Altimeter Capital

In 2008, Brad Gerstner founded Altimeter Capital in Boston, Massachusetts.{{Cite web|last=Levy|first=Ari|date=November 8, 2013|title=Online-Travel King Brad Gerstner Wants Venture Capital Empire|url=https://www.bloomberg.com/news/articles/2013-11-07/online-travel-king-brad-gerstner-wants-venture-capital-empire?sref=V7Qo1rcL|url-status=live|access-date=July 7, 2021|website=www.bloomberg.com|archive-url=https://web.archive.org/web/20210709200546/https://www.bloomberg.com/news/articles/2013-11-07/online-travel-king-brad-gerstner-wants-venture-capital-empire?sref=V7Qo1rcL |archive-date=July 9, 2021 }} It was launched with less than $3 million from Gerstner's friends and family during the 2008 financial crisis. Prior to that, Gerstner worked at PAR Capital Management as well as General Catalyst.{{Cite web|title=Bradley Gerstner Investor Profile: Portfolio & Exits {{!}} PitchBook|url=https://pitchbook.com/profiles/investor/106264-36|access-date=July 7, 2021|website=pitchbook.com|language=en|archive-date=July 9, 2021|archive-url=https://web.archive.org/web/20210709190000/https://pitchbook.com/profiles/investor/106264-36|url-status=live}}

A month after the launch of Altimeter Capital, an office was opened in Menlo Park, California.

In 2013, Altimeter Capital closed its first venture capital fund at $75 million.

In September 2020, Altimeter Growth Corp was listed on the Nasdaq (Ticker: AGC) raising $450 million. AGC is a SPAC which is a blank-check company. In April 2021 it was announced that AGC would merge with Singapore ridesharing company, Grab to help it list on Nasdaq under the ticker, GRAB.{{Cite web|last=Lee|first=Yoolim|date=June 9, 2021|title=Singapore's Grab Delays Merger Completion to Fourth Quarter|url=https://www.bloomberg.com/news/articles/2021-06-09/singapore-s-grab-delays-merger-completion-reports-growth|url-status=live|access-date=July 7, 2021|website=www.bloomberg.com|archive-url=https://web.archive.org/web/20210609122143/https://www.bloomberg.com/news/articles/2021-06-09/singapore-s-grab-delays-merger-completion-reports-growth |archive-date=June 9, 2021 }}{{Cite web|title=Grab IPO: what to know and how to buy Grab shares|url=https://www.ig.com/en/news-and-trade-ideas/grab-to-list-in-the-us-via-largest-ever-blank-cheque-deal-210409|access-date=July 7, 2021|website=IG|date=April 21, 2021|language=en|archive-date=July 9, 2021|archive-url=https://web.archive.org/web/20210709185203/https://www.ig.com/en/news-and-trade-ideas/grab-to-list-in-the-us-via-largest-ever-blank-cheque-deal-210409|url-status=live}}

In January 2021, a second SPAC, Altimeter Growth Corporation 2 was listed on New York Stock Exchange (Ticker: AGCB) raising $450 million.{{Cite web|last=Schubarth|first=Cromwell|date=January 7, 2021|title=Bay Area's first IPO of 2021 raises $400M for an Altimeter Capital SPAC|url=https://www.bizjournals.com/sanjose/news/2021/01/07/altimeter-capitals-second-spac-ipo-raises-400m.html|url-status=live|access-date=July 7, 2021|website=www.bizjournals.com|archive-url=https://web.archive.org/web/20210107143055/https://www.bizjournals.com/sanjose/news/2021/01/07/altimeter-capitals-second-spac-ipo-raises-400m.html |archive-date=January 7, 2021 }}{{Cite web |title=SPACS Altimeter Growth II, One Equity Open Water I to liquidate early {{!}} Seeking Alpha |url=https://seekingalpha.com/news/3913723-spacs-altimeter-growth-ii-one-equity-partners-open-water-i-to-liquidate-early |access-date=December 3, 2022 |website=seekingalpha.com |date=December 2, 2022 |language=en}} It was terminated early in December 2022 due to its inability to secure a suitable merger deal.

For public markets, Altimeter Capital manages a long / short public equity fund that invests in technology companies.{{Cite web|last=Gaffney|first=Mark|date=October 6, 2020|title=Brad Gerstner's Altimeter Capital has an $8B profit on Snowflake. A new $450M tech SPAC. And annual 13F returns of 30% since 2011.|url=https://whalewisdomalpha.com/brad-gerstners-altimeter-capital-13f-returns/|access-date=July 7, 2021|website=WhaleWisdom Alpha|language=en-US|archive-date=July 9, 2021|archive-url=https://web.archive.org/web/20210709190346/https://whalewisdomalpha.com/brad-gerstners-altimeter-capital-13f-returns/|url-status=live}} The public equity fund is noted for its strong performance, averaging annual returns of 29.52% since 2011.

For private markets, Altimeter Capital manages private growth equity funds that invest in both early and later stage technology companies. Its first private fund was closed in 2013.

