Daniel Loeb’s Third Point makes a $ 300m profit from the Rivian IPO

Daniel Loeb’s Third Point has made a $ 300m investment in Rivian, one of the hedge funds to benefit most from the turbocharged flotation of electricity manufacturers this month.

Loeb billionaire has made a fortune through several businesses over the past year in addition to his flexible portfolio, according to investment letters and a business expert.

Rivian, which manufactures trucks and vans and is supported by Amazon and Ford, to climb on its first market this month, I give them a price bigger than Ford and General Motors, though it never listed any money.

Shares rose from their $ 78 price to $ 170 last week, although back to $ 118, they were hit by news that Ford had acquired it. removed plans to build an electric car using Rivian’s technology.

Among other things that benefited Rivian were Daniel Sundheim’s D1 Capital and Philippe Laffont’s Coate Management, which had invested $ 2.5bn around the summer, and Infinity Investment Partners in London.

Option C, D1, Coateue and Infinity declined to comment.

Loeb, whose entire interest on Rivian has not been mentioned before, wrote in a recent Investor letter that Third Point met with founder and CEO RJ Scaringe early last year and “was impressed by his inspiring vision and innovation. of a car company “.

Loeb also mentioned Amazon support, which has ordered 100,000 imported vehicles from Rivian. “While Amazon wants to be a major player in politics when it comes to political neutrality, we believe Rivian is the one who decides for their final fleet,” he wrote.

Third Point, which has $ 20bn in managed assets, this summer invested $ 167m in the company’s revised records, which were converted into shares during the first public offering, as well as two additional funds, plus the IPO period.

Third Point wrote to the cashiers on November 10, the flight date, stating that it had reimbursed 640 percent of the internal repayment, the annual working rate favored by business companies.

Mayfair-based Infinity Investment Partners, meanwhile, first sold to Rivian in January and made a profit on its initial investment more than three times, according to a letter sent to investors last week. This was equivalent to millions of dollars’ worth of profits, according to a person with experience in the profession.

“Rivian has the unique opportunity to become a valuable asset for both high-end automotive and commercial vehicles,” Infinity wrote in a letter.

Loeb’s $ 300m profits are the latest in a series of high-profile cases from private companies that have come to sell.

The main responsibility for its fund this year, which oversees nearly a quarter of its revenue, has been Upstart Holdings, a smart lending platform that floated at the end of last year and has risen 400 percent this year. Its second major winner is Internet security company SentinelOne, whose IPO was this summer.

In the first 10 months of this year, Point Three has risen 35.7 percent, its best year to return for more than a decade.

Laurence.fletcher@ft.com