Illustration: Sarah Grillo/Axios

Lee Fixel is stepping down as the managing partner of Tiger Global, where he has helped lead successful investments in such "unicorn" companies as Facebook, Flipkart, LinkedIn and Spotify. The resignation takes effect at the end of June.

Why it matters: Fixel has been at the forefront of a revolution in growth equity investing, helping to create an environment where popular tech startups are able to remain private longer.

Below is a letter sent today to Tiger Global investors, and obtained by Axios:

"After thirteen years at Tiger Global, Lee Fixel will be leaving the Firm to embrace the next phase of his career and will not be an active part of Tiger Global’s investment team beyond PIP XI. His last day in the office will be June 30, 2019, but we are confident the partnership we have built will endure far into the future. Scott Shleifer and Chase Coleman will continue as co-portfolio managers of Tiger Global’s private equity business, and Scott will become Tiger Global’s Head of Private Equity. 
We are grateful for Lee’s innumerable contributions to Tiger Global since he joined the Firm in early 2006. Lee has been a driving force behind the expansion of Tiger Global’s private equity investing activities in the United States and India, and he has distinguished himself as a world-class investor across multiple sectors and stages. Lee expects to actively invest his own capital and may start an investment firm in the future. While we will miss seeing him in the office on a day-to-day basis, we look forward to collaborating closely with him in the years to come. Lee has been a great partner and friend to all of us and his impact on Tiger Global will be long-lasting.
Scott Shleifer co-founded Tiger Global’s private equity business with Chase in 2003 and has led many of our most important private investments around the world over the last 16 years. He has generated exceptionally high IRRs on the investments for which he has been responsible and has returned to investors a meaningful multiple of invested capital on his deals. We know that Scott will do an excellent job leading Tiger Global’s private equity business into the future, including PIP XII and beyond. Importantly, we have a very strong team who have been working with Scott and Chase for years and this evolution will create wonderful opportunities for them to thrive.
We are all very focused on honoring our commitment to generate superior returns in our PIP funds and remain focused on putting investor interests first. PIP XI is more than half invested, and we will all work together through the end of the fund to source new investments that can generate high, risk-adjusted returns. Lee will also assist in the management of certain existing portfolio companies for which he is responsible and will continue to serve on the boards of selected companies. We believe there is strong incentive alignment amongst all parties, as Lee has a substantial LP investment in each PIP fund and meaningful co-investments in many of the portfolio companies he sourced. In addition, he retains material economics in our PIP funds.
We remain committed to executing our core strategy, creating value and liquidity across our existing portfolio, and seeking out the most compelling new investment opportunities around the world. If you have any questions or would like to discuss this announcement further, please do not hesitate to contact any of us.

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