Hedge Funds Gorged on Startups, and Nobody Agrees on Their Value

For the full experience visit: Hedge Funds Gave Startups Billions. What Are They Worth?

The pain — and then the questions — kept coming last year as prominent hedge funds took turns marking down the value of their stakes in private companies. Every time they wrote down holdings by millions, or even billions, of dollars investors questioned whether they had gone far enough.

An exclusive Bloomberg News analysis offers a partial glimpse into one of the most opaque corners of the investing world, and the findings aren’t reassuring. In many cases, hedge funds and other money managers disagree over how ...