NEW YORK: Steve Cohen is aiming for more.
His Point72 Asset Management, which attracted US$5 billion in outside capital last year in a comeback for the hedge fund investor, is seeking to raise an additional US$1 billion between May 1 and September, according to people familiar with the matter.
The firm was one of 2018’s biggest hedge fund launches when Cohen returned to the industry after a two-year ban from managing other people’s money. His prior firm, SAC Capital Advisors, pleaded guilty to securities fraud and paid a US$1.8 billion fine. Cohen wasn’t charged with wrongdoing.
A spokeswoman for the firm declined to comment on the latest fund raise.
Point72 had a mediocre start last year, making less than 1% for investors. While that performance beat the S&P 500 Index of stocks and the average hedge fund, it wasn’t the blockbuster numbers that many expected, given SAC Capital’s history of averaging annual returns of about 30%.
This year has been better. Point72 returned almost 5% in the first quarter of 2019. That compares with a 13% rise in the S&P and a 3% gain for the average hedge fund.