According to Coatue, the best companies are staying private, and there are three reasons for that. At the 2025 East Meets West Conference, Coatue’s Philippe Laffont and Thomas Laffont, both co-founders of the conference, shared their keynote address on the state of the markets, outlining their outlook on the macroeconomic landscape and the private markets.
Evolving private markets
The Coatue team said the engine of the private markets is evolving with different funding sources taking over. Investments from endowments and pension funds are down, while family offices, high-net-worth individuals, sovereign wealth funds, secondary funds, and private equity and debt are rising. Corporate funding is holding steady.
In 2025, the economy value of unicorns has been elevated versus public companies.
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