Former Soroban founder Kapadia has raised over $1 billion in committed capital for new firm XN

Raising money for a new hedge fund long was contingent on a host of in-person meetings. But a slate of managers are launching sizable startup funds despite complications wrought by the new coronavirus.

Hedge-fund manager Gaurav Kapadia has raised one of the biggest, with more than $1 billion in committed capital for his new firm, XN LP, according to people familiar with the firm. XN invests in stock markets as well as in private companies and is up 7.4% after fees since its July 1 start, according to a person familiar with the fund.