David Fiszel, the Point72 Asset Management money manager who was picked in March to lead a venture capital unit at Steven A. Cohen’s firm, is leaving to start a firm that invests in technology companies.
He will take the members of his Honeycomb Ventures unit with him, according to a memo sent to Point72 employees on Monday. Honeycomb had invested in high-growth, technology-focused, venture capital opportunities.
Fiszel, 42, will start two funds that will invest in public and closely-held tech firms, according to a person with knowledge of the matter who asked not to be identified because the plan is private.
Point72 had joined firms including Coatue Management and Tiger Global Management in backing startups as valuations soar to levels not seen since before the dot-com crash. After Fiszel’s departure, Point72 will continue private-equity investments through Cohen Private Ventures and other investment pools, according to the memo, a copy of which was obtained by Bloomberg.
Point72 said Fiszel was one of its top-performing money managers. He first worked for Cohen in 2000, investing in tech, media and telecommunication companies, according to a biography provided by the firm.
Fiszel left four years later and was a founding managing partner of a hedge fund before returning to Cohen’s firm in 2008. He has done venture capital investing since 2011.
Fiszel had led investments in companies including Facebook Inc., Twitter Inc. and Palantir Technologies Inc., a Central Intelligence Agency-backed software maker. Point72 hired Palantir to boost surveillance after Cohen’s hedge fund, SAC Capital Advisors, pleaded guilty to securities fraud in 2013 as part of a record $1.8 billion settlement with the U.S. government.
Point72, which oversees $11 billion, is based in Stamford, Connecticut. Mark Herr, a spokesman, declined to comment on the memo.