Light Street Capital Management’s hedge fund tumbled 54% in 2022, according to a person familiar with the matter, one of the industry’s worst performances last year.
(Bloomberg) — Light Street Capital Management’s hedge fund tumbled 54% in 2022, according to a person familiar with the matter, one of the industry’s worst performances last year.
That drop rivals the 56% decline for Tiger Global Management, and is steeper than Lone Pine Capital’s 36% loss and Whale Rock Capital Management’s 45% slide.
Read more: Stock Hedge Funds Vaporize Billions With Another Year of Losses
All of those firms made wrong-way bets on tech stocks and were saddled with souring investments on private companies. Light Street’s six largest equity holdings as of Sept. 30 all fell by more than 41% last year. The Palo Alto, California-based firm also has a long-only fund, for which results couldn’t immediately be ascertained.
Last month, Light Street dismissed some employees who focused on private investments. A representative for Glen Kacher’s Light Street declined to comment.
The firm managed about $2.1 billion at the beginning of last year, according to a regulatory filing.
Click here for a list of the hedge fund industry’s 2022 results.
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