Richard C. Perry
Richard Cayne Perry
|Born||February 9, 1955|
|Education||The Wharton School (BA)|
New York University Stern School of Business (MBA)
|Occupation||Hedge fund manager|
|Known for||Founder of Perry Capital LLC|
|Net worth||US$ 1.2 billion(2008)|
|Spouse(s)||Lisa Rachel Newberger|
|Parent(s)||Merel Cayne Perry|
Arnold Bernard Perry
|Family||James Cayne (uncle)|
David Perry (brother)
Early life and educationEdit
Perry spent his early life in Chicago, the son of Merel (née Cayne) and Arnold Perry. His mother, who ran a small import business, is sister to former Bear Stearns C.E.O. James Cayne; his father, Arnold, ran several firms including a book publisher and a business-machine company. He moved to Manhattan at the age of 10 and when he was 13, his parents divorced. He attended the Allen-Stevenson School all-boys' private grade school in Manhattan and then high school at the Milton Academy in Milton, Massachusetts, graduating in 1973. He attended the Wharton School of the University of Pennsylvania and graduated with a B.A. in 1977. While attending Penn, his father was able to secure him an internship at Goldman Sachs where he worked directly under one of its partners, L. Jay Tenenbaum. After graduation, he was hired by Goldman Sachs on an equity options trading desk. During this time, Perry earned a M.B.A. at night from NYU's Business School.
He moved to the equity-arbitrage desk at Goldman Sachs run by Robert Rubin. During this time he was Rubin's teaching assistant at NYU Stern and even babysat Rubin's children. He eventually left to form Perry Capital in 1988.
Perry's first major investment was Florists' Transworld Delivery (FTD), which Perry Capital acquired in 1994 for $130 million. Among his actions was installing Meg Whitman as the C.E.O. In 2004, he sold his stake in the company for $450 million.
In May 2012, Perry's firm acquired ownership of Barneys. Perry was the store's biggest creditor and in the takeover reduced Barneys's $590 million debt to $50 million. Perry's firm gained three seats on the seven-member board of directors, including former majority owner Istithmar World, new investor Yucaipa Companies, and Barneys's current C.E.O. Mark Lee.
Over the fund's first two decades, Perry posted an average return of 15 percent, peaking at $15.5 billion in assets in 2007. In September 2016, Perry announced he would be closing his hedge fund after assets under management fell 60% between late 2014 and 2016.
In 1985, he married Lisa Rachel Newberger in a Jewish ceremony in Manhattan. They reside in a remodeled 17-room townhouse on New York City's Sutton Place. He purchased the property in 2000 for $10.9 million. The domicile is filled with some of the best examples of Pop art, which have inspired the clothing style of his wife.
Perry is an ardent supporter of Democratic Party-associated causes, institutions, and people, including President Obama. Perry serves as a board member of the Israel Project and in 2010 co-hosted along with Seth Klarman an event for Ziad Asali, the founder and president of the American Task Force on Palestine.
Perry’s brother, David Perry, was the founder and CEO of TeamCo Advisors, a San Francisco based hedge fund advisor that announced its closure in 2017.
- Forbes Billionaires: "Richard Perry" retrieved March 5, 2008
- Vickers, Marcia (2008-10-07). "Looking for Trouble". CNNMoney.com. Retrieved 2013-02-16.
At 53 he is one of the most successful investors of our time..
- New York Times: "Paid Notice: Deaths PERRY, ARNOLD" August 23, 2001
- New York Times: "Paid Notice: Deaths PERRY, ARNOLD BERNARD" August 20, 2001
- "Sarah Sze Creates "The Edge of One of Many Circles"". Milton.edu. 2010-10-07. Retrieved 2012-12-12.
- "Richard C. Perry". Nndb.com. Retrieved 2012-05-12.
- "Richard C. Perry Profile - Forbes.com". People.forbes.com. 2009-07-21. Retrieved 2012-05-12.
- The San Francisco Chronicle https://archive.is/20120910054605/http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/08/bloomberg_articlesM3NVYH6VDKJ001-M3POB.DTL. Archived from the original on 2012-09-10. Cite uses deprecated parameter
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- "The Co-operative Bank plc - Governance". www.co-operativebank.co.uk.
- Mehta, Shiv (28 September 2016). "Perry Capital to Shut Down its Flagship Hedge Fund". Investopedia. Retrieved 12 November 2018.
- Chung, Juliet (26 September 2016). "Hedge Funds Take Another Punch to Gut". The Wall Street Journal. Retrieved 12 November 2018.
- New York Times: "R. C. PERRY WED TO LISA NEWMAN" November 10, 1985
- The Tablet: "Richard Perry’s Pet Projects - The new owner of Barney’s has also entered the Israel fray" By Allison Hoffman December 13, 2012
- Delevingne, Lawrence (25 September 2017). "Exclusive - Perry's TeamCo is latest hedge fund industry casualty". Reuters. Retrieved 12 November 2018.