Lone Pine Raises $2B For New Hedge Fund

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.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note