The New Hedge Fund That Gained 60 Percent in Two Months

Suvretta’s new biotech fund is off to a flying start, while the main fund is also profitable.

(Bing Guan/Bloomberg)

(Bing Guan/Bloomberg)

Averill, a new long-short fund specializing in biotechnology stocks that began trading March 23 under the Suvretta Capital Management umbrella, surged 60 percent from the gate through the end of May, according to two investors.

The fund, led by Kishen Mehta, who has extensive experience in the biotech industry, is completely separate from Suvretta’s existing funds but uses the firm’s infrastructure, according to a Suvretta investor.

Averill specializes in small- and mid-cap biotech stocks, an area Suvretta’s main funds does not invest in.

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