Tiger Global says its managing partner Lee Fixel, who helped drive investments in Facebook, LinkedIn, Spotify, and more, is retiring

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Lee Fixel is stepping down as Managing Partner of Tiger Global, where he has contributed to successful investments in "unicorn" companies such as Facebook, Flipkart, LinkedIn and Spotify. The resignation takes effect at the end of June.

Why it's important: Fixel has been at the forefront of a revolution in growth equity investments, helping to create an environment in which popular technology startups can stay private longer.

Below you will find a letter addressed today to investors of Tiger Global and obtained by Axios:

"After thirteen years at Tiger Global, Lee Fixel will leave the firm to begin the next phase of his career and will no longer be part of Tiger Global's investment team beyond PIP XI." His last day The office will be held on June 30, 2019, but we are confident that the partnership we have built will continue into the future, with Scott Shleifer and Chase Coleman continuing as co-portfolio managers of Tiger Global's private equity activities. and Scott will become Tiger Global's head of equity recognizing Lee's innumerable contributions to Tiger Global since joining the firm in early 2006. Lee has been one of the driving forces behind the expansion of the business. Tiger Global's private equity investment in the United States and India, and it has distinguished itself as a world-class group.It intends to actively invest in its own capital and could create an investment firm in the future. On a daily basis, we look forward to working closely with him in the coming years. Lee is a great partner and friend for all of us and his impact on Tiger Global will be lasting. Scott Shleifer co-founded Tiger Global's private equity activities with Chase in 2003 and has led many of our largest private equity investments in the last 16 years. He generated exceptionally high IRRs on the investments for which he was responsible and returned to investors a significant multiple of the capital invested in his operations. We know Scott will do a great job leading Tiger Global's private equity business in the future, including PIP XII and beyond. It is important to note that we have a very strong team that has been working with Scott and Chase for years and this evolution will provide them with great development opportunities. We are all very committed to honoring our commitment to generate superior returns in our PIP funds and to stay focused. on the priority given to the interests of investors. PIP XI is more than half invested and we will all work together until the end of the fund to find new investments that can generate high risk-adjusted returns. Lee will also participate in the management of certain portfolio companies for which he is responsible and will continue to serve on the board of directors of selected companies. We believe that all parties have a strong alignment of incentives, with Lee investing significantly in limited partnerships in each PIP fund and significantly co-investing in many of the portfolio companies he has invested in. purchased. In addition, it maintains a substantial savings in our PIP funds. We remain committed to implementing our core strategy, creating value and liquidity in our existing portfolio, and seeking out the most exciting new investment opportunities in the world. If you have any questions or would like to discuss this announcement in more detail, do not hesitate to contact us.