Sources: Tiger Global violated its commitment to provide funding for other venture capital firms

2023-01-09 11:29:18

Collection

ChainCatcher news, according to a report by The Information citing sources, the leadership of hedge fund Tiger Global Management had committed to personally invest $1 billion in dozens of venture capital funds at the beginning of last year. However, as the startup market deteriorated, investors expressed their intention to reduce their previous commitments.

Insiders stated that as Tiger Global's venture capital returns turned negative, the company's partners provided various reasons to these venture capital funds for retracting their investment commitments, including worsening economic conditions and unmet due diligence requirements. A venture capital fund manager reported receiving a verbal commitment from Tiger Global, but was unable to contact its partners for the following four months, and ultimately, Tiger Global did not invest.

Forbes had previously reported that Tiger Global reneged on its verbal commitment to invest in the early-stage venture fund Banana Capital. (The Information)

Related tags

Tiger Global

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.