Investor Questions

Part
01
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Part
01

Investor Questions: Tiger Global Management

All the requested information about Tiger Global Management is included both in the attached spreadsheet and in our research findings below.

Tiger Global Management

1. Key Pricipals Investing

2. Fund size

  • Tiger Global Management's fund size is approximately $30 billion.

3. Investment Philosophy

  • Tiger Global Management states its investment philosophy on its Linkedin page. The firm introduces its investment philosophy in stating: "We have two strategies that each manage roughly the same amount of capital."
  • The firm described the first such strategy in stating: "The Firm’s private equity strategy was launched in 2003. This strategy has a ten-year investment horizon and targets growth-oriented private companies from early to late stages, with an emphasis on businesses based in the U.S., China and India."
  • The firm described the second such strategy in stating: " The Firm’s public equity business, founded in 2001, conducts deep fundamental research on our focus industries and geographies and seeks to make long-term investments in the companies we believe are best positioned to offer the highest returns."
  • We also found that 30% of the company's investments have gone to "early stage (Series A and B) startups" and 20.5% of its investments have gone "toward Series C startups."
  • Furthermore, 60% of Tiger's investments have been "made in companies located outside of the U.S."

4. Investments in Publicly Traded Companies

  • The companies listed below are publicly traded companies that Tiger Global Management has invested in.

5. Investments in Publicly Traded Financial Services Companies

  • The companies listed below are publicly traded financial services companies that Tiger Global Management has invested in.

6. 10 Unicorn Investments

  • The companies listed below are unicorn companies (valuation that exceeds $1 billion) that Tiger Global Management has invested in.

7. 10 Non-Unicorn Investments

The companies listed below are non-unicorn companies that Tiger Global Management has invested in.

8. Interaction Between Tiger and Portfolio Companies' Management

  • Information about any interaction between Tiger Global Management and its portfolio companies' management teams was very limited, but we were able to find the following two insights about such.
  • First, according to a CNBC article, "Tiger had built a practice writing big checks to later-stage start-ups and often helping them expand their business to international markets."
  • Second, at least one of Tiger Global Management's principals (Lee Fixel, who recently left the company) sat on the board of directors for some of Tiger's portfolio companies and is continuing to do so despite having recently left the firm. Thus, though Fixel is no longer with Tiger, it's reasonable to assume that other Tiger principals sit on the board of directors for other portfolio companies that the firm has invested in.

Research Strategy

The main sources we used for identifying Tiger Global Management's portfolio companies were business databases such as Crunchbase and Holdings Channel. Information about Tiger's investment philosophy came directly from the firm's Linkedin page. We found key principals who invest on behalf of the firm through articles published by sources such as Institutional Investor, Forbes and Bloomberg. Since Tiger doesn't have a website, the only direct company source we used was its Linkedin page.
Part
02
of fourteen
Part
02

Investor Questions: Tencent Holdings

Some investments of Tencent Holdings include companies like Epic Games, Beike Zhaofang, Lianjia (Homelink), and Byju's.

INVESTOR QUESTIONS: TENCENT HOLDINGS

2-3 Key Principals Doing the Investing:

Fund Size:

Investment Philosophy:

  • The investment philosophy of Tencent is "Go big or go home" which describes its aggressive investment philosophy.

Investments in Publicly Traded Companies:

Investments in Publicly Traded Financial Services Companies: N/A

10 Unicorn Investments:

#1. Epic Games
#3. Lianjia
#4. Byju's
#5. GuaHao
#6. Bluehole
#8. Yuanfudao
#9. Zhihu
#10. Byton

10 Non-Unicorn Investments:

#1. Sensat
#2. Khatabook
#3. Everledger
#4. Gaana
#5. Practo
#6. Niyo
#7. Alauda
#8. Cyanogen
#9. Doumi
#10. Edaixi

Interactions with Management:

This article explores an interaction between Tencent and the Ola company- one of the companies in which it has invested.
Part
03
of fourteen
Part
03

Investor Questions: Softbank Group

SoftBank, through its $100 billion Vision Fund, has an extensive portfolio, which includes companies such as Uber, Lemonade, Slack, Alibaba, among others. Details about the company's investments can be found in columns B through I of row four of the attached spreadsheet.

