Catenaa, January 25, 2026– Mala Gaonkar’s hedge fund, SurgoCap Partners, has rapidly scaled assets under management to about $6 billion just three years after its 2023 launch, marking one of the fastest expansions for a debut firm in recent history.
SurgoCap launched with roughly $1.8 billion, the largest-ever debut for a woman-led hedge fund, and has tripled that figure in a climate where many new entrants struggle to gain traction. Such growth underscores strong allocator demand for differentiated strategies amid cautious capital flows into hedge funds.
Gaonkar, a former Lone Pine Capital partner, has built the firm around a thematic, data‑science‑informed investment approach. Rather than chasing narrow tech bets, SurgoCap focuses on how technological innovation enhances traditional sectors like financials, healthcare, and industrials, a style that appears to resonate with institutional investors looking for diversified alpha.
The firm’s compact structure also stands out. Gaonkar has publicly embraced a deliberate small‑team philosophy, arguing that tighter collaboration can improve idea generation and execution, a contrast to the sprawling models of many large hedge funds.
Market analysts say SurgoCap’s growth signals a broader shift. With many pensions and endowments reducing new commitments amid liquidity constraints, allocators seem willing to back managers with clear, differentiated theses and strong track records.
Still, asset growth is not a proxy for performance. Investors will watch closely how SurgoCap manages capacity and liquidity as it scales. Larger funds often face pressure to maintain returns without diluting strategy.
SurgoCap’s milestone also highlights progress in an industry long dominated by legacy firms. A $6 billion platform within three years could make Gaonkar one of the most influential hedge fund leaders of her generation.
