Sydney Sweeney’s Lingerie Brand Gets Bezos Boost

Sydney Sweeney is preparing to debut a lingerie brand reportedly backed by Amazon (NASDAQ:AMZN) founder investor Jeff Bezos and his wife, Lauren Sánchez. The Emmy-nominated actress, best known for her roles in HBO’s “Euphoria” and “The White Lotus,” has spent the last year building what insiders describe as a personal passion project, Fox Business reports.

The brand is reportedly backed by Ben Schwerin, a partner at Coatue Management and former Snap (NYSE:SNAP) executive. According to The Economic Times, Schwerin’s involvement marks a notable moment, as Coatue has traditionally focused on high-growth tech and rarely invests in consumer-facing brands. The Economic Times reports that Schwerin may have been hired to use his celebrity relationships to bring in star-driven brands like Sweeney’s.

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Coatue Management recently launched a new innovation fund with $1 billion in seed capital committed by the family offices of Bezos and Michael Dell, The Wall Street Journal reports.

The fund will allocate between 20% and 50% of its assets to private companies, with the rest targeting public stocks, based on a pitch deck seen by the outlet. “It’s such an obvious idea that if I don’t do it, someone else will,” Philippe Laffont, Coatue’s founder, told the Journal in an interview.

Though neither Bezos nor Dell directly invested in Sweeney’s company, The Economic Times says their capital underpins the same Coatue vehicle now backing her venture.

Founded in 1999, Coatue is known for major investments in high-profile startups like OpenAI, SpaceX, and xAI, managing $54 billion in assets as of December, according to the Journal. Of the assets Coatue managed as of December, approximately $22.3 billion was allocated to public equities while $22.9 billion was designated for early-stage and growth venture investments.

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The Journal says the new fund tied to Bezos and Dell is expected to become a high-margin revenue stream for Coatue, with an annual management fee of 1.25% and a 12.5% performance fee on profits that exceed 5% annually, based on the firm’s pitch deck reviewed by the outlet.