Technology-focused investment management firm Coatue Management hired Ben Schwerin as its general partner.
Schwerin
was formerly the senior vice president of content and partnerships at
Snap and was instrumental in developing Spotlight, the firm's competitor
to TikTok.
- Last
year, the firm was in talks with investors to raise $500M for its third
fund to back AI, ML, fintech, and climate tech early-stage startups.
- Many of Coatue's recent bets, such as Gorillas and Nate, have not performed as well as the firm had hoped.
- In addition to the venture division, the firm also has a hedge fund, which is down 19%.
- Coatue has seen many top executives depart in recent times.
- Last week, COO and general partner David Cahn joined rival firm Sequoia Capital.
- Before
that, partner Bennett Siegel and managing partner Kris Frederickson
left the firm in 2021, followed by general partners Matt Mazzeo, Luca
Schmid, and Sebastian Duesterhoeft.
