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Coatue Management, a hedge fund that invested heavily in technology startups during the pandemic-triggered boom, is raising $1 billion to back companies focused on artificial intelligence. Bloomberg reported on monday.
The financing, which will complement the company’s main fund, will be raised primarily from institutional investors. However, high-net-worth individuals with accounts at brokerage firm Raymond James and Associates can also invest in Coatue, according to the report.
Coatue, which has approximately $50 billion in assets under management, invested in more than 170 venture capital-backed companies in 2021. According to PitchBook data. Since then, Coatue has slowed its pace of investing in startups significantly, backing only 81 companies in 2022 and about 30 in 2023.
However, the crossover investor is not done investing in private companies. So far in 2024, Coatue has backed 29 startups, according to PitchBook data. The company’s latest AI-focused investments include Glean, Scale AI, and Skild AI, which is building a general-purpose AI robot. Philippe Laffont, founder of Quato (pictured above), said he is particularly excited about humanoid robots with AI-powered brains.
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