India’s Unicorn Spree and the Incredible Roar of Tiger Global (EnTracker)
From the eye of the Tiger to the roar of the Tiger, the recent investment pugmarks of Tiger Global has made startups into unicorns at a pace never seen before in the Indian startup ecosystem. The New York-based hedge fund helped make six unicorns in India in the past 100 days. And three just this week when it led rounds in Groww, ShareChat and Gupshup. The investment firm also participated in CRED’s new round, which valued the two-and-a-half-year-old company at about $2.2 billion.
Short Selling Hedge Funds Assets Under Management Plummeted Last Year, Report Shows (Seeking Alpha)
Jim Chanos‘ Kynikos Associates and Jim Carruther’s Sophos Capital, two of the world’s biggest short selling focused hedge funds, saw their assets under management plunge last year. Kynikos started last year with about $932M in assets and finished the year with about $405M, Institutional Investor reported, citing annual ADV filings that are made with the Securities and Exchange Commission. In 2018 Kynikos, more recently know for shorting Tesla, was managing just under $2B in assets, a big decline from the $7B the fund ran in 2008.
Where the Battle to Buy Tribune Publishing Stands at the End of a Busy Week (Poynter.org)
The fight for Tribune Publishing between hedge fund Alden Global Capital and would-be white knight buyers Stewart Bainum Jr. and Hansjörg Wyss barely pauses for a between-rounds breather. Here are some developments and perspectives for this week. Bainum and Wyss have bid $680 million for the company, compared to Alden’s $635 million. A source familiar with Alden’s thinking offered this analogy (my paraphrase): Suppose you have your house on the market for $635,000 and have found a firm buyer.
Oracle’s Larry Ellison Buys Palm Beach Mansion for $80 Million (The Wall Street Journal)
Oracle co-founder Larry Ellison has purchased a North Palm Beach mansion from hedge-fund manager Gabe Hoffman, the founder of Accipiter Capital Management, for $80 million, according to two people familiar with the deal. The property sold for just above its $79.5 million asking price. Mr. Ellison could not immediately be reached for comment.
Credit Suisse Plans Hedge Fund Unit Overhaul After Archegos Hit (Bloomberg)
Credit Suisse Group AG is planning a sweeping overhaul of the hedge fund business at the center of the Archegos Capital blow up, as the drama forces Wall Street banks to reconsider how they finance some of their most lucrative clients. The Swiss bank is weighing significant cuts to its prime brokerage arm in coming months, people familiar with the plan said. The lender has already moved to tighten financing terms with some funds, and hopes changes to the unit can allow it to forgo major cuts to other parts of the investment bank, which just had a banner quarter, the people said, asking not to be identified as the matter is private.