Addition (investment firm)

Addition is an American venture capital firm based in New York City that invests in early and growth-stage technology companies.

Addition L.P.
TypePrivate
IndustryInvestment management
FoundedSeptember 2019 (2019-09)
FounderLee Fixel
HeadquartersPark Avenue Tower, New York City, New York, U.S.
AUMUS$7 billion (2022)
Websitewww.addition.com
Footnotes / references
[1][2]

Background

In March 2019, Lee Fixel, who was the Head of Tiger Global Management's private equity business, announced that he would be leaving the firm after 13 years with it. Fixel had played a significant role in expanding its private investment arm with successful investments in companies including Facebook, Spotify and Uber. Sources have stated that Fixel was tired of the decision-making process at Tiger Global Management where multiple partners had to approve each deal and that he would be unlikely to run the firm as the other partners were only several years older than him.[2][3][4][5][6][7][8][9]

In September 2019, Fixel launched his own firm named Addition. It is considered a Tiger Cub as it was spun out of one.[2][3][6][7][9]

In June 2020, Addition raised $1.3 billion for its first fund named Addition One Partners. A few months later, Addition raised $1.4 billion for its second fund.[3][4][6][7][8]

Addition is run by Fixel as the sole partner at the top and the final decisions at the firm will be made by him. It has a tradition management fee and carried interest structure. One third of its capital will go to early-stage investments while the rest goes towards growth-stage investments.[3]

Funds
Fund[4][8] Vintage Year Committed Capital (US$m)
Addition One[3][7] 2020 1,300
Addition Two 2020 1,400
Addition Three 2021 1,400
Addition Four 2022 1,500

Notable investments

References
  1. "Form ADV" (PDF). SEC.
  2. "Lee Fixel". Forbes.
  3. Konrad, Alex. "Meet Lee Fixel: Low-Key Investor Who Turned Bets On Flipkart And Peloton Into Billions —And Has A $1.3 Billion Fund To Do It Again". Forbes. Retrieved 2023-05-27.
  4. Chernova, Yuliya. "Lee Fixel's Firm Addition Plans a Third Fund". WSJ. Retrieved 2023-05-27.
  5. "Tiger Global's Private Equity Chief to Leave After 13 Years". Bloomberg.com. 2019-03-14. Retrieved 2023-05-27.
  6. Mittal, Aarzoo (2020-09-30). "Lee Fixel's VC firm 'Addition' leads $35 Mn round in Inshorts". Entrackr. Retrieved 2023-05-27.
  7. Kruppa, Miles (2020-06-25). "Former Tiger Global investor to raise $1.3bn". Financial Times. Retrieved 2023-05-27.
  8. Tariq, Qishin (June 16, 2022). "Lee Fixel's Addition seeks $1.5b raise for fourth fund". www.techinasia.com. Retrieved 2023-05-27.
  9. "Tiger Cubs, the Next Generation: Meet Chase Coleman's Proteges". Bloomberg.com. 2020-01-24. Retrieved 2023-05-27.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.