Given all the fun in banking right now, we’d almost forgotten that other corners of finance have also lost an ungodly amount of money recently.
Luckily, the WSJ has managed to tear itself away from blaming AML snafus on women on boards and published a timely reminder yesterday evening:
Tiger Global marked down the value of its investments in private companies by about 33% across its venture-capital funds in 2022, according to people familiar with the firm.
The markdowns erased $23 billion in value from Tiger’s giant holdings of startups around the globe, one of the people said. Its private portfolio includes big bets on hundreds of companies including TikTok parent ByteDance and payments company Stripe. In the fourth quarter, Tiger’s newest venture funds lost between 9% and 25%.
So we can add $23bn to the $18bn aggregate loss that its main hedge fund, long-only and crossover investment vehicles suffered in 2022 to get an approximate overall loss of $41bn (and that’s if you believe the private market marks).