Hedge funds backing fewer tech startups
They are more circumspect because some of these companies have failed to live up to their billing
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IN recent months, venture capital firms (VCs) and mutual funds have become choosier about which technology startups they're prepared to back. Now hedge funds, after helping push valuations to dotcom-era heights, are getting more picky, too.
Last month, hedge funds participated in the fewest number of venture capital rounds in US tech companies since 2013, inking just two deals, according to research firm PitchBook Data Inc. Even Tiger Global Management LLC, an early backer of Facebook and LinkedIn with US$20 billion under management, has pulled back. Smaller firms are getting out altogether.
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