Point72 Gears Up to Raise at Least $1 Billion for Private Credit

Billionaire Steve Cohen is preparing to join his hedge fund cohorts in expanding his $41.5 billion investment empire beyond its roots in trading mostly liquid markets.

His Point72 Asset Management has started preliminary conversations with investors to raise money for a private credit fund next year, according to people with knowledge of the matter. The firm may take in at least $1 billion from external investors, the people said, asking not to be identified discussing confidential information.