Coatue

clockhand's picture
Rank: Monkey | 64

Hi guys,

Anybody here knows anything about Coatue?

I know it is one of the Tiger Cubs. TMT focus. Equity L/S. Some websites say $3B AUM and some says $5B+, so I am not sure.

It is also quoted couple times by one of the top 10 funds in the last year or two in returns.

One thing I heard is that they pay really well to entry level analysts (out of 2 yr banking or 2 yr banking and 2 yr in other HF / PE), but their culture isn't that great. Is this true?

If you know anything about Coatue, can you please share here?

Thank you in advance.

Comments (44)

Sep 26, 2012

Really smart guys. Heavy tech focus. Guy who runs the joint is a sharp dude. They've got a pretty big AUM now, definitely > $5B last I heard. Not sure if performance has been "top 10" in the past few years but it's been solid. Not too sure about comp but know they are a little bit of a sweat shop in terms of working their guys pretty hard. That's expected in the tech sector though, lots more to do there.

Sep 26, 2012

From looking at their 13F's, they're definitely tech leaning. Investment team is about 20 individuals by my count.

Sep 26, 2012

Tech team, trying to broaden their focus beyond just take (GMCR as an example...). I have had many friends that have worked there and everyone said it is a terrible place to work. The turnover in the past 2 years has been incredibly high on the junior level. Great returns though, but they do copy a lot of what Viking and Maverick do. If you want more color PM me. At the end of the day not a bad place as Laffont is super smart, but just be weary of the workplace atmosphere.

Sep 27, 2012
madgames:

Tech team, trying to broaden their focus beyond just take (GMCR as an example...). I have had many friends that have worked there and everyone said it is a terrible place to work. The turnover in the past 2 years has been incredibly high on the junior level. Great returns though, but they do copy a lot of what Viking and Maverick do. If you want more color PM me. At the end of the day not a bad place as Laffont is super smart, but just be weary of the workplace atmosphere.

I hope they took a short position on GMCR.

I had an initial interview with HR there, was told my background wasn't what they're looking for. To be more specific, I worked in tech and had some tech research experience through an internship but Coatue pretty much requires 2 yr IBD, 2 yr PE. The reason they gave me is that do really deep dives for long-term investment positions and run the due diligence pretty much like the top PE firms. For that reason you'll see guys from Blackstone, Carlyle, those types of top end PE firms end up at Coatue.

Sep 27, 2012

I interviewed there last year for a research position. 2 Years and out was what they said. Like the above poster, they are really really interested in research capabilities. They now have their own in house research group, devoted solely to uncovering subtle nuances in industries/companies not yet discovered. They told me the research team sometimes will be kept in dark about l/s positions so they won't formulate any thoughts on the sector. They did not care about my transaction experience at all, and only wanted to know about my research skills. After 2 interviews, my interpretation was that except for a select few who actually are involved in the buying/selling, everyone else is only half involved in the investment process.

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Sep 30, 2012

Thank you everyone for posting your perspectives. I would love to hear more.

Sep 30, 2012

Just to clarify LevFinGS's comments - they do have a research group as he described that is separate from the investment team, but not all junior roles are like that and they do of course hire regular way investment analysts at the junior level, generally out of the usual suspects (top pe, other top funds)

I can't really comment on culture though

Oct 2, 2012

how about career track for investment team? is it the same as for the research group? i.e., 2 years and out?

Oct 2, 2012

Pay's good, but hear that it's a complete sweatshop with a brutal culture. On the bright side, the senior guys are smart and perform well. You probably won't be involved in investment decisions, but it's a good place to ease into the buy-side. By "ease into," I mean that it's far lower stress to work long hours on research than to have to be responsible for ideas that are on the book.

Dec 22, 2012

Can anyone elaborate on the sweatshop comments? What type of hours are we talking about here?

Thanks

Mar 5, 2013
SpacemanSpiff:

Can anyone elaborate on the sweatshop comments? What type of hours are we talking about here?

Thanks

70-80 hours a week. That's not 70-80 banking hours where you're hand-held through everything and can slack off the first part of the day... 70-80 HF hours are far more draining because (1) you're working the majority of the time and (2) you actually have to think.

Mar 5, 2013
DontMakeMeShortYou:
SpacemanSpiff:

Can anyone elaborate on the sweatshop comments? What type of hours are we talking about here?

