Hedge fund legend Julian H. Robertson Jr. might have closed the hedge fund family managed by Tiger Management LLC in 2000, but he has not stopped investing in top hedge fund talent.
Mr. Robertson and his family foundation, the $500 million Robertson Foundation, New York, have provided seed capital to many promising new hedge fund managers. The latest is Morgan Creek Capital Management LLC, Chapel Hill, N.C.
Morgan Creek and Tiger are forming Tiger Select Fund Management, which will offer a series of single-strategy hedge funds of funds, beginning with a long-short equity fund to launch July 1, said Mark W. Yusko, Morgan Creek's president, in an interview. The Robertson Foundation will provide seed investment for the first fund and will take a minority ownership stake in Morgan Creek. The size of the stake was not disclosed.
Some of Morgan Creek's staff will be based in Tiger Management's Park Avenue offices in New York, Mr. Yusko said. Mr. Robertson will not actively manage assets, but will make his "tremendous resources available to Morgan Creek — from networks of funds and investors to information sources. Julian truly knows everyone. If we need an introduction to a (hedge fund) manager in Russia, for example, Julian will know who to call. It will be a real partnership of intellectual capital," said Mr. Yusko.
"I am very thrilled to be associated with Mark Yusko," Mr. Robertson said. "He has a great deal of expertise in dealing with hedge fund managers. He knows the potential problem of adverse manager selection — a lot of good hedge fund managers don't want to be part of a hedge funds of funds. Mark knows how to handle this and how to get access to the best managers."