A Tiger cub's own cub is poised to raise $1 billion or more for his own hedge fund.
Richard Gerson, who left Blue Ridge Capital several months ago, plans to found his own firm and to launch his maiden hedge fund, a global equity strategy, early next year, Hedge Fund Alert reports. The new venture reportedly is backed by Blue Ridge founder John Griffin, a former Tiger Management money manager, with several Blue Ridge investors prepared to pony up for Gerson's next fund.
Gerson has been with Blue Ridge since its founding in 1996. He helped found the $6.8 billion firm's China-focused private equity unit.
Gerson has already hired a chief operating officer for his still-unnamed firm: Martin Byman, formerly Morgan Stanley's co-head of European prime brokerage.
The new hedge fund will be based in New York.