Chase Coleman's Tiger Global To Reduce Size, Adds Feroz Dewan as Key Man ~ market folly

Wednesday, November 9, 2011

Chase Coleman's Tiger Global To Reduce Size, Adds Feroz Dewan as Key Man

Chase Coleman's Tiger Global has decided to offer a special redemption window, the hedge fund noted in its third quarter letter to investors.

Tiger Global currently has $6.8 billion under management (AUM) and their rationale for decreasing their AUM is as follows:

"As the Fund's assets have grown, it has become increasingly difficult to source attractive short opportunities and size them appropriately. It has also become challenging to take meaningful long positions in certain smaller capitalization companies, particularly in emerging markets."

Feroz Dewan Added As Key Man

The second bit of major news from Tiger Global is that they've added co-portfolio manager Feroz Dewan to their key man clause in addition to founder Chase Coleman. Tiger writes that, "Chase is in good health and is in no way changing his role or commitment to the business on a day-to-day basis." This becomes effective at the start of 2012.

Portfolio Notes

On the short side of their portfolio, they've seen most success in the Media & Internet and Retail Consumer sectors. In terms of positioning, Tiger Global has 139% gross exposure with 45% net long exposure. To see some of the hedge fund's investments, we've posted up Tiger Global's portfolio activity here.

For more hedge fund Q3 letters, we posted David Einhorn & Greenlight Capital's letter yesterday.

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