Investing

Q3 2025 Hedge Fund Roundup

Launches, Shutdowns, and Pivots

Richard Toad

12 Oct 2025 — 8 min read

Even though the Fund Primer is “completed” — and I can only promise an annual refresh (because updating it ad-hoc is insanely time-consuming) — I can’t help myself: I’ve been sharing key hedge fund headlines as they drop across my online presences.

With this article, I’m officially launching a new feature: a quarterly roundup of major hedge fund launches, shutdowns, and strategy shifts.

Since this is the first edition, I’ll be covering everything I’ve tracked since the start of the year.

Tiger Cubs

Viking Global lineage

Ex-Viking CIO Ning Jin's Hedge Fund Expected to Top $1 Billion in Debut - Bloomberg — Ning Jin

Former Viking Global CIO Ning Jin’s new fund, Avantyr, is coming together.

According to filings, the firm will launch with about 10 investment staff and will focus on TMT, consumer, financials, and industrials.

Jin has already recruited a strong group of ex-analysts and associates:

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ValueAct Capital

Jeff Ubben didn’t leave Fidelity because he was bad at the job. He left because he was too good at it—and the money wouldn’t stop coming in. He kept trying to shrink the number of names in his portfolio, but the fund kept getting bigger and positions

Q4 2025 Hedge Fund Roundup

Launches, Shutdowns, and Pivots

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"Going corporate" from public equity jobs? Not the straightforward move you think

If you have spent your whole career in public equity, whether on the sell side, at a hedge fund, a mutual fund or a family office, it feels natural to think going corporate should be easy. You know business models. You have built countless forecasts. You have talked to management