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Beyond collaborating in governance, Coatue leverages its knowledge capabilities to help its investments. Portfolio corporations receive personalized versions of Mosaic, fitted with relevant data. Coatue’s involvement would not end once an funding has been made. While Tiger Global is hands-off by design, Laffont’s agency looks to stability proactive assist with latitude. For one factor, the firm takes board seats and is perceived as an engaged, founder-friendly contributor. The portfolio founders I spoke with said that Coatue strikes a great balance, succeeding in being useful with out sliding into meddlesomeness.
“They discovered a cohort of individuals and paid them a shitton of money,” they explained. It seemed to give the agency the firepower to keep expanding its efforts. Without a powerful model in Silicon Valley, Coatue discovered uncommon ways to break into the ecosystem.
Founder Philippe Laffont sits at the top and is the firm’s final decision-maker and portfolio manager. Thomas Laffont and Daniel Senft serve as trusted lieutenants with greater latitude than different senior investors. Once you move under this level, things shortly get complicated. While traders might concentrate on specific phases greater than others, there might be considerable fluidity with hedge fund analysts contributing to early-stage venture offers and visa-versa. Some leaders handle sectoral areas whereas others govern a specific asset class follow. While one co-investor remarked that Coatue had been left “holding the bag” on a number of offers, it has additionally secured stakes in a number of the most consequential businesses of the last few years.
As one former Coatue investor active throughout this period famous, “The narrative at the time was that had been stupid.” Reflecting on his historical past with Apple, Laffont said, “It simply exhibits how sometimes you do get the things you need but just through a special door.” The following 12 months, in 2003, Thomas would join his brother at Coatue. He had taken a very completely different path since graduating from the Lycée, attending Yale earlier than heading to California.
In 2014, a younger Wharton student, Alexander Izydorczyk, interned on the firm. Izydorczyk labored carefully with Philippe Laffont to develop Coatue’s capabilities on this area, ultimately becoming a member of full-time. By 2017, this initiative started to pay off, with Coatue providing tailored insights to prospective investments and portfolio corporations. Though the Laffonts showed a knack for figuring out nice know-how firms, they were sluggish to acknowledge a fundamental shift within the business’s financial panorama. In 2000, Tiger Global made its first non-public funding, backing Russian search engine Yandex. That represented the start of an accelerating personal market run still in full swing.
One source described it as “a reasonably brilliant transfer,” with Coatue getting credit for bringing notables like Mary Meeker, Yuri Milner, and Pony Ma into dialog. To win Spiegel over, Thomas started a “masterful” full-court press, wooing Snap’s founder with costly dinners and introducing him to celebrity contacts via his network at CAA. The Coatue group also demonstrated the rigor with which they had studied the social media house, particularly the Chinese market. That was compelling to Spiegel, who made frequent trips to China to know the local dynamics better. In 2009, DST Global entered the fray with Yuri Milner making his well-known investment into Facebook.
Though Coatue seems for lots of the identical traits as other VCs, a source described it as a very TAM-focused investor. In and of itself, this does not sound like a lot, but the granularity with which Coatue seeks to validate a complete addressable market stands out. A co-investor with the firm individually noted this, explaining that while a conventional VC might look at the high-level determine for a selected trade, Coatue digs into the details. “It’s very different than others,” the co-investor remarked, noting that if Coatue’s group doesn’t assume a TAM is large enough, they’ll pass.
Philippe relayed that one of his primary motivations for getting into venture capital was to safe personal tax advantages. While which may have been true, it suggests a narrowly pragmatic worldview. The ultimate core piece of Mosaic is its benchmarking capabilities. Coatue creates monetary models for the companies it analyzes. These are uploaded to Mosaic, enabling the corporate to match new investments to historical data.
One portfolio founder I spoke to recalled how they had been launched to Coatue on the end of a fundraising process. Despite having the clock against them, the agency arrived on the first call having prepared and researched the enterprise. While one founder I spoke with mentioned the agency’s use of outdoor consultancies, these seem to be used more in a supporting position. Famously, Tiger outsources a lot of its evaluation and analysis to Bain, liberating up its investing time to give consideration to securing allocation.