Tiger Global Blames ‘Disgruntled Former Employee’ For Mystery Memo

Tiger World responded on Friday to an nameless memo circulating amongst journalists that makes quite a lot of critical and unsubstantiated claims in regards to the funding agency and its management.

In a letter despatched to the agency’s buyers on Friday afternoon obtained by Forbes, Tiger wrote that it was being “focused with a collection of knowledge assaults” propagated “anonymously utilizing an encrypted messaging platform.” “We strongly imagine [they] had been written and pushed by a disgruntled former worker with whom we parted methods,” the letter, signed by “The Tiger World Crew,” added.

Tiger World spokesperson Cara Main confirmed the letter’s authenticity however declined additional remark.

In its letter, the agency stated it has “engaged with consultants” to develop a response to the “malicious assaults,” which it claims have additionally reached a lot of its personal shoppers. “In contrast to the nameless coward spreading this false narrative on the web, you already know who we’re — and we’re right here and able to reply your questions,” the corporate wrote.

Tiger’s letter is the agency’s first exterior acknowledgement of a unprecedented state of affairs that has simmered for months, and just lately began to boil over. Trade insiders inside the enterprise capital and personal fairness communities by which Tiger operates first obtained variations of a memo about Tiger so long as six months in the past, a number of recipients stated. Over the previous a number of months, a number of Forbes reporters additionally obtained the memo, despatched within the type of a protracted message over the safe messaging app Sign from one-name accounts that had been instantly deleted. Reporters at different publications have additionally said they obtained a model of the memo.

“In contrast to the nameless coward spreading this false narrative on the web, you already know who we’re — and we’re right here and able to reply your questions.”

The memo criticized Tiger’s monetary efficiency and the conduct of members of the agency’s management, and questioned its means to function transferring ahead. Forbes has not substantiated any of these claims, which Tiger known as “full of lies” in its letter, and thus won’t publish their specifics right now.

Extra just lately, one other model of the memo claiming to be a draft article from The New Yorker appeared to enter wider circulation amongst hedge funds and monetary establishments. (The memo didn’t seem like written by a journalist, a number of sources famous, nor was there any suggestion the memo was a real draft by a media publication.)

Tiger’s letter to its LPs comes days after The Data reported the agency was promoting a stake in AI unicorn Cohere, after going through a liquidity crunch as its public equities take substantial losses. In June, Tiger raised $2 billion for a brand new enterprise capital agency, per a regulatory submitting, properly wanting its reported supposed goal.

Final October, Forbes first reported that the accomplice behind a lot of Tiger’s personal startup investments, former Midas Checklist member John Curtius, was departing the agency. Earlier this month, The Monetary Instances reported that accomplice Connie Lee had left the agency. Greater than a half dozen different companions have additionally departed Tiger up to now two years, in response to their LinkedIn profiles.

In its be aware to buyers, Tiger appeared to hunt to reassure its backers in regards to the agency’s prospects: “Relaxation assured our workforce stays extremely centered on our core enterprise which has been performing properly this yr,” the letter claimed.