Former Lone Pine Capital Director Launches $500 Million-Plus Tech Fund

Kevin Salimian, former managing director at investment firm Lone Pine Capital, has launched a new firm with more than $500 million in committed capital, according to a person familiar with the firm’s operations.

The firm, Voxel Capital Partners, will invest in 12 to 15 public companies in AI infrastructure, semiconductors, software, payments and other tech businesses and will cap its assets at $1 billion, the person said. The cap is unique at a time when deals, companies and funds are getting larger and more concentrated. Voxel first filed disclosures with the Securities and Exchange Commission earlier this month and hasn’t publicly disclosed any investments, though Salimian talked up German semiconductor firm Infineon at the Sohn New York Conference in May.

The firm will only hold long positions in its companies, a departure from Salimian’s previous role, which included both long and short bets. The new firm plans to hold investments for long periods rather than sell off in anticipation of cyclical changes to sectors like semiconductors, this person said. Salimian left Lone Pine, one of the well-known “Tiger cub” hedge funds, in February, a few months after Lone Pine launched a concentrated, long-only fund of its own. He previously worked at hedge fund Viking Global and private equity firm TPG.