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Ex-Third Point trader’s £4m short against Jupiter’s Chrysalis signals bears are coming for unicorns

As markets plunge, short-sellers are targeting firms that invest in early-stage companies

By Trista Kelley
'Short-sellers seem to be shifting attention to an earlier part of the cycle. Now they're focusing on the public part of the VC market'
'Short-sellers seem to be shifting attention to an earlier part of the cycle. Now they're focusing on the public part of the VC market' Photo: Carl Court/Getty Images

Hedge fund Coltrane Asset Management unveiled a short position in UK investment trust Chrysalis Investments — a bet that is the latest sign short-sellers are targeting companies that invest in early-stage tech companies.

Coltrane is a New York activist fund run by Mandeep Manku, a Deutsche Bank alum and former trader at Dan Loeb's hedge fund Third Point. Jupiter Asset Management's publicly listed Chrysalis Investments invests in mostly unquoted firms.

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