$19 billion Lone Pine promotes Rahul Anne as 3 longtime investors exit with plans to launch their own funds

• $19 billion hedge fund Lone Pine has had several personnel changes on its investing team.
• The long-running Tiger Cub promoted Rahul Anne to the role of portfolio manager.
• The firm has also lost investors Sam Harland, Kevin Salimian, and Zachary Gleser.

Lone Pine, the $19 billion equity investment manager founded by billionaire Stephen Mandel Jr., has named its first new portfolio in more than a decade.

The firm promoted Rahul Anne at the start of the new year, according to a letter to investors seen by Business Insider. Investment decisions going forward will require a sign-off from a majority of Anne and co-chief investment officers David Craver and Kelly Granat, the letter states.

Anne is a 10-year veteran of the Connecticut-based hedge fund and previously worked at KKR and Goldman Sachs. His promotion coincides with the departure of three longtime investors from the firm, according to the letter.

Samuel Harland, Zachary Gleser, and Kevin Salimian have left Lone Pine to "start their own investment firms," the letter states. It's unclear exactly what the trio plans to do, though it is understood they are each operating independently, not creating a new entity together.

Harland, a former Tiger Global investor who led its Carvana investment, could not be reached for comment. Salimian, who joined Lone Pine in 2017 after stints at Eton Park and Viking Global, and Gleser, who worked at Viking Global before joining Lone Pine in 2018, did not return requests for comment.

Lone Pine, which made 23% in its long-short hedge fund in 2025, declined to comment.

Filling Mala's seat

After Mandel stepped aside in 2019, the management of the $19 billion firm's portfolio was taken over by three longtime employees: David Craver, Kelly Granat, and Mala Gaonkar.

Gaonkar then left the firm herself in 2022, eventually launching her own fund, and her spot among the investment team's leadership wasn't filled until Anne's promotion.

Developing the next generation of firm leadership was top of mind for Granat when she spoke on a 2024 podcast about taking over the manager after Mandel's retirement. The co-chief investment officer said, "If I'm in this seat in 10 years, that's probably not the best outcome for our LPs."

Anne appears to be one person Granat and Craver believe could one day ascend to a CIO role, though his focus at the start will be on managing the portfolio and the investing team, not the firm overall. He's not a member of the firm's five-person management committee, according to Lone Pine's website.

If Harland, Salimian, and Gleser do follow through on starting their own funds, they will join the broader Tiger Cub family tree, a massive web of hedge funds connected to late billionaire Julian Robertson, the founder of Tiger Management. Mandel, the billionaire founder of Lone Pine, was an analyst at Tiger before starting his own firm, making the new potential spinouts Tiger Grandcubs.

While a few Lone Pine launches have struggled to gain traction, Gaonkar's SurgoCap Partners is one of the hottest new funds in the industry and recently surpassed $6 billion in assets under management.

Another recent launch with Lone Pine connections is Mandel's son, Benjamin, who started Fremen Capital.