Tiger Global buys 5.7% of Apollo shares

The investment firm purchased 10.7 million shares of the publicly-traded alternative asset manager.

Venture capital and hedge fund manager Tiger Global Management has purchased 5.7 percent of stakes in New York-based private capital firm Apollo Global Management, according to a person familiar with the matter.

Tiger Global's purchase was in 10.8 million of Apollo's Class A shares, according to Tiger Global's 4 April filing with the US Securities and Exchange Commission.

The total value of Tiger Global's ownership in Apollo was unclear. Tiger Global declined to comment.

Apollo has $192 billion in assets under management as of 31 December.

Apollo’s BRH Holdings held the majority share at 53.74 percent of total Apollo stock, as of 31 December, according to Morningstar. At the time, Tiger Technology Management owned 3.24 percent of Apollo's shares and the US’s largest pension fund, the California Public Employees’ Retirement System, held 5.63 percent, Morningstar data showed. 

At press time, Apollo’s stock had gone up 14 cents, or 0.57 percent, from the previous close, trading at $24.78 per share, giving the firm a market capitalisation of $4.69 billion, according to Yahoo! Finance.

Last month, Private Equity International reported Tiger Global had co-invested alongside The Carlyle Group in Indian e-commerce delivery company Delhivery in a transaction of more than $100 million. Tiger had previously backed the company’s $85 million Series D funding round in 2015.

New York-based Tiger Global, which manages $24 billion in assets according to PEI data, has two separate arms focusing on venture capital and public equity. Founded in 2001, the firm manages Tiger Global Private Investment Partners Fund series that target early-stage companies in North America, according to PEI data.

In November 2015, Tiger closed Tiger Global Private Investment Partners X on $2.5 billion, hitting its target. Limited partners in its earlier funds include The Pritzker Traubert Family Foundation, Canaan Partners, William K Warren Foundation, Denison University and Hatteras Investment Partners, according to PEI data.

Apollo was unavailable to comment.