NEW YORK (Reuters) – Point72 Asset Management has hired Todd Hirsch, a former senior managing director at Blackstone, to lead a new strategy focused on the fast-growing private credit business, according to an internal statement seen by Reuters.
Steve Cohen, the company's founder, said in the statement that the demand for private credit “continues to exceed the supply,” creating a good environment for the new strategy.
With over $3 trillion in assets under management worldwide, according to the Alternative Credit Council, the private credit industry includes companies such as Blackstone, KKR, Carlyle and Ares Management.
“In this new role, Todd will build and manage a portfolio of private credit investments and assets,” Cohen said in the statement, adding that the strategy will focus on sectors such as technology, business services, financial services, information technology healthcare, insurance and payments.
Private credit will initially be an additional strategy of the Point72 multi-strategy hedge fund, according to a source familiar with the matter. It is not certain whether Point72 will raise a separate private credit fund in the future or make it a stand-alone business, this person added.
Point72 manages $35.2 billion in assets, according to its website.
Bloomberg reported earlier on the rise of private credit Point72.
(Reporting by Carolina Mandl, in New York; Editing by Rod Nickel)