Billionaire Steve Cohen’s Point72 has shed some startups.
The firm’s venture arm, in which Cohen is the sole investor, has sold stakes it owned in fintech startups to a new $280 million continuation fund, according to a press release on the deal.
The new fund includes more than $100 million rolled over from Point72, as well as funding from four other investors, including Goldman Sachs Alternatives and the principals of Portage, a fintech investment platform with $5.7 billion in assets. Separately, Portage will also manage some Point72 Ventures assets that are not part of the new fund.
The press release states that Point72 partner Tripp Shriner will become a general partner at Portage as a result of this deal and will oversee the new continuation fund.
The release does not state what companies will now be under the new fund, but PitchBook data shows that Point72 has been a backer of several big-name fintech players, including prediction market Polymarket, Argentine neobank Ualá, and crypto infrastructure builder Zerohash.
While Point72 will remain a significant investor in the new vehicle, the deal provides some liquidity to Cohen, who is also the owner of MLB’s New York Mets and is in the process of building a casino next to the team’s Queens stadium.
Point72 declined to comment, while Goldman Sachs did not respond to a request to comment.
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