Tiger Global, Falcon Edge, Valiant and the Value of Unicorns

A handful of hedge fund firms with investments in pre-IPO companies have not reported markedly different valuations in those holdings since the market selloff, an analysis shows. But with some firms, such as Tiger Global, portfolio performance figures may not tell the whole story.

When it was reported in November that Fidelity Investments marked down the value of its investment in social media company Snapchat’s convertible preferred stock in the third quarter, market observers started to question the valuations of high-flying pre-IPO companies across the board.

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