Tiger Returns With Co-Seeding Fund

Apr 5 2011 | 11:55am ET

Ten years after closing his firm to outside investors, Julian Robertson is reopening Tiger Management.

The new Tiger will be something of a hybrid of the old Tiger and Robertson's activities over the last decade seeding new hedge funds, often founded by Tiger alumni. The firm hopes to raise $450 million for a co-seeding vehicle called the Tiger Accelerator Fund, which will invest in six so-called "Tiger cubs" already seeded by Robertson, AR magazine reports.

Three funds, Tiger Veda, Cacabel and Long Oar, will each get $100 million from Accelerator. Tiger Eye, Tiger Ratan and Teewinot will each get $50 million. The six funds have received a collective $230 million from Robertson.

The three larger funds are managed by Manish Chopra, Scott Sinclair and James Davidson, respectively. The smaller funds are helmed by Benjamin Gambill, Nehal Chopra and Michael Moriarity.

Half of the funds chosen due to a "belief in their merits and superior position for growth" are generalists, while Cacabel focuses on technology, telecommunications, financial and consumer goods, Long Oar on cyclicals and industrials, and Tiger Eye in natural resources, financials and industrials.

Tiger hopes to complete fundraising for Accelerator this summer. There is a $5 million minimum investment requirement and two-year lockup. In addition to investment gains, investors in Accelerator will get a share of the six funds' fee revenue.

Robertson, who has seeded about 40 hedge funds since his retirement in 2000, has been rebuilding his old firm for several months, hiring former Goldman Sachs executive John Townsend as chief operating officer and former Touradji Capital Management CEO (and former Tiger chief trader) Gil Caffray as chief investment officer.

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