Investment titan Steve Cohen's Point72 is reportedly looking to raise another $1 billion

Point72
  • Steve Cohen is reportedly in the market for a further $US1 billion for his firm Point72 Asset Management.
  • The legendary investor raised $US5 billion with the hedge fund’s launch last year.
  • Cohen appears to have recovered from the closure of his previous firm, SAC Capital.

Billionaire investor Steve Cohen is looking to grow assets under management at his firm, Point72 Asset Management, according to a report from Bloomberg.

Cohen is looking to add an additional $US1 billion of outside capital before September of this year, Bloomberg reported citing people familiar with the matter. Point72 invests across a variety of strategies, including long / short investing, systematic trading, venture capital, and private equity.

The firm generated lacklustre returns of about 1% in 2018 before posting gains of nearly 5% in the first quarter of 2019, according to Bloomberg.

The investor appears to have recovered following a trading scandal involving insider information, which led to the shutdown of his prior firm SAC Capital. The firm pleaded guilty to fraud charges in 2014 and paid fines of $US1.8 billion.

Cohen launched Point72 Asset Management to manage his own funds in 2014. As part of the settlement, Cohen was banned from managing outside capital till December 31, 2017.

Following the expiration of the ban, the firm raised $US5 billion in 2018. Point72 manages $US13.5 billion in total as of April 1. The firm has over 1,400 employees with ten offices globally.

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