Lone Pine Capital has promoted long-time investor Rahul Anne to portfolio manager, marking the first such appointment at the $19bn hedge fund founded by Stephen Mandel Jr in more than a decade, according to a report by Business Insider.

The promotion, effective at the start of the year, coincides with the departure of three senior investors – Samuel Harland, Zachary Gleser and Kevin Salimian – who have left the firm with plans to establish their own investment vehicles, according to a letter to investors. The individuals are understood to be pursuing separate ventures rather than forming a joint fund.

Under Lone Pine’s updated investment framework, portfolio decisions will now require approval from a majority of Anne and co-chief investment officers David Craver and Kelly Granat. Anne has spent a decade at the firm and previously worked at KKR and Goldman Sachs.

The move fills a senior investment role left vacant following the 2022 departure of Mala Gaonkar, who went on to launch SurgoCap Partners, now managing more than $6bn. Mandel Jr stepped back from day-to-day portfolio management in 2019, handing responsibility to Craver, Granat and Gaonkar.

Lone Pine’s long-short equity fund returned 23% in 2025. The firm declined to comment.