Peloton backer Lee Fixel raises $1.2bn for new fund

Fixel led Tiger Global's investment in hot cycling tech company Peloton Interactive, which went public last September.

Peloton Interactive, IPO
Peloton employees celebrate the company's IPO on September 26, 2019. REUTERS/Shannon Stapleton,

Lee Fixel, who made a fortune for Tiger Global Management by investing in cycling tech company Peloton Interactive, has raised $1.2 billion for a new venture firm called Addition.

The New York firm raised the money quickly from 211 investors, with June 23 listed as the date of first sale for the debut fund, called Addition One, according to a regulatory filing.

The filing lists only two directors of the general partnership: Fixel, formerly a partner at Tiger, and Ward Breeze, whose LinkedIn bio describes him as general counsel for Addition. Breeze was previously an attorney for Gunderson Dettmer, where he worked in the Startups & Emerging Companies practice.

Addition plans to invest about one-third of its capital in early-stage companies and the remainder in growth-stage companies, according to a report in Forbes.

Fixel led Tiger’s investment in Peloton, which makes exercise bikes that are connected to an online fitness community. Tiger was the company’s largest shareholder when Peloton went public in September at $29 per share. The firm owned 46.7 million shares, or nearly 20 percent of the total, according to a Sept. 25 filing. Tiger’s shares were worth $2.8 billion based on a closing price of $60.25 on July 1.

Clarification: This article has been updated to clarify that Lee Fixel’s new firm is called Addition while the firm’s inaugural fund is called Addition One.