Point72's new AI fund near $1.5 bln after double-digit returns, sources say
By Summer Zhen
HONG KONG, Jan 16 (Reuters) - Steven Cohen's Point72 Asset Management's new artificial intelligence (AI)-focused fund posted a 14% gain after launching just three months ago, growing the fund to nearly $1.5 billion, according to sources familiar with the matter.
Point72 Turion, which kicked off trading in October and is run by portfolio manager Eric Sanchez, was expected to reach $1.5 billion in April based on its performance and subscriptions.
At that point the fund plans to suspend taking new investors, the sources said.
In June, Bloomberg reported Point72 was seeking about $1 billion for the new fund.
The quick growth of Point72's AI fund is the latest example of market optimism about the prospects of AI.
The hedge fund that picks winners and losers in the AI supply chain rose 3.5%, 4.9% and 5.2% in October, November and December respectively, ending 2024 up 14.2%, compared to a 6.2% in the Nasdaq Composite Index .IXIC during the same period.
Turion is hedge fund giant Point72's first new fund in decades. Point72 currently oversees $35.2 billion with its main fund rising 19% last year.
A spokesperson for Point72 declined to comment.
(Reporting by Summer Zhen;Editing by Elaine Hardcastle)
((summer.zhen@thomsonreuters.com; 852-3462-7739;))
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