Wednesday, 31 August 2016
Last updated 13 hours ago
Jul 24 2008 | 7:52am ET
Hedge fund Christie Street Capital is named for the local street in Menlo Park, N.J., where Thomas Edison had a lot of good ideas. Firm founders Greg Geiling and Andrew Berliner think they have some pretty good ideas, too, and they have the numbers to back it up.
Geiling, a former chief technology strategist at JPMorgan Chase, and Berliner, a former managing director at hedge funds Ark Asset Management and NorthStar Capital Funds, plan to raise several hundred million dollars for their two-year-old technology-focused hedge fund, which has returned almost 21% since inception, and is up 5.92% this year.
Christie Street is hoping to attract the interest of institutional investors and funds of hedge funds. The fund currently manages less than $50 million, all from family and friends.
According to marketing materials obtained by Reuters, the hedge fund aims to post 12% to 15% annual returns, shorting companies with products threatened by new innovations and going long on names with promising new technologies. Christie Street said its portfolio will hold between 40 and 60 technology names.
“Christie Street believes that there are a number of emerging innovations within the [technology, media and telecom] sectors that will result in significant market dislocations over the coming years,” the firm said in the marketing documents.