Early last year Chase Coleman wrote to investors to celebrate the 20-year record of Tiger Global, one of the biggest winners from a technology bull market that had run since the financial crisis.
Now the best-known of the so-called Tiger cub firms has become the highest-profile hedge fund casualty of the tech stock hammering as interest rates have started to rise.
Tiger’s hedge fund has lost about $17bn this year, the FT reported last week, erasing about two-thirds of the dollar gains made for investors since its 2001 launch. Coupled with losses suffered late last year, that puts the fund well below the point at which it charges investors its lucrative 20 per cent performance fees.
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