Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating mental health issues confronted by U.S. military veterans and dedicated $275 million to funding it. 

Named the Cohen Veterans Network, the organization plans on opening at least 20 clinics across the U.S. over the next three to five years, according to a statement, and serve more than 25,000 patients per year. 

"The wounds of war are serious. It is not easy to serve your country in combat overseas and then come back into society seamlessly, especially if you are suffering," Cohen said. "These men and women have paid an incredible price and it's important that this country pays back that debt."

The clinics will help treat conditions such as post-traumatic stress disorder, depression and other mental health issues that can afflict veterans and their families after they return home. Executive director of the organization is retired Air Force officer Anthony Hassan.

“We are launching this network to provide veterans with a real choice as they transition home,” Hassan said in a written statement. “We are offering free, confidential mental health care, with no wait times, not only to veterans but to their family members, as well.”

Veterans affairs are of particular interest to Cohen, whose SAC Capital has been renamed Point72 Asset Management. He served on the board of the Robin Hood Foundation for more than a decade, and his son, Robert, deployed to Afghanistan with the U.S. Marines in 2010. The $275 million pledge for his largest yet in support of veterans mental health. 

NYU Langone’s Cohen Veterans Center, which Cohen helped start while working with Robin Hood, will reportedly serve as the model for the clinics. From there, the network will initially expand to pilot clinics in San Antonio, Dallas, LA and Philadelphia by the fourth quarter, according to a Bloomberg article.

Over the next three to five years, the network hopes to employ lessons learned from the pilot clinics to open at least 15 outpatient facilities in high-need veteran and military family communities around the country. 

Joining Cohen on the board of the new non-profit is Admiral Mike Mullen, former Chairman of the Joint Chiefs of Staff under President Obama, former U.S. senator from Connecticut Joe Lieberman.

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