(Reuters) – Chase Coleman’s Tiger Global has built a big stake in private equity firm Apollo Global as the hedge fund looks outside of technology investments in a hunt for better returns, the Financial Times reported on Thursday.
The investment in Apollo, which Tiger described as a “leading global alternative investment manager”, was revealed to investors in a mid-year letter, the report said, without disclosing the size of the stake.
Tiger Global amassed the stake this year and has also “selectively added” other new holdings in the aerospace and healthcare sectors, the report said.
Tiger Global and Apollo Global did not immediately respond to Reuters requests for comment.
Tiger’s push into non-tech companies comes amid a recovery in its main hedge fund, which at the half-year point of 2022 had lost about 50% of its value compared to 2021, the FT said.
Tiger’s flagship fund and a “crossover” fund sold to wealthy individual investors have gained more than 20% this year compared with a year ago, FT said, adding the flagship fund has gained every month on recovery in large-cap tech stocks.
(Reporting by Shivani Tanna in Bengaluru; Editing by Arun Koyyur)
