Tiger Global partner John Curtius to leave firm

John Curtius, a partner at Tiger Global who oversaw a flurry of venture capital investments in software and business service companies over the past five years, is preparing to leave the firm, a high-profile departure that deepens the turmoil at the once high-flying hedge fund.

Curtius oversaw some of Tiger Global’s prominent software investments such as Databricks, Toast and Snowflake. He will leave the firm in 2023, said two people familiar with the matter.

Curtius, Tiger Global’s founder Chase Coleman and partner Scott Shleifer had begun discussing Curtius’s exit over the summer, according to two people familiar with the matter. Curtius plans to raise a new fund focused on early-stage software companies in 2023, said a source familiar with the matter.

Curtius joined Tiger in 2017 from hedge fund Elliott Management and reported to Shleifer, who runs the firm’s venture business.

According to PitchBook data, Curtius led more than 100 venture investments Tiger Global made into early- and growth-stage venture capital businesses, becoming one of the most prolific investors in Silicon Valley.

Within Tiger, Curtius became one of the firm’s most active investors, playing a major role in investing its private funds, which are separate from Tiger’s hedge fund. Among founders, Tiger was known for its speed in getting deals done, often beating out competitors by quickly agreeing to finance deals without requiring board seats.

Curtius is listed a board member on just two of his investments, according to PitchBook data.

Tiger Global’s flagship fund has slumped 50 per cent in value this year, weighed down by a deep correction in public market valuations. In letters to investors, the group has noted it was hit hardest by public software holdings and the inability of its hedges to damp market volatility.

“We are grateful for all of his contributions to Tiger Global and have appreciated his work ethic and intellect,” Tiger Global management said in a letter to investors Monday informing them of his departure, which was seen by the Financial Times.

In the letter Tiger confirmed to investors its public funds lost money for the third quarter and that it has marked down its sprawling portfolio of private venture capital investments every month this year.

“We head into the final quarter of 2022 having accepted that this is not a year in which the scoreboard will make us proud and with our minds set squarely on the future,” Tiger said in the letter.

Tiger Global and Curtius declined to comment.