-say-2024-09-25/">Reuters reported</a> last week that OpenAI is currently working to transform its corporate structure to become a <a target="_blank" rel="" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">for-profit benefit corporation</a> no longer under the control of the company's non-profit arm.

Tiger Global is backing OpenAI in new $6.6 billion investment round

<ul class="summary-list"><li>Scott Coulter's Cowbird Capital has closed, the second Lone Pine spinout to shutter this year.</li><li>In the past five years, four other alums have either shuttered or stopped trading hedge fund strategies.</li></ul>Lone Pine's saplings are struggling to take root.Scott Coulter's Cowbird Capital closed at the end of summer, several people told Business Insider. It's the latest spinoff from long-running Tiger Cub Lone Pine Capital to shutter. Coulter, who started Cowbird in 2017 and managed roughly $200 million as of March, according to regulatory filings, did not return several requests for comment.Lone Pine, the $16 billion firm led by co-chief investment officers Kelly Granat and David Craver, was founded in 1997 by billionaire Steve Mandel. Mandel had previously worked for Julian Robertson's Tiger Management and was hailed by his late billionaire backer as "probably the greatest analyst of all time."But while Robertson's Tiger is now known as much for its talent development prowess as its investing acumen, Lone Pine's own alumni network has struggled in recent years. The firm has spawned at least 12 hedge funds, but about half of those have shuttered or are no longer running hedge fund strategies.The Tiger Cubs, dubbed so because they're descendants of Roberston's Tiger Management, have lost luster in recent years. Big-name funds like Tiger Global and Coatue suffered serious drawdowns, casting doubt on the cohort's growth-stock focus. Lone Pine, which lost 36% in its long-short fund in 2022, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-08-28/lone-pine-clients-pulled-about-3-billion-in-span-of-a-year">has battled redemptions</a> and departures.But the struggles of Lone Pine's spinoffs are also a symptom of a larger industrywide trend that sucked money from smaller single-manager funds and redistributed it to more diversified platforms.Allocators, however, still had an appetite for backing launches from big names with significant experience, and the biggest Lone Pine spin-out has had a quietly solid start.<a target="_blank" class="" href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Mala Gaonkar,</a> who previously co-led Lone Pine with Granat and Craver, began trading at her fund SurgoCap in January 2023. It launched with capital from the massive Texas Teachers Retirement System, among others.While Gaonkar has appeared more on <a target="_blank" href="https://www.imago-images.com/st/0417365427">red carpets</a> and <a target="_blank" href="https://omny.fm/shows/river-cafe-table-4/mala-gaonkar">cooking podcasts</a> than on CNBC — her partner is Talking Heads frontman David Byrne, whom she had worked with on various artistic ventures over the years — a person close to the firm told Business Insider that SurgoCap is up more than 25% this year. The firm now manages more than $3 billion, a big jump from the $1.8 billion she started with in 2023.SurgoCap — the largest-ever launch of a woman-run fund — has a few of the big-name tech stocks in its portfolio, including Nvidia, but its biggest holdings are stocks such as healthcare conglomerate McKesson and energy giant GE Vernova. The firm was also a part of the summer fundraising round by Figma after its deal with Abobe fell through at the end of 2023.<h2 id="9c9d8479-a4c4-491e-9072-0c010a34dc17">Inside the Lone Pine family tree</h2>Gaonkar's experience is far from the norm for Lone Pine alums though.Of the seven Lone Pine spinoffs <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">Business Insider identified in 2019</a>, two — David Stemerman's Conatus Capital and Scott Phillips' Latimer Light Capital — <a target="_blank" href="https://www.reuters.com/article/markets/wealth/hedge-fund-latimer-light-says-it-is-shutting-down-idUSKCN1OK2AN/">had already closed</a>. Since then, another two from that original list of seven — Matt Iorio's White Elm Capital and Coulter's aforementioned firm — have shuttered while Eashwar Krishnan's Tybourne Capital <a target="_blank" href="https://www.bloomberg.com/news/articles/2021-12-15/tybourne-to-shut-2-8-billion-hedge-fund-on-short-selling-pains">wound down its $2.8 billion hedge fund</a> at the end of 2021 to focus on long-only and private investing.Of those seven funds, only Li Ran's London-based Half Sky Capital and Brian Eizenstat's Dilation Capital are still running hedge fund strategies. Stemerman is now running a new <a target="_blank" href="https://www.businessinsider.com/centerbook-partners-hedge-fund-using-other-firms-to-invest-2024-1">multi-strategy offering called CenterBook Partners</a>, where he is not trading but mining external managers' books to create his portfolio.Other Lone Pine employees have started funds in recent years to mixed results. Paul Eisenstein's Vetamer Capital — a fintech-focused manager that invested in public and private companies — wound down at the beginning of this year after launching in 2020. Nikhil Trikha, who launched California-based Ampersand Capital Group in 2022, has less than $150 million in assets, according to regulatory filings.Meanwhile, former Lone Pine managing director Arthur Wit is launching Perryridge Capital, a new fund focused on healthcare and industrials stocks, later this year and declined to comment for this story.<h2 id="5e979d07-02cc-4225-835b-ed5c4da4f8d5">Is Viking Global now the gold standard?</h2>It's not uncommon for startup hedge funds to struggle to get off the ground and eventually stall out completely. Even though last year was the lowest level of fund liquidations in nearly two decades, according to Hedge Fund Research, there were still more than 400 closures.The pedigree of the greater Tiger Cub universe and the ambition of those who work at these firms means there'll still be a solid supply of new launches from funds like Lone Pine going forward. But the hallmark of Robertson's tenure atop Tiger Management was not just that his proteges would start new funds — it was that these new launches endured.Firms like Lone Pine, Tiger Global, Coatue, Viking Global, Maverick, Light Street, and others have lasted for decades and minted billionaires along the way.The firm that's come closest to filling Tiger Management's shoes appears to be Andreas Halvorsen's $48 billion Viking Global, which has become, to many, the <a target="_blank" href="https://www.businessinsider.com/how-viking-global-thinks-about-analyst-talent-hiring-2024-8">gold standard of talent development</a> in the Tiger Cub world. The firm <a target="_blank" href="https://www.businessinsider.com/viking-global-hedge-fund-launches-grant-wonders-voyager-d1-sundheim-2021-10">has been the launching pad for funds</a> such as Dan Sundheim's D1 Capital and Ben Jacobs' Anomaly. Ning Jin, the firm's longtime CIO, left at the end of August to start his own manager.Indeed, one of the biggest Lone Pine spinouts has a Viking connection: Marco Tablada, who was once on Lone Pine's management committee and worked for Robertson at Tiger Management before that, cofounded Alua Capital with former Viking CIO Tom Purcell in 2020.According to regulatory filings from earlier this year, the firm now manages close to $2.7 billion.

