![]() ![]() Most notably, that has occurred in the private markets with a now-thriving growth stage strategy alongside carve-outs in fintech, climate tech, and beyond. An organization that began life as a long-short hedge fund has spent much of the last decade spinning up new investing practices. On the contrary, increased size appears to have bred greater agility, not less. ![]() Yet, as it has grown, Coatue has seemed to lose none of its nimbleness. One source I spoke with suggested its assets under management may now reach as high as $90 billion. Since Philippe Laffont founded the firm in 1999 with just $15 million, the crossover fund has expanded to a size that puts it among the giants of the financial world. The elephant can't match the mouse's darting run an eighteen-wheeler does not corner like a golf buggy - no tugboat turns on a dime.Ĭoatue is an unusual colossus. Size usually comes at the expense of agility. The compensation structure is also non-standard and may partially explain critical departures. It is notoriously cutthroat and aggressive. ![]() Though it has a fully-fledged private market practice, Coatue's internal culture has been lifted from Wall Street, circa 1985. Hedge fund norms are an uneasy fit with VC.Coatue founded a splashy conference to facilitate cross-cultural exchange: "East Meets West." It has applied lessons from that geography to Western businesses and visa-versa. Coatue was quick to recognize the potential of investing in Chinese tech. A global outlook can surface new lessons.Though some question its utility, it is favorably received by founders. In the years since, it has built a robust platform called "Mosaic" that surfaces credit card data, customer lists, and company comparisons. In 2014, Coatue began investing in data science capabilities. Data science offers an edge in private markets.Almost a quarter of a century into its lifecycle, the fund shows no signs of curbing its adventurousness. Though Coatue is one the biggest funds in the world, it has continued to experiment with its structure. Coatue is a more selective picker and leans on its internal research abilities. Tiger looks to index the private markets and relies on outsourced diligence. Though they are frequently compared, the two mammoth crossover funds run very different playbooks. If you only have a couple of minutes to spare, here's what investors, operators, and founders should know about Coatue. ![]()
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