$2.5 billion hedge fund Valinor Management, part of the sprawling web of Tiger Management cubs, is liquidating

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  • Tiger Cub hedge fund Valinor Management is winding down its operations, Business Insider has learned. 
  • The fund, which is based in New York, notified vendors it was terminating relationships with them on Tuesday night via an email seen by Business Insider.
  • The email stated the hedge fund “has determined to begin the process of winding up its business operations and liquidating the funds’ portfolios.”
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Valinor Management, a New York-based hedge fund created by an alumnus of the prestigious Tiger Management, is winding down its fund, Business Insider has learned. 

The New York-based firm oversaw $2.5 billion in assets on behalf of six clients, according to its last regulatory filing at the end of March. 

Valinor sent an email to vendors on Tuesday evening notifying them it “has determined to begin the process of winding up its business operations and liquidating the funds’ portfolios.”

The firm declined to comment through a spokesperson.  

The hedge fund industry was slammed by never-before-seen market volatility in March, but hasn’t seen many notable closures during the pandemic.

Credit Suisse earlier this year liquidated a $519 million quant hedge fund after a tough stretch for quant managers, and some credit funds halted redemptions after many faced margin calls from their lenders, but this is the first reported closure of a fund of Valinor’s size and stature.  

See more: We mapped 4 generations of Tiger Management’s hedge fund descendants: here’s the quarter-trillion-dollar web of cubs

The email, which was seen by Business Insider, came from the address of Owen Schmidt. According to his LinkedIn, Schmidt is a partner, general counsel, and chief compliance officer at Valinor, and joined the fund in July 2018. David Angstreich, the chief operating office and chief financial officer at Valinor, according to his LinkedIn, was also CC’d on the note. 

The email indicated no specific timeline around when the fund would official close, beyond adding that “this process will take some time.”

Valinor was founded in July 2007 by David Gallo, who ran a fund that focused on fundamental investing in equities. Gallo previously was a partner at Bridger Capital and worked at Francisco Partners after he spent four months as an analyst at Tiger, per his LinkedIn.  

Bridger Capital is run by Roberto Mignone, who previously worked at Blue Ridge Capital Management, founded by John Griffin, a disciple of billionaire and Tiger Management founder Julian Robertson.

Partner Seth Cohen, who joined the firm from Blackstone, oversaw another Valinor fund that invested in small private companies, with investments between $5 million and $20 million, per an annual filing with the SEC.

“We are of course disappointed to be sharing this news, but we are deeply appreciative of all of your help and support over the years,” the email read.

Read more: 

  • Coatue’s $350 million quant hedge fund pulled money out of the market in a move that exposes the dangers of data-driven trades
  • Credit Suisse just shut down its $519 million computer-run QT Fund after a month from hell for quants

Read More

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