By Svea Herbst-Bayliss
NEW YORK (Reuters) – Third Point, one of the hedge fund industry’s most closely watched investors, promoted Joshua Targoff to president as it prepares to build out its credit platform.
Billionaire investor Daniel Loeb, who founded Third Point in 1995, announced Targoff’s promotion on Tuesday in an investor letter seen by Reuters.
Targoff has been the firm’s chief legal officer and chief operating officer.
He joined Third Point 17 years ago and has been a partner since 2012, helping launch Third Point Reinsurance, spearheading the firm’s litigation finance strategies and playing a critical role in Third Point’s activist campaigns at companies ranging from Baxter (NYSE:) to Campbell’s to Yahoo.
Calling Targoff a “trusted consigliere”, Loeb promoted Targoff just weeks after Third Point said it was buying AS Birch Grove with plans to expand its footprint in credit investing.
The firm oversees $12 billion in assets and returned 25% in 2024, a dramatic increase from a gain of roughly 4% in 2023 and a 22% loss in 2022.