Hedge funder Steve Cohen is starting a venture capital fund

Legendary hedge fund manager Steven Cohen is starting a venture capital fund.

According to a report from Bloomberg News, Cohen's Point72 Asset Management has started a unit called Honeycomb Ventures that will "mainly invest in growth equity opportunities."

Bloomberg's Saijel Kishan reports:

Honeycomb will invest in global media, technology and telecommunication companies, including those that focus on cloud computing, payments and security technology and e-commerce, according to Point72 spokesman Mark Herr ...

Honeycomb is leading a second round of financing for a wine app called Delectable, which instantly recognizes any wine from a photo and allows users to get opinions, see what friends are drinking, buy wine and keep track of their favorite drinks, according to [a] Point72 memo.

Point72 is what Cohen renamed SAC Capital, his previous hedge fund, after SAC plead guilty to securities fraud and paid more than $1 billion to regulators as part of its settlement.

Point72 now operates only as a family office and manages the wealth of Cohen and its employees.

Read Kishan's full report at Bloomberg here »