Friday, 26 December 2014
Last updated 2 days ago
Jan 22 2014 | 7:36am 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.