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Tiger Global Management and Coatue Management have made two new investments each in technology unicorns, marking a resurgence in their venture capital activities. While both firms have surpassed their investment totals from 2023, they remain below their historical peaks. Among the latest investments, three companies had valuations of at least $1 billion, with one achieving this status in its recent financing round.
Michael Gilroy, a Coatue Management alumnus, and tech veteran Gokul Rajaram are establishing a new venture capital firm. They are in the early stages of raising $400 million to $500 million for their debut fund and plan to officially begin fundraising in the new year.
GDS Holdings Ltd. has successfully raised $1 billion from primarily new US investors to support its data center operations outside mainland China. The investment, led by Coatue Management, also saw significant participation from Baupost Group, benefiting GDS's international affiliate, DigitalLand Holdings Ltd.
Infinitus Systems Inc. has secured $51.5 million in funding, led by Andreessen Horowitz, bringing its valuation to over $600 million. The startup, focused on enhancing healthcare efficiency through artificial intelligence, has raised a total of $102.9 million to date, with participation from notable investors including GV, Kleiner Perkins, Coatue Management, and the Memorial Hermann Health System.
Hedge funds have largely missed out on the impressive gains of Vistra Corp., which has surged 192% this year, surpassing Nvidia's 144% increase. While Nvidia is widely held among hedge funds, Vistra remains less popular, though notable investors like Stephen Mandel Jr.'s Lone Pine Capital and Dan Loeb's Third Point have significant stakes. Some firms, such as Oaktree Capital Management, sold their positions in Vistra last year, missing the stock's remarkable rise in 2024.
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