(Bloomberg) -- Tiger Global Management started out as a traditional stock-picking hedge fund that dabbled in venture investments. Now, after a tumultuous 2022, its startup bets outstrip equities more than ever before. That transformation helped the money manager weather its worst year on record, as Tiger Global’s traditional hedge fund lost more than half of its value. Its long-established venture unit grew exponentially over the past two years, insulating the firm from even steeper losses, as such private investments are less susceptible to declines in public equities or the short-term whims of clients.