Point72 Asset Management, the hedge fund founded by Steve Cohen, is entering the booming private credit market with a new strategy headed by Todd Hirsch, a former Senior Managing Director at Blackstone, according to a report by Reuters citing an internal company statement.
The move signals Point72’s ambition to tap into the growing demand for private credit, which has become a key focus for alternative asset managers.
In the statement, Cohen highlighted the strong market dynamics driving the decision. “Demand for private credit continues to exceed supply,” Cohen said, calling it an opportune moment for the firm to expand its investment strategies.
The private credit industry, now managing over $3tn globally according to the Alternative Credit Council, has seen significant growth in recent years. Major players like Blackstone, KKR, Carlyle, and Ares Management have built substantial portfolios in this space, as institutional investors increasingly seek alternatives to traditional debt instruments.
Todd Hirsch will oversee Point72’s private credit and asset-backed investment portfolio, with a focus on sectors including technology, business services, financial services, healthcare IT, insurance, and payments. The strategy will initially operate within Point72’s multi-strategy hedge fund.
According to one source, the firm, which currently manages $35.2bn in assets, has yet to decide whether to establish a standalone private credit fund or develop it as a separate business unit in the future.
