Tiger cub Philippe Laffont’s Coatue Management has launched an offshore version of its long-only fund. Coatue Long-Only Offshore Fund has opened up with $18 million under management, according to a regulatory filing seen by II Alpha. Earlier in May, Laffont launched Coatue Long-Only Partners with $45.5 million.
Coatue Management also launched another fund to invest in pre-IPO startups, earlier this year. The $300 million fund was established to invest in tech companies. One of its very first private equity investments was in the BOX.com venture last year. Coatue also launched the Coatue Hybrid Fund with $270 million under management in February. The hedge fund, with roughly $6.5 billion under management, has been very busy this year.
Citadel and Man Group are one of the few big hedge funds
In other news, Citadel Investment is nearing its full capacity in its flagship funds, Kensington and Wellington. Assets of both funds have consistently increased since the financial crisis in 2008 to $9.2 billion. In Harriet Agnew’s report for Financial News, sources close to Citadel have said that the firm could close flagship hedge funds to new investments. The head of Citadel Group, Kenneth Griffin told employees at the beginning of this year that the flagship funds have finally crossed the high watermark, meaning that they will now be charging performance fees for the first time since 2008. Kensington and Wellington were up 25 percent in 2012, and are up 14.3 percent this year until end of Q3.
Citadel and Man Group are one of the few big hedge funds that are still open to investors, as most others have closed their funds or are in the process of doing so.