Alums of $16 billion Tiger Cub Lone Pine have struggled to hack it on their own — with one notable exception

<ul class="summary-list"><li>Kong offers a cloud-based API, the pipes through which much of the internet flows.</li><li>The startup is valued at around $2 billion in a new funding round led by Tiger Global Management, sources say.</li></ul>Kong, which offers cloud-based application programming interfaces, is valued at around $2 billion in a new funding round led by <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">Tiger Global Management,</a> according to two sources familiar with the matter.The sources asked to remain anonymous because they were sharing confidential information. Kong did not respond to a request for comment. Tiger Global declined to comment.Kong last raised $80 million in Series D funding in 2020, which valued the startup at $1.4 billion. This round was also led by Tiger, according to Pitchbook data. Sapphire Ventures, Lombardstreet Ventures, Index Ventures, CRV, Andreessen Horowitz, and Notable Capital also participated in that round. Other past investors include Goldman Sachs. All told, the company has raised $268 million, excluding this latest round of funding. Founded in 2009 as Mashape in an Italian garage by Augusto "Aghi" Marietti and Marco Palladino, Kong spun out in 2017 and <a target="_blank" class="" href="https://konghq.com/company/press-room/press-release/100m-arr">boasted </a>of having over $100 million in annual recurring revenue last year.APIs are the pipes through which much of the modern internet flows, and Kong counts PayPal, Nasdaq, and Volvo among its customers."It's basically become the nervous system of the internet," <a target="_blank" class="" href="https://www.businessinsider.com/how-kong-surpassed-100-million-in-annual-recurring-revenue-2023-12">Marietti told BI last year.</a>Last week, Tiger Global also <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">doubled down on OpenAI,</a> investing in the ChatGPT maker's massive <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">new $6.6 billion funding round.</a>

Cloud API startup Kong valued at around $2 billion in a new funding round led by Tiger Global

New Delhi, Around 10 crore shares of online food delivery platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>, amounting to an 1.17 per cent of the company's equity, changed hands on Wednesday at a total deal value of around Rs 947 crore. Japanese company <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>'s <keyword id="18591081" type="General" weightage="50" keywordseo="svf-growth-fund" source="Orion">SVF Growth Fund</keyword> is the likely seller in this mega transaction, according to CNBC TV18. The report had earlier said that SVF Growth Fund may sell 10 crore shares of the company or 1.17 per cent of the total equity via block deals at Rs 94 per share. SVF Growth (Singapore) Pte. Ltd. had 3.35 per cent stake in Zomato, totalling around 28 crore shares. Zomato shares reached near Rs 100 after the block deal, and were hovering around Rs 98.45 in morning. The fresh block sale came after another foreign institutional investor, <keyword id="260318" type="General" weightage="50" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword>, offloaded its entire shareholding of 1.44 per cent in Zomato on Monday. The deal earned Tiger Global a total of Rs 1,123.85 crore. US-based investment major, via its VC fund Internet Fund III Pte Ltd, exited online food delivery platform Zomato. The VC firm sold around 12.34 crore shares or 1.44 per cent stake in Zomato at an average price of Rs 91.01 per share. Brokerage firm HSBC maintained its buy rating on Zomato and raised its price target to Rs 120 from Rs 102 earlier. The note said that hyperlocal can become a much bigger business for Zomato in the long-term. Zomato's stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal, <keyword id="1367664" type="General" weightage="50" keywordseo="jm-financial-institutional-securities" source="Orion">JM Financial Institutional Securities</keyword> had said in its recent report.

