Hedge Funds: Lone Pine Hits the Jackpot
200% Gain on Afterpay Investment.
United States-based hedge fund Lone Pine Capital has hit a $56 million jackpot in profits on Afterpay. This firm made returns of over 200 percent on a $27 million investment in Afterpay shares. Its total proceeds exceeded $80 million in just a few months. Its investments were scattered across four funds — Lone Cascade, Lone Sierra, Lone Spruce, and Lone Redwood. The average price floated between $18 and $19 per share.
Afterpay — an Australian financial technology company — is now worth over $20 billion and has proven fruitful for investors. In June, the company rose by 224 percent. Many fund managers are eyeing this stock, though it could be a risky and divisive investment.
Luckily for Lone Pine Capital, many of its investors will benefit from the $56 million profit. Lone Pine Capital currently has $16.8 billion in assets under management. The firm is betting on other companies like Amazon, Paypal, alnd Atlassian. Lone Pine is a hedge fund headquartered in Greenwich, Connecticut. It has offices in New York City and San Francisco.
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