Point72 has hit a $600m final close for its debut Hyperscale fund looking to use artificial intelligence to modernize portfolio businesses into market leaders.
Dan Gwak and Sri Chandrasekar, who previously co-led Point72 Ventures’ investment activities in deep tech, have been promoted to senior leadership roles as part of the announcement.
Gwak and Mr. Chandrasekar are managing partners of Point72 Hyperscale, which was founded in 2019 to use data and AI to drive productivity and margins at investee companies.
The firm believes that as AI automates rote tasks, workers can apply human creativity and ingenuity to tackle more complex problems and deliver better service.
Steven Cohen, founder and CEO of Point72, said, “The close of our first private equity fund with external investors marks an important milestone as our institutional private investing business enters a new phase of growth and maturity.
“Point72 has a unique opportunity to apply our investment model and deep expertise to capitalize on the vast opportunities presented by investing in promising private companies.”
Earlier this year the firm established Point72 Private Investments as the new business unit for its growing institutional private investing activities, which include Point72 Ventures, its global venture capital strategy, and Point72 Hyperscale.
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