#For the first time since its inception 10 years ago, hedge
fund legend Steve Mandel's Lone Pine Capital Management is
spawning offspring - and investors hope they are just the
beginning of a new family of so-called Lone Pine cubs.
David Stemerman is seeking to create another
multibillion-dollar firm around him, launching his Conatus
Capital Management on January 2 with as much $2 billion. Matt
Iorio is said to be aiming initially for slow, controlled
growth and fewer investors. He will begin trading his White Elm
Capital this month with about $250 million. Both funds will
follow bottom-up, global long/short strategies similar to
The close timing of the launches is apparently coincidental.
Both Stemerman and Iorio were ready to put their own...