IN Silicon Valley, hedge funds with billion-dollar reserves are becoming the new venture capitalists.
Tiger Global, a US$20 billion investment firm started by Chase Coleman as a hedge fund, is one of three investors that has helped Nubank, a digital finance company in Brazil, raise tens of millions of dollars.
Lee Ainslie's US$10.5 billion hedge fund, Maverick Capital, is likewise dabbling in private start-up funding, as one of three investors in Vserv, a digital platform for mobile marketing and commerce in India and South-east Asia that has raised more than US$10 million.
Lending Club, an online marketplace that matches people who want to borrow money with people willing to lend it to them, counted...
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