Steve Cohen raises $5 billion for hedge fund this year

Billionaire Steve Cohen says he has raised about $5 billion for his hedge fund this year — but figuring out what to do with all that money may be a problem.

“It was actually not hard,” the controversial investor said of his recent fundraising efforts at a Tuesday event at the 92nd Street Y in Manhattan, according to the Financial Times.

“I did only 10 or 15 meetings,” Cohen said. “I made one trip overseas to see one client and my staff did an amazing job and we raised probably $5 billion.”

But Cohen, who just started managing outside money again following a two-year ban by the Securities and Exchange Commission over insider trading allegations, said the US may enter a bear market in the next two years.

“I don’t think returns over the next two years are going to be very good. If the market hangs in there, there’s just going to be marginal returns,” Cohen said, adding that he feels in the middle of being “comfortable” and “uncomfortable.”

Hedge funds have been in a tough spot this year amid increased volatility in the markets. During a tumultuous October, funds fell 3 percent and are down 1.7 percent for the year, according to Hedge Fund Research.

Cohen converted his last hedge fund, SAC Capital, into a family office called Point72 in 2014 after the firm pleaded guilty to insider trading.

The fund, which largely managed Cohen’s $11 billion fortune, had reportedly raised nearly $3 billion in outside money as of March after the SEC’s ban expired.