Dan Loeb's Third Point is launching a Greek-focused hedge fund that will bet on the recovery of the country's indebted economy.
Bloomberg reported that the new fund will focus on event-driven opportunities in Greek assets. New York-based Third Point plans to invest about $150 million --or 1.5% of its current assets in the new fund-- and will raise additional capital from institutional investors. eVestment
reported in December that Third Point profited $500 million after making a bet that Greece would not be forced to leave the eurozone. Third Point began buying Greek bonds in the beginning of 2012 after profiting from a rally in Portuguese debt.
Founded in 1996, Third Point currently manages about $11.7 billion in assets.