Zomato stock up after 10 crore shares worth ₹947 crore change hands

<ul class="summary-list"><li>Sarah Rose Siskind had a revelation during a psychedelic sound bath in Manhattan. </li><li>It changed her approach to running her business and strengthened her relationship with colleagues.</li></ul>Sarah Rose Siskind was feeling anxious about work. After months of tense negotiations, she'd just bought her cofounder out of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/why-ai-shouldnt-be-boring-1032133806">Hello SciCom</a>, a science-comedy consulting firm in New York City."I had just paid more money than I'd ever paid for anything in my life," she said. Now she had to determine the company's strategy as chief operating executive.For inspiration, she turned to a psychedelic <a target="_blank" href="https://www.businessinsider.com/we-tried-sound-meditation-san-francisco-2018-2">sound bath</a>.Siskind is one of a growing number of entrepreneurs and executives seeking out psychedelics — including LSD, <a target="_blank" href="https://www.businessinsider.com/magic-mushrooms-psilocybin-psychoactive-drug-brain-denver-legal-2019-5">psilocybin mushrooms</a>, ayahuasca, and MDMA — for work-related inspiration and guidance.This trend certainly isn't new: Psychedelics have been seeping into Silicon Valley workplaces for decades. <a target="_blank" href="https://www.businessinsider.com/steve-jobs-lsd-meditation-zen-quest-2015-1">Steve Jobs</a>, for example, once said LSD helped him prioritize quality over revenue.What is new, though, is the number of professionals <a target="_blank" href="https://www.businessinsider.com/microdosing-psilocybin-mushrooms-for-creativity-startups-2024-3">openly talking about their psychedelic</a> use in the news, on social media, and in conversations with peers and friends. Now, business leaders of all sorts are turning to mind-altering drugs for inspiration.Some professionals pay thousands of dollars for exclusive retreats in Peru or Mexico, while others take a more do-it-yourself approach.NYC-based Siskind didn't have to travel far.<h2>A Manhattan psychedelic sound bath</h2><div type="image" title="Sarah Rose Siskind in a blue t-shirt and beanie pointing to a white board with red writing during a meeting with work colleagues." height="5078" width="7609" msid="108684666" hostid="261" sizebytes="2468672"></div>In an apartment in Noho, Manhattan, Siskind took a combination of MDMA and magic mushrooms and then sat in the dark with other attendees, listening in silence to live music performed with gongs, singing bowls, and a guitar.It was the gong that got her.As the drugs took effect, Siskind felt increasingly agitated by its incessant ringing. "I almost got up to ask him to stop," she said. She didn't, though, and when the ringing finally ended, she felt "an <a target="_blank" href="https://www.businessinsider.com/work-productivity-tip-helped-me-focus-careers-strategy-2022-6">energetic state of clarity</a>."Through that clarity, she realized her personal values were essential to her professional success and happiness. When Siskind arrived at work on Monday, she called a staff meeting to share the company's new value-oriented direction.A year later, she said, work is going better than ever, and her relationship with her coworkers has never been stronger.Others have reported similar benefits.The CEO of a clean energy technology company in the Bay Area, who asked to remain anonymous, said he has found psychedelics to be helpful tools for changing his frame of reference when thinking about challenging or complicated <a target="_blank" href="https://www.businessinsider.com/work-life-balance-expectations-flexible-work-boundaries-manager-boss-challenges-2023-9">work-related problems</a>."Seeing things from other perspectives is very useful in the creative process," he said.In a 2022 paper, researchers documented over a dozen top-level professionals — from scientists to architects — who likewise <a target="_blank" href="https://journals.sagepub.com/doi/full/10.1177/20503245221097649">credited psychedelics with major work-related insights</a>. Breakthroughs pertained to subjects as varied as quantum mechanics and neuroscience.Across professional fields, psychedelics seem to open people up to "those ah-ha moments of insight," said study co-author David Luke, an associate professor of psychology at the University of Greenwich in London.He added that during a trip, people are, "able to inspect their vast accumulation of knowledge in a new way, sometimes giving rise to a new solution."<h2>Be cautious when discussing psychedelics</h2><div type="image" title="Henrik Zillmer outside Pisac, on the way up to Huchuy Qosqo, an Incan archaeological site in Peru." height="1536" width="2048" msid="108684667" hostid="261" sizebytes="599394"></div>Those in leadership positions need to be cautious when <a target="_blank" href="https://www.businessinsider.com/microdosing-psychedelics-entrepreneurs-founders-new-business-ideas-2020-7">discussing their experiences with psychedelics</a> among coworkers, said Henrik Zillmer, founder of AirHelp, a Berlin-based company."If you're in a position of power and authority and you're introducing this subject to colleagues or employees, they might feel pressured to do psychedelics, too.""It's an individual journey and people need to decide for themselves if they want to try them out," Zillmer added.It's also possible that that journey will not produce the desired results. "There's no guarantee if you take a psychedelic you'll get interesting insights, but it's more likely than if you just stay home and watch TV," said John Gilmore, a Silicon Valley entrepreneur turned advocate for more relaxed drug policy after his personal experiences with illegal substances, including psychedelics.Gilmore tried LSD shortly before becoming the fifth employee of Sun Microsystems in 1981. He said that before he took LSD he had "a very rationalist point of view about things" and a tendency to think his way of doing things was the best way.LSD showed him that there are radically different ways of seeing the world and that all can be equally valid, he said.This realization had practical value for his role as a manager. He stopped correcting employees who took different problem-solving approaches from him and focused more on whether those approaches resulted in a solution.<h2>How to harness psychedelics' powerful effects</h2><div type="image" title="magic mushrooms" height="1414" width="2119" msid="108684669" hostid="261" sizebytes="117972"></div>In the past decade, a handful of investigators have started to pursue rigorous, scientific research into psychedelics' profound <a target="_blank" href="https://www.businessinsider.com/how-psychedelics-change-brain-neuron-growth-2023-2">effect on the human psyche</a> — and if professionals and business leaders could harness these powerful revelations.Gül Dölen, a neuroscientist at the University of California, Berkeley, suspects, based on <a target="_blank" href="https://affiliate.insider.com?h=935f602fafc1992af936d7e3b7b1265157c436942e56db6c9629e0136cf559b7&amp;postID=65f9f68c48eec3d3e7917214&amp;postSlug=psychedelics-better-leaders-business-executives-2024-3&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41586-023-06204-3">existing research</a>, that psychedelic-induced eureka moments have to do with how these drugs return the rule-based adult brain to a more childlike state of openness, playfulness, and creativity.When taken in the right setting, Dölen said, psychedelics could help the brain "break out of set, worn patterns, habits, and thoughts." But therein lies the key: the person typically has to be in the right setting and in the right mindset to invite any meaningful revelation.Case in point, in a 2022 study, a team of scientists recruited a group of healthy individuals to take LSD in a lab setting to see how the drug influenced creativity. They found that across tasks, <a target="_blank" href="https://pubmed.ncbi.nlm.nih.gov/35105186/">LSD increased the novelty of participants' ideas</a>. But those ideas weren't about to win any awards or revolutionize industries.For example, when asked to come up with a metaphor, one sober participant said, "My mother is as strong as a tiger," while a person on LSD said, "The philosopher is a hole in the ocean."This radically different way of processing information is not practical on a daily basis. But, in some cases, the ability to break away from normal patterns of thinking could be key to "great discoveries," said lead author Isabel Wiessner, a postdoctoral researcher in neuroscience at the Federal University of Rio Grande de Norte in Brazil.Sometimes, those discoveries exceed expectations. This was the case for Zillmer, whose revelation came during a 2016 <a target="_blank" href="https://www.businessinsider.com/my-scary-very-trippy-life-altering-experience-ayahuasca-cave-shaman-2022-6">ayahuasca retreat</a> in Peru geared toward business leaders.Zillmer went hoping to let go of some of the frustration that had built up inside him after years of struggling to make his company successful. The experience did that and more: it wound up changing his entire perspective on work and life.Zillmer had always put the company first, but during his psychedelic experience, he realized he should instead be prioritizing the people who work for him. "It opened my eyes that if people are happy, we'll make great products and services," he said.When he returned to work, he poured resources into revamping the bare-bones office space, creating a <a target="_blank" href="https://www.businessinsider.com/human-resources-leaders-redefining-innovation-inclusion-2022-3">robust HR department</a>, and introducing things for employees like satisfaction surveys, discussions about their long-term career goals and on- and off-boarding interviews. As a result, AirHelp began retaining employees for longer, Zillmer said, and happiness went up across the workforce.Zillmer also reaped benefits beyond his role as an employer. For example, his inner relationship with himself vastly improved, he said. "And that, in the end, will also improve your satisfaction and performance at work, and your relationship with colleagues."While Zillmer's breakthroughs came in Peru and with ayahuasca, these types of retreats for business professionals are popping up all over and with a variety of psychedelics.Other CEOs, for instance, have found revelations <a target="_blank" href="https://ww2.kiyumi.org/connected-leadership-for-a-regenerative-future/#">at a leadership program in the Netherlands</a> where facilitators legally administer psilocybin as part of a personal-growth program geared toward executives. Some of those executives recently participated in a pilot study, offering a glimpse of what's happening behind closed doors.<h2>Beyond bottom lines</h2><div type="image" title="A red brick building with white trim and sky lights." height="982" width="1638" msid="108684670" hostid="261" sizebytes="162462"></div>For the pilot study, researchers out of the University of Maryland recruited a group of 15 CEOs, founders, and other leaders from diverse backgrounds and countries who were already participating in the retreat, which is exclusively for people in leadership positions."One reason business leaders are an interesting population is because they have a great deal of economic, social, cultural, and political influence," said Bennet Zelner, a business and public policy researcher co-leading the study. "They have the ability to act as force multipliers."The four-month program includes five two-hour group workshops and six individual executive coaching sessions in which participants discuss topics such as ethical decision-making and personal development and fulfillment. The online prep work culminates in a week-long, in-person retreat at which participants undertake guided psychedelic journeys.After the pilot group completed their retreat, Zelner and his colleagues followed up one year later to see what, if anything, had changed.One executive said they'd restructured their venture to be more aligned with purpose and <a target="_blank" href="https://www.businessinsider.com/5-expert-tips-recession-proofing-your-business-2019-8">resistant to financial pressure</a>, including by exploring financing and governance structures that would reduce the company's dependence on traditional profit-driven investors.Others reported subtler changes, such as working better with colleagues and being clearer in their decision-making. On the other hand, one CEO had left their company to pursue something they felt was more in service to others.Indeed, sometimes the primary value that psychedelics can bring for business leaders is revealing to them that it's time to move on.In 2020, for example, John Allison, the co-founder of <a target="_blank" href="http://Customer.io">Customer.io</a>, a customer engagement platform, took MDMA at a friend's house in Brooklyn.It was supposed to be an evening of light fun, but Allison found himself spontaneously thinking about work. He had been feeling burnt out at the job, but had been too guilt-ridden about leaving to make any serious plans to do so.At the party, Allison suddenly had to stop dancing and step outside "because I had this epiphany moment where I accepted that leaving was the right thing to do," he recalled.Several months later, he resigned as chief technology officer but remained on as a board member and advisor, which allowed him to maintain good relations with his former colleagues.Quitting was "absolutely" the right decision, he said. "I probably already knew the answer unconsciously, but the MDMA resolved the internal struggle."

