"Big-name asset managers such as Tiger Global, Coatue, and D1 - a group collectively known as Tiger Cubs, given their connections to the late Julian Robertson's Tiger Management - are back to investing in private markets, talking about start-ups, and fundraising for non-public strategies. These managers, once burned by the 2022 tech market rout, when soaring interest rates and plunging valuations forced them to retreat, are now riding the artificial intelligence boom in big-name tech stocks and late-stage private companies alike."
"In private markets specifically, there's been a slight uptick in the number of deals these crossover investors have done in 2025 compared to the last two years, and a significant jump in the size of checks they've been writing. PitchBook data shows that the median valuation of private companies in which Tiger Global has invested so far in 2025 is more than $2 billion, compared to roughly $300 million in 2022. The venture rounds and private deals these funds have done this year are, on average, significantly larger than what they were doing three years ago, according to PitchBook."
Tiger Cubs, including Tiger Global, Coatue, and D1, have returned to aggressive private-market investing after a 2022 retreat. These funds helped inflate private valuations in 2020–2021 and pulled back when rising interest rates and plunging valuations hit tech. In 2025 they increased deal activity and notably raised average check sizes, buoyed by an artificial-intelligence surge in public tech stocks and late-stage companies. PitchBook reports Tiger Global’s median private-company valuation in 2025 exceeds $2 billion versus about $300 million in 2022. Private markets are attracting hedge-fund stockpickers seeking differentiation from index and mutual fund investors.
Read at Business Insider
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