Key Takeaways
- • Jun Bei Liu launched Ten Cap, a new long-short equity hedge fund, with A$1.5 billion ($940 million) in initial capital, targeting Australian equities on the S&P/ASX 200 Index.
- • Ten Cap is co-founded and jointly led by Liu (Lead Portfolio Manager) and Jason Todd (Chief Executive Officer), with the firm structured as 100% founder and staff-owned.
- • Liu departed Tribeca Investment Partners after 20 years, where she had quadrupled assets under management for the Alpha Plus Fund, which she brought with her to Ten Cap.
- • The fund has set an ambitious growth target of A$3 billion in assets under management, effectively doubling its current size following the separation from Tribeca.
- • Liu has assembled an experienced investment team and plans to expand the Ten Cap product suite, including development of an active exchange-traded fund offering.
Summary
Hedge fund manager Jun Bei Liu has officially launched Ten Cap, a long-short equity strategy, with approximately A$1.5 billion ($940 million) in assets following her departure from Tribeca Investment Partners. The fund represents a significant move by Liu, who spent two decades at Tribeca building and managing the Alpha Plus Fund, which she successfully grew by quadrupling its assets under management before transitioning the fund to her new venture.
Ten Cap operates as a founder-controlled entity with Liu serving as Lead Portfolio Manager and Jason Todd, a former wealth management executive with experience at Macmillan and Commonwealth Bank, functioning as Chief Executive Officer. The firm is structured with 100% ownership retained by founders and staff, a governance arrangement designed to align incentives with investor returns. The fund's investment mandate focuses on long-short equity strategies targeting companies within Australia's flagship S&P/ASX 200 Index.
Liu has assembled an experienced investment team to support the fund's operations and has communicated an aggressive expansion strategy, setting a target of A$3 billion in assets under management—effectively doubling the fund's current size. Beyond the flagship long-short strategy, Liu has indicated plans to develop additional product offerings, including an active exchange-traded fund designed to broaden Ten Cap's market presence and product accessibility. The launch of Ten Cap has garnered significant attention within Australian asset management circles, positioning Liu's new firm within the competitive landscape of domestic hedge fund managers.
Ten Cap operates as a founder-controlled entity with Liu serving as Lead Portfolio Manager and Jason Todd, a former wealth management executive with experience at Macmillan and Commonwealth Bank, functioning as Chief Executive Officer. The firm is structured with 100% ownership retained by founders and staff, a governance arrangement designed to align incentives with investor returns. The fund's investment mandate focuses on long-short equity strategies targeting companies within Australia's flagship S&P/ASX 200 Index.
Liu has assembled an experienced investment team to support the fund's operations and has communicated an aggressive expansion strategy, setting a target of A$3 billion in assets under management—effectively doubling the fund's current size. Beyond the flagship long-short strategy, Liu has indicated plans to develop additional product offerings, including an active exchange-traded fund designed to broaden Ten Cap's market presence and product accessibility. The launch of Ten Cap has garnered significant attention within Australian asset management circles, positioning Liu's new firm within the competitive landscape of domestic hedge fund managers.
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