Jeff Wang, a former senior investment manager at Sequoia Capital, has raised more than $1bn for his new technology-focused hedge fund, Augnition Global Investors, making it one of the largest hedge fund launches of 2026, according to a report by Bloomberg.

The firm began trading in October with at least $570m in initial capital, according to a regulatory filing dated 30 September, with the remaining commitments expected to be drawn from investors over time. Approximately 45% of the disclosed starting capital came from internal sources.

Augnition will invest across public and private technology companies, with its initial fundraising including $25m for a vehicle targeting cybersecurity firm Cyera.

The launch comes during a challenging fundraising period for new hedge funds, as established multi-strategy platforms continue to attract a disproportionate share of investor capital.

Augnition is only the second hedge fund startup this year to secure more than $1bn, following NX1 Capital, founded by former Coatue Management investor Daniel Senft, which launched in January with $2.5bn.

Wang, 47, previously led Sequoia Capital's global equities business for a decade, during which the strategy generated annualised returns of 17% and grew assets under management from $600m to $9bn, according to figures he disclosed last year.

His investment experience includes late-stage positions in technology companies such as ByteDance, SpaceX, Stripe and Airbnb.

The substantial capital raised by Augnition highlights continued investor appetite for technology-focused hedge funds with established track records, despite increasingly difficult fundraising conditions for new managers.