Wednesday, 24 August 2016
Last updated 6 hours ago
Jan 6 2014 | 2:04pm ET
The brothers made famous by their battle over social-networking giant Facebook are expanding into hedge-fund seeding.
Winklevoss Capital, the family office set up by Cameron and Tyler Winklevoss, is backing a new hedge fund launched by a fellow Harvard University alumnus. Indeed, Aalap Mahadevia's Briarwood Chase Management is currently based at Winklevoss Capital's New York office, The Wall Street Journal reports.
It is unclear how much the Winklevosses are providing Briarwood Chase, although the firm is expected to debut this quarter with about $60 million in initial assets, focusing on global micro-cap stocks.
In addition to their Harvard connection, the Winklevosses and Mahadevia, a former Tiger Consumer Management analyst, are linked through Divya Narendra. Narendra and the brothers sued Facebook and founder Mark Zuckerberg for stealing their idea of the Web site, a dispute immortalized in the film "The Social Network." Narendra and Mahadevia later founded financial social-networking site SumZero, which the Winklevosses invested $1 million with last year.
Winklevoss Capital is funded by the reported $65 million Facebook paid to settle with the Winklevosses in 2012.