Crossover hedge funds lost big in 2022. They are still launching in 2023.

Hedge funds investing in fast-growing public and private companies lost tens of billions of client money last year. This does not prevent more “crossover” funds from launching.

Mala Gaonkar, 53, former head of co-investments at Lone Pine Capital LLC, launched her New York-based crossover fund, SurgoCap Partners, on Jan. 3 with $1.8 billion, people familiar with her firm said. . Ms. Gaonkar’s launch was widely expected given her experience and marks the biggest startup ever created by a female hedge fund manager. Lone Pine, which Ms Gaonkar left about a year ago, lost 36% in 2022 in its flagship hedge fund.


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