Tiger Global Management LLC Buys Stake in Brazilian Peixe Urbano
Tiger Global Management LLC, a hedge fund run by Chase Coleman, bought a stake in Brazilian Groupon Inc. rival Peixe Urbano, adding another early-stage Internet investment to his roster.
Peixe Urbano said Friday it got a new round of investments from firms including General Atlantic, a growth-equity specialist, as well as Tiger Global.
The new money will help Peixe Urbano expand in Brazil and Argentina, as well as in other Latin American countries, according to Julio Vasconcellos, founding partner and chief executive of the online daily-deal company.
Peixe Urbano was launched in March 2010 in Brazil by Vasconcellos, Emerson Andrade and Alex Tabor, who all met at Stanford University. The company has 9 million registered users and says it has sold more than 5 million coupons.
In the fourth quarter of 2010, Peixe Urbano raised money from Benchmark Capital, a leading Silicon Valley venture firm. The deal was Benchmark’s first investment in Latin America.
It’s unusual for hedge funds to dabble in venture capital, but Coleman’s Tiger Global has been busy in this area for several years.
Coleman used to be a tech analyst at Julian Robertson’s Tiger Management, one of the most successful hedge-fund firms. Coleman launched Tiger Global in 2001 with backing from Robertson.
Tiger Global’s hedge fund oversees more than $4 billion in assets. But the firm also has raised a lot of money for venture-capital vehicles, starting in 2003.
Coleman invested in Facebook Inc. when the social-media firm was valued at about half its recent $50 billion valuation, according to an investor in Tiger Global’s hedge fund. Coleman’s investments in Facebook are held in the firm’s hedge fund, as well as in the venture-capital vehicles, the investor added.
Tiger Global’s hedge fund was up more than 5% in April, leaving it up about 16% in the first four months of 2011, the investor noted.
Coleman has invested in other Internet companies, including LinkedIn Corp., E-Commerce China Dang Dang Inc. and Youku.com.com Inc., according to Bloomberg News.
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