Inside Jeff Wang's new fund Augnition Global Investors

Former Sequoia investor Jeff Wang is planning to launch Augnition Global Investors later this year. The new fund was the talk of Morgan Stanley's annual Breakers conference in Palm Beach, attendees said.

A person close to the firm said the fund will be a long-short equity investor that will also invest in private companies. Two conference attendees said they expect Wang to raise at least $1 billion.

Alan Lo, a longtime partner and director of operations at SRS Investment Management, is set to be Wang's number two. The same person said Wang and Lo are putting a considerable amount of their own net worth into the fund; Wang declined to comment.

Wang led Sequoia's global equities business for more than a decade. In a LinkedIn post he said the business had an annual average return of more than 17% and assets grew from $600 million to more than $9 billion. He is also part of the extended Tiger Cub network and previously worked at Tiger Asia and TPG.

jeff wang, augnition global investors, breakers conference, palm beach, long-short equity, private companies, raise at least $1 billion, alan lo, srs investment management, number two, considerable amount, declined to comment, sequoia's global equities business, more than $9 billion