Lone Pine Raises $2B For New Hedge Fund

Jan 22 2014 | 8:36am ET

Stephen Mandel's Lone Pine Capital has launched its first new hedge fund in a decade with $2 billion, a person with knowledge of the fund told FINalternatives.

Regulatory filings show Lone Pine raised $694 million for the onshore version of the Lone Tamarack Fund, which launched in January. The offshore version will account for the rest, said the source.

The new fund is a long/short equities strategy focused on stocks with at least $50 million in average daily trading volume. The fund  expects to hold 40 to 50 names at any given time and will have roughly 80% overlap with the Lone Pine's two existing long/short funds—Lone Cypress and Lone Kauri.

Greenwich, Connecticut–based Lone Pine now manages $22 billion in assets. Of that, $9 billion is in the two long/short equity funds while the bulk of the rest is in its long-only fund, Lone Cascade.

Mandel is one of the so-called “Tiger cubs,” having worked as a consumer analyst for Julian Robertson Jr.’s Tiger Management Corp. during the early 1990s.  He started Lone Pine in 1997 and launched Lone Cypress, his first fund, a year later.

A spokesman for Lone Pine declined to comment on the new fund.


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