I assume you are looking at form constructs:
Foo ^bar = gcnew Foo();
You are right, in .NET it is a pointer type of type "how to" and is part of C ++ / CLI, but not the standard C ++ ISO.
This is a reference to a garbage collected, managed .NET object, unlike a regular unmanaged C ++ object.
As another poster shows, outside the .NET world or in the context of creating an object, this is the XOR operator.
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