Light Street Capital, a California-based alternative investment firm focused on equity investments in the technology and media sectors, posted a 46% gain for its Mercury hedge fund in 2023, according to a report by Reuters.

The report cites a source familiar with the matter as revealing the long-short fund was up 45.7% over the year, having lost 54% last year, while the firm's Tungsten long-only fund performed even better with a 58% gain.

The firm, which has $680m under management, was founded by one-time Research Analyst and Consultant at Tiger Management and Managing Director at Integral Capital Partners, Glen Kacher, back in 2010.