Lone Pine’s co-chief investment officer to join early SpaceX backer Atreides

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Gavin Baker’s $15bn investment firm Atreides Management has hired Lone Pine’s co-chief investment officer Kelly Granat, marking a major shake-up for the three-decade-old hedge fund.

Granat will begin early next year as Atreides’ president and co-chief investment officer alongside Baker, according to multiple people familiar with the matter.

Atreides Management is a major tech investor that has made prescient bets on SpaceX and semiconductor group Cerebras Systems. Granat has been at Lone Pine, which today manages $20bn and was founded by Stephen Mandel in 1997, for nearly two decades.

Atreides and Lone Pine declined to comment.

Mandel is among the most successful of the so-called Tiger cubs that emerged from the Tiger Management hedge fund started by famed stockpicker Julian Robertson.

Lone Pine is one of Wall Street’s largest long-short hedge funds, which buy stocks they think will do well and bet against companies they think will underperform.

This is a developing story