Sylebra Capital
| Company type | Private |
|---|---|
| Industry | Hedge fund management |
| Founded | 2011 |
| Founder | Daniel Gibson, Jeff Fieler |
| Headquarters | Palo Alto , United States |
| Products | Investment management, hedge funds |
Sylebra Capital LLC (Sylebra) is a hedge fund management company located in Palo Alto, California, with a focus on investments in mid-cap firms within the technology, media, and telecommunications (TMT) sectors.
History
Established in 2011 by Daniel Gibson and Jeff Fieler, who were previously partners at Coatue Management, Sylebra commenced operations with $25 million in initial funding. The company was originally based in Hong Kong and is known for combining classic stock selection techniques with skilled short selling.
From 2011 through 2016, Sylebra delivered an average annual return of 23%. In 2018, the firm recorded an 11% gain, largely driven by its short positions against technology equities.
In October 2019, Sylebra initiated legal action seeking $290 million in damages from Ronald Perelman and Scientific Games Corporation, accusing them of coercing the firm into selling its holdings amid allegations of poor management. The lawsuit was eventually dismissed.
By April 2021, the firm had expanded its stake in Special-purpose acquisition companies (SPACs), supporting entities such as Aeva.
At the start of 2023, Sylebra shifted its headquarters and principal personnel from Hong Kong to the United States, continuing its strategy of maintaining low net exposure while concentrating on lesser-known equities.
As of March 2024, Sylebra reported a 22% return year-to-date, with approximately half of the profits stemming from short selling—particularly targeting SPAC-related companies—a strategy that has yielded $1 billion since 2021. Previous yearly returns include -1.9% in 2023, 22% in 2022, and -35.1% in 2021.