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June 05, 2019  

Caffray Leaving Tiger to Pursue New Ventures

Gil Caffray is parting ways with Julian Robertson’s Tiger Management, where he spent a total of 15 years in senior-management roles.

Caffray, who for the past eight years served as chief investment officer, plans to leave Tiger at the end of the month to focus on two new business ventures. One is MPW Capital, an Abu Dhabi startup that provides outsourced capital-raising and investor-relations services to alternative-investment managers. Caffray is a director at MPW, which mainly functions as a conduit between investors in the Middle East and managers in the U.S.

At the same time, Caffray is working with another former Tiger executive to launch a private equity business in New York. The early-stage initiative still doesn’t have a name.

“Gil is a very talented individual whose loyalty and friendship I will always value,” Robertson said. “He has been a great asset in helping build Tiger’s seed portfolio over the past decade, and we wish him great success in his new role.”

Caffray first worked at Tiger from 1993 to 2000, serving as head trader when the New York firm operated a marquee hedge fund business. After Robertson converted the firm to a family office in 2000, Caffray teamed up with former Tiger colleague Philip Duff and Paul Ghaffari, formerly a portfolio manager at Soros Fund Management, to launch FrontPoint Partners.

FrontPoint had about $5.5 billion under management when Morgan Stanley purchased the business in 2006. Caffray spent three years at the investment bank as vice chairman of its investment-management division, then joined Tiger “cub” Touradji Capital as chief executive. In 2011, he returned to Tiger as chief investment officer, working closely with Robertson’s son, president Alex Robertson, on hedge fund-seeding deals.

Caffray said he finds it rewarding to seed and support young managers. “It’s fabulous to watch people go from a two-dimensional analyst to a three-dimensional portfolio manager to an actual business owner,” he said.

Julian Robertson, who is 86, has backed about 50 hedge fund launches over the years. While many of those firms subsequently bought out Tiger’s interest or shut down, the 20 or so remaining funds run a combined $33 billion-plus — with Tiger Global accounting for about two-thirds of the total.

MPW was founded last year by Chukri Moubarak, who previously spent 19 years in institutional-sales and wealth-management roles at Goldman Sachs, primarily in Dubai and London. His co-managing partners are Sherif Wahba, who spent 21 years at Goldman, and Shibu Punnoose, whose resume includes MSCI, Sanford Bernstein and Goldman.