These executives say psychedelics like LSD and MDMA made them better managers — and transformed how they think about fulfilling work

<ul><li><keyword id="11918410" type="UNKNOWN" weightage="60" keywordseo="hedge-fund" source="Orion">Hedge fund</keyword> giant <keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> has lost 52% this year amid an ongoing decline in technology stocks, according to Bloomberg.</li><li>Tiger Global's fund fell 14.2% in May, representing extreme underperformance given the S&amp;P 500 was flat and the Nasdaq 100 was down just 2%.</li><li>The hedge fund said it is "maximally motivated" to recoup its losses for investors.</li></ul>Hedge fund giant Tiger Global has plummeted 52% so far this year through the end of May, according to <a href="https://www.bloomberg.com/news/articles/2022-06-02/tiger-global-losses-for-the-year-reach-52-after-drop-in-may?sref=vuYGislZ">a Bloomberg report.</a>The fund saw its losses accelerate last month as it fell 14.2%, significantly underperforming the broader <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> indices. In May, the S&amp;P 500 was flat and the Nasdaq 100 fell just 2%. The latest decline also deepened year-to-date losses at the hedge fund, which <a href="https://markets.businessinsider.com/news/funds/tiger-global-down-44-worst-year-ever-top-10-holdings-2022-5">was down 44% at the end of April.</a>The losses have wiped out more than $16 billion in assets under management for Tiger Global, erasing years of spectacular gains as founder Chase Coleman rose tech stocks all the way up — and now all the way down. The hedge fund also owns stakes in private tech companies, which have been marked down considerably amid the ongoing market decline."We take very seriously that our recent performance does not live up to the standards we have set for ourselves over the last 21 years and that you rightfully expect. Our team remains maximally motivated to earn back recent losses," the hedge fund wrote in an investor letter seen by Bloomberg.Tiger Global's commitment to make back the lost money for its investors is the exact opposite of what Gabe Plotkin's Melvin Capital did. After suffering severe losses of more than 50% after it was caught on the wrong side of the <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> short-squeeze, <a href="https://markets.businessinsider.com/news/funds/melvin-capital-shut-down-after-losing-billions-gamestop-short-squeeze-2022-5">Plotkin decided to shut down Melvin Capital.</a>Some of the top stocks that have been hammering Tiger Global lower include <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a>, <a href="https://markets.businessinsider.com/stocks/se-stock">Sea Limited</a>, <a href="https://markets.businessinsider.com/stocks/snow-stock">Snowflake</a>, <a href="https://markets.businessinsider.com/stocks/shop-stock">Shopify</a>, and <a href="https://markets.businessinsider.com/stocks/sq-stock">Block</a>, among others. A look at its most recent 13F filing shows a portfolio riddled with high-flying tech stocks that have little to no profits and previously traded at elevated valuations. That hasn't been a winning strategy this year as the <a href="https://www.businessinsider.com/federal-reserve-interest-rate-hikes-double-sized-future-meetings-powell-2022-5">Fed embarks on its first interest rate hike cycle</a> since 2018.

