Third Point, a highly regarded hedge fund, has promoted Joshua Targoff to president as the company prepares to expand its credit platform. Billionaire investor Daniel Loeb, who founded the company in 1995, announced Targoff’s promotion in an investor letter seen by Reuters. Targoff has been the firm’s chief legal officer and chief operating officer for 17 years and has been a partner since 2012. He has played a key role in launching Third Point Reinsurance, spearheading the company’s litigation finance strategies, and participating in activist campaigns at various companies, including Baxter, Campbell’s, and Yahoo.
Targoff’s promotion comes just weeks after Third Point announced its acquisition of AS Birch Grove and plans to expand its credit investing presence. The company oversees $12 billion in assets and achieved a 25% return in 2024, a significant increase from a 4% gain in 2023 and a 22% loss in 2022. Loeb referred to Targoff as a “trusted consigliere” in his letter.