对冲基金和技术股：Tiger Global对Tech的承诺

No hedge fund firm is as equally committed to public and private technology investments as Charles (“Chase”) Coleman III’s Tiger Global Management.

在今年年初,纽约公司的对冲基金and long-only funds, which comprise its public funds, managed a total of $10 billion, up from $6 billion or so two years earlier. Tiger Global also has a separate venture capital business, which invests in private companies. In midyear, seven active funds, known as private investment partners, or PIPs, held 128 investments valued at $12.9 billion. Since 2003, nine private funds have invested $9.2 billion in 201 companies in 30 countries.

The PIP portfolios invest in nonpublic, pre-initial-public-offering companies but have much longer lockups than the public funds.

Tiger Global is representative of an increasing trend among somehedge fund firms to attack tech investing on both the public and private side。In this, the last article in a five-part series looking at hedge funds and technology investing, we examine one of the firms that exemplify an aggressive focus on technology.

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Also from this series:

• 技术股在神经细分的边缘
• 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: The Allure of Private Investments

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In terms of personnel, Tiger Global has seen some changes in 2015. After the June departure of Feroz Dewan, who was running Tiger Global’s hedge funds on a day-to-day basis, Scott Shleifer was named head of Tiger Global’s public equity business. Shleifer has been with the firm since 2002 and, since 2011, had headed up the private business with Lee Fixel, who now runs it by himself.

尽管德湾的出发，Tiger Global的公共资金的战略仍然完好无损，并且非常简单：在未来的自由现金流量的低倍数下，在未来的自由现金流量的高倍增倍数倍增的公司中购买良好的公司。

该公司表示，该公司表示，该公司表示，它试图通过强调它认为其研究的领域更有效地关注并“简化”其业务“可以产生有意义的竞争优势”。这封信继续暗示其长期组合中的“几个最突出的主题”，如互联网，软件和技术公司，可能会增加一段时间内容。“

Tiger Global最近在其最喜欢的想法中升温，包括加利福尼亚州的在线内容巨头Netflix包括Los Gatos;电子商务公司基于北京的JD.com和诺沃克，康涅狄格州的Priceline集团;在线分类广告公司Autohome，总部位于北京，和南非开普敦，南非镇;金融技术公司Fleetcor Technologies，位于诺克罗斯，佐治亚州和购买，纽约的万事达卡;和西雅图软件公司Tableau软件。

老虎全球也在媒体，有线和电信中出现了大部分职位，这是许多长期对冲基金之间的有利战略。

The firm believes that over-the-top content providers such as Netflix and other online video alternatives like YouTube, now owned byGoogle，将传统的媒体公司以及电缆提供者的视频和广告收入放在压力下。亚慱体育app“我们将电缆和电信公司作为互联网服务提供商在内，鉴于我们的信念，即大多数价值和未来增长将来自提供高速宽带接入，”这封信添加了。

该公司表示，它更喜欢投资公司“这是互联网接入的速度和难以增加的好处，以及对消费者和精明的内容投资的良好价值的组合驱动了迅速增加的截止。”

The private partnerships, which offer much longer lockups and less liquidity than the public funds, seek businesses “with sustainable barriers to entry that can be purchased at attractive multiples of expected future cash flow,” noted the firm’s first-half 2015 letter sent to clients.

这包括大量互联网公司，因为虎全球指出的是使用中的增长“从更便宜，更快，更强大的移动设备仍然是最强大的世俗主题”它看到“我们仍处于相对早期的阶段这一趋势。“

Altogether since 2003, Tiger Global has invested 90 percent of the capital raised in its nine private funds in Internet, software and fintech companies.

The firm stressed that the cost of launching a new business continues to decline, leading to an expansion of new potential investment opportunities, especially in India and China, which are “bypassing traditional ways of communicating and transacting.”

Tiger Global has invested a total of $3 billion in those two countries over the past four years. The firm calls India “one of the most attractive geographies for additional investments,” citing its large population, strong economic growth, positive demographic trends and low smartphone penetration. The two largest holdings among the private funds are Flipkart, an Indian e-commerce giant, and OlaCabs, known as the Uber of India.

Tiger Global has invested more than $1 billion in Flipkart, which works out to about 30 percent of the company, and $83 million in OlaCabs, for 19 percent of the company.

与此同时，虎全球对冲基金也投资了一些私营公司。例如，在第一季度结束时，私募股权占对冲基金总股权曝光的7.6％。这是2014年第三季度末的10.9％。

The public funds had invested in Chinese e-commerce giant Alibaba Group Holding before it went public in September 2014.

In April of this year, the hedge funds had invested $100 million alongside PIP IX in Flipkart.

Also, two of its private investments became major positions in the hedge funds after they went public: JD.com and Brooklyn, New York’s Etsy, the online crafts marketplace. Etsy remains heavily held by private funds, many of which didn’t sell shares in its IPO.

In the private funds’ second-quarter letter, Tiger Global explained the importance of aligning its private portfolio of 120 companies within consumer Internet, software and fintech, with the public portfolio’s investment themes “ensuring broad coordination across our organization’s research efforts.”

The letter added, “Our belief is that a focused, aligned and simple investment strategy will help us maximize the returns we are capable of generating at Tiger Global.”