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Hedge funds seek to expand into private credit

Millennium, Point72 and Third Point among those seeking to push into popular asset class
Millennium, Point72 and Third Point — among the world’s largest and oldest hedge funds — have typically specialised in trading so-called liquid securities

Big hedge funds are pushing into private credit as they seek to establish themselves as diversified financial institutions, with Millennium Management, Point72 and Third Point all looking to launch new funds and strategies.

Third Point, a $20bn firm with a history as an activist investor, plans to launch a publicly traded private credit fund next month called Third Point Private Capital Partners, which will lend directly to businesses.

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