Coatue’s latest growth fund surpasses $6.5 billion

REUTERS
REUTERS

Summary

  • The asset manager may have banked much more thanks to a feeder fund, filings show

Multistrategy investor Coatue Management has amassed at least $6.58 billion so far for its fifth growth-investment strategy and possibly more from a feeder fund, regulatory filings show.

The New York firm, which also operates hedge funds and venture-capital vehicles, said its Coatue Growth Fund V LP had collected capital from 692 investors. It also reported a $3.21 billion gross value for its Coatue Growth V Offshore Feeder Fund LP. The firm said in a filing that the feeder fund is invested entirely in the growth fund, without specifying whether the reported amounts overlap.

Coatue didn’t respond to a request for comment. The firm reported managing about $59.45 billion in net client assets as of the end of last year.

The firm also has listed other vehicles that have raised money for the Growth V strategy, including Coatue Growth Fund V Private Investors LLC, which listed a value of $1.64 billion and 1,833 investors, and Coatue Growth Fund V Private Investors Offshore LP, which had a total of nearly $1.22 billion from 976 investors, separate securities filings show.

One investor in the strategy, Taiwan-listed Fubon Financial Holding Co., planned to commit to Coatue’s offshore feeder fund through an insurance unit, according to a regulatory filing in Taiwan. Fubon Life Insurance is investing $65 million in the Coatue growth fund, according to DealStreet Asia.

Coatue, which was set up by brothers Thomas and Philippe Laffont in 1999, also said in its latest annual report to the Securities and Exchange Commission that its fourth growth fund had about $8.94 billion. The firm said it launched Coatue Growth Fund IV LP in 2019 and the fifth growth fund in March 2021.

The strategies focus on mid- to late-stage private companies, and in some cases early-stage businesses, according to the firm’s most recent annual investment-adviser report.

Recent deals involving Coatue include a $65 million investment in Michigan-based electricity-storage company Our Next Energy Inc., led by BMW i Ventures, and a $100 million Series C round that Coatue co-led for Tackle.io Inc., a Boise, Idaho, maker of enterprise applications used in marketing and sales.

Some of the capital in the growth strategies is drawn from investors’ hedge-fund accounts, Coatue said. It said about $78.9 million of hedge-fund capital has been committed to the fifth growth fund.

This story has been published from a wire agency feed without modifications to the text

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