Point72 Asset Management’s new artificial intelligence (AI)-focused fund, Point72 Turion, has seen rapid growth, with a 14% return since its launch just three months ago. Sources familiar with the matter indicate that the fund, which began trading in October 2024, is now nearing a value of $1.5 billion, surpassing expectations. The fund is set to suspend new investments once it reaches this milestone, anticipated in April 2025.
Point72 Turion, managed by portfolio manager Eric Sanchez, had initially aimed to raise $1 billion for its launch, as reported by Bloomberg in June. The fund’s strong performance has already attracted significant subscriptions, demonstrating growing optimism about the AI sector. The fund has posted monthly gains of 3.5%, 4.9%, and 5.2% in October, November, and December, respectively, finishing 2024 with a 14.2% return. This compares favorably with the 6.2% gain in the Nasdaq Composite Index during the same period.
This growth marks the first new fund for Point72 in decades, highlighting the hedge fund’s confidence in the potential of AI. The firm currently manages $35.2 billion in assets, with its main fund having risen 19% in 2024. Despite the impressive performance, a spokesperson for Point72 declined to comment on the fund’s progress.
