Tiger International accomplice John Curtius to depart agency

John Curtius, a accomplice at Tiger International who oversaw a flurry of enterprise capital investments in software program and enterprise service corporations over the previous 5 years, is making ready to depart the agency, a high-profile departure that deepens the turmoil on the as soon as high-flying hedge fund.

Curtius oversaw a few of Tiger International’s outstanding software program investments reminiscent of Databricks, Toast and Snowflake. He’ll depart the agency in 2023, mentioned two folks accustomed to the matter.

Curtius, Tiger International’s founder Chase Coleman and accomplice Scott Shleifer had begun discussing Curtius’s exit over the summer time, in accordance with two folks accustomed to the matter. Curtius plans to boost a brand new fund targeted on early-stage software program corporations in 2023, mentioned a supply accustomed to the matter.

Curtius joined Tiger in 2017 from hedge fund Elliott Administration and reported to Shleifer, who runs the agency’s enterprise enterprise.

Based on PitchBook information, Curtius led greater than 100 enterprise investments Tiger International made into early- and growth-stage enterprise capital companies, changing into one of the crucial prolific buyers in Silicon Valley.

Inside Tiger, Curtius turned one of many agency’s most lively buyers, enjoying a serious function in investing its non-public funds, that are separate from Tiger’s hedge fund. Amongst founders, Tiger was identified for its pace in getting offers executed, typically beating out opponents by rapidly agreeing to finance offers with out requiring board seats.

Curtius is listed as a board member on simply two of his investments, in accordance with PitchBook information.

Tiger International’s flagship fund has slumped 50 per cent in worth this 12 months, weighed down by a deep correction in public market valuations. In letters to buyers, the group has famous it was hit hardest by public software program holdings and the shortcoming of its hedges to damp market volatility.

“We’re grateful for all of his contributions to Tiger International and have appreciated his work ethic and mind,” Tiger International administration mentioned in a letter to buyers on Monday informing them of his departure, which was seen by the Monetary Instances.

Within the letter, Tiger confirmed to buyers that its public funds misplaced cash for the third quarter and that it has marked down its sprawling portfolio of personal enterprise capital investments each month this 12 months.

“We head into the ultimate quarter of 2022 having accepted that this isn’t a 12 months wherein the scoreboard will make us proud and with our minds set squarely on the long run,” Tiger mentioned within the letter.

Tiger International and Curtius declined to remark.