Riley McCormack and Matt Hastings, two former senior lieutenants at technology- focused Coatue Capital, have joined forces to start their own hedge fund firm. New York-based Tracer Capital recently rolled out its first fund, which employs a technology-focused long/short equity strategy. The pair reportedly started the fund with somewhere between $50 and $70 million in assets.
Tracer will invest in technology, media and telecommunications companies across all market capitalizations. Investment ideas will be generated through fundamental research and heavy due diligence. The fund will have a total gross exposure of between 100%-150% and a net exposure of between