Lee Fixel, the low-flying head of Tiger worldwide’s non-public fairness commercial enterprise, is leaving on the cease of June, the company introduced these days in a letter dispatched to clients and visible with the aid of Reuters. Scott Shleifer and Chase Coleman will hold as co-managers of the portfolios Fixel has overseen, with Shleifer taking on as its head, according to the letter.
Fixel, 39, is reportedly planning to make investments his personal money and “can also begin an investment companyinside the destiny,” Tiger worldwide wrote within the letter.
The flow comes as a piece of a wonder. notwithstanding that Fixel has operated largely in the shadows, fending off public appearances unlike many investors, he has had an outsize effect at the undertaking enterprise over the past decade or so, as Tiger has proven up at the cap tables of a developing wide variety of undertaking-subsidized organizations. amongstits portfolio organizations is Stripe, the payments agency that’s presently valued at $23 billion by personal investors (and not using a apparent plans to head public) the home health startup Peloton (Tiger led its series B); Panda selected, a Beijing-primarily based shared-kitchen enterprise that simply raised $50 million in series C investment led by means ofTiger; and Olo, a 13-12 months-antique mobile and on-line ordering platform for eating place chains, who bought $18 million well worth of secondary shares to Tiger in January.
Over time, investors in Silicon Valley who once regarded Fixel as some thing of a on line casino capitalist got here to deeply admire him, seemingly, with Benchmark’s bill Gurley referring publicly to Fixel as most of the smartest traders on the scene. There’s some evidence to guide the claim, consisting of the sale remaining 12 months of Glassdoor, the jobsand earnings internet site, to the japanese human resources employer Recruit Holdings for $1.2 billion in coins; Spotify’s direct list on the U.S. stock marketplace last 12 months; and the more traditional IPOs final year of Eventbrite and SurveyMonkey. Tiger had sponsored all of them.
Tiger has additionally cashed in large on privately held agencies in India into which it plowed as a minimum $2 billion during the last decade. Its largest win ties to an early wager on Flipkart, which sold the majority of its e-commercecommercial enterprise to retail giant Walmart closing 12 months for $16 billion, however an early-wager on the journeyhailing company Ola also seems to have paid off. (Tiger reportedly sold part of its stake to SoftBank however seems to staya believer in the company, greater newly investing in its electric powered mobility unit.)
Tiger turned into founded with the aid 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 isn’t the firm’s first main leadership change. In 2015, one in all its investment heads, Feroz Dwan, left to set up his own investment company, now called area Holdings control, in new york.
whether Fixel follows a similar course remains to be visible. It’s additionally easy to look a company like Softbank, which Fixel is aware of via each Ola, Flipkart, and different deals, trying to carry him into the fold if he’s amenable.
In the intervening time, Fixel appears to be focusing in element on his family. In January, he and his spouse gave the college of Florida a $20 million gift in guide of a studies institute centered on neurological sicknesses that has been named after his father Norman, who suffers from Parkinson’s. His father and his wife are each alums of the faculty.
Tiger’s customers are in the meantime nonetheless absorbing the information, probably. stated Tiger’s letter to them: “Lee has been a driving pressure behind the growth of Tiger global’s personal equity investing activities within the usaand India, and he has distinguished himself as a world-magnificence investor across a couple of sectors and stages.”