I'm going to keep this one short and sweet just like my attention span.
As we all know it has been a rough past year for the tiger global boys which has seen the departure of key figures such as John Curtius, in your opinion would you consider Tiger Global Management still an attractive option considering a pe associate/analysts long-term career growth/rep/comp?
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Is this a real question?
they still manage $50bn for <50 investment professionals. That’s at least $500mm in management fees after corporate costs. Anyone I know in L/S would join them in a heartbeat unless they are already at another Viking/tiger level fund
sometimes WSO is so disconnected from reality.
They’re not taking any incentive anytime soon and that $50bn is not locked up capital. Redemptions haven’t run course yet. 50 people? More like 100+… don’t forget the immense back office.
good luck when they try to raise another fund. $50bn with 1% mgmt is $500mm a year for only a few more years and most of it is going to Chase and his partners.
FWIW Instead of redemptions LPs are pulling from funds they have outperformed to re up into tiger global (opportunity to “buy the dip”, mean reversion)
re incentive yes but they have 10% incentive until they get back to HWM. (Then there is catch up) but still a ton of incentive fees to attract new employees
you are one delusional motherfucker
Guy prob works at a Tiger cub now
Gotta defend the glories of the past
there is no way you actually work at a hedge fund...what the fuck is this take
Confused…. Charging incentive when you are 50% down? In what world???
also buying the dip? If something is down 50% you think it’s magically going back to 100? Instead of down another 10%
Some hedge funds have 10% incentive allocations below high water mark to continue to incentivize the GP. The flip side to those structures tends to be that the 10% continues until you have cleared difference between high water mark and the lowest point after high water mark.So if you were at 100, lost 25, you would have 10% incentive allocation from 75-125.
Having a straight high water mark creates some weird incentives after large drawdowns, basically incentivizing swinging for riskier outcomes to get back to HWM because more limited downside since no carry dollars at risk.
Lol thx for this info. Seems like other guys spoke too soon.
This is fairly accurate and also can't speak to Tiger specific setup... but sure if you're playing the AUM game (which mind you was proliferated as a result of low rates in perpetuity) then yes "$500m for ~50 investment professionals" sounds great in theory but 1) it's top heavy always, 2) that AUM has shrunk dramatically and probably will continue to shrink, and 3) the high watermark mention above.
@Research Associate guy legit suggesting that the avg. pay for employee is ~$10m is egregious and so delusional it's insane. Were there analysts clearing 7 figures there at one point in time? Probably. But likely a result of all-in comp.
Pls don't equate Tiger and Viking either, one is down 60% and the other is down ~10%.
Largely joining a Tiger now has to depend on a view on whether we're undergoing a regime shift in markets or not (where people care about valuations as rates remain > 3% for any 2+ year period of time). Admittedly Tiger was a symptom of levered beta macro bets so you have to make the same sort of bet. You can make just as much if not more $ working as a PM at Citadel any given year as you would as a partner at Tiger this year.
This is actually all true. I've heard there are LPs looking to put capital into Tiger and that there has been more requests for inflows than outflows.
The economics are still great at Tiger, but obviously isn't as great as it once was until they are above their watermark. That said, I've heard they guarantee all their new hire 2 years of comp and that number has not changed.
Does anyone here know how many points people that get to stay at Tiger past the two year get in the fund?
Tiger Global does not have nearly as many as 100 investment professionals. And if you think the size of back office really has a big impact on distribution of performance and management fees, you should read up on how back office comp scales (it doesn’t really).
Being able to lose half of the value of your investments while still taking in millions in fees is pretty based.
Good work Tiger Global
if i had other offers then no, if it was my only one then...
Still tho I wonder how this shakes out in 3 years re: tech-focused tiger cubs
Anybody who turns down a job at Tiger Global because they had 1 rough year is an idiot. Period.
bro they're down 54%, thats more than a "rough year"
Results speak for themselves. They’ve delivered 19% annualized over the last 23 years, even after incurring a 54% drawdown this year. Anyone who thinks “this is the end for Tiger’” has definitely only joined the hedge fund world within the last 3 years.
They hold very good companies that likely benefit coming out of this drawdown, time will tell…let’s see if you still hold your reservations 5 years from now…..likely less.
Why would anyone care about that levered beta shop?
Have never been impressed by them.
I'm sure they couldn't give less of a fuck about your opinion
Funny thing is they kind of are a levered beta shop though lol..
That said I would 100% bend over backwards for a job with them though haha
PE associate. Yawn. Risk-averse beta male hiding in private markets.
Chase Coleman sure gives zero fk. Still worth billions, can family office if he wants to.
arent all tiger cubs just levered beta
I would take a job there given the chance but they probably won't give me an interview even with my ivy league and HF background...their loss I guess
Depends on how chase & scott act for 2022 / how they pay their people after being down -54%.
Side Q - how do you rebuild a business like this after such a big stumble? Does it ever bounce back? HF specifically is extremely hard to bounce back on…
Curious to hear the replies
They'll still be charging incentives fees. Prob half as someone suggested until they get back to high water mark, which as fairly noted may not be feasible.
https://www.wsj.com/articles/tiger-global-writes-down-venture-funds-bet…
Amazing how Tiger can lose more than half their capital and still have half this forum trying to sk them off. Mostly PE cucks who haven’t yet realized they’d be worse off than Tiger if their marks were real
I rather get $2m guarantee in 2 years at Tiger than work at most MF / UMM PE shops. This hasn’t changed so as long as they can afford to pay 25-27 years that amount, I think people will be just fine. Obviously long term implications but not a lot of people would turn that down.
If they’re offering $2mm guarantees then I’m with you 100%. Don’t think there’s a single person on this board that wouldn’t take that. Hell, I’d start pumping Dogecoin and dating Cathie Wood, release white papers on private market outperformance and AI, put down a down payment for a FSD Robotaxi that should arrive next year etc etc
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