Last week was an expensive one for Steve Cohen. His Point72 Capital Management first lost something like $2.5 billion on all of the GameStop kerfuffle (at least: the hedge fund was said to be down between 10% and 15% when Melvin Capital Management—in which Point72 has, or had, $1 billion invested—was said to be down about 30%; we now know it, and with it Cohen & co., lost quite a bit more). Then, he had to pony up another $750 million to keep Melvin afloat. And that leaves him with quite a bit less money than he’d like to get his revenge on those who’ve wronged him. So, who wants a piece of a Point72 revenge tour?
The investments were announced last Monday, and then quietly on Tuesday, Point 72 began to approach brokers at Morgan Stanley stating that it has reopened the fund to new investors, and they could offer to their clients…. Wall Street executives say Cohen may be looking to replace his lost capital with new cash because of the heavy losses he incurred through investing in Melvin. A person close to Point 72 tells FOX Business that the fund is not facing a crisis of any type and Cohen believes now is an opportune time to raise new cash amid a market upheaval over the GameStop issues.