Coatue’s Latest Growth Fund Surpasses $6.5 Billion (The Wall Street Journal)
Multistrategy investor Coatue Management has amassed at least $6.58 billion so far for its fifth growth-investment strategy and possibly more from a feeder fund, regulatory filings show. The New York firm, which also operates hedge funds and venture-capital vehicles, said its Coatue Growth Fund V LP had collected capital from 692 investors. It also reported a $3.21 billion gross value for its Coatue Growth V Offshore Feeder Fund LP. The firm said in a filing that the feeder fund is invested entirely in the growth fund, without…
UK Retailer Next and Hedge Fund Acquire JoJo Maman Bébé (Business of Fashion)
High street company Next and a group of investment firms purchased the baby and maternity retailer JoJo Maman Bébé. As part of the deal, Next purchased 44 percent of the retailer, while the hedge fund Davidson Kempner Capital Management will control the remaining 56 percent. Founder Laura Tenison will leave the business, according to The Guardian. Other terms of the deal were not reported. JoJo Maman Bébé, a brand with 87 stores, first attracted attention when Catherine, the Duchess of Cambridge began wearing the brand and dressing her children in it. As of March, Next cut its profit expectations for the year by 10 million pounds, citing concerns over the war in Ukraine and inflation.
Naples Global, LegalPay Float $5 mn Fund for Founders to Settle Board Disputes (VCCircle)
Florida-based hedge fund Naples Global has partnered with litigation financing platform LegalPay to launch a $5 million (around Rs 38 crore) fund for Indian founders that will help them safeguard their rights during any kind of board-related disputes. The fund has committed deployment of $5 million, with an option to increase the exposure for founders who are looking out for fighting their litigations and arbitration.
![Top 10 Stocks to Buy According to John Orrico's Water Island Capital](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2021/09/03030335/stock-market-768x512.jpeg?auto=fortmat&fit=clip&expires=1756080000&width=480&height=320)
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CityWatch: Tepper’s temper tantrum an embarrassment to Carolina Panthers (The Post and Courier)
“Carolina Panthers owner David Tepper stood on the site of his team’s future practice facility in Rock Hill in October, backdropped by stories of rising steel beams.” – Post and Courier, April 12, 2022 Sounds good, huh? Unfortunately, the story continued: “Five months later, with no warning to South Carolina’s fifth-largest city, he sent construction crews home.”
Adams Street Raises Over $3bn for the Second Private Credit Program (Opalesque)
Adams Street Partners, a global private markets investment manager, has completed fundraising for its second Private Credit program (PC II), closing the oversubscribed program with more than $2.1bn of committed capital and over $3bn, including leverage. The independent employee-owned investment firm with more than $51bn of AUM said in a press release that Adams Street’s PC II saw high demand globally, surpassing its original target of $1.5bn. “Several pension plans, insurance companies, and family offices new to Adams Street invested in the program, in addition to strong representation from existing investors, said the release.
Hedge-Fund Giant Man Group Questions Whether 60/40 Ever Worked (Bloomberg)
It’s hard for even the most-seasoned veterans to make sense of the market right now, with bonds rallying alongside equities one day, and the next day both falling. “We’re in a universe of equities and bonds going down together. There’s a lot of instability,” said Peter van Dooijeweert, managing director of multi-asset solutions at Man Group, who joined this week’s “What Goes Up” episode to discuss what he sees as the right assets to be in now. The 60/40 portfolio isn’t exactly “dead,” he says, but “my question is, was it ever really alive?”
5 Stocks Top Earners Steven Cohen And David Tepper Agree On (Forbes)
Earlier this month, the 21st annual Institutional Investor’s Rich List revealed that hedge fund giants Steven Cohen, head of Point72 Asset Management, and Appaloosa Management’s David Tepper were among the biggest earners in 2021. The gurus tied for fifth place last year. The list, which is composed of the highest-earning managers, found that the top 25 hedge funds made a combined $26.64 billion in earnings last year.
US Foods Sets Stage for Proxy Fight with Activist Sachem Head (Axios)
US Foods, one of the nation’s biggest foodservice distributors, is out with a fight letter this morning aimed at the activist hedge fund trying to shake up the company’s board and strategic plan. Why it matters: The future direction of the $8.2 billion business hinges on the May 18 AGM vote, where shareholders will decide whether to stick with its board or bring in new directors from the activist’s slate. Driving the news: Sachem Head Capital, founded by Pershing Square alumnus Scott Ferguson, has nominated five directors to serve on the company’s board.
Monday 4/18 Insider Buying Report: RKT, PNTG (Nasdaq.com)
At Rocket Companies, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jay Farner bought 61,500 shares of RKT, for a cost of $9.72 each, for a total investment of $597,710. Bargain hunters are able to pick up RKT at a price even lower than Farner did, with the stock trading as low as $9.17 in trading on Monday which is 5.6% below Farner’s purchase price. Rocket Companies is trading down about 0.8% on the day Monday. Before this latest buy, Farner purchased RKT at 4 other times during the past twelve months, for a total investment of $1.26M at an average of $10.53 per share. And at Pennant Group, there was insider buying on Thursday, by Director Christopher R. Christensen who bought 27,332 shares for a cost of $16.50 each, for a trade totaling $450,958. This buy marks the first one filed by Christensen in the past twelve months. Pennant Group is trading up about 2.2% on the day Monday. So far Christensen is in the green, up about 7.6% on their purchase based on today’s trading high of $17.76.
Executives Buy More Than $32M Of 4 Stocks (Benzinga)
Confluent: The Trade: Confluent, Inc. (CFLT) 10% owner Altimeter Capital Management General Partner Llc acquired a total of 50,000 shares at an average price of $39.97. To acquire these shares, it cost around $2 million. Sensient Technologies: The Trade: Sensient Technologies Corporation (SXT) 10% owner Freemont Capital Pte Ltd acquired a total of 35,745 shares at an average price of $82.64. To acquire these shares, it cost around $2.95 million.
Insider Trading: April 18, 2022 (BIV)
Insider Bradley Mercer, officer. Company: Capstone Copper Corp. (TSX:CS). Shares owned: 99,696. Trade date: April 1. Trade total: $591,009. Trade: Sale of 80,739 shares at a price of $7.32 per share. Insider Setha Patricia Makhesha, officer. Company: Ivanhoe Mines Ltd. (TSX:IVN). Shares owned: 272,097. Trade date: April 1. Trade total: $3,774,244. Trade: Sale of 319,997 shares at prices from $11.73 to $11.90 per share.