Viking Global Investors is raising a structured equity fund, joining the likes of Coatue Management in seeking to provide capital to cash-hungry startups, a move that may help private companies delay raising money at lower valuations amid tumultuous public markets.
The Greenwich, Connecticut-based firm is targeting at least $1 billion for the fund, which will provide cash to both public and private companies, the people said. A spokesman for the firm declined to comment.
Meanwhile, Coatue is seeking to raise $2 billion for its effort and has already gathered $1.2 billion from anchor investors. Its fund will mostly back publicly traded companies, with about 20% earmarked for private startups. JPMorgan Chase & Co. is also considering raising a fund with a similar strategy.
Read more: BNN Bloomberg
