The latest additions to the Tiger Cub family: A new $1 billion Coatue spin-out and Stephen Mandel’s son’s new fund

The late Julian Robertson built a wide-ranging network in the hedge fund industry.

Jemal Countess/Getty Images

New hedge funds connected to the late Julian Robertson’s Tiger Management continue to launch.
Former Coatue executive Daniel Senft’s NX1 Capital has hired a former quant from his old firm.
Billionaire Lone Pine founder Stephen Mandel’s son, Benjamin, has launched his own fund, Fremen Capital.

Billionaire Julian Robertson died more than three years ago, but there are still new hedge funds being launched that can trace their lineage back to his legendary Tiger Management.

One of the biggest, soon-to-be additions to the Tiger family tree is Daniel Senft’s NX1 Capital, which is set to launch in January with at least $1 billion. Senft, the former head of public equities at Philippe Laffont’s Coatue, has begun making key hires, including an old coworker, a person familiar with the firm told Business Insider. Coatue ranks among the original Tiger Cubs, the now-famous network of Robertson’s proteges.

Former Coatue data scientist Alex Izydorcyzk, who led the manager’s short-lived quant effort, is joining Senft’s new manager, the person said. Izydorcyzk left Coatue in 2021 after the quant fund was shut down, Business Insider previously reported. According to LinkedIn, he had started his own data company, Cybersyn, which raised money from software provider Snowflake before it shut down last year.

Senft has also hired former Glenview Capital executive Mike Burke as his chief financial officer, according to LinkedIn.

Senft declined to comment through a spokesperson.

While Senft and former Viking CIO Ning Jin are the two biggest names to spin out from Tiger Cubs recently, smaller managers with Tiger ties are also hanging their own shingle. Alix Karlan’s Otter Rock is expected to launch this fall with $300 million, Business Insider reported.

One under-the-radar manager with an eye-catching pedigree is Fremen Capital, a fund started by billionaire Lone Pine founder Stephen Mandel’s son, Benjamin.

The younger Mandel, who previously worked for Tiger Cub Discovery Capital, recently filed his first ADV, a regulatory form required of asset managers of a certain size. The ADV states that the Connecticut operation has about $150 million in assets and employs just three people. The firm did not respond to requests for comment.

Despite returning external capital decades ago, Tiger Management’s brand has endured in the hedge fund space, in large part because of the extensive network of former Robertson’s employees who went on to become the industry’s top investors. These original Tiger Cubs include firms launched by Laffont, Mandel, Chase Coleman, Andreas Halvorsen, and more.

Nowadays, there are not many former analysts of Robertson’s starting their own fund, but the original cohort of spin-offs has spawned its own generation of launches, with Halvorsen’s Viking Global in particular serving as the launching pad for the industry’s next great stockpickers.

Read the original article on Business Insider

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