Cohen's Point72 Launches Technology Venture Capital Unit

Mar 31 2015 | 1:46pm ET

Steve Cohen’s Point72, the successor firm to his SAC Capital hedge fund, is getting into the technology venture capital business.

The new unit, named Honeycomb Ventures, will invest in growth opportunities in global media, technology, and telecom companies, according to media reports citing an internal memo. It will be run by David Fiszel, a Point72 money manager.

The move is the latest example of large hedge fund investors, such as Maverick Capital and Tiger Global, getting into the venture space as private company valuations soar to levels not seen since the dotcom era. Valuations are now routinely 15-20 times expected forward sales for technology companies in Series C and later venture rounds, according to industry sources.

Honeycomb has already been active in the venture space, leading a second raise for a wine app, according to the reports. 

Cohen renamed SAC Capital to Point72 after SAC pled guilty to security fraud charges in late 2013. The firm manages $11 billion of primarily Cohen’s fortune in what is effectively a family office. 

In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...


CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...