The LSE Directory / Hedge funds
Third Point LLC is a New York based investment firm founded in 1995 by Daniel S. Loeb. It runs an event driven, multi strategy platform investing in public equities, corporate and structured credit, private credit, collateralized loan obligations (CLOs) and venture capital, taking long and short positions across global markets. The firm is employee owned, registered with the SEC as an investment adviser, and headquartered at 55 Hudson Yards in New York. Third Point built its reputation as a shareholder activist, using detailed, often sharply worded public letters to company boards to push for leadership changes, spinoffs or strategic reviews, a style closely associated with Loeb since the firm's early years. Where it now differs from a typical activist fund is the size of its credit business: since acquiring credit manager AS Birch Grove, Third Point runs CLOs, opportunistic private credit and multi strategy credit alongside its original event driven equity book, and it separately operates Third Point Ventures, a technology and life sciences venture arm based in Menlo Park, California. Industry press has described the shift as equities becoming the smaller piece of what is increasingly a credit led firm. Notable facts: founded in 1995 by Daniel S. Loeb, originally as Third Point Management Company. Its activist campaigns have included Yahoo (board seats won in 2012, exited in 2013 with roughly $1 billion of profit), Sotheby's (a 9.3% stake built in 2014 that preceded the CEO's resignation), Sony (a rejected push to spin off the entertainment division, which the firm says still increased disclosure) and Baxter International (board representation and annual director elections). Assets under management were reported at roughly $21 billion in mid 2025, after completing the acquisition of AS Birch Grove, an approximately $8 billion credit manager announced in December 2024 and completed in March 2025; some 2026 reporting puts total AUM closer to $24 billion, including more than $17 billion in credit strategies. Leadership alongside Loeb, who serves as CEO and CIO, includes Josh Targoff as President and Ian Wallace and Jonathan Berger, Birch Grove's former CEO, as co heads of credit. Third Point's earlier reinsurance venture, Third Point Reinsurance, merged with Sirius Group in 2021 to form the publicly traded SiriusPoint Ltd, in which Loeb affiliated entities still hold a minority stake capped near 9.5% under a standstill agreement. In January 2026, Third Point sent a public letter to CoStar Group's board criticizing its capital allocation and management incentives and calling for a board refresh and a strategic review of the Homes.com residential real estate business, a campaign it exited by April 2026 after selling its stake. Separately, in August 2025 shareholders of its London listed vehicle, Third Point Investors Limited, approved converting it from a traditional investment trust into a life and annuity reinsurer through the acquisition of Malibu Life Reinsurance, extending the firm's push into insurance linked capital.
