Tiger Global Management, Chase Coleman's more than $11 billion stock-focused hedge and private equity fund firm, is set to launch a long-only vehicle, according to two people familiar with the situation.
Specifics of the long-only fund, which has been planned for months, were not immediately available, but it features a lengthy time commitment by investors during which their funds cannot be withdrawn, according to a person with direct knowledge of the situation. The new fund will be run equally by three portfolio managers: Coleman, Feroz Dewan and Scott Shleifer.
Carolyn Sargent, a spokeswoman for Tiger Global at Rubenstein Associates, declined to comment.
The new fund adds to the firm's hedge- and private-equity fund offerings and echoes moves by other Tiger Management alums such as Lee Ainslie of Maverick Capital, Stephen Mandel of Lone Pine Capital and Andreas Halvorsen of Viking Global Investors in offering a broader suite of alternatives products to clients beyond the long/short hedge funds that made them brand-name investors.
(Read more: Big hedge funds are raking in cash)
Tiger Global had $6.2 billion in hedge-fund assets as of July 1, according to hedge-fund publication Absolute Return. The firm managed $11.2 billion including both hedge and private-equity funds as of January 1, according to its most recent Securities and Exchange Commission filing.
Coleman worked under Julian Robertson at Tiger Management as a technology analyst until the firm closed in 2000. Using seed money from Robertson, Coleman launched Tiger Global in 2001 and has quickly grown its assets — and his wealth. At just 38 years old, Coleman is now worth $1.4 billion, according to Forbes.
—By CNBC's Lawrence Delevingne. Follow him on Twitter .