What Kingdon Capital does

Kingdon Capital Management, LLC is an employee-owned, founder-led alternative investment firm established by Mark Kingdon in April 1983 and headquartered at 152 West 57th Street in New York. The firm has been registered with the U.S. Securities and Exchange Commission as an investment adviser since March 2012 and manages approximately $640 million in assets as of March 1, 2023, across two core products: the Kingdon Global Long-Short Equity Strategy — a global, liquid equity book with additional exposures to credit, government securities, commodities and currencies — and the Kingdon Healthcare Strategy, which targets biotechnology and pharmaceutical investments across public and private markets and is designed to mirror healthcare positions held in the Global Long-Short Equity book. Approximately 60% of AUM represents internal capital, providing substantial alignment between the firm and external investors.

The firm operates with a lean staff of 22 employees, all based in New York, and serves two client personas: institutional investors (pension funds, endowments, foundations, family offices) and qualified high net worth individuals. Distribution is exclusively direct, conducted through a password-protected investor portal, periodic investor letters, monthly fund fact sheets, flash performance summaries, and individualized meetings and conference calls — the firm does not advertise publicly and gates access to investors with substantive pre-existing relationships. Revenue is generated through investment management fees on assets under management across its fund structures, which include Cayman-domiciled offshore vehicles (M. Kingdon Offshore Ltd., Kingdon Associates, Kingdon Healthcare), a U.S. domestic limited partnership (Kingdon Family Partnership, L.P.), and the regulated adviser entity itself.

The operational backbone relies on a set of core institutional service providers: Morgan Stanley Fund Services for fund administration (Dublin and Purchase, NY), Walkers Corporate Limited for Cayman legal and registered office services, PricewaterhouseCoopers for audit (Cayman and New York), and Seward & Kissel for U.S. legal counsel. The senior leadership team is long-tenured and concentrated, with Mark Kingdon serving as Portfolio Manager for both core strategies alongside a CFO (William Walsh, joined 1992), COO/General Counsel/CCO (Richard Weinstein), Head of Trading and Risk Management (Eric Kirby, CFA), and investor relations and client administration directors. The firm has not raised external funding, conducted acquisitions, or pursued IPO; it operates as a private, founder-controlled boutique hedge fund.

Name

Kingdon Capital

Legal name

Kingdon Capital Management, LLC

Website

https://kingdon.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

Kingdon Capital Management is an employee-owned, founder-led New York-based alternative investment firm founded in 1983, managing approximately $640 million across global long-short equity and healthcare-focused strategies for institutional and high net worth investors.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Mid-Cap Equity (Active) (FSAAAIAB)

akta.pro secondary industry

Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Hedge fund management
• Long-short equity
• Alternative investments
• Healthcare investing
• Investment advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Management Fees: Kingdon Capital Management generates revenue through investment management fees charged on assets under management for its alternative investment funds, including the Kingdon Global Long-Short Equity Strategy and Healthcare Strategy.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Kingdon Capital Management is an alternative investment firm that manages two primary hedge fund strategies: a Global Long-Short Equity Strategy (liquid global equities plus credit, government securities, commodities and currencies) and a Healthcare Strategy (public long/short equities and private biotech and pharmaceutical investments). The firm charges investment management fees and performance allocations on approximately $640 million of assets under management (as of March 1, 2023), serving institutional investors and qualified high net worth individuals.

Product overview

Kingdon Capital Management offers two distinct investment strategy products: the Kingdon Global Long-Short Equity Strategy and the Kingdon Healthcare Strategy. Both strategies operate within the firm's alternative investment platform, with the Healthcare Strategy designed to mirror healthcare investments made in the Global Long-Short Equity Strategy. The firm manages $640 million in assets under management (as of March 1, 2023) across these two strategies, with approximately 60% internal capital alignment. All 22 employees are located at the firm's New York headquarters.

Differentiator

Problem solved

Functional benefit

Brands

• Kingdon Global Long/Short Equity Strategy: Seeks to deliver attractive risk-adjusted returns over market cycles with a focus on diversification and active exposure management. The portfolio is mainly comprised of liquid, global equities with additional allocations to credit, government securities, commodities and currencies.
• Kingdon Healthcare Strategy

Products and services

• Kingdon Global Long-Short Equity Strategy Alternative investment strategy that seeks attractive risk-adjusted returns over market cycles through a portfolio mainly of liquid global equities, with additional allocations to credit, government securities, commodities and currencies; designed for institutional investors and qualified high net worth individuals.
• Kingdon Healthcare Strategy Investment strategy that seeks to maximize long-term absolute returns by investing long and short in public equities and selectively in private investments, primarily in biotechnology and pharmaceutical sectors across a wide range of market capitalizations; targets sophisticated investors seeking healthcare sector exposure.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Greenlight Capital: Founder-led long-short equity hedge fund of comparable AUM scale ($500M-$1B range) running concentrated fundamental equity strategies with significant founder capital. Highly comparable to Kingdon in structure, strategy mix, and investor base.
• Lone Pine Capital: Long/short equity manager running fundamental, research-driven global equity strategies with sector specialists. Comparable to Kingdon in long-short equity orientation and institutional LP base.
• Maverick Capital: Long-short equity hedge fund employing fundamental bottom-up research across global equities. Similar in philosophy, multi-cap mandate, and institutional investor focus to Kingdon's flagship strategy.
• Baker Bros. Advisors: Healthcare-focused long-short equity manager investing across biotech and pharma market caps with deep sector expertise. Directly comparable to Kingdon's Healthcare Strategy in mandate, sector focus, and biopharma private/public investment approach.
• RA Capital Management: Healthcare-dedicated crossover fund manager combining public equities and private investments across biotech and pharma. Closely comparable to Kingdon Healthcare on its public/private biotech blend.
• Karsch Capital Management: Founder-led long-short equity manager running a comparable AUM-sized fund with fundamental research orientation. Highly comparable to Kingdon in scale, founder centrality, and equity-only strategy.

Broad incumbents

• Viking Global Investors: Larger multi-strategy hedge fund with a core long-short equity book and additional strategies. Comparable in long-short equity orientation but operates at materially greater scale and with broader product set than Kingdon.
• Coatue Management: Established long-short equity manager with significant AUM and a technology/healthcare tilt. Comparable in long-short equity execution but operates at much larger scale and with broader sector exposure than Kingdon.
• OrbiMed Advisors: Healthcare-dedicated investment firm across public equities, private equity, and venture capital in biotech/pharma. Comparable to Kingdon Healthcare on sector focus and public/private blend, though larger and more diversified across fund types.

Emerging players

• HBK Capital Management: Multi-strategy hedge fund with significant long-short equity exposure. Relevant comparable as a peer that employs talent (e.g., Eric Kirby, prior Head of US Equity Trading) from Kingdon's orbit and competes for similar institutional capital.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/kingdon-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments17 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kingdon Capital