Sylebra Capital

Last updated

Sylebra Capital LLC
Company type Private
Industry Hedge fund
Founded2011(14 years ago) (2011)
Founders
  • Daniel Gibson
  • Jeff Fieler
Headquarters Palo Alto, California, U.S.
AUM US$4.7 billion (2024)
Website sylebra.com
Footnotes /references
[1]

Sylebra Capital LLC (Sylebra) is a hedge fund management firm headquartered in Palo Alto, California. The firm focuses on investing in mid-cap technology, media and telecommunications (TMT) companies.

History

Sylebra was founded by Daniel Gibson and Jeff Fieler who were previously investment partners at Coatue Management. It had a seed capital of $25 million. [2] The firm was originally based in Hong Kong. [3] Sylebra tells investors that its team is made up of old-fashioned stock pickers who are adept at shorting. [4]

From 2011 to 2016, Sylebra had an annualized return of 23%. [2] For the year of 2018, Sylebra had a return of 11% after making successful bearish bets on technology companies. [5]

In October 2019, Sylebra sued Ronald Perelman and his company Scientific Games Corporation. Sylebra accused Perelman of attempting to increase his control of Scientific Games by forcing Sylebra to sell its stock to the company It sought $290 million in damages blaming the stock's recent selloff on his mismanagement. [6] The lawsuit was eventually dismissed by the court. [7]

In April 2021, it was reported that Sylebra was making significant investments related to special-purpose acquisition companies (SPAC) such as Aeva. [8]

In early 2023, Sylebra moved its headquarters and key employees from Hong Kong to the U.S. It stated despite relocation, its investment strategy that held a low net exposure to lesser known stocks would not change. [3]

In March 2024, it was reported that Sylebra had a return of 22% with half of its gains coming from shorting. A quarter of those gains came specifically from shorting companies that went public via SPAC, a strategy that earned Sylebra $1 billion since the start of 2021. Prior 2024, Sylebra had returns of -1.9%, 22% and -35.1% in 2023, 2022 and 2021 respectively. [4] [9]

References

  1. ↑ "Form ADV" (PDF). SEC.
  2. 1 2 Bei, Hu (January 28, 2016). "Soros, Coatue Alumni Thrive in Two-Tier Hedge Fund Business". Bloomberg News.
  3. 1 2 Taub, Stephen (February 24, 2023). "Can a Tiger Change Its Stripes? Sylebra Capital Thinks So". Institutional Investor. Retrieved June 18, 2025.
  4. 1 2 Taub, Stephen (May 8, 2024). "Why Tiger Grandcub Sylebra Is Currently One of the Year's Top Performers". Institutional Investor. Retrieved June 18, 2025.
  5. ↑ Hu, Bei (January 7, 2019). "Hedge Fund Sylebra's Bearish Bets Pay Off Amid Tech Rout". Bloomberg News.
  6. ↑ Baer, Justin (October 23, 2019). "Perelman and Scientific Games Sued by Hedge-Fund Firm Sylebra". Wall Street Journal. ISSN   0099-9660 . Retrieved June 18, 2025.
  7. ↑ Leonard, Mike (December 18, 2020). "Perelman Sheds Hedge Fund's Scientific Games Appeal (Corrected)". Bloomberg Law. Archived from the original on March 27, 2023. Retrieved June 18, 2025.
  8. ↑ Hu, Bei (April 15, 2021). "Asia Hedge Funds Join SPAC Craze in Race to Back Next Grab". Bloomberg News.
  9. ↑ Griffin, Matthew (March 8, 2024). "Ex-Coatue Trader's SPAC Shorts Fuel 22% Gain for Tech Hedge Fund". Bloomberg News.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.