Principals

  • Two key principals that are performing the investing of Softbank include Masayoshi Son and Rajeev Misra. Masayoshi Son serves as the company's chairman and CEO, while Rajeev Misra acts as SB Investment Advisers Limited's CEO.
  • In May 2017, Softbank invested around $4 billion in NVIDIA. However, in January 2019, the company sold off its stake for about $3.6 billion.
  • For a 5% stake, Softbank invested approximately $500 million in ZhongAn in the year 2017. The following year, the company invested an additional $100 million for a joint venture.
  • Its unicorn investments include Auto 1 Group, Grab, DoorDarsh, WeWork, Roivant Sciences, Snapdeal, Tokopedia, Fanatics, Oyo Rooms, Ola Cabs, and Manbang Group.
  • The company's non-unicorn investments include Brandless, Talkspace, Cambridge Mobile Telematics, Brain Corp, Clutter, Light, Mapbox, Wag, Fungible, and Grofers.


Part
04
of fourteen
Part
04

Investor Questions: Sequoia Capital China

The fund size for Sequoia Capital China is about USD 3.1 billion. Some of the key principals in the company who invest include Xi Cao, Caroline Fu, and Colin Guo. Full details about Sequoia Capital China's investment structure, strategy, and portfolio are available within the attached spreadsheet.

KEY PRINCIPALS

  • Caroline Fu

FUND SIZE

INVESTMENT PHILOSOPHY

  • According to the company’s website, Sequoia Capital China works with the founders of the invested companies from "day zero" when the DNA of their business first takes shape. Also, the company helps organizations in becoming enduring businesses.

RESEARCH STRATEGY:

The research team started by directly searching through Sequoia Capital China’s official website to find the requested information as published by the company itself. Most of the requested details were available. However, we found that Sequoia Capital China has invested in only four financial companies (e.g., Airwallex, Ant Financial, CFPA Microfinance, and JD Finance) and none of these companies are publicly traded. As a result, we have entered “N/A” in the spreadsheet.
Part
05
of fourteen
Part
05

Investor Questions: Sequoia Capital

Sequoia capital invests in companies at their early stages, helping them achieve business goals by working together. Sequoia has invested in DoorDash, Nubank and Ola Cabs, among other unicorn companies. In the attached spreadsheet, row 6 has been filled with the requested information.

SEQUOIA CAPITAL

Key investors

Funds

Investment philosophy


Publicly traded companies


Publicly traded companies in the financial services sector

  • Sequoia Capital has invested in First Republic Bank in 2009.
  • Earlier this year, Sequoia Capital has invested in Klarna, a Swedish publicly traded financial services company.
  • Sequoia has also invested in PayPal.


Unicorn investments

  • Sequoia has invested in the following unicorn companies: Reddit, Thumbtack, Kuaishou, DoorDash, DJI Innovations, Nubank, Coupang, Ola Cabs, Unity Technologies and Houzz.


Non-unicorn investments

  • Some non-unicorn companies Sequoia has invested in include: Clari, an user experience company; Clearwell Systems, a software company; Cypress, a hardware company; Kahuna, an AI company; Kiwi, a travel-tech company; Luminate, a consultancy company; Namely, a SaaS company; Quidd, a social marketplace company; The Rec Room, a virtual reality software company and Rylo, a camera software company.


Interactions


RESEARCH STRATEGY

In order to list non-unicorn companies that were funded by Sequoia, we examined the comprehensive list of companies Sequoia has invested in. From there, we extracted those companies that are not on CBI's unicorn list and are not publicly traded.
Part
06
of fourteen
Part
06

Investor Questions: Kleiner Perkins

The most recently reported fund size for Kleiner Perkins is about USD 600 million. Some of the key principals in the company who invest include Annie Case, Josh Coyne, Monica Desai, and Ilya Fushman. Full details about Kleiner Perkins' investment structure, strategy, and portfolio are available within the attached spreadsheet.

