What impact has Tiger Global's recent behavior had on risk appetite and deal flow in the private market?

Some of the more uncomfortable conversations that we've had are with companies that raised in October or November at pretty crazy multiples, and now, want to do a secondary for their employees at that same price. Part of our job is also to manage expectations with those companies. We're not an open marketplace, both on the buyer- and seller-sides, so the worst thing that we can do is to work with a company which enables their employee to sell and then, does not actually find any buyers. We have to be quite picky. 

If you work with the right companies and have realistic expectations about what the price is going to turn out to be, overall, it will be okay. However, I’d definitely not be super confident to work with a company that raised four months ago at 500x ARR.