Lee Fixel is leaving Tiger World

Lee Fixel, the low-flying head of Tiger World’s non-public fairness enterprise, is leaving on the finish of June, the agency introduced at present in a letter despatched to shoppers and seen by 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 response to the letter. Fixel, 39, is reportedly planning to speculate his personal cash and “could begin an funding agency sooner or later,” Tiger World wrote within the letter. The transfer comes as a little bit of a shock. Regardless of that Fixel has operated largely within the shadows, avoiding public appearances not like many traders, he has had an outsize affect on the enterprise business during the last decade or so, as Tiger has proven up on the cap tables of a rising variety of venture-backed firms. Amongst its portfolio firms is Stripe, the funds firm that’s at present valued at $23 billion by non-public traders (with no obvious plans to go public); Panda Chosen, a Beijing-based shared-kitchen firm that simply raised $50 million in Collection C funding led by Tiger; and Olo, a 13-year-old cell and on-line ordering platform for restaurant chains, who bought $18 million price of secondary shares 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 respect him, seemingly, with Benchmark’s Invoice Gurley referring publicly to Fixel as among the many smartest traders on the scene. There’s some proof to assist the declare, together with the sale final yr of Glassdoor, the roles and wage web site, to the Japanese human assets firm Recruit Holdings for $1.2 billion in money; Spotify’s direct itemizing on the U.S. inventory market final yr; and the extra conventional IPOs final yr of Eventbrite and SurveyMonkey. Tiger had backed all of them. Tiger has additionally cashed in huge on privately held firms in India into which it plowed at the least $2 billion during the last decade. Its largest win ties to an early guess on Flipkart, which bought nearly all of its e-commerce enterprise to retail large Walmart final yr for $16 billion, however an early-bet on the journey hailing firm Ola additionally seems to have paid off. (Tiger reportedly bought a part of its stake to SoftBank however appears to stay a believer within 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 got here aboard in 2006. This isn't the agency’s first main management change. In 2015, considered one of its funding heads, Feroz Dwan, left to arrange his personal funding agency, now known as Enviornment Holdings Administration, in New York. Whether or not Fixel follows an analogous path stays to be seen. It’s additionally straightforward to see a agency like Softbank, which Fixel is aware of via each Ola, Flipkart, and different offers, attempting to deliver him into the fold if he’s amenable. Within the meantime, Fixel seems to be focusing partially on his household. In January, he and his spouse gave the College of Florida a $20 million reward in assist of a analysis institute centered on neurological ailments 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 absorbing the information, presumably.  Stated Tiger’s letter to them: “Lee has been a driving power behind the growth of Tiger World’s non-public fairness investing actions in america and India, and he has distinguished himself as a world-class investor throughout a number of sectors and levels.”