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Who invests in Tiger Global, and what its TSM stake tells you
Research note · Updated Oct 2, 2026
Tiger Global Management is one of the world’s largest technology investors, and one of the biggest recent buyers of Taiwan Semiconductor (TSM). Its investor list is private, but public pension reports, foundation filings and press coverage name 17 outside investors, alongside the firm’s own partners and staff. Its long-run record is strong, its record since 2021 is not, and its TSM stake is one of several large technology bets.
Who is invested in Tiger Global
Every investor below is in Tiger Global’s private funds, called Private Investment Partners (PIP), which back startups. We found no named investors in its hedge funds, which disclose far less.
| Investor | Type | Fund(s) | Detail | Evidence | Source |
|---|---|---|---|---|---|
| Tiger Global employees | Insiders | PIP 15 | More than $1.5 billion of the roughly $12.7 billion fund | Press report | PE Insights |
| Chase Coleman and insiders | Insiders | PIP 17 | Named as the fund’s largest backers | Press report | Hedgeweek |
| Chase and Stephanie Coleman Foundation | Insiders | PIP 10, 11 | — | Database listing, unverified | PitchBook |
| CalPERS | Public pension | PIP 15 | $300 million commitment, Dec 2021; valued at $213.2 million as of June 30, 2025 | Own disclosure | CalPERS |
| CalSTRS | Public pension | PIP 10, 15, 16 | $100 million to PIP 15 and $50 million to PIP 16 | Own disclosure | CalSTRS |
| Sanabil Investments (Saudi PIF) | Sovereign fund | Not specified | Listed on Sanabil’s website, with no size or date | Own disclosure | Bloomberg |
| Duke University Employees’ Retirement Plan | Pension | PIP 4 to 9, 11 | — | Database listing, unverified | PitchBook |
| JPMorgan Chase Retirement Plan | Pension | PIP 5, 7 | — | Database listing, unverified | PitchBook |
| 3M Employee Retirement Income Plan | Pension | PIP 2 | — | Database listing, unverified | PitchBook |
| American General Life Insurance (AIG) | Insurer | PIP 5, 10 | — | Database listing, unverified | PitchBook |
| Hatteras Investment Partners | Fund of funds | PIP 6 | — | Database listing, unverified | PitchBook |
| Rockefeller Foundation | Foundation | Not specified | — | Press report | Fortune |
| Kraft Family Foundation | Foundation | Not specified | — | Press report | Fortune |
| Carnegie Corporation of New York | Foundation | PIP 5 | — | Database listing, unverified | PitchBook |
| Boedecker Foundation | Foundation | PIP 4, 5, 10, 11 | — | Database listing, unverified | PitchBook |
| Bainum Family Foundation | Foundation | PIP 11, 14 | — | Database listing, unverified | PitchBook |
| Douglas & Maria DeVos Foundation | Foundation | PIP 11 | — | Database listing, unverified | PitchBook |
| Berkshire Taconic Community Foundation | Foundation | PIP 14, 15 | — | Database listing, unverified | PitchBook |
| Dave and Cheryl Duffield Foundation | Foundation | PIP 15 | — | Database listing, unverified | PitchBook |
| Fuhrman Family Foundation | Foundation | PIP 16 | — | Database listing, unverified | PitchBook |
Own disclosure means the investor published it. Press report means a news outlet named the investor. Database listing, unverified means it appears on a public PitchBook fund page and we have not checked it against the underlying filing.
How the hedge funds have done
Chase Coleman founded the firm in 2001 with more than $25 million from Julian Robertson of Tiger Management. The hedge funds hold public stocks, including TSM.
| Year | Flagship hedge fund |
|---|---|
| 2020 | Made investors $10.4 billion, the most of any hedge fund that year |
| 2021 | -7% |
| 2022 | -56% |
| 2023 | +28.5% |
| 2024 | +24% |
| 2025, through July | +7.5% against +8.6% for the S&P 500 |
- By mid-2022 the losses had erased about two-thirds of the firm’s lifetime gains.
- As of July 2025 the hedge fund still needed a further 43% gain to get its investors back to even.
- We found no reliable full-year figures for 2025 or 2026.
How the private funds have done
| Era | Funds | Size of each | Result |
|---|---|---|---|
| 2003 to 2015 | PIP 1 to 10 | $99 million to $2.5 billion | 23% net annual return (IRR), and paid out more than investors put in, per Tiger Global |
| 2018 to 2020 | PIP 11, 12 | $3.75 billion | No public figures found |
| 2021 | PIP 14, 15 | $6.65 billion and $12.7 billion | PIP 15: -7.6% annual return with nothing paid out as of June 30, 2025, per CalSTRS |
| 2024 | PIP 16 | $2.2 billion | Up 33% in 2025 on OpenAI and Waymo, per Tiger Global |
| 2026 | PIP 17 | About $2.2 billion target | Still raising |
The small early funds did very well and the giant 2021 funds did poorly. The 23% and 33% figures are Tiger Global’s own, from letters to investors.
Tiger Global and Taiwan Semiconductor
- TSM was Tiger Global’s fourth-largest disclosed stock holding as of Q1 2026, at 8.2% of the portfolio, behind Alphabet, Nvidia and Amazon.
- In Q2 2026 it added about 1.84 million shares, taking the stake to roughly 5.57 million shares worth about $1.88 billion.
- It was not alone: 1,482 institutions added TSM shares in their most recent quarter and 1,228 cut their positions.
What the stake does and does not tell you
- It is a broad technology bet. The same portfolio holds Alphabet, Nvidia, Amazon, Meta and Broadcom, as many large funds do.
- The record cuts both ways. The same conviction in technology produced the 2020 gains and the 2022 loss.
- The filings are late and partial. Quarterly 13F reports arrive up to 45 days after the quarter ends and show only U.S.-listed holdings, not hedges, short positions or sales made since.
- A fund is not an individual. It can hold a large position inside a hedged portfolio and sell it in a day.
Tiger Global’s buying shows that one experienced technology investor likes TSM. The case for or against the stock rests on the company itself: its valuation, demand for AI chips, and the risks of manufacturing in Taiwan.
Limits of this research
- The named investors are a small slice of the total. Wealthy individuals, family offices and most endowments disclose nothing.
- The fund numbers shown for each investor are only the ones we could see; an investor may be in other funds too.
- Fortune reported that CalPERS’s $300 million went into the 14th fund. CalPERS’s own records say PIP 15, which we use here.
- University endowments are widely reported as investors, but we found none named.
Sources
- CalPERS: new private equity commitments and partnership report as of June 30, 2025
- CalSTRS: private equity portfolio performance
- Bloomberg: Sanabil reveals Tiger Global investment
- Fortune: How Tiger Global fell to earth
- PE Insights: Tiger Global closes $12.7 billion fund
- Hedgeweek: Tiger Global resets venture ambitions and hedge fund returns through July 2025
- CNBC: Tiger Global launches PIP 17
- Hedge Fund Alpha: Tiger Global portfolio
- Wikipedia: Tiger Global Management
- MarketBeat and Quiver Quantitative: TSM institutional activity
- PitchBook public fund profiles for PIP 2 through PIP 16
This is a research note built from public sources on Oct 2, 2026. It is not updated hourly like the rest of the site. Not investment advice.