KEY PRINCIPALS

  • Annie Case, Josh Coyne, Monica Desai and Ilya Fushman

FUND SIZE

INVESTMENT PHILOSOPHY

  • For five decades the company has partnered with intrepid founders to build iconic companies that made history.
  • Today, Kleiner Perkins continues that legacy, investing in founders with bold ideas that span industries and continents.

UNICORN INVESTMENTS

  • The company has invested in the following unicorns: Instacart, Gusto, GRAIL, Viva Republica (Toss), Insidesales.com, Yixia, InMobi, Rent the Runway, Coursera and Shape Security.

RESEARCH STRATEGY:

The research team started by searching through Kleiner Perkins' official website to find most of the requested information. Please note that we found the complete list of companies in which Kleiner Perkins has invested; Amazon was one suitable company that was publicly traded. To confirm that Kleiner Perkins still has an investment in Amazon, we checked company financial data portals like Crunchbase, Dealroom, and ZoomInfo, among others. Our sources showed that Amazon is still within the portfolio of Kleiner Perkins (this was mentioned under the "Notable investments" tab at Dealroom). Please also note that our check for recent investments made by Kleiner Perkins in publicly traded companies (financial/non-financial) did not turn up any relevant details, despite our search through credible resources like Pitchbook, PR Newswire, official Kleiner Perkins press releases, BusinessWire, Fintech Insights, etc. The team determined this means the company has invested in only one publicly traded company (i.e., Amazon) and has not exited.
Part
07
of fourteen
Part
07

Investor Questions: DST Global

DST Global is a large late-stage investment company that specializes in global internet companies. The information for this entity as been added to the attached spreadsheet.
  • Key principals: Yuri Borisovich (Bentsionovich) Milner, John Lindfors and Rahul Mehta are some principals listed for DST Global. Yuri Milner is the CEO and founder of the company.
  • Latest fund size: Fund V was worth $1.7 billion, as stated in the media. We know that Fund VI has been started, as there is an SEC filing, but the amount is listed $0. No amounts for this fund have been released to the public, so it is possible it is not finished yet.
  • Investment philosophy: They focus on global late-stage tech companies who are either leaders in their category or close to becoming one. DST Global does this so it can help the company become the dominant competitor in its category and "create a moat around the business". They also seek out "exceptional" founders.
  • Investments in publicly traded companies: We cannot find any evidence that DST Global has invested in any public companies.
  • Investments in publicly traded financial services companies: DST Global has not invested in any public financial services companies.
  • 10 unicorn investments: Facebook, Airbnb, Twitter, Spotify, Snapchat, Whatsapp, Alibaba, Xiaomi, Pinterest and JingDong.
  • 10 non-unicorn investments: Udaan, RELX Ruike, StockX, DealShare, Khatabook, GQC, Root Insurance, Nubank, Robin Hood and TravelPerk.
  • Interactions with management: They like to get to know the company through ongoing dialogue for a good 18-24 months before investing. Once an investment is made, they have growth-related conversations, but ultimately they want the companies to be well-established with a strong founder leading the business, though the company is available if help/advice is needed.

RESEARCH STRATEGY

All information was gathered using media sources and investment-related directories, since DST Global does not have its own website in order to research. The only data that was not readily available was the size of DST Global's latest fund. There is evidence that they have started a Fund VI, but the SEC filing associated with this fund states a $0 amount. Therefore, their latest fund was Fund V, which was worth $1.7 billion.
Part
08
of fourteen
Part
08

Investor Questions: Fidelity Investments

Fidelity Investments' principals include Abigail Johnson, Kathy Murphy, and Jurrien Timmer. The company ended 2018 with US$100.8 billion in funds and some of the publicly traded companies it has invested in include Facebook, Amazon, Netflix, and Microsoft. Further details have been provided in the attached spreadsheet.

