Coatue’s most recent growth fund exceeds $6.5 billion
Coatue Management, a multi-strategy investor, has gathered at least $6.58 billion so far for its fifth growth investment strategy, potentially more from a feeder fund, as per regulatory filings.
Based in New York, the firm, known for its hedge funds and venture capital initiatives, disclosed that its Coatue Growth Fund V LP has attracted investments from 692 backers. Additionally, it reported a gross value of $3.21 billion for its Coatue Growth V Offshore Feeder Fund LP. Although the firm mentioned that the feeder fund is entirely invested in the growth fund, it did not specify if the reported amounts overlap.
Coatue has not responded to requests for comments. The firm reported managing approximately $59.45 billion in net client assets as of the end of the last year.
Furthermore, the firm has listed other entities that have raised funds for the Growth V strategy. These include Coatue Growth Fund V Private Investors LLC, which disclosed a value of $1.64 billion and 1,833 investors, and Coatue Growth Fund V Private Investors Offshore LP, which attracted nearly $1.22 billion from 976 investors, according to separate securities filings.
One investor in the strategy, Taiwan-listed Fubon Financial Holding Co., intends to commit to Coatue’s offshore feeder fund through its insurance unit, as per a regulatory filing in Taiwan. Fubon Life Insurance is set to invest $65 million in the Coatue growth fund, according to DealStreet Asia.
Established by brothers Thomas and Philippe Laffont in 1999, Coatue also stated in its latest annual report to the Securities and Exchange Commission that its fourth growth fund amounted to about $8.94 billion. The firm launched Coatue Growth Fund IV LP in 2019 and the fifth growth fund in March 2021.
The strategies primarily focus on mid- to late-stage private companies, and occasionally early-stage ventures, according to the firm’s most recent annual investment-adviser report.
Recent transactions 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, developer of enterprise applications used in marketing and sales.
Some of the capital in the growth strategies is sourced from investors’ hedge-fund accounts, as per Coatue. Approximately $78.9 million of hedge-fund capital has been committed to the fifth growth fund.