In January 2016, Altimeter Capital pressured United Continental Holdings to change its board of directors.{{Cite news |title=Investors push for board shake-up at United Continental Holdings |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/business/economy/investors-push-for-board-shake-up-at-united-continental-holdings/2016/03/08/4159607a-e563-11e5-bc08-3e03a5b41910_story.html |access-date=November 26, 2022 |issn=0190-8286 |archive-date=December 18, 2024 |archive-url=https://web.archive.org/web/20241218134503/https://www.washingtonpost.com/business/economy/investors-push-for-board-shake-up-at-united-continental-holdings/2016/03/08/4159607a-e563-11e5-bc08-3e03a5b41910_story.html |url-status=live }} Gerstner released a statement stating how investors were disappointed with the poor performance and decision making of the company in recent years. United Continental Holdings eventually gave in and changed its board of directors.{{Cite web |last=Wang |first=Christine |title=United was 'clumsy' at first in scandal, but eventually 'got it right,' investor says |url=https://www.cnbc.com/2017/05/08/united-was-clumsy-at-first-in-scandal-but-eventually-got-it-right-investor-says.html |access-date=November 26, 2022 |website=CNBC |date=May 8, 2017 |language=en |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126035417/https://www.cnbc.com/2017/05/08/united-was-clumsy-at-first-in-scandal-but-eventually-got-it-right-investor-says.html |url-status=live }}

In October 2022, Gerstner on behalf of Altimeter Capital wrote an open letter to Meta Platforms and its CEO, Mark Zuckerberg.{{Cite web |last=Leswing |first=Kif |title=Meta shareholder writes critical open letter saying company needs to slash headcount and stop spending so much money on 'metaverse' |url=https://www.cnbc.com/2022/10/24/altimeter-capitals-brad-gerstner-calls-on-meta-to-slash-headcount.html |access-date=November 26, 2022 |website=CNBC |date=October 24, 2022 |language=en |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126033310/https://www.cnbc.com/2022/10/24/altimeter-capitals-brad-gerstner-calls-on-meta-to-slash-headcount.html |url-status=live }}{{Cite news |date=October 24, 2022 |title=Meta Needs to Slash Metaverse Spending to 'Get Mojo Back,' Shareholder Says |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-10-24/meta-must-cut-metaverse-spending-to-regain-mojo-gerstner-says |access-date=November 26, 2022 |archive-date=December 17, 2022 |archive-url=https://web.archive.org/web/20221217175710/https://www.bloomberg.com/news/articles/2022-10-24/meta-must-cut-metaverse-spending-to-regain-mojo-gerstner-says |url-status=live }} In the letter, Gerstner criticized the company stating it had too many employees and was moving too slowly to retain investor confidence. He recommended reducing the headcount expense by 20% and limiting Metaverse investments to $5 billion per year. A few weeks later, Meta laid off over 11,000 employees.{{Cite web |last=Vanian |first=Jonathan |title=Meta laying off more than 11,000 employees: Read Zuckerberg's letter announcing the cuts |url=https://www.cnbc.com/2022/11/09/meta-to-lay-off-more-than-11000-thousand-employees.html |access-date=November 26, 2022 |website=CNBC |date=November 9, 2022 |language=en |archive-date=November 10, 2022 |archive-url=https://web.archive.org/web/20221110015006/https://www.cnbc.com/2022/11/09/meta-to-lay-off-more-than-11000-thousand-employees.html |url-status=live }}

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• 23andMe
• AppDynamics
• ByteDance
• Cazoo
• Epic Games
• Expedia
• FTX{{cite web |title=FTX Fiasco Hits Investors From Tiger Global to Tom Brady |url=https://finance.yahoo.com/news/ftx-fiasco-hits-investors-tiger-182658928.html |website=finance.yahoo.com |access-date=November 26, 2022 |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126115851/https://finance.yahoo.com/news/ftx-fiasco-hits-investors-tiger-182658928.html |url-status=live }}
• GitLab
• Grab
• HubSpot
• Julep
• MongoDB
• Namely
• OfferUp
• Okta
• Pine Labs{{Cite news|last=Bhakta|first=Pratik|title=Pine Labs: Actis, Altimeter put $82 million in Pine Labs to grow roots|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms|access-date=July 7, 2021|archive-date=July 10, 2021|archive-url=https://web.archive.org/web/20210710101830/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms|url-status=live}}
• Plaid
• Priceline
• Roblox Corporation
• Snowflake
• SoFi
• StockX
• Twilio
• Uber
• UiPath
• Unity Technologies
• Vroom

{{div col end}}

{{reflist}}

• [https://www.altimeter.com/ www.altimeter.com] (Company Website)
• [https://www.altimetergrowth.com/ www.altimetergrowth.com] {{Webarchive|url=https://web.archive.org/web/20210408093637/https://www.altimetergrowth.com/ |date=April 8, 2021 }} (Capital Markets Platform)

{{Hedge funds}}

{{Private equity and venture capital}}

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{{DEFAULTSORT:Altimeter Capital}}

Category:Financial services companies established in 2008

Category:Financial services companies based in Massachusetts

Category:Companies based in Boston

Category:Companies based in Menlo Park, California

Category:Hedge fund firms of the United States

Category:Venture capital firms of the United States