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Alternative Market Briefing

Hedge funds on the hunt for tech stocks on exchanges and secondary market

Monday, June 06, 2011

From Kirsten Bischoff, Opalesque New York:

Hedge fund Tiger Global took a large stake in LinkedIn stock late last week (hat tip to TechCrunch), according to a filing with the SEC. The firm now owns 4% of LinkedIn stock, and has also invested in internet firms Zynga, Facebook and Yandex (the most popular search engine in Russia ). According to research by TechCrunch, on the public markets, Tiger has recently bought stakes in Amaxon, Apple and Netflix. Tiger Global has $1 billion in commitments and is reportedly raising another $1.25 billion for a new fund.

With LinkedIn stock still up at $77 at Friday’s close, and the announcement of several more tech IPOs (Groupon, Pandora, and of course the inevitable Facebook IPO), hedge funds are definitely in the mix of tech-focused investors, even as those in and out of the financial markets try to assess for how long this bubble will continue to grow.

SecondMarket, which is home to shares of many tech firms still in early stages, and one of the few places where investors have been able to get their hands on pre-IPO shares of these companies, says that hedge funds have shown consistent interest in utilizing the second market to participate in growth of sectors like the tech story, and that 2011 is not different from the growth in previous years.

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