The Firm — History, Structure, AUM

Origins

Gavin Baker founded Atreides Management, LP in Boston in January 2019; SEC registration was approved May 3, 2019 (CRD #301152, SEC 801-115226).¹ Baker spent 1999–2017 at Fidelity, running the Fidelity OTC Portfolio from 2009 to 2017 (~$14.6 B when he left) and helping drive Fidelity’s pre-IPO venture push (Uber, SpaceX, Twilio) from 2013.² Fidelity fired him in October 2017 amid sexual-harassment allegations by a junior analyst, which he denied and litigated; both sides settled.³

The name is from House Atreides in Frank Herbert’s Dune — Baker is a vocal sci-fi devotee, and the theme runs through the fund lineup: the flagship Foundation Fund (Asimov), the Arrakis Fund (Dune again).

Launch scale, from the May 2019 Form Ds: ~$218MintheonshoreFoundationFundLPplus$90 M offshore — roughly $308 M at launch.⁴ There was no formal seeder, but Form ADV Schedule A lists James Star — former CEO of Longview Asset Management (the Crown family office affiliate) — as a 10–25% owner of the management company since July 2019 and non-executive chairman. The ADV also discloses managed-account relationships with Blackstone Alternative Asset Management’s directional platform and ABS Global Investments.¹

AUM Trajectory

As of	Regulatory / reported AUM	Source
May 2019 (launch)	~$0.3 B	Form Ds4
Jul 2022	~$3 B	Bloomberg5
Mar 2023	$3.87 B	Form ADV via Insider Monkey6
Mar 2025	~$5.5 B	Form ADV via AUM13F7
Dec 2025	$8.94 B RAUM (all discretionary, 47 pooled vehicles; 21% non-US investors)	Form ADV filed 2026-05-291

Headcount: 26 employees, 15 in investment/research (ADV, May 2026). Key people beyond Baker (Managing Partner/CIO, 75%+ owner of the GP): David Finn (CFO, since launch), Laura Malone (GC/CCO), Shane Sandoval (Head of Technology), Hilary Natoff (Head of Quality Growth), Neil Desai and James Stanzler (public equities + Atreides Ventures partners), Andrew Perlman (Head of ECM, Ventures partner), Peter Scully (Head of Trading).⁸

Fund Structures (Form ADV Section 7.B.1, May 2026)

Vehicle	Gross assets	Type
Atreides Foundation Master Fund LP	$6.22 B (12/31/2025)	Flagship crossover hedge fund (onshore + offshore feeders)
Atreides Private Opportunities Master Fund I, LP	$246 M	Drawdown venture/opportunistic vehicle (the 2022 “Arrakis” raise); Fund II began raising Apr 2026
Special Circumstances Fund, LLC, Series A–X	~$0.8 B sold cumulatively	Deal-by-deal private SPVs
Valor Atreides AI I L.P.	$759Msold($780 M per PitchBook)	AI venture JV with Valor Equity Partners
Atreides 150/50 Technology Fund	$124 M (3/31/2026)	New extended long/short public strategy (Jan 2026)
Atreides Low Net Fund	$4 M	New low-net public strategy (Jan 2026)

The January 2026 launch of the 150/50 and Low Net funds productizes the house style visible in the 13F: concentrated innovation longs run against index shorts (the structural QQQ put) rather than lower gross exposure.

Strategy

Atreides describes itself as bringing “a long-term perspective to technology and consumer companies across public and private markets.”⁹ In practice, per Baker’s own framing on Capital Allocators (March 2026): investing as “a search for truth best pursued through debate, intellectual honesty, and a willingness to be wrong,” executed as a TMT/consumer crossover — at every layer of the AI stack the key competitors are simultaneously public and private, so the firm underwrites both sides with one research team (~30 people, 100+ positions).¹⁰

Distinctive practices:

• Options as a first-class tool — index puts as the structural hedge, single-name calls for convex timing bets (NVDA twice, Unity/Roblox/Coherent/Pure Storage/GitLab in Q4 2025).
• Violent position sizing around stable theses (Astera Labs share count moved 62 k → 3.4 M in two quarters; Micron cut 92% then rebuilt 10×).
• Crossover flywheel — private positions (Astera Series C, CoreWeave, Chime, EquipmentShare, BitGo) become public positions at IPO.
• Rarely meets management — Baker at Sohn 2026: executives are “trained to disclose nothing”; the edge is in the supply chain and the data.¹¹

Performance (sparse public record)

Atreides discloses almost nothing publicly. The only firm-attributed figures in credible media:

Period	Figure	Source
H1 2022	Crossover strategy −11.5%	Bloomberg5
2025	~+47% public-private portfolio	GuruFocus aggregation of SpaceX-IPO-windfall coverage12
2026 YTD (Apr)	SpaceX position +19% (position, not fund)	same12

Third-party “performance” pages (HedgeFollow ~50% trailing twelve months) simulate the long-only 13F book and are not fund returns. The honest indirect evidence for a strong 2025: RAUM grew $5.5B\to$8.94 B in nine months while the flagship remained closed to nothing — fundraising alone is unlikely to explain it.

Footnotes

Footnotes

1. SEC IAPD — Atreides Management, CRD 301152; Form ADV PDF (amendment filed 2026-05-29, data as of 2025-12-31) ↩ ↩² ↩³

2. Atreides — Gavin Baker bio ↩

3. CNBC (Oct 13, 2017); Boston Globe (Oct 12, 2017) ↩

4. FormDs.com — Atreides Foundation Fund LP and Ltd ↩ ↩²

5. Bloomberg — “Gavin Baker’s Atreides plans opportunistic venture fund” (Jul 21, 2022) ↩ ↩²

6. Insider Monkey — Atreides Management ↩

7. AUM13F — Atreides Management LP ↩

8. Atreides — team page; Form ADV Schedule A ↩

9. atreidesmgmt.com ↩

10. Capital Allocators EP.489 (Mar 2, 2026) ↩

11. Hedge Fund Alpha — Sohn New York 2026 ↩

12. GuruFocus — SpaceX investment boosts gains for Atreides (2026) ↩ ↩²