Friday, January 27, 2023

Allegations of Macho Culture.Tiger Global, One of the World’s Most Important Investment Funds

Investors don’t need any other reason to flee Tiger Global Management after a year of disappointing results. But that’s exactly what they’re looking for.

Now, investors are learning that Tiger paid a former employee $10 million over allegations of harassment and a female-unfriendly culture, they report. business Insider People familiar with the subject. settled on Thursday by traffic lights,

Others have also raised concerns about the work culture in the conversation business Insider, particularly around the actions of partner Scott Schleifer. three people familiar with the matter have told business Insider that Schleifer is a very pushy businessman who interrupts people in meetings, talks down to his peers, or just coaxes his opinion. Some employees found his behavior rude and unprofessional, according to two out of three people.

“Scott was considered a jerk,” tells one former employee business Insider, The sources permitted anonymity so that they could speak freely without fear of retribution.

The employee who compromised with Tiger claims that Tiger gave some kind of incentive.brother culture‘, a male-led culture that prevented women in senior positions from gaining equal opportunities within the company. business Insider Knows the identity of the former employee and does not mention it to protect his privacy. The former employee, who left Tiger nearly two years ago, has not answered questions from business Insider,

Tiger is run by billionaire Chase Coleman, a protégé of the late Titan hedge funds Julian Robertson, with deep roots in the world of wealth and power in New York. Coleman is a descendant of Peter Stuyvesant, the state’s last Dutch-born governor.

The allegations came amid perhaps the worst fundraising environment in recent memory. With concerns about inflation, rising interest rates and geopolitical turmoil plunging tech stocks, investors like Tiger and the pension funds and foundations that give them their money have faced a difficult environment. Tiger posted double digit returns in 2020. Last year the picture was very different, with a loss of 67% on its long-term mutual funds and 56% on it. hedge fund,

Tiger is currently raising funds for his new fund, Private Investment Partners 16, which targets $6 billion.

A person familiar with the matter suggested that fundraising for the fund, known as PIP16, has been less successful than other tech investors in this environment.

“We have worked hard to create a culture that embodies integrity, respect, humility, excellence and a drive for continuous improvement,” Tiger Global spokeswoman Kara Major said in a statement. “Personalizing these values ​​in our daily interactions inside and outside Tiger Global has been the glue that has underpinned our success for the past 21 years. We at Tiger Global are committed to driving continuous improvement as we look to the future. ”

Schleifer declined to comment through a spokeswoman.

tiger miami

Schleifer joined Tiger as one of its first employees in 2002 and co-founded its private equity investment arm. He moved to Miami during the pandemic and, according to new york postBought former US President Donald Trump’s former mansion in 2021 for $122.7 million.

According to those who have spoken to him, Schleifer has been known to verbally attack people in meetings and to dismiss junior employees as stupid for their ideas. business Insider,

Their intensity can spill over into their personal lives. When Schleifer’s son was born, he stayed up until midnight emailing his teammates.

According to sources, it was all part of a no-nonsense approach which was disliked by the employees, including many women. business Insider, One of the people believes that beyond the culture of healthy competition that exists in financial companies, sometimes teams play against each other.

Schleifer’s aggressive demeanor was a stark contrast to Coleman’s more laid-back demeanor, these people explain.

One incident sparked unease among some Tiger employees, according to a person who spoke to business Insider, During a company meeting in Miami in early 2020, some employees went to E11even, a popular Miami nightclub.

“E11even is ridiculous. Not only is it a huge place and always crowded, but it’s also a strip club,” he wrote. Enchantment In a local review. “There are topless dancers twerking all around you, dollar bills flying in the air, and random aerial acrobatic displays in the center of the club.”

According to people with knowledge of the situation, the event was not strictly organized by Tiger. Coleman and Schleifer weren’t there.

At the same time that the company was making huge profits for investors, it was spending lavishly on gifts for its employees: a lavish winter party at the Polo Bar, Ralph Lauren’s posh restaurant on Manhattan’s Upper East Side; A Halloween party where the winner of a costume contest wins an expensive Lululemon mirror while an animal trainer entertains the guests.

However, as Tiger has grown beyond its roots hedge fund And as Coleman tries to further institutionalize his company, Tiger’s leadership style has changed.

In 2021, the company appointed Eric Lane, a former Goldman Sachs executive and former co-head of the bank’s asset management division, to a newly created position as president and chief operating officer of Tiger.

“We’re always looking for ways to continue to improve for the next 20 years,” Coleman and Slipher said. financial TimesIn a letter to investors announcing Lane’s appointment.

Last year John Curtius, who joined Tiger in 2017 from venture debt investor Elliott Management and worked closely with Schleifer, left to form his own fund.

Nation World News Desk
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