Billionaire Steve Cohen is getting back in the game.

The fallen hedge fund titan — who returned investors’ money and become a “family office” after his $15 billion SAC Capital pleaded guilty to insider trading charges — will be allowed to manage outside money again under a settlement with regulators.

Cohen, 59, will be barred from managing client money until 2018 under an agreement announced Friday with the Securities and Exchange Commission.

In addition to the two-year ban from running outside money, Cohen’s firm agreed to install an independent compliance monitor “on a periodic basis for the next four years,” Cohen wrote in a memo to employees obtained by The Post.

In a big victory for the hedgie, however, Cohen avoided a potential lifetime ban the agency had sought as part of its long pursuit of the former SAC head, largely believed to be the best trader on Wall Street.

“I am pleased to announce that I have resolved the administrative case filed by the SEC against me two years ago,” Cohen wrote in the email to colleagues.

Cohen “failed reasonably to supervise one of his senior employees, who engaged in insider trading,” the SEC said.

Under the settlement, he neither admitted nor denied the SEC’s allegations that he failed to supervise Mathew Martoma, was convicted last year of securities fraud and faces nine years in prison. Martoma is appealing the verdict.

SAC Capital has already paid $1.8 billion to settle civil and criminal charges of insider trading.

After the insider trading plea, Cohen converted SAC into a “family office,” Point 72, an $11 billion firm that mostly manages Cohen’s huge personal fortune.

“Having the opportunity to accept outside capital again does not necessarily mean we will,” Cohen wrote in the email.

Cohen said that the settlement brings “certainty” the firm.

“Inevitably, some will ask why I agreed to settle,” he said in the email. “The longer the pending litigation lingered, the more it distracted from the world-class firm that we are building.”