Kelly Granat, co-Chief Investment Officer of Lone Pine Capital, is set to leave the $19 billion hedge fund to join Atreides Management, a firm founded by Gavin Baker and recognized for its early backing of SpaceX. Granat's departure marks a significant leadership change at Lone Pine, which recently promoted Rahul Anne to portfolio manager amidst the exits of three other long-time investors: Sam Harland, Kevin Salimian, and Zachary Gleser, who are planning to launch their own funds. Granat, who spoke in 2024 about the importance of developing new leadership, previously took over the management of Lone Pine's portfolio alongside David Craver and Mala Gaonkar after founder Stephen Mandel Jr. stepped back in 2019.
Atreides Management, which launched in 2019, operates as a "crossover" fund managing public long/short and private venture investments, primarily focused on technology and consumer sectors. As of Q2 2026, Atreides reported $14.3 billion in U.S.-listed holdings across 49 positions. Its largest disclosed position is Space Exploration Technologies Corp. (SPCX) at $4.7 billion, representing 32.6% of its reported value. Other significant holdings include Meta Platforms Inc. ($903 million) and Cerebras Systems Inc. ($842 million). The firm's Q1 2026 13F showed a reduction in its QQQ put hedge by 60% and increased positions in Astera Labs (doubled shares), Unity (nearly doubled shares), Roblox (tripled-plus), Rocket (70% increase), Amazon (39% increase), and Wayfair (64% increase), while exiting positions in companies like Pure Storage and Microsoft.
Gavin Baker, Atreides' founder, has a history of identifying promising private investments, starting with a Wi-Fi chip company in 2001 and later advocating for Fidelity's private investments in Facebook, Roku, Twilio, Redfin, SpaceX, and Uber before their IPOs. His long-standing conviction in SpaceX is evident, as Fidelity participated in SpaceX's Series G funding in 2015, and the company remains a significant private holding, currently valued at approximately $2 billion or about 4.7% of Fidelity's OTC Portfolio. Baker's investment strategy focuses on long-term themes, such as orbital computing and memory bottlenecks, with a notable interest in companies like xAI and AeroVironment, underscoring a consistent worldview across private and public investments.