Thanks

70-80 hours a week. That's not 70-80 banking hours where you're hand-held through everything and can slack off the first part of the day... 70-80 HF hours are far more draining because (1) you're working the majority of the time and (2) you actually have to think.

That sounds about standard to me, am I wrong? Are there multi-billion dollar hedge funds (or PE firms for that matter) where you are working less than 70 hours a week at a junior-ish level?

Mar 4, 2013

Bump, anyone care to elaborate on the "sweatshop" comments?

Mar 4, 2013

Not really related but Laffonte was on Bloomberg today

Mar 4, 2013

anyone have any info on what the progression of their "research associates" are?

Mar 5, 2013
jdcrouch:

anyone have any info on what the progression of their "research associates" are?

2 and out mostly

Mar 5, 2013

id put mf at around ~70-75 as well (assuming with mf you mean hedgefund "mf") from my shop and other juniors i know. small funds can vary a ton knew a guy that interned at a small hedge fund and regularly had to do all nighters...

Mar 5, 2013

Unrelated but as much as I don't understand the tech sector and disdain the French, I have a ton of respect for Coatue.

Mar 7, 2013

Would reiterate that hours are very lax even at junior levels except a handful scattered but not particularly of one AUM size, and those guys probably do about 70-75 hours maybe? Most shops that I'd consider our peers (meaning they're equity guys that take big positions and are bottom quartile-ish in portfolio turnover) don't do too much more than 50 in a given week, no weekends. The job lends itself very well to working from home if you can 1) be trusted, and 2) land at a research-heavy shop like that. I'm sure Bridgewater has shit hours or something since the hierarchy is funky and junior guys need to be on their toes to cater to whatever their boss wants no matter what.

Also, earnings season is obviously a total bitch sometimes, especially when it's a big name of yours or something you've been heavily scrutinizing lately.

Mar 7, 2013

Would agree that 50-60 hours is probably the norm, unless there are pressing matters that need to be resolved in the context of a restructuring.

Mar 12, 2013

My workload is super cyclical and I find myself working 50hr weeks during non earnings and as much as 80hrs during earnings season, not sure if others have this experience.

Jan 8, 2014

Does anybody have any info on their Menlo Park office - size etc.? I know they raised a growth equity fund which is run out of there, but are there some public investment guys there too?

Apr 13, 2014

Does anyone know what sort of exit opportunities you would be looking at if one took a junior position on their research team? I am wondering if it would be hard to move into a straightforward investment role at another fund after doing say two years in a research role at Coatue.

Apr 17, 2014

bump, any info?

Apr 25, 2014
Apr 19, 2014

Looks like they are the largest TMT hedge fund around:
http://www.hedgetracker.com/article/Top-Technology...

Apr 25, 2014

Bump

Apr 25, 2014

if you're talking about their research associate position, it's not an investing role. you're basically the internal channel checker/dd guy. there isn't a direct/established path to transitioning into an investment role, although some research associates have been able to transition into an investment role.

Apr 25, 2014

does "transition into an investing role" mean work in an analyst role alongside guys who did 2yIB 2yrPE prior? or is it some other middle ground type investing role?

Apr 25, 2014

I don't know much about this specific position, but Coatue is a great HF though a very very tough place to work. Philippe has 3 lieutenants that basically run the show and quite a few analysts under them. Not sure about your specific role or who you'll support, but I've run into a few of the former ppl that support these 3 big dudes and hear while the fund pays very well, it has a 'churn and burn' culture and ppl don't last long. Apart from the 3 big dudes, turnover is very high. Caliber of the people? All are very smart and high caliber, but that's fairly obvious.

Apr 25, 2014

when you say "dont last long" what are we talking about? like 2 and on to the next or like 5 months then fired?

Mar 30, 2017

Bump. Any one have insights into the firm now? Is the culture / work-hours still really that intense or is the reputation enough worth it?

Jun 13, 2017

I recruit for them - you will sleep on the floor if you''re starting you career on the buy-side but it's a top firm for both data science bolstered research and actual investment performance. Happy to give some more color if need be .

Nov 7, 2018

Ekoa - Is the turnover high? Do people plan on only being here for a year or two, or is there a culture of promote from within?

Nov 8, 2018

they got annihilated in Oct like all tech funds aka guys crowded in FANG

Nov 17, 2018
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Aug 7, 2019
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