Home›ETFs & Funds›Hedge Funds›Point72 extends investor exit period for flagship mult…

Point72 extends investor exit period for flagship multi-strategy fund

Investors will be able to redeem 8.3% of capital each quarter under new terms, potentially taking up to three years for a full withdrawal.

Reported · Written up by our desk · Hedge Funds

Point72 Asset Management is extending the time investors have to fully exit its flagship multi-strategy hedge fund, according to a report by Bloomberg, citing people familiar with the matter.

Under the new terms taking effect at the beginning of next year, investors will be able to redeem 8.33% of their capital each quarter. That structure could allow investors to take as long as three years to withdraw their entire allocation, compared with the current setup that allows up to 25% each quarter for a full exit within 12 months.

Point72, founded by Steve Cohen, managed approximately $58.5 billion as of July 1, and a representative for the firm declined to comment on the change. The move follows similar steps by other large multi-strategy managers, including Millennium Management, Rokos Capital Management, and DE Shaw, as firms seek more stable pools of capital.

More like this

Sources