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Hedge Fund
lonepinecapital.com

Investments

49

Portfolio Exits

13

Partners & Customers

1

About Lone Pine Capital

Lone Pine Capital LLC (LPC) is a privately owned hedge fund sponsor. The firm invests in the public equity markets of the United States. It employs long/short strategy to make its investments. Lone Pine Capital was founded in 1997 and is based in Greenwich, Connecticut.

Headquarters Location

Two Greenwich Plaza Suite 2

Greenwich, Connecticut, 06830,

United States

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Latest Lone Pine Capital News

Lone Pine Clients Pulled About $3 Billion in Span of a Year

Aug 28, 2023

Lone Pine Clients Pulled About $3 Billion in Span of a Year Katherine Burton, Bloomberg News , Source: Bloomberg reporting (Bloomberg) -- Lone Pine Capital clients withdrew an estimated $3 billion from its funds in the 12 months through June, even as investment performance at Steve Mandel’s firm rebounded from a bruising 2022. Clients pulled about $1.2 billion from Lone Pine’s Cypress hedge fund, or roughly 20% of the pool’s assets, according to investors and Bloomberg calculations. Redemptions from Lone Pine’s long-only Cascade fund totaled approximately $1.7 billion, or 16% of assets. Roughly two-thirds of the redemptions occurred in the second half of 2022, a year in which both funds incurred significant losses. The hedge and long-only funds tumbled 37.6% and 42%, respectively, for the share classes that include private investments. A spokesperson for the Greenwich, Connecticut-based firm declined to comment. It had been a tough few years for many equity hedge funds. Firms including Light Street Capital Management, Whale Rock Capital Management and Tiger Global Management all posted investment losses exceeding 40% over the previous two calendar years. Glen Kacher’s Light Street ended 2022 with $605 million under management, down from $2 billion at the end of the preceding year, as losses drove clients to retreat. Lone Pine, meanwhile, is off to a better start this year, with the hedge fund gaining 12% through July and the long-only fund surging 22%. Assets under management totaled $15.2 billion at midyear, including $4.75 billion in Cypress and $10.4 billion in Cascade. In July 2022, Lone Pine told clients that it was re-positioning its portfolio. The investment team led by Kelly Granat and Dave Craver said it was shifting toward “steady compounders,” while trimming growth stocks. It also reduced leverage, added to its short bets and increased stakes in some beaten-down equities, including high-end retailer RH, Taiwan Semiconductor Manufacturing Co. and Workday Inc. During this year’s second quarter, Lone Pine took new stakes in Live Nation Entertainment Inc. and Nvidia Corp., according to a regulatory filing. Mandel, 67, stepped back from day-to-day management in January 2019, though he still serves as a mentor and is involved in health-care investments. Despite last year’s losses, the hedge fund has produced annualized returns of 15% since inception, outpacing global stock markets and trouncing many peers. --With assistance from Hema Parmar. ©2023 Bloomberg L.P.

Lone Pine Capital Investments

49 Investments

Lone Pine Capital has made 49 investments. Their latest investment was in Airwallex as part of their Series E - III on October 10, 2022.

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Lone Pine Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/11/2022

Series E - III

Airwallex

$100M

No

37

4/21/2022

Series E

Convoy

$160M

No

3

1/27/2022

Series B

Skims

$240M

Yes

14

12/20/2021

Series F

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$99M

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10

12/16/2021

Series F

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$99M

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10

Date

10/11/2022

4/21/2022

1/27/2022

12/20/2021

12/16/2021

Round

Series E - III

Series E

Series B

Series F

Series F

Company

Airwallex

Convoy

Skims

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Amount

$100M

$160M

$240M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Sources

37

3

14

10

10

Lone Pine Capital Portfolio Exits

13 Portfolio Exits

Lone Pine Capital has 13 portfolio exits. Their latest portfolio exit was Klaviyo on September 20, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/20/2023

IPO

$99M

Public

1

6/17/2022

Reverse Merger

$99M

4

11/18/2021

IPO

$99M

Public

12

10/13/2021

IPO

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$99M

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10

7/21/2021

IPO

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$99M

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10

Date

9/20/2023

6/17/2022

11/18/2021

10/13/2021

7/21/2021

Exit

IPO

Reverse Merger

IPO

IPO

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

Public

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Sources

1

4

12

10

10

Lone Pine Capital Acquisitions

1 Acquisition

Lone Pine Capital acquired 1 company. Their latest acquisition was Torchy's Tacos on November 24, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/24/2020

Growth Equity

$99M

Acq - Fin

4

Date

11/24/2020

Investment Stage

Growth Equity

Companies

Valuation

$99M

Total Funding

Note

Acq - Fin

Sources

4

Lone Pine Capital Partners & Customers

1 Partners and customers

Lone Pine Capital has 1 strategic partners and customers. Lone Pine Capital recently partnered with SS&C Technologies on May 5, 2012.

Date

Type

Business Partner

Country

News Snippet

Sources

5/17/2012

Vendor

United States

SS&C Technologies, Inc. - Lone Pine Capital Selects SS&C's Form PF Reporting Services

WINDSOR , Conn. , May 17 , 2012 -- SS&C Technologies , a global provider of financial services software and software-enabled services , today announced Lone Pine Capital LLC has selected SS&C Technologies for its Form PF reporting solution .

1

Date

5/17/2012

Type

Vendor

Business Partner

Country

United States

News Snippet

SS&C Technologies, Inc. - Lone Pine Capital Selects SS&C's Form PF Reporting Services

WINDSOR , Conn. , May 17 , 2012 -- SS&C Technologies , a global provider of financial services software and software-enabled services , today announced Lone Pine Capital LLC has selected SS&C Technologies for its Form PF reporting solution .

Sources

1

Lone Pine Capital Team

2 Team Members

Lone Pine Capital has 2 team members, including former Managing Director, Kevin A. Carson.

Name

Work History

Title

Status

Kevin A. Carson

Managing Director

Former

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Name

Kevin A. Carson

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Work History

Title

Managing Director

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Status

Former

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