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Company type | Private company |
---|---|
Industry | Investment management |
Founded | 1993 |
Founder | Lee Ainslie |
Headquarters | , |
Products | Hedge funds, investments |
AUM | US$12.5 billion (2022) [1] |
Website | www |
Maverick Capital is an American hedge fund firm. It was founded by Lee Ainslie in 1993, who was a "Tiger Cub" under Julian Robertson at Tiger Management. [2]
It primarily invests in shares (avoiding bonds, commodities, currencies, and options), holding both long and short positions and buying what it thinks will beat the market. [3] It employs fundamental analysis and examines management closely. It examines companies for "good capital-allocation decisions", and especially how incremental returns on invested capital compare to the cost of capital. [4]
Maverick Capital was founded by Lee Ainslie in 1993, who was a "Tiger Cub" under Julian Robertson at Tiger Management, helped raise $38 million in capital by the family of Texas entrepreneur Sam Wyly. [2] From 1995 to 2014, the fund returned a compounded return of 13% annually. [5]
It started to diversify into young companies in 2004 under its flagship equities hedge fund (under David Singer). [5] In October 2014, Maverick announced that it would be hitting the startup scene by launching its first venture capital fund on January 1, 2015. [5] Many of its investments involve healthcare and biotechnology.
By the end of 2015, it carried over $6.9 billion in holdings. [6]
In 2006, Lee Ainslie mentioned "It’s quite frustrating as a shareholder that companies are not using cash more productively for their shareholders, whether by buying back stock or by issuing dividends". Lee Ainslie describes Maverick Capital as a traditional fund that puts greater premium on the value of its relationships with management teams than more "interventionist" hedge funds. [2]
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