Steve Cohen’s Level72 to reportedly redeem $750 million from Melvin Capital

Billionaire investor Steve Cohen’s Level72 Asset Administration is pulling out the $750 million it invested in Melvin Capital Administration, Bloomberg News reported on Saturday.

Level72 will quickly begin redeeming the cash in parts over time, the report stated, citing individuals aware of the matter.

Each Melvin Capital, based by Gabe Plotkin, and Level72 declined to remark.

Level72 has one other funding in Melvin, with that pool of cash remaining untouched, in keeping with the report.

Melvin Capital, the hedge fund on the heart of the GameStop buying and selling frenzy, misplaced 49% on its investments through the first three months of 2021.

Hedge fund managers Cohen and Kenneth Griffin had stepped in to help Plotkin in January final yr with Griffin’s Citadel and Cohen’s Level72 including $2.75 billion to the agency.

Melvin Capital misplaced 15% in January this yr.

Read the complete Bloomberg report here.