Atreides Management, founded by former Fidelity manager Gavin Baker and known for its early investment in SpaceX, has reportedly brought on Mala Gaonkar, who previously served as co-Chief Investment Officer at the prominent 'Tiger Cub' hedge fund, Lone Pine Capital. Gaonkar left Lone Pine in 2022 to launch her own firm, SurgoCap, which focused on technology investments.
This move comes as Atreides Management, named after the noble house in Frank Herbert's 'Dune,' has grown significantly since its launch in Boston in 2019. By March 2026, the firm oversaw approximately $7 billion across public, private, and crossover strategies, with its Q1 2026 13F filing disclosing roughly $4.1 billion in equities. Atreides is known for its crossover fund model, investing in both public long/short and private venture opportunities, particularly in technology and consumer sectors. Gavin Baker himself has a long history of private investments, including early stakes in Roku, Twilio, Redfin, SpaceX, and Uber during his time at Fidelity.
Lone Pine Capital, founded by Stephen Mandel Jr., has undergone its own significant transitions. After Mandel stepped back from day-to-day portfolio management in 2019, David Craver and Kelly Granat took over as co-CIOs. The firm faced a challenging period in 2022, with its long/short flagship fund, Lone Cypress, falling 47.1% and its long-only fund, Lone Cascade, dropping 51.6% from its September 2021 peak to June 2022. Firm assets decreased from about $30 billion at the end of 2020 to around $15 billion by mid-2023. However, Lone Pine has shown signs of recovery, with its long/short fund reporting returns of 20% in 2023 and 36% in 2024, attributed to a more diversified portfolio and a focus beyond high-growth tech names.
The reported hiring of Gaonkar by Atreides highlights a potential shift in talent within the competitive hedge fund landscape, bringing an experienced investor from a storied 'Tiger Cub' firm to a newer, rapidly growing fund with a strong focus on technology and private market opportunities like SpaceX. Atreides' investment in SpaceX dates back to Baker's time at Fidelity, where he instigated the OTC Portfolio's participation in SpaceX's Series G round in 2015, a stake that grew to approximately $2 billion by 2026, representing about 4.7% of the fund's assets.
