Laffont’s $70 Billion Coatue Looks to Launch New AI, Tech Fund

Philippe Laffont’s $70 billion Coatue Management is gearing up to launch a new fund to wager on public and private artificial intelligence and tech innovation companies, a sign the firm is rethinking its long-only investing strategy as more startups stay private for longer.

The vehicle will act as a long-biased crossover fund, meaning it will wager on publicly traded companies, bet on late-stage growth startups and will have the ability to sell its positions and hold cash if it chooses, according to people familiar with the matter. Traditionally, long-only funds must remain fully invested.