Ex-Wall Avenue hotshot Richard Perry is reportedly plotting a comeback — practically a decade after shuttering his hedge fund after dropping a fortune making an attempt to avoid wasting the Barneys division retailer.
The sharp-dressed 70-year-old — a Goldman Sachs alum who famously favored expensive Thom Browne fits with skinny ties and shrunken-looking trousers — will crew up along with his former right-hand man, Todd Westhus, based on Bloomberg.
Perry — who additionally had grabbed headlines over an ostentatious Jeff Koons sculpture he positioned on the balcony of his Midtown Manhattan residence, irking neighbors — has joined Westhus’s Olympus Peak Administration agency as a accomplice, the outlet reported, citing sources aware of the matter.
Todd Westhus’s Olympus Peak has made eye-popping income on the bankruptcies of Latin American provider Latam Airways and crypto trade FTX. The report added that the 2 financiers will launch a brand new $500 million distressed credit score fund with Matt Englehardt, one other one in all their former associates.
The Wall Avenue return bid comes after Perry was compelled to shutter his eponymously titled Perry Capital in 2016. The agency misplaced greater than 60% of its belongings underneath administration over its last two years in enterprise as mounting losses eroded investor belief.
“I have this hope that someone says, ‘I love what you guys did, your team did things that were completely different, and how can I participate with them in the future?’” Perry stated in an interview on the time.
Except for amassing an ill-fated, 75% stake in Barney’s, Perry invested closely in Freddie Mac and Fannie Mae in 2010 however sued the federal government for “illegally seizing the profits” for the US Treasury.
He launched the fund again in 1988 after slicing his enamel at Goldman Sachs on the financial institution’s merger arbitrage desk. At its peak, Perry Capital as soon as managed $15 billion in belongings and recurrently posted a ten.7% annualized return.
It famously made a $2 billion windfall betting on the 2008 subprime mortgage disaster and $600 million on Argentine bonds.
Perry and his clothier spouse Lisa helped increase cash for Kamala Harris’s botched 2024 presidential run.
Lisa typically posted footage of the glamorous couple on their travels throughout the US and Europe on her Instagram account.
Lisa additionally had a clothes line at Barney’s 22 shops nationwide earlier than the retailer went bankrupt on Aug. 6, 2019.
She had shuttered lthe abel’s flagship retailer on 988 Madison Ave. after 4 years in 2016 — shortly after her husband’s hedge fund closed.
Perry and his spouse angered neighbors after they put in a glitzy Jeff Koons sculpture of a large, inexperienced diamond on their penthouse terrace at 1 Sutton Place South.
Residents residing throughout the road at 14 Sutton Place South griped to The Submit concerning the Perrys’ set up for its allegedly blinding reflections of sunshine all through the day.
The pair have lately developed and offered an array of luxurious properties.
They nonetheless have properties in New York and Palm Seaside, in addition to properties in Villefranche-sur-Mer on the French Cote d’Azur and The Hamptons.
