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Alternative Market Briefing

U.S. hedge funds lead $200m fund-raising for GrabTaxi

Thursday, July 02, 2015

Komfie Manalo, Opalesque Asia:

U.S. hedge funds, including Coatue Management LLC and Tiger Global Management LLC led the $200m fund-raising for Singapore-based taxi-hailing app The Journal reported. With the fresh infusion, the company is now valued at more than $1.5 billion.

Japan’s SoftBank Group Corp. is also participating in the fund-raising. GrabTaxi may raise further funds in the coming weeks.

Coatue Management, which specializes in technology and media investments, has been active in private Asia deals this year, including leading a $600 million purchase of shares in Didi Kuaidi, said the paper.

In April, Coatue’s founder and Tiger Management alum Philippe Laffont announced that his main technology-focused hedge fund had grown too large to invest efficiently, especially its "short" bets against stocks, and that he would return about $2 billion from the more than $7 billion fund by June 30 following losses of 7.4% in the first quarter and 8.7% in March alone, reported CNBC . That decision frustrated some clients, and Coatue appears to have listened. In May, the firm told investors that the capital return would likely be delayed until the end of the year.

WSJ.com al......................

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