Hedge fund giant Tiger Global has reportedly lost 52% this year as tech losses accelerated in May

<ul><li><keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> has had a tough 2022 as its tech stock holdings have sold off considerably.</li><li>The hedge fund giant has reportedly lost $17 billion in client assets amid the broad tech rout.</li><li>These were some of the top changes Tiger Global made to its portfolio during the first quarter.</li></ul>Hedge fund giant <keyword id="11901144" type="UNKNOWN" weightage="60" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword> has taken it on the chin so far in 2022, with its main strategy down 44% in the first four months of the year, according to <a href="https://www.bloomberg.com/news/articles/2022-05-03/tiger-global-sinks-15-in-april-to-push-this-year-s-loss-to-44">a Bloomberg report.</a>Tiger Global's long-only fund experienced an even worse decline, falling 25% in April alone for a year-to-date loss of 52%, according to Bloomberg.The loss <a href="https://markets.businessinsider.com/news/stocks/tiger-global-hedge-fund-losses-tech-stocks-fed-inflation-rates-2022-5">has led to a $17 billion reduction</a> in assets under management, and the fund has now wiped out around two-thirds of the cumulative gains it had made for investments since it was founded in 2001.In an investor letter seen by Bloomberg earlier this month, Tiger Global told clients that "<keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> have not been cooperative given the macroeconomic backdrop, but we do not believe in excuses and so will not offer any." That macroeconomic backdrop includes rising inflation and higher interest rates, which has led to a year-to-date sell-off of as much as 30% for the Nasdaq 100.All-in, the disastrous performance means the hedge fund is on track for its worst year ever since it was founded in 2001. Prior to this year's decline, Tiger Global had a strong reputation of delivering consistent outperformance relative to the S&amp;P 500 while notching only two down years since its inception, according to Bloomberg.Amid the carnage, Tiger Global made sweeping changes to its portfolio in the first quarter, according to its 13F filed with the SEC on Monday. Tiger liquidated many of its tech stocks and reduced its concentration in some of its top holdings like JD.com and Microsoft. These were some of the top changes Tiger Global made in the first quarter of 2022, according to its 13F filing. The data is as of March 31, and doesn't reflect any potential changes Tiger may have made since then. 10. Sold Netflix<div type="image" title="The Netflix logo is displayed on a smartphone screen." height="2499" width="4999" msid="91623474" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/nflx-stock">NFLX</a> Prior Shares of Portfolio: 1.42% Current Share of Portfolio: 0%9. Sold Alibaba<div type="image" title="A view outside the headquarters campus of Alibaba Group in Hangzhou in east China's Zhejiang province Thursday, Dec. 24, 2020." height="1591" width="3183" msid="91623477" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/baba-stock">BABA</a> Prior Share of Portfolio: 1.09% Current Share of Portfolio: 0%8. Sold Adobe<div type="image" title="Adobe Creative Cloud" height="1998" width="3997" msid="91623479" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/adbe-stock">ADBE</a> Prior Share of Portfolio: 0.91% Current Share of Portfolio: 0%7. Trimmed Uber<div type="image" title="Uber" height="3389" width="6778" msid="91623482" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/uber-stock">UBER</a> Prior Share of Portfolio: 1.65% Current Share of Portfolio: 0.17%6. Trimmed Peloton<div type="image" title="The exterior of a Peloton store is seen on February 05, 2022 in Dusseldorf, Germany." height="3939" width="7878" msid="91623484" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/pton-stock">PTON</a> Prior Share of Portfolio: 0.80% Current Share of Portfolio: 0.12%5. Bought More Li Auto<div type="image" title="Li Auto One" height="1249" width="2500" msid="91623485" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/li-stock">LI</a> Prior Share of Portfolio: 0.52% Current Share of Portfolio: 1.92%4. Bought More XPeng<div type="image" title="The Xpeng P7 sedan." height="1183" width="2366" msid="91623487" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/xpev-stock">XPEV</a> Prior Share of Portfolio: 0.68% Current Share of Portfolio: 1.42%3. Bought More Monday.com<div type="image" title="Monday.com founders Eran Zinman and Roy Mann at Nasdaq for IPO" height="1993" width="3986" msid="91623489" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/mndy-stock">MNDY</a> Prior Share of Portfolio: 0.13% Current Share of Portfolio: 1.23%2. Bought More Toast<div type="image" title="Toast" height="600" width="1200" msid="91623490" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/tost-stock">TOST</a> Prior Share of Portfolio: 0.34% Current Share of Portfolio: 1.03%1. Bought More Block<div type="image" title="Block logos" height="960" width="1920" msid="91623562" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/sq-stock">SQ</a> Prior Share of Portfolio: 0.49% Current Share of Portfolio: 1.39%

Tiger Global shakes up portfolio after it loses $17 billion amid tech slump. These were some of its biggest changes in the first quarter.

<ul class="summary-list"><li><keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> has lost $17 billion in 2022 in one of the worst runs for a hedge fund in history, LCH Investments said.</li><li>The fund has now wiped out around two-thirds of the cumulative gains it had made for investments since it was founded in 2001.</li></ul>Hedge fund Tiger Global roared in 2020 and early 2021 as its huge bets on tech companies paid off. But the dramatic market sell-off this year has left the investment company licking its wounds.Tiger has racked up losses of $17 billion so far in 2022, according to LCH Investments, in one of the biggest drops in hedge fund history.Its dire performance this year has erased roughly two-thirds of the cumulative gains Tiger had made for investors since Chase Coleman founded the firm in 2001, LCH, an authority on <keyword id="11931680" type="UNKNOWN" weightage="60" keywordseo="hedge-funds" source="Orion">hedge funds</keyword>' performance, told Insider.Tiger Global shot to prominence during the coronavirus pandemic as it bet big on fast-growing technology companies, in a period when government and central bank stimulus was boosting <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.In 2020, the fund made $10.4 billion, according to LCH. At the end of that year, Coleman was seen as one of the best hedge fund managers of all time, having brought in $26.5 billion since 2001.But the market started to turn against Tiger in the last part of 2021, as inflation surged and investors became increasingly concerned that the Federal Reserve would hike interest rates, bringing to an end the easy-money era that had boosted many stocks.Tiger lost $1.5 billion in 2021, but has been bleeding cash this year as the Fed has <a href="https://www.businessinsider.com/fed-raises-interest-rates-may-double-sized-hike-mortgages-loans-2022-5">raised rates aggressively</a>, with more hikes likely. The fund had around $35 billion under management at the start of 2021, LCH data showed.According to hedge fund data provider WhaleWisdom, <a href="https://markets.businessinsider.com/news/funds/tiger-global-down-44-worst-year-ever-top-10-holdings-2022-5">Tiger's biggest holdings</a> at the start of the year were Chinese e-retailer <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a>; US tech giant <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>; and Singapore consumer internet company <a href="https://markets.businessinsider.com/stocks/se-stock">Sea Limited</a>.JD.com had tumbled 23% this year as of Monday's close; Microsoft was down 19%; and Sea Limited had plunged 70%.The LCH data was first reported by the Financial Times. Tiger Global declined to comment.

