社交媒体巨头Facebook于2012年5月公开出版时，自20世纪90年代末的DOT-COM繁荣以来，它是最令人预期的最初公开发行之一。虽然股票完成了第一天的交易，但从其最初提供价格大致不变，Facebook为新问题进行交易量的记录设置了记录。
However, at least two hedge funds had long invested in the company before its public debut.
Christopher Hansen’s San Francisco–based Valiant Capital Management invested a total of $31.6 million in Menlo Park, California–based Facebook in September and October of 2010, while Christopher Shumway’s Shumway Capital Partners, based in Greenwich, Connecticut, made a private $10 million investment in the company in January 2011, an initiative led by Paul Hudson, who eventually left the firm to start his own hedge fund firm, Greenwich-based Glade Brook Capital Partners.
勇敢于2013年1月兑现了5950万美元的投资，净返回率为31.2％。
许多对冲基金当时对这次胜利和其他私人交易作出反应，并开始在私营公司中加上自己的投资。
So, by the timeChinese e-commerce giant Alibaba2014年9月在其自身期待的首次公开募股中公开了，至少有五只虎幼崽 - 公司与朱利安罗伯逊JR.的虎门管理有一些隶属关系 - 有一次或其他持有私人股份。该集团包括纽约的虎全球管理;基于格林威治的维京全球投资者;英勇;基于纽约的Falcon边缘资本;和Glade Brook，它创建了一个单独的风险投资基金 - Glade Brook私人投资者 - 投资阿里巴巴。
In the past few years, the trend of hedge funds investing in private companies has grown, with some launching separate venture capital funds. That’s a subject we will explore in this, the fourth of a five-part series examining the phenomenon of hedge funds and tech investing.
也来自这个系列：
- Tech Stocks on the Edge of a Nervous Breakdown
- 对冲基金和技术股：更严格的重点，更广泛的搜索
- Hedge Funds and Tech Stocks: Dump the Old, Embrace the New
- Hedge Funds and Tech Stocks: Tiger Global's Commitment to Tech
Managers say the growing interest in private companies is in part because many technology and related start-ups delay their IPOs, forcing investors to seek out less liquid opportunities if they want a piece of tomorrow’s leading companies. “Much of the innovation and growth is investable as a private company,” says one hedge fund manager who has made a big commitment to this universe.
“Changes in the marketplace, such as the delay in companies going public, demand that we remain active in the private space to enhance our public activities,” Viking wrote in its 2014 second-quarter letter when it announced the January 2015 launch of a new fund, Viking Global Opportunities, a liquid-illiquid — or so-called hybrid — fund designed to accommodate illiquid securities.
“We believe that we make better investment decisions across the board by studying new entrants and periodically investing in them, although they may not be listed,” Viking added in the 2014 letter. “We often find that private companies develop disruptive business models and new technologies that directly impact our public positions.”
老虎全球管理建立了一个完整的喉管e capital business with more than $10 billion in capital. The firm also invests a small percentage of its capital in private companies. According to its recent semiannual letter, dated July 31 and obtained byInstitutional Investor’s Alpha那since 2003 its nine private funds have invested some $9.2 billion in 201 companies in 30 countries.
A large number of these investments have been made in India and China.
Tiger Global’s two largest holdings among the private funds are Flipkart, an Indian e-commerce giant owned by five of its nine funds, and OlaCabs, known as the Uber Technologies of India and owned by three of its funds. The firm described Flipkart as a top e-commerce company and third-party marketplace.
Glade Brook, which began raising money for Glade Brook Private Investors VI earlier this year, had already raised money for Glade Brook Private Opportunities Fund and Glade Brook Private Investors IV. Glade Brook Private Opportunities Fund, which plans to focus on four to six “big global ideas” over the next 24 months, has so far invested in at least two companies: Uber, the San Francisco–based ride-sharing service, and Snapchat, the messaging company based in Venice, California.
Glade Brook私人投资者IV被创建，以便在Snapchat中投资;Glade Brook私人投资者V for Uber;私人投资者III为Koudai Gouwu，该公司将其描述为“中国增长最快的移动电子商务公司之一”;和Glade Brook私人投资者II广播媒体合作伙伴，母公司的Univision Communications，西班牙语媒体公司。
在第二季度结束时，投资25％的勇敢资本在其对冲基金中投资的大约25亿美元侧是侧面口袋，这是它如何定义私人投资。在第二季度结束时，它有几十名单独的公开投资，其中几家在同一家公司中。
For example, in December 2014, Valiant made a nearly $18 million investment in Uber.
勇敢也在Pinterest，热门旧金山艺术和工艺品和社交媒体公司以及基于旧金山的在线文件共享公司的Dropbox中进行了至少两次投资。勇敢表示，其2014年5月的Pinterest投资截至2015年6月底持续了一倍多。
根据该公司2015年5月，自2015年5月，自2015年5月，自2015年5月以来，Falcon Edge已有超过9300万美元投资于7亿美元的私营公司，其价值超过2亿美元。The firm, founded in 2012 by Richard Gerson, who is a so-called Tiger Grandcub because he was previously a founding executive at John Griffin’s New York–based Blue Ridge Capital (Griffin worked at Tiger Management before founding Blue Ridge), does not identify the names of the private companies in which it has invested. It refers only to the company’s home country and industry. Of the seven, Falcon says one investment, which it calls a Chinese communications company, has grown about five times in value.
However, according to public searches, Falcon Edge reportedly invested about $20 million in Ola. The firm also led a new, $40 million fundraising round for NewsHunt, which it described as an India-based mobile news aggregation service.
Falcon Edge还参加了德国德国柏林公司的咖啡岛集团的6000万美元资金，其中包括世界各地的业务，帮助人们从电话应用程序订购食物，并参加了Koudai Gouwu的350美元的资金回合为孟买融资了9000万美元，以印度为基础的宾念解决方案，运营在线住房门户网站。
其他对冲基金经理制定了独立的车辆投资私营公司的内容包括菲律宾纽约的纽约衣服管理和李艾琳III的达拉斯的小牛基首都。
与此同时，斯蒂芬·曼德尔JR.基于格林威治的孤牌资本通常不会投资私营公司，确实在去年年底为优步留成了例外。
而且，最近，Tiger Management参加了纽约外出诊断的1760万美元的融资，该诊断开发和商业化血液癌症诊断。
Ricky Sandler’s New York–based Eminence Capital, which is not part of the Tiger network, in July led a Series C funding round for Santa Monica, California–based Whipclip, an online and mobile application platform for the legal sharing of short video clips of live television and music videos. Sandler told clients in a letter that researching and analyzing private companies, especially technology companies, “is an increasingly important part of staying on top of new trends and significant developments, whether for potential new investments or to monitor portfolio positions.”
然而，他向他的投资者保证，这种策略不会成为公司的重要组成部分。“很清楚，我们不会指望在私营公司的投资成为我们投资组合的重要组合或我们在近期研究努力的主要重点，”Sandler写道。“一般来说，技术世界的私营公司的估值击中我们作为非理性的高位，我们希望我们的酒吧在这一领域保持非常高。”
Next week we will take a look at how Tiger Global Management has built two large but separate businesses, one for hedge funds and one for venture capital, and how they relate.