Alex Prepare dinner, a companion at Tiger International who oversaw a few of its largest fintech investments, is leaving the agency after almost seven years, three sources accustomed to the state of affairs advised TechCrunch.
Prepare dinner has knowledgeable a number of folks near him in current days of the information of his departure, although he has not defined why he’s leaving. The sources requested anonymity as a result of the conversations have been non-public. A Tiger International spokesman didn’t instantly reply to a request for remark.
His departure joins different high-profile departures from Tiger International. Scott Schleifer, who beforehand led the agency’s non-public fairness enterprise, retired final yrJohn Curtius, who led the agency’s software program investments, left on the finish of 2022.
Prepare dinner has secured quite a few fintech offers for Tiger International, together with TradingView, TrueLayer, Scalapay, Xendit, Selfbook, Fazz, Jar, and Refyne. The typical measurement of his offers was about $35 million, whereas the median valuation was greater than $250 million, in accordance with PitchBook.
The departure got here as a shock to at the least a number of the founders. Prepare dinner communicated incessantly — a number of instances per week — with the founders, in accordance with a number of sources. He took on duty for managing relationships with a number of the portfolio startups that Shleifer had beforehand overseen, in accordance with folks accustomed to the matter.
Prepare dinner’s focus has expanded considerably to rising markets, notably India, the place he has incessantly visited and met with founders in individual. For instance, in July 2022, he advised founders in Bangalore, India, that Tiger International goes to decelerate the tempo of fundingTechCrunch reported on the time.
The transfer comes at a difficult time for Tiger International, which lately raised $2.2 billion for its newest enterprise fund. It’s the smallest fundraising effort in a decade and stands in stark distinction to earlier years of sturdy investor demand which have enabled the New York big to lift ever-larger funds, together with a record-breaking $12.7 billion fund.
Amid this difficult fundraising local weather, marked by investor warning round enterprise capital and personal fairness investments as a result of falling valuations and slowing deal movement, Tiger International introduced a major management change in November, with founder Chase Coleman taking on the enterprise chief function from Shleifer. Coleman has taken on duty for managing relationships with a number of the portfolio’s key startups all over the world, in accordance with folks accustomed to the matter.