Point72 Preps First Venture Fund for Clients, Focuses on Defense

Billionaire Steve Cohen’s Point72 Asset Management is raising its first venture capital fund for clients, seeking to bet on the “urgent” need for defense technology startups.

The firm is looking to raise $400 million for the Deterrence fund, which is expected to make mostly seed or series A investments in defense, space, energy and security startups, according to an investor document seen by Bloomberg News.