Hedge funds are preparing to profit from ride-sharing company Lyft’s initial public offering this month, making good on years of legwork in private technology markets.

Lyft’s investors include hedge funds run by Robert Citrone and John Paulson, the company disclosed in filings this month. Coatue Management, D. E. Shaw & Co., Light Street Capital Management, Third Point and Senator Investment Group were also listed as investors in the company, according to the filings, which did not disclose the size of those stakes.

Representatives for the hedge funds either declined to discuss their investments in Lyft or did not respond to requests for comment. Lyft did not reply to an email seeking comment.

The hedge funds’ private stakes will be converted to public shares when Lyft debuts on the Nasdaq stock market later this month in the first of what are expected to be several large technology IPOs this year. Lyft’s competitor Uber, the workplace chat company Slack and social media network Pinterest have also filed for public offerings.

Lyft’s IPO is expected be valued between $20 billion and $25 billion. The top end of that range would represent a 67% increase from the $15 billion valuation it garnered in private fundraising last year. Early investors could earn an even higher multiple.

Some hedge funds are active players in private transactions and allow their investors to opt in to those deals. The positions, which may make up anywhere from 5% to 20% or more of a hedge fund’s capital, offer the promise of higher returns in exchange for more onerous transaction costs.

Tiger Global Management and Coatue have separately gained recognition in recent years as large venture capital investors, raising hundreds of millions of dollars for dedicated funds. Coatue holds the Lyft investment in its venture funds, according to filings.

Coatue aimed to raise at least $500 million last year for a venture fund investing in early-state startups, said one person who was pitched on the fund. Founder Philippe Laffont wrote to investors last week saying that his focus this year is managing the hedge funds, said another person who has viewed the letter.

Dan Loeb’s Third Point first invested in Lyft during a $250 million round of fundraising in 2014. The hedge fund’s venture team works from an office on Sand Hill Road in Menlo Park, California, walking distance from Sequoia Capital and other large technology investors.

Light Street, headquartered near Stanford University in downtown Palo Alto, invests in Lyft through a special-purpose vehicle separate from its main funds, according to filings. The hedge fund also owns a stake in Uber, according to CrunchBase data.

Citrone’s Discovery Capital Management has invested in Lyft through one of its “special opportunities” funds. Discovery also raised money for a private equity strategy last year, which it says in regulatory filings will invest in late-stage growth equity companies.

Senator invested alongside the mutual fund company Fidelity last year during a $600 million fundraising round, Lyft announced at the time. The hedge fund says in regulatory filings it may make private equity and other illiquid investments “as deemed appropriate.”

D. E. Shaw and Paulson own Lyft through their flagship hedge funds, according to the company’s filings. Both funds use arbitrage strategies that attempt to profit from corporate events and price difference between related securities.

Another hedge fund listed as an investor in the June filings, JHL Capital Group, no longer holds a stake in Lyft, a person familiar with the matter said.

Lyft is attempting to raise up to $3 billion for the IPO, according to Renaissance Capital, a total that would make it one of the technology sector’s largest new offerings since Snap in 2017. Swedish music service Spotify went public last year through a process that bypassed banks and offered shares directly to investors.

The ride-sharing company’s offering will be viewed as a barometer for other private technology companies that plan to go public this year. Some analysts caution that investors have inflated the value of fast-growing startups, which have benefited from easy lending terms and a glut of venture capital since the 2008 financial crisis.

In its offering prospectus, Lyft disclosed it will offer a stock class with 20 votes per share that could “have the effect of concentrating voting power” in the company’s founders Logan Green and John Zimmer. Corporate governance watchdogs have criticized the practice, which is also in place at Facebook and Snap.

Lyft said it had losses of $900 million last year on revenues of $2.2 billion last year, more than double the money it earned in 2017. Technology companies that went public last year gained an average of 41.5% through the market’s close Friday, according to Dealogic data.

D. E. Shaw, Paulson among hedge funds riding on Lyft on Absolute Return.