Tiger Global, the technology-focused hedge fund, has defended the way it values its $40bn portfolio of privately held “growth” companies amid investor unease over how much such unlisted investments are worth.
In its annual letter to investors, Tiger outlined its methodology for valuing some of its biggest private holdings, including China’s ByteDance, Europe-based payments company Stripe and US software group Databricks.
Tiger’s intervention comes after a number of private companies were forced to raise money at valuations that were well below previous investment rounds, knocking the portfolios of investors with heavy exposure to unlisted technology groups and fuelling fears of more writedowns to come.
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