在OpenAI向公众推出ChatGPT的一年前，Sam Altman曾致电Tiger Global Management创始人Chase Coleman，向他提出一个投资方案：以157亿美元的估值，成为这家初创公司为数不多的机构投资者之一。
A year before OpenAI released ChatGPT to the public, Sam Altman called Tiger Global Management founder Chase Coleman with a pitch: become one of the few institutional investors in his startup at a $15.7 billion valuation.
作为OpenAI的联合创始人兼首席执行官，Altman当时正在打造一个伟大的项目。
Altman, OpenAI’s co-founder and chief executive officer, was building something big.
五年后，OpenAI正在洽谈以1.4万亿美元的估值筹集300亿美元资金。据熟悉此事的人士透露，Tiger Global有望实现50亿美元的账面利润，这将成为该公司成立25年以来最重大的成功之一。
Five years later, OpenAI is in talks to raise $30 billion at a $1.4 trillion valuation, and Tiger is poised for a paper profit of $5 billion, making it one of the firm’s biggest wins since its founding a quarter-century ago, according to people familiar with the matter.
大多数其他主要投资者都是在2022年ChatGPT爆红之后才意识到OpenAI的潜力，而这也开启了当前的AI军备竞赛。
Most other major investors caught wind of OpenAI’s potential later, after the viral release of ChatGPT in 2022, which helped kick off the current AI arms race.
据这些人士称，Tiger Global于2021年同意投资1.5亿美元，并在此后多次增持其股份。不过，在OpenAI完成首次公开募股之前，这家投资公司还无法完全退出并实现盈利，而Altman已将IPO至少推迟到明年。
Tiger Global agreed to invest $150 million in 2021 and has added to its stake multiple times since then, the people said. The investment firm won’t be able to fully exit and realize gains until OpenAI’s initial public offering, which Altman has delayed at least until next year.
这些人士还表示，迄今为止，这一早期投资已为Tiger Global的对冲基金以及公私混合基金带来了显著回报：今年前九个月，这两只基金分别实现了9.4%和19.3%的增长。
So far, the early bet has boosted Tiger Global’s hedge fund and public-private crossover fund, which gained 9.4% and 19.3%, respectively, through the first nine months of this year, the people said.
该公司最新一轮风险投资基金中，OpenAI被视为其最大的投资之一。据透露，截至6月30日，该基金的内部毛回报率为65%，扣除费用后的净内部回报率为44%。这些人士在讨论机密细节时要求匿名。Tiger Global和OpenAI的代表均拒绝置评。
The latest vintage of the firm’s venture capital fund counts OpenAI as one of its biggest holdings. The fund has a gross internal rate of return of 65% as of June 30, and a net IRR of 44% after fees, they said, asking not to be identified discussing confidential details. Representatives for Tiger Global and OpenAI declined to comment.
这次成功的押注，某种程度上也帮助Tiger Global实现了“救赎”。2022年，由于利率上升重创初创企业，科技股暴跌、风险投资估值下调，该公司曾遭受重创，资产规模从1000亿美元骤降至500亿美元。
The winning wager represents a redemption of sorts for Tiger Global, which was stung in 2022 by a tech-stock rout and venture markdowns as rising interest rates crushed startups. The firm’s assets plunged to $50 billion from $100 billion.
老虎环球旗下多只基金出现亏损，导致管理层发生变动，并促使该公司回归其最初的策略：进行规模更小、更集中的投资，同时由科尔曼更直接地负责非流动性资产的投资。
Losses across Tiger Global’s multiple funds resulted in an executive shakeup and prompted the firm to return to its roots: making smaller, more concentrated wagers, with Coleman taking greater charge of illiquid bets.
作为这一策略的一部分，他亲自参与了公司最新设立的创业投资基金——Private Investment Partners 16。该基金规模达27亿美元，是该公司近十年以来规模最小的一只基金。据知情人士透露，除了OpenAI之外，该基金还投资了Anthropic PBC、Waymo以及人工智能初创公司Temporal Technologies Inc.。
As part of that push, he has been more hands-on with the firm’s latest venture fund, Private Investment Partners 16. At $2.7 billion, the fund is the firm’s smallest in about a decade. In addition to OpenAI, it also has stakes in Anthropic PBC, Waymo and AI startup Temporal Technologies Inc., people said.
目前管理资产约600亿美元的老虎环球，也是首家投资OpenAI的对冲基金。根据数据提供商PitchBook的信息，像Khosla Ventures这样的一些风险投资公司早在2019年就已投资，而Y Combinator以及亿万富翁Reid Hoffman和Peter Thiel等投资者则更早，大约在2015年便已介入。
Tiger Global, which now manages about $60 billion, was also the first hedge fund to back OpenAI. Some VCs like Khosla Ventures invested in 2019, while others like Y Combinator, and billionaires Reid Hoffman and Peter Thiel got in even earlier, around 2015, according to data provider PitchBook.
OpenAI的投资是老虎环球多年来最成功的投资之一。该公司2010年对京东的早期投资带来了超过65亿美元的利润，而2009年对Flipkart的投资则获得了35亿美元的回报。
The OpenAI investment ranks among Tiger Global’s most successful bets over the years. Its early investment in JD.com in 2010 resulted in a profit of more than $6.5 billion, while a 2009 wager on Flipkart led to a $3.5 billion gain.