Wildcat Capital Management, originally established as the family office of billionaire David Bonderman, has invested over $200m in a new hedge fund, Whitebark Investors, which has been spun out of the firm under the leadership of Thomas McConnon.

McConnon, who previously worked for Wildcat, is now the Chief Investment Officer (CIO) of Whitebark.

“We are very pleased with the unique returns Tom has delivered for Wildcat over the past six years, and we are excited to invest with him going forward,” said Len Potter, Wildcat’s Chief Investment Officer, in a statement, without disclosing specific performance figures.

Whitebark Investors, based in Incline Village, Nevada, focuses on building a public equity portfolio with a long-term, high-conviction, global approach. The fund will aim to hold most positions for at least five years, according to a regulatory filing. Additionally, up to 25% of Whitebark’s capital may be invested in private companies expected to go public.

The firm operates with a flexible mandate, investing across various geographies, sectors, and company sizes, taking primarily long positions while incorporating limited short positions as well.

McConnon joined Wildcat in 2018, having previously worked at Indaba Capital Management and TPG Inc, the private equity giant co-founded by Bonderman. Wildcat now manages money for both Bonderman and external clients.