How $7 billion Maverick Capital values its private portfolio — and which unicorns have lost their luster

• A recent investor note from Maverick Capital reveals which private holdings have declined in value.
• The $7 billion Tiger Cub run by billionaire Lee Ainslie has a $1.4 billion venture-focused fund.
• Among its holdings are unicorns like India’s BYJU’s and Brazil’s QuintoAndar.

Maverick Capital was not immune to the private market turmoil that has devastated start-ups and venture capital returns.

The $7 billion Tiger Cub, led by billionaire Lee Ainslie, sent an update to investors that Insider obtained, detailing its venture bets since the beginning of 2021 — as well as what the firm values its holdings at at the end of the third quarter.

Maverick, like many private investors, has marked down some of its internal investments as higher interest rates put pressure on money-losing start-ups.

Maverick believes 11 of the 19 holdings listed are worth less than what they were valued at in their last fundraising round. According to the investor update, some companies have fallen precipitously in Maverick’s opinion.

Maverick has valued Indian education technology startup BYJU’s at $12.1 billion now, a far cry from the $22 billion it was valued at in 2022 when it became the country’s most valuable startup. Snapdocs and Clari, two American software companies, are each worth less than half of what they were in 2021 and 2022, respectively.

Maverick believes Snapdocs is no longer a unicorn, valuing the online mortgage processing company at $628 million. According to Maverick, Indian social media company Apna Time and German e-commerce startup Spryker Systems have also been demoted from unicorn status, with valuations of $870 million and $722 million, respectively.

Despite the overall market turmoil, Maverick, which manages a $1.4 billion venture and growth fund, is bullish on a few of its portfolio companies, even raising their valuations. QuintoAndar, a Brazilian digital rental marketplace, is now worth 20% more than when Maverick invested at the end of 2021. Vet supply e-commerce unicorn Vetcove is up roughly the same amount. Since 2021, the value of cybersecurity unicorn Snyk has been flat.

Maverick did not respond to requests for comment right away.