New York (HedgeCo.Net) – Philippe Laffont, the founder of a $7 billion tech focused hedge fund has announced that he plans to return over $2 billion to investors in his flagship fund which was down 9% in March.
Laffont’s hedge fund was seeded by Julian Robertson of Tiger Management, who he used to work for. In 1999, he left Tiger to found Coatue Management, which is now a leading tech-focused, long/short equity hedge fund. He currently holds the position of CEO.
“We are focused on returns and do not want to become asset gatherers,” Lafffont said in a letter to investors, “We believe the right size for Flagship is $5 billion….We have dealt with tough markets in the past, however. We are confident that we have the ideas and risk management to navigate this environment.”
Coatue invests in tech stocks such as Twitter, Netflix, Facebook, LinkedIn, Yelp, Pandora, and more recently, SnapChat.
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