Twenty years after launching a hedge fund firm with a seed investment from legendary hedge fund manager Julian Robertson, Jr., Chase Coleman is taking a well-deserved victory lap.
The elite investment manager, who never speaks with the press or at conferences, recently sent off a six-page 20-year anniversary letter to clients, which was obtained by亚博赞助欧冠. The letter recalled Tiger Global’s unlikely launch, reflected on past accomplishments and mistakes, and envisioned the next 20 years — all in a sober, non-boastful tone.
And who can blame him?
At 45 years old, Coleman is considered not only one of the best hedge fund managers of his generation but, perhaps more significantly, a member of a very small elite group of Tiger Cubs — managers who previously worked for Robertson’s Tiger Management — with legends like Stephen Mandel, Jr., John Griffin, O. Andreas Halvorsen, Philippe Laffont, and Lee Ainslie, III.
他的公司虎为首的全球管理——也Scott Shleifer, 43, who joined back in 2002 and runs the long-only fund and private equity business — currently manages roughly $50 billion and more than 100 employees.
该公司旗舰长短期基金虎全球投资，净依据增长了20年。在成立基金的投资将在过去二十年中增加43次费用，而在同期标准普尔500指数的投资5次的增长率为五次。
该公司长期基金虎全球长期的机会，自2013年10月推出以来，净额增长了22％。
And the firm’s private equity business has generated a 33 percent gross fund internal rate of return and a 26 percent net IRR.
2020年，Tiger Global赢得了投资者104亿美元，超过任何其他对冲基金关于伦敦资助基金资金LCH投资编制的20位管理者的年度名单。
毫不奇怪，科尔曼（个人收入为25亿美元）和士兵（以15亿美元）排名第十位的富裕清单。
All this despite the fact that — as the anniversary letter concedes — March 2001 was not exactly a great time to launch a technology-oriented hedge fund.
科尔曼只有25岁，只有几年的经验在老虎管理层工作。然而，他的导师罗伯逊，以为足够的科尔曼为他提供资本，支持他的后台和交易基础设施，并访问他的朋友。科尔曼之中a half dozen or so managersthe Tiger Management founder chose to seed less than two years after shuttering his once celebrated hedge fund, as detailed in a December 2002亚博赞助欧冠cover story.
“我不太相信技术，”罗伯逊在2002年秋季面试中说道。“这不是一个地方。”但无论如何，罗伯逊种植了科尔曼的理解战略II报告称“许多观察家认为科尔曼在年轻幼崽中的明星。”
果然，目前没有其他资金都存在。
[II深潜：Inside the Seeding Strategy of Julian Robertson’s Tiger Management]
这封信指出，老虎全球 - 然后叫老虎技术 - 在Dot-Com泡沫爆发之后推出。“它似乎并不是像初步被称为老虎技术的适当时期，”这封信由虎全球团队签署，而不是科尔曼。“但这是我们的机会，我们决心充分利用它。”
According to the letter, Coleman drew on several of Robertson’s core philosophies, such as to buy the best companies and short the worst, “seeking to identify high-quality businesses levered to the most important secular growth trends while shorting poorly positioned companies on the wrong side of change.”
公司说，一些潜在的投资者认真对待他们，有些人没有。
But Tiger Global got off to a sizzling start and never looked back, “with the bulk of the profits from shorts and solid stock selection on the long side,” according to the letter.
Tiger Global于2002年底为Shleifer拥有三家中国互联网公司的早期成功：Sina Corp.，Sohu.com和网易。被称为“中国的Yahoos”，他们所有的所有倍数都赞赏到2003年中期。
在老虎全球团队意识到他们对私人兴奋的许多公司来说是私人的，该公司于2004年1月推出了首次私人基金。今天，私募股权业务占公司资产的大约一半。
“我们在互联网时代刚刚开始的时候感谢我们的投资职业，”该公司在信中说。“缺乏经验可能是一个资产，当它来到想象一个新的互联网连接的世界可能是什么样的，我们的研究表明，市场领导人可以实现资本的非常高的回报。”
Tiger Global also admitted to mistakes over the last 20 years, such as embracing banks and other cyclical stocks during the 2008 financial crisis.
该公司同样阐明了早期市场领先公司的估值和其他原因，如阿里巴巴集团持有，以及它销售过早，如Facebook，Peloton，Linkedin，亚马逊和Netflix。
这几天，虎全球主要侧重于美国，中国和印度的消费者，企业和金融技术，该公司所说的“留在早期的局域留在我们这一代的经济主题”中。“
“Over the course of our careers, we have seen successive generations of technology improvements lay the groundwork for future change, and we believe this trend is accelerating,” the letter stated. “With a high degree of certainty, the future will see machine intelligence automate larger swathes of decision-making increasing efficiency and further embedding digital systems in our daily lives.”
在这封信中，虎全球团队感谢Robertson的信心和持久的支持和愿意在科尔曼和他的团队中抓住机会，以提供品牌，建议，对他的朋友们提供品牌，建议，以及它所谓的许多人“朱利安 - isms。”
多年来，Robertson对他的专业后裔印象深刻，并与他的Robertson Foundation和Tiger Foundation建立了榜样的重要性。
In the letter, Tiger Global announced it had created the Tiger Global Philanthropic Venture, initially committing $220 million to combat inequality and poverty. “The initiative formalizes an approach to decisions that incorporate environmental, social, and governance considerations, as well as philanthropic efforts that are already underway, including programs that encourage employees to give back through annual charitable donations and commitments to community-focused organizations,” the firm said.
In the past year, Tiger Global’s team has provided food, shelter and education in New York City “and beyond,” according to the letter.