Todd Hirsch was named as head of private capital at global alternative investment firm Point72, tasked with creating a new investing strategy primarily focused on private credit.
A spokesperson confirmed Hirsch’s appointment but declined to comment further.
However, a memo obtained by Pensions & Investments, and signed by Point72’s founder, Chair, CEO and President Steven A. Cohen, said Hirsch’s position is new. He will report directly to Cohen.
Hirsch will build and manage a portfolio of private credit and asset-backed investments.
“Private credit is now a rapidly growing $3 trillion market, and the demand continues to exceed supply as corporate lending, specialty finance, and asset-backed finance shifts from banks and public markets towards private markets, creating favorable market conditions for this business,” Cohen wrote in the memo. “We believe this is an opportunity to leverage our firm’s core strengths in fundamental research and build a differentiated portfolio by sourcing and structuring attractive investments.”
The $35.2 billion Point72, known for being a hedge fund and also for Cohen’s ownership of Major League Baseball team the New York Mets, runs discretionary long/short equity, systematic and macro investing strategies, along with a growing portfolio of private market investments.
Hirsch was a senior managing director in $1.1 trillion firm Blackstone’s tactical opportunities group. “We thank Todd for his contributions to the firm and wish him well in his future endeavors,” a Blackstone spokesperson said.
He has also held roles at Deutsche Bank and private equity firm Littlejohn & Co.
