{"id":115157,"date":"2021-03-02T18:15:23","date_gmt":"2021-03-02T18:15:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=115157"},"modified":"2021-03-02T18:15:23","modified_gmt":"2021-03-02T18:15:23","slug":"loebs-third-point-hires-goldman-research-analyst-heath-terry","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/loebs-third-point-hires-goldman-research-analyst-heath-terry\/","title":{"rendered":"Loeb's Third Point hires Goldman research analyst Heath Terry"},"content":{"rendered":"
BOSTON (Reuters) – Billionaire investor Daniel Loeb has hired a prominent tech research analyst from Goldman Sachs to reinforce the team that handles venture investments at his Third Point LLC hedge fund, sources familiar with the matter said on Tuesday.<\/p> Heath Terry, the technology, media & telecom business unit leader for Global Investment Research at Goldman, will join as a managing director at Third Point Ventures working from the firm\u2019s New York offices. He worked at Goldman for nearly a decade.<\/p>\n Terry did not respond to a request for comment.<\/p>\n Loeb announced the hire on a call with his colleagues just hours after Third Point completed the first round of fund raising for its first-ever dedicated venture capital fund.<\/p>\n Third Point, which oversees $16 billion, has invested in start-ups for decades but this is the first time the firm, known for activist campaigns at companies ranging from Nestle to Yahoo, has raised a standalone venture fund.<\/p>\n It had hoped to raise $300 million for the new fund and is expected to exceed the target at its first close, a source said.<\/p>\n Terry will report to Loeb and work with Robert Schwartz, who has spearheaded venture investments at Third Point Ventures since 2000.<\/p>\n While Third Point has rarely mentioned the business, Loeb recently began highlighting the team\u2019s contributions to the firm\u2019s overall success.<\/p>\n \u201cToday, we are ideally situated with a purview of both public and private markets, a long track record, a strong reputation in helping build businesses, and the rationalization of valuations in the private space,\u201d Loeb wrote to his investors about the venture business late in 2020.<\/p>\n Since 2015, Third Point\u2019s venture investments have \u201cgenerated returns that place us in the top decile of 2015 venture funds,\u201d Loeb wrote.<\/p>\n He pointed to investments in online lending market place Upstart and cybersecurity startup SentinelOne, where Schwartz sits on the boards, as examples of the team\u2019s work.<\/p>\n Looking ahead, Loeb said in the same letter that even though there may be some later stage investments, the bulk of the team\u2019s work will concentrate on Series B expansion stage opportunities in building a venture into a company and sitting on its board.<\/p>\n While venture investing has long been part of the DNA at investment firms Tiger Global and Coatue Management, some hedge fund clients have objected to the long lock-ups and preferred their managers to focus on public company investments.<\/p>\n That reluctance may now be ebbing, giving managers like Loeb an opportunity to dig deeper into the sector to create new sources of return.<\/p>\n Third Point\u2019s Third Point Offshore Fund finished 2020 up 20.6%, its best return since 2013, when it gained 26%. In the first two months of 2021, it gained 4.1%.<\/p>\n