Hedge fund Tiger Global has plunged to a $17 billion loss this year as its huge tech bets go sour

<ul><li><keyword id="11901144" type="UNKNOWN" weightage="60" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword> has lost $16 billion in client assets so far this year, according to a Bloomberg report.</li><li>That represents the hedge fund's worst year ever, with its main fund down 44% year-to-date.</li><li>These are the top 10 holdings of <keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> that contributed to its massive losses.</li></ul>Hedge fund giant Tiger Global Management has taken it on the chin so far in 2022, with its main strategy down 44% in the first four months of the year, according to <a href="https://www.bloomberg.com/news/articles/2022-05-03/tiger-global-sinks-15-in-april-to-push-this-year-s-loss-to-44">a Bloomberg report.</a>Tiger Global's long-only fund experienced an even worse decline, falling 25% in April alone for a year-to-date loss of 52%, according to Bloomberg. The sizable decline has led to a $16 billion reduction in assets under management. The hedge fund managed $46 billion at the start of the year, according to data from Whale Wisdom.In an investor letter seen by Bloomberg, Tiger Global told clients that "<keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> have not been cooperative given the macroeconomic backdrop, but we do not believe in excuses and so will not offer any." That macroeconomic backdrop includes rising inflation and higher interest rates, which has led to a year-to-date sell-off of about 20% for the Nasdaq 100.All-in, the disastrous performance means the hedge fund is on track for its worst year ever since it was founded in 2001. Prior to this year's decline, Tiger Global had a strong reputation of delivering consistent outperformance relative to the S&amp;P 500 while notching only two down years since its inception, according to Bloomberg.These are Tiger Global's top 10 holdings at the start of 2022 that likely contributed to the hedge fund's sizable decline so far this year, according to <a href="https://whalewisdom.com/filer/tiger-global-management-llc#tabholdings_tab_link">data from Whale Wisdom.</a> The data is as of December 31, 2021, and there is no telling if Tiger Global sold out of these positions until they file their next 13F later this month. 10. ServiceNow<div type="image" title="man in sunglasses sitting against a blue background" height="1000" width="2000" msid="91326892" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/now-stock">NOW</a> Market Value: $1.4 billion Share of Tiger's Portfolio: 3.11% YTD Decline: -23.8%9. CrowdStrike<div type="image" title="Crowdstrike logo" height="1944" width="3888" msid="91326894" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/crwd-stock">CRWD</a> Market Value: $1.5 billion Shares of Tiger's Portfolio: 3.35% YTD Decline: -2.4%8. Carvana<div type="image" title="A Carvana vehicle showroom is shown" height="2584" width="5169" msid="91326896" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/cvna-stock">CVNA</a> Market Value: $1.7 billion Share of Tiger's Portfolio: 3.66% YTD Decline: -74.5%7. Meta Platforms<div type="image" title="Meta HQ" height="2659" width="5319" msid="91326898" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/fb-stock">FB</a> Market Value: $1.7 billion Share of Tiger's Portfolio: 3.69% YTD Decline: -34.2%6. DoorDash<div type="image" title="A DoorDash rider with his bike and delivery pack on his back exiting a NYC restaurant in winter." height="3023" width="6048" msid="91326901" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/dash-stock">DASH</a> Market Value: $1.7 billion Share of Tiger's Portfolio: 3.76% YTD Decline: -46.0%5. Snowflake<div type="image" title="Snowflake CEO Frank Slootman" height="1500" width="3000" msid="91326902" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/snow-stock">SNOW</a> Market Value: $2.0 billion Share of Tiger's Portfolio: 4.43% YTD Decline: -45.6%4. Nu Holdings<div type="image" title="fintech" height="758" width="1516" msid="91326903" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/nu-stock">NU</a> Market Value: $2.5 billion Share of Tiger's Portfolio: 5.42% YTD Decline: -40.7%3. Sea Limited<div type="image" title="forrest li" height="1249" width="2500" msid="91326904" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/se-stock">SE</a> Market Value: $2.5 billion Share of Tiger's Portfolio: 5.53% YTD Decline: -60.0%2. Microsoft<div type="image" title="Microsoft" height="480" width="960" msid="91326905" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a> Market Value: $2.8 billion Share of Tiger's Portfolio: 6.19% YTD Decline: -14.5%1. JD.com<div type="image" title="JD.com is reported to have started laying off 400 to 600 employees in recent weeks. Here, a man stands next to a billboard advertising JD.com 618 Shopping Festival on May 29, 2021 in Beijing, China." height="1000" width="2000" msid="91326906" hostid="261"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/jd-stock">JD</a> Market Value: $3.8 billion Share of Tiger's Portfolio: 8.17% YTD Decline: -10.3%

Tiger Global is on track for its worst year ever after a 44% decline. These were its top 10 holdings at the start of the year.

<ul class="summary-list"><li>Julian Robertson has seeded dozens of <keyword id="11931680" type="UNKNOWN" weightage="60" keywordseo="hedge-funds" source="Orion">hedge funds</keyword>, many of which have had their own spin-offs. </li><li>Funds related to Robertson include Tiger Global, Lone Pine, Coatue, Viking Global, and D1 Capital.</li></ul>Two decades after Julian Robertson closed <keyword id="14224406" type="UNKNOWN" weightage="60" keywordseo="tiger-management" source="Orion">Tiger Management</keyword> to outside investors, his name is still closely linked to some of the buzziest names in the hedge fund industry he helped pioneer. The legendary investor's <a href="https://www.businessinsider.com/former-viking-cio-ben-jacobs-is-starting-fund-called-anomaly-2019-10">sprawling network of spinoffs and seeded startups</a> is overwhelming and has spawned fellow billionaires like Chase Coleman, O. Andreas Halvorsen, Philippe Laffont, and many more.Recently, headlines around Robertson's so-called Tiger Cubs have focused on losses as their big growth stock bets plummet. Hedge funds with a focus on tech stocks (as many of the funds with roots back to Robertson do) have been hard hit. The tech benchmark Nasdaq Composite Index has fallen 24% this year. For many years Tiger Cubs <a href="https://www.ft.com/content/4af5c796-b8a5-4046-baf4-c9c7411929c2">piled into tech names</a> like JD.com, Meta Platforms, and Netflix. They also pushed into venture capital, getting in on pre-IPO companies like Instacart and Stripe that are now seeing their valuations slashed. Coleman's Tiger Global is down 52% for the year, Bloomberg reported earlier this month. Insider reported that Laffont's <a href="https://www.businessinsider.com/coatue-is-down-17-boosted-cash-exposure-to-80-percent-2022-6">Coatue is down 17%</a> for the year even though it liquidated many of its positions. Lone Pine, and Grand cub D1 Capital have also suffered. Viking Global was the rare Tiger Cub with <a href="https://www.bloomberg.com/news/articles/2022-05-13/tiger-cubs-crushed-by-same-stocks-that-made-hedge-funds-billions">single-digit losses through April</a>. Tiger Legatus, a Tiger Grand Cub run by former Viking Global portfolio manager Jesse Ro, announced it was shuttering after nearly 13 years of trading, the <a href="https://www.ft.com/content/c4cff456-478e-4221-ba99-1e13b05e5206">Financial Times reported Wednesday</a>. In late 2019, Insider mapped out these connections to show the influence Robertson has had on the industry. The list is massive, with hundreds of names and nearly 200 different firms.<h2><a href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">Subscribe here for our exclusive Tiger Management family tree — it shows Julian Robertson at the center of a quarter-trillion-dollar web that links billionaires, the Pharma Bro, and a 'Big Short' main character.</a></h2>

