Tybourne Capital Management, one of Asia’s largest and most high-profile start-ups in recent years, is understood to have seen assets under management scale to $2 billion.
The rise comes on the back of the fund’s robust performance last year – which led to significant inflows of new capital from institutional and high-net-worth individuals, according to sources.
The Hong Kong-based long/short equity manager launched with $500 million in mid-2012 and delivered an impressive 16.04% return last year as its global portfolio gained from a strong rally across equity markets around the world, especially the US.
The strategy did well in 2013 from a number of its core positions, betting on US and Chinese stocks focused on four key sectors, including consumers and TMT.
Tybourne was established by Eashwar Krishnan, the former head of Lone Pine in Asia head – along with Tanvir Ghani, former managing director of Goldman Sachs Prime Services.
While the majority of Tybourne’s investment is in Asia, it also holds significant exposure to companies listed in the US. Its most recent filing with the SEC shows holdings in large American companies such as Amazon, Google, Mastercard, Pandora Media, Salesforce, Trip Advisors and Twenty First Century Fox – as well as in China auto marketer, Bitauto Holdings, and online Chinese travel website Ctrip.com.
The fund, which has a fairly long-duration investing approach, has several share classes with a variety of different lock-up periods.
The strategy’s 16.04% return is understood to apply only to a small proportion of the overall assets run by the manager, with investors on share classes with longer lock-up periods apparently enjoying larger gains.
The firm’s rise in assets to $2 billion is a reflection of the investment pedigree of Krishnan as well as Ghani’s wide network of contacts in the US.
It also signals a strong vote of confidence from global investors in institutional-quality, ‘second generation’ Asian hedge fund managers that have spun out on their own from top-tier firms.