ShoreBridge Capital Partners, which is gauging interest in a potential new hedge fund run by billionaire Steve Cohen, is telling potential investors to expect a trove of marketing materials in the coming weeks, according to a Bloomberg News report.
That trove “will include due diligence documents, track records and other information investors need to decide whether they will pony up cash for the new firm, Stamford Harbour Capital.”
Cohen’s new fund, expected for early next year, comes after months of flat performance at his family office, Point72 Asset Management. People familiar with the matter say that Cohen has recently put up better numbers; Bloomberg put those numbers at about 5% this year.
Recent performance has troubled Cohen, people familiar with his thinking have told Business Insider. Cohen is unsure whether the firm can put up as strong of returns as SAC, which was known to return about 30% annualized, according to these people.
Cohen had previously been barred from managing outside capital until the start of 2018 after SAC pleaded guilty to securities fraud in 2013. Cohen wasn’t charged with wrongdoing.
Jonathan Gasthalter, a spokesman for Stamford Harbour, declined to comment.