Julian Roberston's Tiger Cubs are getting clobbered by the market. Here's a look at the billionaire's sprawling web of hedge fund spinoffs.

<ul><li style="list-style-type: none;"><ul class="summary-list"><li><keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> went on a dealmaking tear with 335 investments in 2021, Crunchbase showed.</li><li>The firm's aggressive investing strategy mixed fast cash and a hands-off approach, founders said.</li></ul></li></ul>It's no exaggeration that in the world of <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword>, 2021 was the year of Tiger Global. The global hedge fund made its mark with a feverish investing pace that won it some of the year's <a href="https://www.businessinsider.com/tiger-global-hedge-fund-startup-investments-2021-5?r=tiger-lp">biggest venture-capital deals</a>. For instance, it led rounds in <a href="https://markets.businessinsider.com/news/stocks/patreon-fuels-the-future-of-the-creator-economy-with-155-million-in-additional-funding-1030281273?r=tiger-lp">Patreon</a>, a content-creator subscription platform; <a href="https://www.businessinsider.com/hinge-health-most-valuable-healthtech-raised-300m-pitch-deck-2021-1?r=tiger-lp">Hinge Health</a>, a healthcare startup; and <a href="https://www.prnewswire.com/news-releases/side-real-estate-technology-company-raises-another-50m-more-than-doubling-valuation-to-2-5-billion-three-months-after-becoming-unicorn-301321203.html">Side</a>, a real-estate tech company. The firm's approach involved a mix of offering huge amounts of cash to startups in hot sectors, such as crypto and fintech, and a brisk pace of dealmaking that left many of Silicon Valley's biggest venture firms in the dust. Tiger made <a href="https://news.crunchbase.com/news/growth-equity-investors-startups-vc-tiger-global-insight-softbank/">335 total investments</a> in 2021, more than marquee VC firm Andreessen Horowitz, Crunchbase showed. That frenzied pace fueled a competitive market for investors, which boosted valuations of startups across the board to <a href="https://pitchbook.com/news/articles/us-venture-capital-valuation-trends-charts">levels not seen before</a>.Startups that chose to accept investments from Tiger Global <a href="https://www.businessinsider.com/startup-founders-tell-why-tiger-global-wins-so-many-deals-2021-8?r=tiger-lp">told Insider</a> they liked the firm's fast-paced dealmaking and relatively hands-off approach. Unlike other VCs, Tiger rarely takes board seats, they said. Late-stage startup founders, in particular, said they preferred the capital instead of advice.But not all VCs think the changes are for the best. Some <a href="https://www.businessinsider.com/wesley-chan-vc-market-in-danger-tiger-global-andreessen-horowitz-2021-11">top VCs think</a> the incentives get skewed when venture capitalists have billions under management, with firms — including Andreessen Horowitz, Insight Partners, and Sequoia — closing multibillion-dollar funds this year.Needless to say, Tiger's approach to venture investing <a href="https://www.businessinsider.com/how-tiger-global-eclipsed-softbank-to-become-a-global-behemoth-2021-8?r=tiger-lp">threw out</a> the traditional VC rulebook and forced the industry to rethink how it does deals going forward. Yet, there's no sign of that dealmaking stopping. Tiger Global has already closed on an enormous, new $8.8 billion fund, its biggest venture fund ever, <a href="https://www.bloomberg.com/news/articles/2021-10-25/tiger-global-raises-8-8-billion-in-first-close-of-biggest-fund?sref=ipW5reFz">Bloomberg</a> reported. That's on top of a $6.7 billion venture fund it raised in March, and a previous $3.75 billion fund from early last year. Read more on how Tiger Global shook up the venture-capital ecosystem: <ul><li><a href="https://www.businessinsider.com/how-tiger-global-eclipsed-softbank-to-become-a-global-behemoth-2021-8">Hedge fund Tiger Global is blowing up the unwritten rules of startup investing right now with its speed, tons of cash, and hands-off approach</a></li><li><a href="https://www.businessinsider.com/startup-founders-tell-why-tiger-global-wins-so-many-deals-2021-8?r=tiger-lp">How Tiger Global is beating other VCs, according to 6 startup founders who took its deals</a></li><li><a href="https://www.businessinsider.com/tiger-global-is-a-big-investor-in-softbank-insider-says-2021-10?r=tiger-lp">Tiger Global is one of the largest shareholders in SoftBank, and the two are doing more mega VC deals together, an insider says</a></li><li><a href="https://www.businessinsider.com/tiger-global-john-curtius-startup-employees-stock-pay-warning-2021-11?r=tiger-lp">Top Tiger Global dealmaker John Curtius has a stark warning for startup employees about their stock pay</a></li></ul><h3><div type="image" title="Hive cofounders, wearing grey vests, posing against boxes and wooden pallets" height="1331" width="2662" msid="88594976" hostid="261"></div></h3><h2>Founders were shocked and awed</h2>Many startup founders are often shocked and awed by the speed and ease at which the global investment firm opens its mighty war chest.That's because Tiger typically does all of its due diligence on companies beforehand, giving it the upper hand. That was the case with the logistics startup Hive in Berlin, where Tiger led a $34 million Series A, <a href="https://www.businessinsider.com/logistics-startup-hive-series-a-tiger-global-activant-2021-11?r=tiger-lp">said Franz Purucker</a>, the company's chief strategy officer. The hedge fund also did its homework on the email startup Superhuman. CEO Rahul Vohra said <a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8?r=tiger-lp">all it took was a phone call</a> with John Curtius, the head of Tiger's software-investing practice. Two days later, Tiger had invested in Superhuman's $75 million round. Other founders recounted getting deals in a matter of hours or <a href="https://www.businessinsider.com/pitch-deck-that-convinced-tiger-global-to-invest-33-million-2021-9?r=tiger-lp">sometimes even minutes</a>.Read more on startup founders and their deals with Tiger Global:<ul><li><a href="https://www.businessinsider.com/tiger-global-john-curtius-scott-shleifer-startup-founders-miami-2021-11?r=tiger-lp">Tiger Global dealmakers Scott Shleifer and John Curtius are winning over Miami startups. The latest is QuickNode.