Billionaire Boosts New Personal Investment Strategy at Family Office

Steven Cohen, Chairman and CEO of Point72 Asset Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson - S1BETBVEDUAA

Steve Cohen, 65, the majority owner of the New York Mets and the owner of the hedge fund Point72 Asset Management, is worth $11 billion and is now focusing on real estate bets at his family office.

His journey with private investments in privately traded companies and assets began many years ago and contributed to the launch of Cohen Private Ventures in March 2014. The company houses investments, from venture capital to structured securities, private equity, and specialized credit investments.

In an attempt to focus on the latest expansion area for Steven Cohen’s personal investments, his family office hired Todd Kristol to build and lead a real estate team. Kristol previously worked for the late Don Marron, billionaire and entrepreneur. He will now be the head of real estate and a partner of the family office, focusing on multifamily, industrial, and retail properties. In addition, his team will aim at working on transactions where the family office is the controlling investor.

“Real estate is a natural extension of our existing portfolio and investment strategies, and Todd has the deep experience and expertise to help us capitalize on the potential in the space,” said Andrew Cohen, Chief Investment Officer.

After the real estate market crashed due to the pandemic’s economic impact, investors began flooding different parts of the market. According to Real Capital Analytics, investors have spent $53 billion on multifamily real estate prior to June, which is the most ever seen in the second quarter.

Cohen bought the Mets in September 2020 for $2.4 billion and is one of his high profile investments. Although he was already an investor in the valued baseball team, he had already discussed hiring the team in 2019 and beat Jennifer Lopez and Alex Rodriguez in a rival bid.

More than half of his wealth comes from his stake in Point72 Assets, and he also has an art collection that’s worth $1.2 billion. While the number of high-net-worth individuals and their wealth continues to surge, so does the number of wealthy individuals launching or expanding their family offices to help manage their assets.

Billionaire Steve Cohen Boosts Real Estate Bets at Family Office’- Scott Carpenter, Bloomberg

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