Hedge Fund Co-Founded by Chelsea Clinton’s Husband Suffers Losses Tied to Greece
The hedge fund co-founded by Bill and Hillary Clinton ’s son-in-law suffered losses tied to an ill-timed bet on Greece’s economic recovery, according to documents reviewed by The Wall Street Journal.
Eaglevale Partners LP, founded by Marc Mezvinsky and two former colleagues from Goldman Sachs Group Inc., told investors in a letter sent last week they had been “incorrect” on Greece, helping produce losses for the firm’s main fund during two of the past three years, according to the letter. Mr. Mezvinsky married Chelsea Clinton, the former first daughter, in 2010.
The main fund dropped 3.6% last year, far trailing the 5.7% rise for similar hedge funds tracked by HFR Inc. That followed an Eaglevale gain of 2.06% in 2013 and a loss of 1.96% in 2012, the documents show. It returned 6.24% this January, helped by bets on the U.S. dollar, said a person familiar with the situation, putting it in positive territory since its inception in 2012.
Among investors in Eaglevale’s main fund is Goldman Sachs Chairman and Chief Executive Lloyd Blankfein , people familiar with the matter said.
A smaller Eaglevale fund focused only on Greece plunged 48% last year, said the person familiar with the situation, hurt by the belief Greece’s economy will see a quick rebound.
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http://www.wsj.com/articles/hedge-fund-co-founded-by-chelsea-clintons-husband-suffers-losses-tied-to-greece-1423000325
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