Shortly after his return to managing outside capital after an unpleasant two-year insider-trading time out, Steve Cohen modestly noted that raising it hadn’t required much of him. “It was really easy,” he said.
By most people’s standard, sure: Cohen had managed to garner $5 billion in less than a year. But to get it, he’d had to humiliatingly prostrate himself, cutting fees and lockups periods. And even then, it was a far cry from the $10 billion he’d hoped would greet him on the lawn at 72 Cummings Point Road within minutes of midnight on Jan. 1, 2018.
That said, belated congratulations are in order.
Steve Cohen’s Point72 Asset Management told clients it will close to new investments next month, after raising $10 billion since it started managing outside capital less than three years ago…. It now manages $17.2 billion, with about $7 billion belonging to the founder, according to investors. That makes it one of the fastest-growing hedge funds at a time when many competitors are losing assets.
Don’t patronize Steve Cohen, Bloomberg. It may be one of the fastest-growing hedge funds out there, but we all know it didn’t grow nearly fast enough for Steve Cohen.