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Steve Cohen reportedly is prepping the biggest hedge-fund launch ever
(Steve Cohen.Point72)
Steve Cohen is looking to raise $20 billion for his big hedge-fund comeback, The Wall Street Journal reported.
That would make his fund the biggest US hedge-fund launch, coming about four years after his previous hedge-fund firm, SAC Capital Advisors, was barred from managing external money and pleaded guilty to insider trading.
Cohen was never charged, and he neither admitted nor denied wrongdoing in a civil settlement. He is allowed to manage external capital again in 2018.
The $20 billion Cohen is seeking is a step up from SAC, which at its peak managed $16 billion. However, Cohen may be lowering his onetime sky-high fees for investors, once totaling 3% in management costs and half of all trading profits, according to The Journal.
Cohen's launch would also be nearly double the next biggest launch, Bridgewater's Optimal fund, which launched with about $11 billion, according to data from the industry publication Absolute Return cited by The Journal.
Since Cohen was barred from managing outside money, he has been running a 1,000-person family office, Point72 Asset Management, which manages about $11 billion, including his fortune.
Most or all of that $11 billion is expected to be rolled into the $20 billion launch, according to The Journal.
A media representative for Cohen declined to comment.
Read The Journal's full report »
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