Julian Robertson, the former hedge fund king of the Tiger Fund who has been retired and just managing his own money for the past 10 years, is (probably) re-opening Tiger to outside investors with his son and a former Goldman exec.
From the Wall Street Journal:
This month, Mr. Robertson hired a former Goldman Sachs executive, John L. Townsend III, as operations chief, and promoted the youngest of his three sons, Alex Robertson, to managing partner.
Alex, you might remember, is JR’s third son, the “mistake” that happened after one night in New Zealand with his wife. Robertson spoke about him in an interview last November.
Of course the “accident” is always just a loving joke and now, even more to the point, Alex has become his father’s business partner.
The new and re-vamped Tiger will likely be more like a fund of funds than a hedge fund, but JR is not making any concrete, confident announcements yet.
Right now, there are two likely futures for Tiger, a seeding fund and a fund of funds, both open to outside investors.
In a seeding fund, Tiger would allow outside clients to come in alongside Mr. Robertson and his team to help fund new or early-stage hedge-fund managers in exchange for a slice of their business. A more-common fund of funds would collect outside investors’ money and dole it out to Tiger-seeded managers, who would in turn invest it.
And to think it all started one wild night in New Zealand!