Key Principals

The Size of its Fund, Investments Philosophy, and Companies Invested in

  • Fidelity's investment philosophy is value-based investment with a "beta intelligence" strategy. Thus, the funds combine assets of active and passive investment, focusing on income generation or reduction of volatility and risk, using as main analysis factors: size, value, momentum, quality and low volatility.
  • Ten Unicorn investments of Fidelity Investments include Uber, WeWork, Airbnb, SpaceX, Coupang, MagicLeap, Intarcia Therapeutics, SenseTime, Compass, and Peloton.
  • A list of 10 non-unicorn investments include Snapchat, New Relic, Spotify, Carbon, Twilio, Zenefits, Dataminr, Mu Sigma, Pinterest, and HootSuite.

Part
09
of fourteen
Part
09

Investor Questions: Andreessen Horowitz

Andreessen Horowitz, a fund focused on tech start-ups, has a number of unicorns in its portfolio. Requested details about its investments can be found in columns B through I of row ten in the attached spreadsheet.

Key Principals, Investment Philosophy, and Financial Services Investments

  • Three key principals are Alex Rampell (who focuses on financial services investments), Julie Yoo (leading investments in healthcare tech), and Jorge Conde (leading investments "at the cross section of biology, computer science and engineering"), all General Partners at the fund.
  • Andreessen Horowitz invests in tech companies at any stage, offering extensive support and a network of experts to guide their portfolio companies to success.
  • Although it invests in a number of financial services, including unicorns Branch, FlyHomes, PeerStreet, Point, and Transferwise, Andreessen Horowitz is yet to hold investment in a publicly traded financial services company.

Research Strategy

Our research team used the corporate website of Andreessen Horowitz, along with finance media and business information resources such as CB Insights, in order to determine which of its investments were unicorns. We compared their portfolio to a comprehensive list of unicorns to identify non-unicorns. Investments in publicly traded companies were determined by exits made by IPO or DPO rather than acquisition.
Part
10
of fourteen
Part
10

Investor Questions: Wellington Management

Wellington Management focuses on almost all segments of the global capital markets and has about $1.1 trillion in managed funds. More information is provided in row 11 of the attached spreadsheet.

  • Frank Catrickes and Alyssa Irving are among Wellington Management's senior-most/executive portfolio managers which makes them principals investors.
  • Wellington Management has about $1.1 trillion in managed funds.
  • Wellington Management focuses on almost all segments of the global capital markets with a presence in over 60 countries. The company offers a diverse range of fund to offer investors the focus and flexibility to diversify their investment objectives.
  • Uber, WeWork, and Airbnb are among Wellington Management's unicorn investments.
  • Omada Health, Away, Satsuma Pharmaceuticals are among Wellington Management's non-unicorn investments.

RESEARCH STRATEGY

Data for the principal investors, size of funds, investment philosophy, investments in publicly-traded companies, investments in unicorn and non-unicorn companies was readily available. However, there was no readily available data on Wellington's investments in publicly traded companies. We, therefore, employed the following strategies to try to determine the missing information.

The research team began by exploring the identified companies that fit the other criteria (unicorn and non-unicorn) to determine which were publicly-traded, and which of those were in the financial services sector, if any. We profiled each of the initially-identified companies on company profiling sites such as Crunchbase and D&B Hoovers and determined that three were publicly-traded; however, none was in the financial services space.

The research team sought to identify additional publicly-traded companies as well as any that belonged to the financial services space. Therefore, we scoured through Wellington Management's website for any information on its investment portfolio in order to determine which were publicly-traded financial services companies. We also searched for the company's annual reports in the hope that it provides the required information. However, Wellington Management does not provide any information on its investment portfolios on its website. Also, it does not compile an integrated annual report but instead provides what it calls Impact Annual Reports for most of its regional businesses/subsidiaries including Wellington Management U.S. and Wellington Management UK, among others. This could be because Wellington Management is not obligated to share its financials as a private company. Even so, two subsidiaries (Wellington Management Luxembourg and Wellington Management Ireland) provide their annual reports, which list their investments in publicly-traded companies, including those that are in financial services sector.

