nvestors in the venture capital giant Tiger Global Management are facing an 18% paper loss as of September’s end due to the firm reducing valuations for several portfolio companies, according to Bloomberg.

Notably, the fund slashed the valuation of AI-powered email company Superhuman by 45% and privacy search engine platform DuckDuckGo by 72%. Bored Ape Yacht Club, a collection of nonfungible tokens, and NFT marketplace OpenSea also saw reductions of 69% and 94%, respectively.

Tiger Global, overseeing $50 billion, experienced a 33% cut in venture fund valuations last year, causing a $23 billion decline; VC head Scott Shleifer steps down, becoming a senior adviser from January 1, citing a move to Florida with family.

The venture capital industry is grappling with challenges as startups contend with cash flow issues amid rising interest rates. Coatue Management also marked down valuations for OpenSea and other holdings.

Tiger Global’s valuation cuts signal industry challenges; VC changes and broader market shifts hint at caution amid startup cash flow concerns and rising interest rates.