Key Takeaways
- • Kelly Granat, co-chief investment officer at Lone Pine Capital ($20bn AUM), is departing to join Atreides Management as president and co-chief investment officer alongside founder Gavin Baker, effective early 2027.
- • Atreides Management, a $15bn tech-focused hedge fund and early SpaceX backer with successful positions in Cerebras Systems semiconductors, is recruiting senior talent from established long-short platforms.
- • Granat's near two-decade tenure at Lone Pine, founded by Stephen Mandel (a prominent Tiger Cub from Julian Robertson's Tiger Management), represents a significant leadership transition for one of Wall Street's largest long-short hedge funds.
- • The move follows earlier departures from Lone Pine including senior investors Samuel Harland, Zachary Gleser, and Kevin Salimian, who left to establish independent investment firms, signaling notable attrition among the fund's senior ranks.
- • Both firms declined to comment on the transition, though sources familiar with the matter confirmed the appointment details.
Summary
Kelly Granat is departing Lone Pine Capital, where she has served as co-chief investment officer for nearly two decades, to join Atreides Management as president and co-chief investment officer. Granat will work alongside Atreides founder Gavin Baker beginning in early 2027. The move marks a significant leadership transition for Lone Pine, the $20bn long-short hedge fund founded by Stephen Mandel in 1997.
Atreides Management, which manages $15bn in assets, is known for its prescient technology investments, including early backing of SpaceX and a position in semiconductor company Cerebras Systems. The firm's hiring of Granat reflects its continued focus on securing senior talent to strengthen its investment and operational infrastructure. Mandel, Lone Pine's founder, is among the most successful Tiger Cubs—a cohort of hedge fund managers who emerged from Julian Robertson's Tiger Management and went on to establish prominent independent firms.
Granat's departure occurs amid broader personnel changes at Lone Pine. The firm has experienced recent departures of three senior investors—Samuel Harland, Zachary Gleser, and Kevin Salimian—who left to start their own investment firms. These exits underscore evolving dynamics within the hedge fund industry, where senior talent continues to migrate toward emerging platforms or independent ventures.
Lone Pine operates as a long-short hedge fund, maintaining positions in stocks the firm believes will outperform while simultaneously shorting companies expected to underperform. Neither Lone Pine nor Atreides has commented publicly on the transition, though multiple sources familiar with the matter have confirmed the appointment details.
Atreides Management, which manages $15bn in assets, is known for its prescient technology investments, including early backing of SpaceX and a position in semiconductor company Cerebras Systems. The firm's hiring of Granat reflects its continued focus on securing senior talent to strengthen its investment and operational infrastructure. Mandel, Lone Pine's founder, is among the most successful Tiger Cubs—a cohort of hedge fund managers who emerged from Julian Robertson's Tiger Management and went on to establish prominent independent firms.
Granat's departure occurs amid broader personnel changes at Lone Pine. The firm has experienced recent departures of three senior investors—Samuel Harland, Zachary Gleser, and Kevin Salimian—who left to start their own investment firms. These exits underscore evolving dynamics within the hedge fund industry, where senior talent continues to migrate toward emerging platforms or independent ventures.
Lone Pine operates as a long-short hedge fund, maintaining positions in stocks the firm believes will outperform while simultaneously shorting companies expected to underperform. Neither Lone Pine nor Atreides has commented publicly on the transition, though multiple sources familiar with the matter have confirmed the appointment details.
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