While this was useful and relevant information, we still conducted further research to determine whether there is any information on Wellington Management's investment activities from financial media resources including Forbes and the Wall Street Journal and financial magazines including Bloomberg Markets and Global Finance, as well as general media resources. However, we only found information on Wellington Management's rankings, appointments, and performance in the investment world, among others. Therefore, the research team has provided the three identified publicly-traded companies that the company invests in, as well as the publicly-traded financial-services companies that its Luxembourg and Ireland subsidiaries invest in.
Part
11
of fourteen
Part
11

Investor Questions: Warren Buffet

Warren Buffett owns and runs Berkshire Hathaway, an international holding company that owns billions of shares in very large companies on the stock market. The information we found on Warren Buffett and his company were placed into this spreadsheet. A summary can be found below, as well as the strategy we used to find the answers we needed.

SUMMARY

RESEARCH STRATEGY

In our search for Warren Buffett's fund, our search confirmed that he does most of his investing through his company, Berkshire Hathaway, along with Charles Munger. We then looked at Berkshire Hathaway and found that it's classified as a holding company rather than an Investment Firm or a Fund. Hence, when searching for its fund size, we determined that looking at its total assets in management would be a better reflection. We used information from financial sites such as CNBC, Investopedia, Wall Street Journal, etc. to explain how Berkshire Hathaway does business. We were unable to find any non-unicorn investments, but this was expected as Mr. Buffett usually invests in mature companies that are performing well on the stock exchange. His first startup investment was to an Indian unicorn, Paytm, which happened in 2018. There has been no indication that he's made another investment like that since.
Part
12
of fourteen
Part
12

Investor Questions: Carlos Slim

Carlos Slim owns "Grupo Carso . . . [which] is a Mexican holding company." The vast majority of information about his investments didn't mention Grupo Carso, but rather was described as investments that he made (likely because he is such a prominent investor). All the available, requested information is included in the attached spreadsheet.

Carlos Slim

1. Key Principals

  • Carlos Slim is the key principal, though "his three sons, Carlos, Marco Antonio and Patrick Slim Domit have taken over the reins of the businesses."

2. Fund Size

  • As an individual investor, Carlos Slim's fund size is his net worth ($70.2 billion) because that's the amount of money he could choose to invest if he wanted to. Grupo Carso doesn't have a fund size because it's a holding company that operates many companies and thus isn't a typical investment firm.

3. Investment Philosophy

  • According to one source, "[a]nalysts suggest he [Carlos Slim] is trying to replicate his Latin American success on a global scale."
  • A journalist described Slim's investment philosophy in stating "Slim has an eye for money-losing companies that can be turned around, that is for sure."
  • Per Carlos Slim's personal website, "Grupo Carso focuses its growth and investments on the most dynamic sectors in the medium and long term, maintaining its flexibility and rapid decision-making."

4. Investments in Publicly Traded Companies

  • The companies below are publicly traded companies that Carlos Slim has invested in.

5. Investments in Publicly Traded Financial Services Companies

  • The companies below are publicly traded financial service companies that Carlos Slim has invested in.

6. 10 Unicorn Investments

  • "A unicorn is a startup company founded after 2003 which has a current valuation of more than $1 billion."
  • The vast majority of information we found about Carlos Slim's investments pertained to large established companies, not startups, that he has invested in.
  • The only unicorn company he invested in was Shazam. Though Shazam's valuation was listed at $1 billion (and not over $1 billion per the unicorn definition above), we included it as a unicorn because its valuation was within a dollar of constituting a unicorn company.

7. 10 Non-Unicorn Investments

  • The vast majority of information about Carlos Slim's investments pertained to large, established, and oftentimes publicly traded companies (not startups). Thus, there was little information about investments he made into non-unicorn startups.
  • The only non-unicorn startups we found that Slim invested in were Mobli and Miniso.
  • Due to the very limited information about non-unicorn startups, the following companies can still be categorized as non-unicorn because they aren't startups (and therefore can't be unicorns).

8. Interactions Between Carlos & Portfolio Companies' Management Teams

  • Carlos Slim has been directly involved in the actual management of some of his portfolio companies.
  • Carlos slim has also interacted with his portfolio companies' management teams by sitting on the board of directors for some of those companies.

