Coatue’s Latest Growth Equity Investors Eye a 30% Paper Loss

Investors in Coatue Management’s $7.7 billion growth equity fund are sitting on a roughly 30% paper loss, according to people with knowledge of the matter.

The vehicle, Coatue Growth Fund V, began betting on startups in 2021 as valuations ascended to new heights. Coatue marked the fund at 0.71, net of fees, as of Sept. 30, as the firm slashed its internal valuations for companies including OpenSea, Calendly and Notion by about 90%, 70% and 40%, respectively, said the people, who asked not to be identified discussing confidential information.

Philippe Laffont

Photographer: Chris Goodney/Bloomberg

Coatue also marked down its holding in MoonPay ...