Hedge fund Tiger Global Management’s biggest venture capital fund chalked up a paper loss of 18% at the end of September after the firm slashed valuations on multiple portfolio companies, according to a report by Bloomberg.

The report cites people familiar with the matter as confirming that the $13bn Private Investment Partners 15 fund marked down AI-powered email company Superhuman by 45% and cut its valuation for privacy search engine platform DuckDuckGo by 72%.

Bored Ape Yacht Club, a collection of non-fungible tokens, and NFT marketplace OpenSea, also saw big markdowns of 69%, and 94%, respectively, according to Bloomberg's sources.

News of the markdowns comes after Tiger Global last week informed investors that Scott Shleifer is stepping down from his role as Head of VC and transitioning to become a senior adviser, effective 1 January. Shleifer, who will remain a partner in the New York-based firm, reportedly made the decision so that he can stay with his family in Florida.