"We further marked down the valuations of private companies in our portfolios, despite adequate cash positions and positive operating performance overall," the firm wrote.
Mr. Coleman is among several so-called Tiger Cubs — named for money managers who previously worked at Julian Robertson's Tiger Management — that have struggled this year as surging inflation, rising interest rates and war in Europe have crushed equity markets.
Tiger Global, with a bent toward tech stocks, was at the sharp end of the equity slump. Its bets include stakes in beleaguered used-car platform Carvana, whose shares have plunged 85% so far this year, and digital bank Dave, which has plummeted 93%. The fund also had positions in Netflix and Shopify, which have also cratered.
It's not the only Tiger Cub fund seeking to turn around a difficult start to the year. Steve Mandel's Lone Pine Capital posted a 7% gain for its hedge fund in July, following the broader market higher and paring its 2022 decline to 33%. In June, Philippe Laffont's Coatue Management broke even to hold its losses through the first six months of the year at 17%.