Cadian Capital Management

Eric Bannasch serves as the founder and portfolio manager with sole authority over all investment decisions. Bannasch previously spent over a decade at Perry Capital, where he led technology, media, and telecommunications investments before launching Cadian in 2007. The firm has not appointed co-portfolio managers or sector heads who independently manage capital — all position sizing, entry, and exit decisions remain centralized under Bannasch.

Cadian relies on proprietary fundamental research rather than sell-side consensus. The team conducts deep-dive analysis on public technology companies, often building relationships with management teams, channel partners, and industry experts to validate thesis points that are underappreciated by the broader market. The concentrated portfolio — typically 15 to 25 positions — reflects Bannasch's conviction that alpha comes from knowing a few names deeply, not from screening thousands.

Cadian is structured as a long/short equity fund, but its posture is predominantly long-biased. The short book serves both as a hedging mechanism and as a source of alpha on names where Bannasch identifies structural challenges or overvaluation in the technology sector. However, the firm's reputation has been built on its long positions, which it tends to hold for multiple years rather than trading around short-term catalysts.

Cadian has not publicly issued an exclusion list, but the firm's investment history demonstrates a consistent focus on technology, particularly enterprise software, cloud platforms, and internet businesses. It generally avoids sectors outside its circle of competence, including biotech, energy, and financials, except when those companies exhibit technology-centric business models or are undergoing software-driven transformations that fit Bannasch's analytical framework.

Cadian invests exclusively in publicly traded securities and does not participate in private co-investments, club deals, or pre-IPO rounds. The firm's mandate is confined to liquid public equities, where it can scale positions and manage risk through daily market pricing. This distinguishes Cadian from crossover funds that blend public and private technology exposure.