Coatue Management, a hedge fund that has invested heavily in tech startups during the pandemic, is raising $1 billion to fund companies focused on AI, Bloomberg reported Monday.
The funding, which will add to the company’s flagship fund, will be raised mainly from institutional investors. However, high-net-worth individuals with accounts at brokerage firm Raymond James and Associates could also invest in Coatue, according to the report.
Coatue, which has nearly $50 billion in assets under management, has invested in more than 170 VC-backed companies by 2021, according to PitchBook data. Coatue has since significantly reduced its initial investment pace, backing only 81 companies in 2022 and as many as 30 companies in 2023.
A crossover investor isn’t done by investing in private companies, however. So far in 2024, Coatue has backed 29 startups, PitchBook data shows. The company’s recent AI-focused investments include Glean, Scale AI and Skild AI, which is building a general-purpose AI robot. Philippe Laffont, founder of Coatue (pictured above) said he is excited about humanoid robots with AI-powered brains.
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