(Bloomberg) Philippe Laffont’s Coatue Management LLC, which manages more than $7 billion, has backed China’s biggest ride-hailing app Didi Chuxing as it competes with Uber Technologies Inc.
Coatue participated in the Chinese firm’s $3 billion funding round last month through a co-investment vehicle, Laffont wrote in a letter to investors obtained by Bloomberg News. The size of the investment wasn’t disclosed. Apple Inc. also announced a $1 billion investment in Didi, which operates in 400 Chinese cities, Laffont wrote.
