NEW YORK, Jan 7 (Reuters) - Point72 Asset Management has

hired Todd Hirsch, a former senior managing director at

Blackstone, to head a new strategy focused on the

fast-growing private credit business, according to an internal

statement seen by Reuters.

Steve Cohen, the firm's founder, said in the statement that

demand for private credit "continues to exceed supply," creating

a good environment for the new strategy.

With over $3 trillion in assets under management globally,

according to the Alternative Credit Council, the private credit

industry includes firms such as Blackstone, KKR, Carlyle

and Ares Management ( ARES ).

"In this new role, Todd will build and manage a portfolio of

private credit and asset-backed investments," Cohen said in the

statement, adding the strategy will focus on sectors such as

technology, business services, financial services, healthcare

information technology, insurance and payments.

Initially, private credit will be an additional strategy of

Point72's multi-strategy hedge fund, according to a source

familiar with the matter. It is undetermined if Point72 will

raise a separate private credit fund in the future or make it a

standalone business, this person added.

Point72 manages $35.2 billion in assets, its website shows.

Bloomberg reported earlier on Point72's private credit

inroads.