Lone Pine, Goldman Vets To Launch Fund In July

Mar 15 2012 | 2:45am ET

Two veteran Asia hands are set to launch their first hedge fund together—which they hope will raise at least US$1 billion—at the beginning of the third quarter.

Eashwar Krishnan and Tanvir Ghani's Tybourne Capital will make its maiden offering on July 2, Reuters reports. The Hong Kong-based firm will focus on long/short equity strategies, in particular on consumer names, financial, technology, media, telecommunications and industrials, with Krishnan as chief investment officer and Ghani as chief operating officer.

While Tybourne will focus on its home region, it will invest globally.

Krishnan was head of Asia at Lone Pine Capital, which will invest in the Tybourne management company but not its hedge funds. Ghani was head of capital introductions in the Asia-Pacific region at Goldman Sachs before leaving in November to join forces with Krishnan.

Goldman, like Lone Pine, will not be shut out of its former employee's new venture. It has been picked, along with Credit Suisse, as Tybourne's prime broker.

Tybourne will have a US$5 million minimum investment requirement, and hopes to sign between 70% and 80% of investors to terms of three-to-five years. In addition to an unusually high minimum for an Asian hedge fund, it's also to use an unusual fee structure for the region. Under Tybourne's "modified high-water mark," instead of waiving performance fees after losses, the fund will give investors a discount until it has made two-and-a-half times as much as the loss.

Krishnan and Ghani have hired at least 19 staffers for Tybourne.


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