</a></li><li><a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8?r=tiger-lp">Superhuman CEO Rahul Vohra explains how Tiger Global's John Curtius is very different from other VCs</a></li><li><a href="https://www.businessinsider.com/crypto-startup-moonpay-buying-nfts-tiger-global-coatue-2021-11?r=tiger-lp">How the CEO of Tiger Global-backed crypto startup MoonPay is planning to make NFTs mainstream by making them easier to buy</a></li><li><a href="https://www.businessinsider.com/why-insight-partners-and-tiger-global-invested-in-versatile-2021-9?r=tiger-lp">How a female construction tech founder convinced two powerful VC firms, Insight Partners and Tiger Global, to invest $80 million</a></li></ul><div type="image" title="Revolut CEO Nikolay Storonsky speaks onstage during Day 2 of TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco, California." height="2739" width="5478" msid="88594981" hostid="261"></div><h2>Every market. Every stage.</h2>Tiger made a total of 335 investments in 2021, making deals every four out of five working days, Crunchbase showed. And that meant it doled out funds across a host of startups in every stage in sectors such as <a href="https://www.businessinsider.com/digital-health-startups-backed-by-tiger-global-management-2021-3?r=tiger-lp">digital health</a>, <a href="https://www.businessinsider.com/revolut-fintech-valuation-33-billion-tiger-global-softbank-800-million-2021-7?r=tiger-lp">fintech</a> and <a href="https://markets.businessinsider.com/news/currencies/amber-group-bitcoin-crypto-startup-investment-tiger-global-coinbase-2021-6?r=tiger-lp">crypto</a>.Read more about the funding rounds that Tiger took part in:<ul><li><a href="https://www.businessinsider.com/ultrafast-delivery-service-jokr-raises-funding-over-1-billion-valuation-2021-11?r=tiger-lp">Jokr CEO lays out his growth strategy after the ultrafast delivery startup raises $260 million from Tiger Global, GGV, and other investors</a></li><li><a href="https://www.businessinsider.com/qonto-bank-fundraise-tiger-global-4-4-billion-valuation-2021-11?r=tiger-lp">Challenger business bank Qonto is close to a $5 billion valuation with a new funding round led by Tiger Global</a></li><li><a href="https://www.businessinsider.com/easol-25-million-from-tiger-and-y-combinator-2021-12?r=tiger-lp">Tiger Global and Y Combinator have backed a $25 million round into travel and event-booking startup Easol</a></li><li><a href="https://www.businessinsider.com/fintech-publiccom-valued-at-about-12-billion-in-round-led-by-tiger-2021-2?r=tiger-lp">Tiger Global is leading a massive $200 million investment in Robinhood competitor Public.com at about a $1.2 billion valuation, quadrupling the company's value in just 2 months</a></li><li><a href="https://www.businessinsider.com/ankorstore-french-marketplace-tiger-global-funding-2021-4?r=tiger-lp">Hot marketplace startup Ankorstore is in talks to raise up to $95 million from Tiger Global</a></li><li><a href="https://www.businessinsider.com/no-code-startup-bryter-raises-66m-from-tiger-global-in-us-push-2021-4?r=tiger-lp">No-code startup Bryter just raised $66 million from Tiger Global without a pitch deck for its US expansion</a></li><li><a href="https://www.businessinsider.com/divvy-homes-raises-funding-series-c-equity-round-tiger-global-2021-2?r=tiger-lp">Rent-to-own real-estate startup Divvy Homes raises $110 million in round led by tech investor Tiger Global</a></li></ul><div type="image" title="John Curtius" height="2767" width="5535" msid="88594984" hostid="261"></div><h2>How founders wooed Tiger</h2>Check out the pitch decks that savvy founders used to convince Tiger Global to invest millions of dollars. The investments range from startups that <a href="https://www.businessinsider.com/pitch-deck-internet-of-things-hologram-65m-tiger-global-2021-8?r=tiger-lp">connect scooters and drones to the internet</a> to ones that <a href="https://www.businessinsider.com/briq-pitch-deck-startup-funding-construction-proptech-tiger-global-2021-8?r=tiger-lp">build software to analyze spending at construction sites</a>. Read more:<ul><li><a href="https://www.businessinsider.com/payments-startup-xendit-pitch-deck-used-to-raise-tiger-global-2021-10?r=tiger-lp">Check out the 15-page pitch deck that helped Indonesian payments startup Xendit become a unicorn in a $150 million round led by Tiger Global</a></li><li><a href="https://www.businessinsider.com/facebook-investor-selfbook-pitch-deck-2021-11?r=tiger-lp">Here's the 16-slide pitch deck Selfbook, a startup bringing one-click booking to the travel industry, used to raise $25 million from Tiger Global</a></li><li><a href="https://www.businessinsider.com/exclusive-look-pitch-deck-papaya-used-to-raise-tiger-global-2021?r=tiger-lp">Here's an exclusive look at the pitch deck that workforce-management startup Papaya Global used to raise $250 million from Tiger Global, Insight Partners, and others</a></li><li><a href="https://www.businessinsider.com/cloudsmith-raises-one-largest-tech-rounds-ever-in-northern-ireland-2021-9?r=tiger-lp">Cloudsmith wants to make software management safer. Check out the pitch deck it used to raise $15 million backed by mega-investor Tiger Global.</a> </li><li><a href="https://www.businessinsider.com/pitch-berlin-tech-startup-raises-85m-lakestar-and-tiger-global-2021-5?r=tiger-lp">Here's an exclusive look at the pitch deck PowerPoint rival Pitch used to raise $85 million backed by investment giant Tiger Global</a></li></ul>

You Searched For "Tiger Management" and got 12 results

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Hedge fund Tiger Global has plunged to a $17 billion loss this year as its huge tech bets go sour

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How Tiger Global threw out the venture-capital rulebook and bulldozed the competition in 2021

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