Blackstone, Rolls-Royce Bets Fuel 20% Gain for SurgoCap in 2023

Mala Gaonkar’s SurgoCap Partners — the largest woman-led hedge fund debut when it launched in 2023 — ended its first year of trading up about 20%, according to people familiar with the matter.

SurgoCap got a boost from bets on private equity giant Blackstone Inc. and UK manufacturer Rolls Royce Holdings Plc, two of the biggest contributors to the fund’s gain, one of the people said.

Shares of Blackstone gained 76% last year, while Rolls-Royce rallied more than 220%, compared to 24% for the S&P 500 Index. The PivotalPath Equity Sector Index — which tracks the performance of ...