Omega Advisors CEO Leon Cooperman would not have "any particular interest" in making investments in Cuba, noting that more opportunity will continue to exist in developed countries.
"That's very far down on my list," Cooperman said in an interview on CNBC's "Fast Money Halftime Report" Wednesday.
Read MoreUS to embark on massive overhaul of Cuba relations
The United States is beginning negotiations to normalize diplomatic relations with Cuba and open an embassy, CNBC reported Wednesday. The U.S. first imposed an embargo on the island nation in 1960, and the countries have held a contentious relationship for decades.
In a press conference, U.S. President Barack Obama spoke about improving relations with Cuba, which have been strained for decades, through a wide set of actions ranging from the easing of travel restrictions to some imports.
Despite his reservations about investing in a re-opened Cuba, Cooperman added that both nations had "a lot to gain" from the establishment of diplomatic relations.
"Hopefully we'll succeed in turning them around," Cooperman said of Cuba.
Following the news, Thomas Herzfeld's Herzfeld Caribbean Basin Fund jumped as much as 35 percent in Wednesday morning trading.
Herzfeld is "fully prepared" to make direct investments in Cuba once diplomatic relations are established, he said in an earlier interview on CNBC. Channeling money into Cuba would take considerable care in the country's current political climate, he added.
Read MoreViva cigars! Easing of Cuba trade would be 'huge'
"With the resumption of trade in Cuba on the way, there will be a boom in that country," Herzfeld said.
Herzfeld noted that other Latin American economies could reap benefits from a more open relationship between Cuba and the U.S., calling the embargo an economic "irritant."