PointState Capital Launches First Fund With Over $1.5B

Jan 14 2011 | 11:35am ET

The Duquesne Capital Management alumni at PointState Capital have launched their first hedge fund, the PointState Fund, with at least $1.5 billion, according to SEC filings.

PointState is believed to have raised $5 billion in assets—$1 billion from Duquesne’s Stan Druckenmiller himself, who has not taken an ownership stake in the new firm. The fund is the first of what is expected to be a number of launches.

PointState Capital was formed last year by Sean Cullinan and six other Duquesne alumni after Druckenmiller closed his 30-year-old, $12 billion fund.

PointState Capital is based in New York and named for the park in Pittsburgh where Fort Duquesne once stood.

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