Chelsea Clinton’s Husband Closing Hedge Fund After Losing 90 Percent Of Its Money
Chelsea Clinton’s husband is shutting down a hedge fund he founded after losing 90 percent of investors’ money.
Marc Mezvinsky promoted Eaglevale Hellenic Opportunity as a means to bet on, and profit from, a Greek economic recovery. The fund was a spinoff of Eaglevale Partners, a larger hedge fund founded by Mezvinsky and two colleagues from his days working at Goldman Sachs.
Eaglevale Hellenic Opportunity specialized in buying up Greek stocks and government debt, betting the country would finally get its house in order and come roaring back. Mezvinsky argued in 2014 that, despite many signs to the contrary, Greece would soon be on the road to “sustainable recovery” and investors would be able to take advantage.
The effect on Mezvinsky’s hedge fund has been gruesome. It raised $25 million for its investments, but had already lost about 40 percent of its value by early 2015. Rather than shuttering the fund then, Mezvinsky pressed ahead.
Now, The New York Times’ DealBook reports, the end has finally come, but only after the fund lost 90 percent of investors’ money. The fund’s closure was reportedly announced to investors a month ago.
The main Eaglevale hedge fund has performed better, though it would be hard not to. The fund has lost about 1 percent of its value this year, which DealBook says is slightly worse than the typical hedge fund performance (the S&P 500, meanwhile, has grown by almost 2 percent). That’s still far better than its performance in 2014, when it lost 3.6 percent of its value in a year where the average hedge fund grew 5 percent.
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