(Bloomberg) -- Light Street Capital Management’s hedge fund tumbled 54% in 2022, according to a person familiar with the matter, one of the industry’s worst performances last year. 

That drop rivals the 56% decline for Tiger Global Management, and is steeper than Lone Pine Capital’s 36% loss and Whale Rock Capital Management’s 45% slide.  

Read more: Stock Hedge Funds Vaporize Billions With Another Year of Losses

Those firms made wrong-way bets on tech stocks and were saddled with souring investments on private companies. The pain at Glen Kacher’s Light Street stemmed from stock wagers, with its six biggest equity holdings as of Sept. 30 all falling by more than 40% last year. 

Light Street’s hedge fund, which focuses on tech, media and telecom stocks, doesn’t invest in private companies. Those wagers are made through the firm’s Beacon funds. It also has a long-only fund. 

Last month, Light Street dismissed some employees who focused on private investments. A representative for Palo Alto, California-based Light Street declined to comment.

The firm managed about $2.1 billion at the beginning of last year, according to a regulatory filing. 

Click here for a list of the hedge fund industry’s 2022 results.

(Updates with firm’s stock wagers in third paragraph, Beacon funds in fourth.)

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