Their old boss is still on the sidelines, but a pair of former Raptor Capital Management and Tudor Investment Corp. portfolio managers have launched their own hedge fund firm.

Rob Broggi and Carl Fantasia have founded Theory Capital Partners in Boston. The new long/short technology-focused hedge fund is the latest founded by Raptor vets and seeded by former Raptor chief James Pallotta.

Theory has raised at least $12.5 million so far, the Boston Business Journal reports.

The new firm will invest in large- and mid-cap names in information technology, media, Internet and telecommunications services.

Pallotta shuttered the newly-spun-off Raptor over the summer. While the longtime Tudor manager plans to relaunch the fund, he has spent his time off seeding funds launched by his former protégés. In September, he invested $10 million in Northern Pines Capital, a long/short fund founded by Patrick Dunn and Dan Schiff.