Activist hedge fund manager Daniel Loeb takes on Intel, plans launch of new VC fund – TechCrunch

The third point, Activist Hedge Fund, run by Daniel Loeb, is busy in the dreadful days of 2020. Despite the great unrest at the beginning of the epidemic, it was a spectacular return – Reuters says it rose 12.3% earlier this month – And the firm clearly sees a greater potential for growth in the tech sector.

First, we learned yesterday in the Wall Street Journal through Asha Fitch that hedge funds Sent a Vietnam shareholder letter Intel President Omar Isharaq called for a broad-scale change in his management after American chipmakers fell dramatically behind rivals in recent years. As I noted in TechCrunch 2020 Wrapup of the Semiconductor Industry, Intel has a make-or-break moment coming next year, and now with activist pressure ahead of hedge funds, Intel’s pressure to fix underlying problems is intensifying.

Third Point, according to the Journal, has acquired a $ 1 billion stake in the company. Intel’s stock immediately jumped 5% following the news as investors expected additional pressure to improve the company’s prospects.

But apparently, you do not have to be a public company to get activist hedge funds on your cap table.

According to Miles Kruppa in the Financial Times this morningThe hedge fund is trying to raise up to $ 300 million for a new venture fund, with estimates close to February. Hedge funds have made several venture investments in the past Through its Third Point Ventures Wing, though that line of his business, never made headlines in the business press like his big activist bets.

In the past, the firm’s enterprise investments targeted tech, healthcare and fintech spaces, with companies such as SentinelOne and Yalebrick Data written on it. According to Crunchbase. The platform or industry will remain the same term for the new fund, assuming it has closed.