Tiger Global's Dewan, Watts to Depart; Long-Only Funds to Merge

May 18 2015 | 12:33pm ET

A restructuring of Tiger Global’s ranks will see the head of its flagship $6 billion fund, Feroz Dewan, depart to set up his own firm and longtime partner Caleb Watts leave to manage his own money. 

Dewan also co-managed one of Tiger Global’s two long-only funds, according to media reports. His duties will fall to Scott Shleifer, a partner in the firm who co-manages the long-only fund with Dewan.

Meanwhile, Lee Fixel will become sole head of the firm’s fast-growing private equity business, co-managed with Shleifer since 2011.

Tiger Global will also merge its two long-only equity funds on July 1, according to an investor letter cited in an article by The Wall Street Journal.

 The Tiger Global Internet Opportunities Fund, which launched in January with approximately $700 million, will mesh with Tiger Global Long Opportunities. Investors will be allowed to withdraw capital from the two funds starting June 15, and the company will accept a limited amount of new capital into the hedge fund and Tiger Global Long Opportunities to replace any redemptions. 

Following a 17% gain in 2014, this year has proven challenging for Tiger Global. In January, two other partners, Andrew Bellas and Alexander Captain, departed the company, while the hedge fund is down 2.3% through the first four months of the year, according to the Journal article. 

Tiger Global oversees some $20 billion in assets, with roughly $6 billion in the flagship fund, $3.5 billion in the two long-only funds, and the remainder in private equity. Early-stage, pre-IPO investments in the likes of Facebook and LinkedIn have helped put the firm’s PE business on the map.

Founded by Chase Coleman, a protégé of famed investor Julian Robertson, Tiger Global is among the best known of the so-called “tiger cubs”, or firms whose managers were backed by Robertson following his decision to close Tiger Management in 2000.


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