Coatue CTEK: One Ticket to Anthropic, OpenAI and the Private AI Stack — At What Price? cover art

Coatue CTEK: One Ticket to Anthropic, OpenAI and the Private AI Stack — At What Price?

Coatue CTEK: One Ticket to Anthropic, OpenAI and the Private AI Stack — At What Price?

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Coatue's CTEK is a tender-offer fund giving qualified clients one-ticket access to late-stage private tech — Anthropic (13.1% of NAV), OpenAI, Revolut, Databricks and Stripe — plus a public book anchored by Meta and TSMC, in a clean 1099 wrapper with no K-1s or capital calls. Class I is up 53.6% since the May 2025 inception, but much of that is unrealized private mark-ups from the great AI re-rating. The assessment: estimated all-in costs of 3.46% to 4.31% a year by share class, a 12.5% incentive fee charged on realized AND unrealized private value with no clawback, exits limited to discretionary quarterly tenders targeted at 5%, a 24% cash position dragging on a tech-exposure purchase, and half the fund in ten names. The case for it: genuinely scarce access, a first-tier manager, and better alignment terms (hurdle, high-water mark) than the private-fund norm. Watch: the tender fulfillment record, Anthropic's reported path to a Nasdaq listing, fee evolution at scale, and whether the cash gets deployed.
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