Point72 wants interns for its new private credit team as D.E. Shaw builds new private equity venture

Many of the major hedge funds have been dipping their toes into non-hedge fund areas in recent years, but the most notable new development is Point72's private credit business; Bloomberg reports that Steve Cohen's hedge fund is in preliminary talks for a $1bn fundraise next year. It's seemingly pretty confident that the fund will go well, as it's already hiring interns for the new initiative. 

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Point72 has an open listing for a 2026 summer internship in its "collaborative and growing" private credit team. According to Harvard University's careers page, the application window is from the start of October to the start of December. It's offering a salary of $100k ($1,923 per week), which isn't quite as lucrative as the fund's quant trading internships; a quant research intern working on natural language processing, for example, can earn up to $200k while quants in its elite KEPL trading team can earn a salary of up to $300k next summer. 

Point72's private credit fund will be led by Todd Hirsch, a former Blackstone MD that joined the fund earlier this year. It's thought to all be early stages for the new team, which is why there's no other open listings in the private credit team. There is, however, an associate general counsel role within its tax team that makes multiple mentions of private credit.

Craig Bergstrom, CIO of asset manager Corbin Capital Partners, told Bloomberg today that the private markets are "a crowded field with deeply entrenched players." He suggested that new entrants will struggle to succeed regardless of the quality of their talent.

A hedge fund that may not have that problem is D.E. Shaw, (the most rewarding employer in financial services) which has been in private credit since 2008. It's a newer entrant to private equity, however; it launched its Voltaic fund in 2023, and has been building out an internal venture studio, separate from its external investment funds, since 2022. It's starting a new team within that studio, a startup incubator called Cove. 

Last week, it published a job listing for Cove, calling it a "newly formed private equity venture." The new hire (a product engineer in New York) will be focused on building generative AI tools for the fund's portfolio companies to use. The fund is also hiring an entrepreneur-in-residence for its venture studio, where Cove's new hire will also work. Both roles pay a salary of up to $250k

D.E. Shaw has come a long way from its spiritual home in quant finance. The fund raised $1.4bn for its private credit strategy earlier this year and, last month, it launched Cogence, its first hedge fund where human traders make all the decisions.

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