Coatue Raises Over $2.3 Billion So Far for Growth Fund

Multistrategy investment firm Coatue Management has collected more than $2.33 billion so far for a private-equity fund it began raising last year, regulatory filings indicate.

In one filing on Friday, Coatue reported raising that amount for its Coatue Growth Fund IV LP from at least 272 investors.

However, the New York-based firm also reported raising at least $1.17 billion with three parallel investment vehicles. It is unclear whether the $2.33 billion includes any of the $1.17 billion raised by the parallel vehicles. A Coatue spokesman said the firm wouldn’t comment on or clarify information in the filings.

Adding the amounts reported would give the firm about $3.5 billion for the strategy.

One of the three parallel funds, Coatue Growth IV Offshore Feeder Fund LP, received a $50 million pledge from Hong Kong investment company Sun Hung Kai & Co., according to a public disclosure.

Some investors that backed Coatue’s latest growth fund also invest in its hedge funds and have opted to let the firm withdraw money from those accounts to meet capital calls for the private-equity strategy, the firm said in a filing with the Securities and Exchange Commission.

Coatue’s growth fund aims to invest in mid- to late-stage companies. The firm concentrates on investing in the global technology, media, telecommunications, health care and consumer sectors, according to its adviser filing.

Philippe P. Laffont founded Coatue in December 1999. The firm manages dozens of investment vehicles, SEC filings indicate, including hedge funds, venture- and private-equity investment pools.

In August, the firm led a $200 million investment round in plant-based food company Impossible Foods Inc. and acquired more than 11.6 million shares in Vivint Solar Inc. from Blackstone Group Inc. for about $250 million. More recently, Coatue participated this month in a $125 million in Series B financing for Hopin, a London-based live online events platform.

However, the firm doesn’t list any portfolio information on its website and news releases and regulatory filings concerning its investments don’t make clear which funds the firm used to finance these deals.

Source: WSJ

Can’t stop reading? Read more