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The Greenwich, Connecticut-based Tiger Grandcub is extremely bullish on the company, despite the numerous controversies surrounding it.
Glade Brook Capital Partners has launched a new private fund designed to invest in one stock: Uber Technologies, the taxi and car-sharing service that can be accessed only from a smartphone app.
Greenwich, Connecticut-based Glade Brook said in a regulatory filing that it has raised at least $141.5 million for Glade Brook Private Investors V. This includes investments made by both U.S.-based and non-U.S. investors, according to the regulatory filing.
We recently reported that Glade Brook was one of three firms with roots in Julian Robertson Jr.'s Tiger Management Corp. that recently participated in Uber's $1.2 billion Series E financing. The other two were Stephen Mandel Jr.'s Greenwich, Connecticut-based Lone Pine Capital and Christopher Hansen's San Francisco-based Valiant Capital Management.
In a three-page offering document sent to clients and obtained by Alpha, Glade Brook lays out its astoundingly optimistic thesis for Uber, projecting exponential growth each year through 2018, when it expects revenue to exceed $35 billion. It projects the company to become profitable on a cash flow basis in 2016 and on a net income basis the following year. "We ultimately believe Uber could become one of the most valuable companies in the world," Glade Brook proclaims in the document.
This is not the first time Glade Brook -- founded by Paul Hudson, a former managing director at Chris Shumway's Shumway Capital Partners -- has created a fund to invest in just one stock. In August 2012 the firm formed...