Third Point raises $2.5bn in two weeks

A Billion Dollars

Investors want more of activist hedge fund manager Dan Loeb , and they're putting up lots of cash to prove it.

Loeb's Third Point pulled in $2.5 billion in fresh cash from investors in just two weeks, according to a person familiar with the situation.

A spokesman for Third Point declined to comment. The news was first reported by The Wall Street Journal.

The new capital brings the firm's total assets under management to $17.5 billion from $15 billion. The money will go into Third Point's sole fund, according to the person.

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Third Point's Offshore Fund is up 6.4 percent this year through August, according to investor materials. That compares with a 9.9 percent rise for the S&P 500 index. Loeb's annualized return net of fees since inception in December 1996 is 17.7 percent, compared with 7.6 percent for the S&P 500 over the same period.

Today, the fund has about 62 percent of its capital in stocks, mostly of companies over $10 billion. Third Point has about 27 percent of the portfolio exposure in credit, according to the materials.

-By CNBC's Lawrence Delevingne

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