| SAN FRANCISCO
SAN FRANCISCO Tiger Global Management, a large private-equity and hedge-fund firm, has increased its investment in online ticketing start-up Eventbrite through a secondary transaction.
Tiger Global's private-equity and venture capital business, co-headed by Lee Fixel and Scott Shleifer, invested more than $30 million in the secondary deal, which closed in late May, according to a person familiar with the situation. The person did not want to be identified because the transaction was private.
Tiger Global made the secondary investment in Eventbrite just over a month after the firm led a full $60 million financing round for the start-up, headed by Silicon Valley entrepreneur Kevin Hartz.
Private secondary transactions are an increasingly common feature of late-stage venture capital financing. The deals allow existing investors, long-time and former employees of more-established start-ups to sell some of their shares to new investors, reducing pressure on the company to do an initial public offering.
Tiger Global was the only investor in the secondary deal, said Terra Carmichael, a spokeswoman at Eventbrite. She declined to disclose the specific amount Tiger invested. A Tiger Global spokeswoman declined to comment.
Tiger Global is known as one of the largest technology hedge funds, however the firm has been expanding aggressively into venture capital and other private technology investments in recent years. The firm backed Facebook (FB.O) and LinkedIn (LNKD.N) before those tech companies went public.
(Editing by Andrew Hay)