Coatue Management revamped its policy for allocating shares of private companies among its main funds, placing all of them on an equal footing when it comes time to divvy up investments in the next SpaceX or Anthropic.
The changes, disclosed in a regulatory filing, also affect the co-investment funds that Coatue manages for large institutional clients. When it comes to private offerings, these funds will only receive shares that are left over after Coatue has made allotments to its main funds, including those that run venture capital, growth and crossover strategies.
The revisions come as hedge funds and private equity firms increasingly pitch their products to individual investors. The administration of President Donald Trump is also encouraging Wall Street to provide small investors with access to private stock offerings and loans, both of which have traditionally offered the potential for higher returns than publicly traded stocks and bonds.