Hedge Fund Viking Global Seeks to Raise $1 Billion to Back Cash-Hungry Startups

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.

Viking has begun conversations with prospective investors about the vehicle, which will be led by its head of credit, Patrick Dowd, according to people familiar with the matter.