Steve Cohen’s Point72 Raises $1.5 Billion After Melvin Capital Infusion
- Point72 gathered capital in days after opening to fresh cash
- Hedge fund fell 9% last month as retail traders rocked market
Steve Cohen
Photographer: Scott Eells/Bloomberg
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Steve Cohen’s Point72 Asset Management has opened to new cash and raised more than $1.5 billion in commitments in a matter of days, according to people familiar with the matter.
The move comes after the hedge fund provided $750 million in emergency cash to Gabe Plotkin’s Melvin Capital, which was struggling with GameStop Corp. and other short bets gone sour. Citadel’s hedge funds, along with founder Ken Griffin and his firm’s partners, put $2 billion into Melvin. By the end of last month, Melvin sunk 53% after retail investors banded together online to push up the prices of GameStop and other popular targets of short-sellers.