A $12.7 billion venture capital fund set up by New York-based hedge fund Tiger Global Management in October 2021 to support tech startups, has been hit hard by a decline in tech sector valuations with the fund suffering a 20% net loss as of December last year, according to reports.

A $12.7 billion venture capital fund set up by New York-based hedge fund Tiger Global Management in October 2021 to support tech startups, has been hit hard by a decline in tech sector valuations with the fund suffering a 20% net loss as of December last year, according to reports.

Tiger revealed the loss, which represents a significant increase in from the 8% decline reported in June 2022 and the 11% loss seen in September, in a note to investors. According to the Wall Street Journal, the firm had marked down the value of its VC investment by about 33% just a month earlier.

Some of the most notable losses include a $38 million investment in the now-bankrupt FTX and FTX.US as well as several crypto and Web3 investments, including MoonPay, Helium and Bored Ape Yacht Club.