David Stemerman Shuts His Hedge Fund to Explore Run for Connecticut Governor
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Conatus manages $1.6 billion, down from $2.3 billion at start
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Flagship fund gained 18% this year; media fund up 24%
Hedge fund manager David Stemerman is closing his Conatus Capital Management after a decade to explore a run as the Republican candidate for governor of Connecticut.
As Conatus approaches the end of its tenth year, I have decided to pursue an opportunity in public service and will be winding down the firm in December,” he wrote in a letter to investors. “As I begin to evaluate the opportunity to serve as Connecticut’s next governor, I expect to form a candidate committee that will prepare to launch a campaign in 2018.”
Conatus, which now manages $1.6 billion, was the biggest start-up of 2008, when Stemerman, an alumnus of Steve Mandel’s Lone Pine Capital, raised $2.3 billion. Since inception through last month, his annualized return was 5.4 percent. His flagship fund has returned 18 percent this year, while his media disruption fund, which he started in April, climbed 24 percent…
David Stemerman Shuts His Hedge Fund to Explore Run for Connecticut Governor