Research Strategy

The only category of information that were was insufficient information about was unicorn companies that Carlos Slim has invested in. Though Slim has made a substantial number of investments, our research found that he tends to invest in large, established, and oftentimes publicly traded companies. As a demonstration of that, we were only able to find three true startups that he has invested in (Mobli, Miniso, and Shazam). Of those three, only one has a unicorn-level valuation (Shazam). We reviewed a significant number of sources in looking for additional unicorn companies that he has invested in by using three research methods. First, we reviewed numerous articles about Slim's investments from reputable sources such as Business Insider and Bloomberg, among others. Second, we utilized the investment database Fintel, which listed some of his investments, but there weren't any unicorns listed there, except for Shazam. As a third method, we reviewed Slim's personal website, but the investments listed there were ones we had already included.
Part
13
of fourteen
Part
13

Investor Questions: Prince Alwaleed Bin Talal

Prince Alwaleed Bin Talal is a Saudi Royal and investor who owns chunks of private and public companies in the U.S., Middle East and Europe. He owns these companies both personally and through Kingdom Holding Co. His investments include stakes in Lyft, Twitter, Citigroup and JD.com.

Key Principals, Fund Size & Investment Philosophy

Investments and Interactions with Management

Research Strategy

The research team referred to leading news publications as well as business information platforms to gather insights on the principals, fund size, investments and management interactions of Prince Alwaleed Bin Talal.

To find information on the publicly traded financial services companies and the unicorn investments of Prince Alwaleed, research was culled from several news sources. We also searched for information on various third-party market observers and research databases. None of the research conducted here indicated that Prince Alwaleed has investments in more publicly traded financial services or unicorn investments. One of our sources lists the prince's Kingdom Holding Company as having just one U.S. based investment, even though we are not sure that this is the case.
Part
14
of fourteen
Part
14

Investor Questions: Armancio Ortega

Amancio Ortega invests in real estate, especially office buildings. Our findings have been entered into row 15 of the attached spreadsheet. Explanations of how we approached the research have been outlined below.

HELPFUL FINDINGS

Amancio Ortega

Recent Investments

RESEARCH STRATEGY

We were unable to locate any companies Amancio Ortega has invested in. Thus, we input Inditex SA, the company where Ortega holds a 59% share, in column E of the spreadsheet. Our search determined Amancio Ortega exclusively invests in real estate, rather than companies. We determined this is the case after deploying the following search approaches:

First, we scanned the public domain, specifically searching credible publications and sources such as Forbes and Bloomberg, hoping to find lists of companies Amancio Ortega has invested in, or at least relevant mentions of companies the businessman holds shares in, but the available information focused on Inditex SA, the company where Ortega holds the majority of shares, as well as Pontegadea, the real estate and asset management company Ortega owns. Interviews with Amancio Ortega were searched, as well as public statements directly from the businessman, but it was uncovered that the individual does not engage in interviews and refrains from addressing the public.

Next, we shifted our focus to examine investments of the company Inditex SA. Our goal was to use investments from this company as a proxy for Ortega’s investments, since the businessman owns most of the company. We searched annual reports, third-party reports on the company, as well as the official website, however all we were able to find was information on company's social responsibility investments and investment in social welfare programmes in third-world countries.

We ultimately resorted to searching for investments of the company Pontegadea, hoping to find Ortega's investments through this company, since this is his investment company. Third-party reports were searched, with goal of finding this company's start-up or business investments. We also attempted to locate direct statements from the company surrounding investments they have made, or shares they hold, but couldn't proceed with this approach because search determined the company does not operate a proprietary website and is divided by location (Pontegadea Portugal, Pontegadea Miami, Pontegadea New York, among others). By examining third-party reports on the company, it was evident that, through this company, Ortega invests in real estate rather than companies.
Sources
Sources

From Part 01
From Part 02
From Part 04
Quotes
  • "Sequoia Capital China has raised a total of $3.1B across 31 funds"
Quotes
  • "We partner early. We’re comfortable with the rough imperfection of a new venture. We help founders from day zero, when the DNA of their business first takes shape. "
  • "Our team partners both with young companies finding their stride and established ones looking for step-function growth. We help organizations become enduring businesses."
From Part 12