Lee Fixel’s Addition seeks $1.5b raise for fourth fund

Lee Fixel, former head of Tiger Global’s private equity business, plans to raise $1.5 billion for the fourth fund of his investment firm Addition, regulatory filings show.

Addition investor Lee Fixel. / Photo credit: LinkedIn

According to a filing with the US Securities and Exchange Commission, the duration of the VC fund’s offering will be under a year.

Addition’s debut fund raised US$1.3 billion in 2020, while its second fund secured US$1.4 billion in the same year. Its third fund also raised US$1.4 billion in 2021.

The New York-based VC firm invests in seed-stage, early-stage, growth-stage, and later-stage companies. It generally seeks to invest in the consumer products, consumer services, and information technology sectors in Asia.

According to data from Pitchbook, Addition has made 117 investments, with 74 companies in its portfolio and five exits. Its latest exit was India logistics startup Delhivery, which it poured US$125 million into since 2015. The company launched its IPO on May 11.

Fixel has returned about US$6 billion to Tiger Global with his aggressive investment approach. His notable deals include raking in US$3.5 billion in profits from US retail giant Walmart’s majority purchase of India’s Flipkart, as well as earning IPO proceeds from Spotify, Eventbrite, Tencent Music, and SurveyMonkey.

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