Evidence indicates Sacks’ prediction largely came true.

1. Tiger Global’s late‑stage tech/enterprise SaaS portfolio was heavily marked down within 1–3 years. Tiger’s $12.7B Private Investment Partners 15 fund, launched near the peak in late 2021, reported a ~20% paper loss by end‑2022 after the firm decreased valuations every month of 2022. (inkl.com) Separate reporting shows Tiger marked down its venture funds’ valuations by about 33% ($23B) in 2022. (theinformation.com) Roughly a quarter of that megafund’s investments were in enterprise SaaS and related software businesses, meaning late‑stage SaaS was a core part of the portfolio that was written down. (benzinga.com)

2. Specific late‑stage SaaS names backed at high 2021 valuations saw materially lower marks. Prime Unicorn Index notes that ServiceTitan, a vertical home‑services SaaS company where Tiger Global was a key investor, was valued around $8.1B in a 2021 Series G led by Tiger/Thoma Bravo but later marked down to $5.8B in the index, a drop of roughly 28%. The same piece highlights broad markdowns in Tiger’s other large late‑stage tech holdings (Instacart, Databricks, Klarna) as part of the 2022 tech valuation reset. (primeunicornindex.com) When ServiceTitan finally IPO’d in December 2024, its public valuation (about $9B) was below its prior peak private valuation of ~$9.5B from 2021, showing no multiple expansion from the boom-era pricing even three years later. (reuters.com)

3. Market‑wide late‑stage SaaS/growth tech repriced sharply in the same window. CB Insights data reported by TechCrunch show that by Q2 2023, median valuations for Series D and later rounds had fallen about 60% year‑over‑year, with later‑stage deals suffering the steepest compression. (techcrunch.com) Additional coverage of Tiger’s PIP 15 fund notes that around 25% of its investments were enterprise SaaS, and that multiple positions across its private portfolio were marked down significantly, aligning with this broader late‑stage tech repricing. (benzinga.com)

Taken together—large Tiger-led 2021 SaaS financings (e.g., ServiceTitan) being marked down, Tiger’s flagship late‑stage tech fund taking sizable write‑downs, and a ~60% median valuation drop for Series D+ rounds across the market within about a year—show that valuations of late‑stage SaaS companies funded at high multiples pre‑2022 did decline materially over the subsequent 1–3 years. That matches Sacks’ prediction that “those valuations are going to come down.”