Highfields Capital Management LP is a hedge fund founded in 1998 which had assets of $12.1 billion in 2018. The annualized net returns during the firm's first 20 years were more than 10%.

Richard Grubman and Jonathon Jacobson met at an investment lunch in New York City in the early ‘90s and started a friendship. In 1998, they opened Highfields Capital Management LP together in Boston, Massachusetts.

Highfields has invested in publicly traded equities and private companies like Harry & David, Michaels, Genworth Financial, Microsoft and SLM Corporation; and other investments including reinsurance sidecars. Grubman and Jacobson gained attention and a large payoff when they bet against Enron before the 2001 bankruptcy. In February 2012, Highfields called for management change at CoreLogic, in which it had a 7.65% stake.

In 2010, Highfields was listed as having $10 billion of assets on January 1, 2010, 30th in The Hedge Fund Journal Top 50, up from $9.3 billion on July 1, 2009 and up from a 38th-place ranking in 2008.

In 2013, Highfields returned $2 billion to clients. As Jacobson wrote to investors, "we would rather be slightly smaller and generate better [returns]."

In October of 2018, Highfields announced in a letter that they would return all outside capital and would convert into a family office. In a third quarter letter to investors, Jacobson wrote, “Done correctly, money management is an all-consuming, 24/7 pursuit… After three-and-a-half decades of sitting in front of a screen, I realized I am ready for a change."

Over the 20 years between 1998 and 2018, Highfields only lost money in two years: 2002 and 2008.

Richard Grubman and Jonathon Jacobson co-founded Highfields Capital Management LP in 1998.