(Bloomberg) -- Hedge funds and mutual funds, which usually invest in publicly traded companies, have lately poured billions of dollars into hot startups.

Uber, Airbnb and Dropbox have been funded by non-venture-capital funds such as Wellington and T. Rowe Price. Other businesses with billion-dollar-plus valuations (so-called unicorns) have taken money from Fidelity and BlackRock, as well as hedge funds such as Tiger Global and Coatue.

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