A hedge fund portfolio run by Hillary Clinton's son-in-law is reportedly to close after it lost nearly 90% of its value.
Chelsea Clinton's husband Marc Mezvinsky, 38, launched Eaglevale Hellenic Opportunity in July 2014 with two former Goldman Sachs colleagues.
The Manhattan firm raised $25m from investors to buy Greek bank stocks and government debt.
But sources with direct knowledge of the matter told the New York Times that investors were informed last month the fund would shut.
A number of investors were longtime Clinton supporters, according to financial documents obtained by the newspaper.
Goldman chief executive Lloyd Blankfein was also among investors and he allowed Eaglevale to use his name in marketing.
In letters to investors in 2014, Mr Mezvinsky expressed confidence that Greece would soon be on the path to a "sustainable recovery".
But by early last year the Hellenic fund had lost about 40% of its value as its big bet on Greek stocks turned sour.
Mr Mezvinsky, a Stanford University graduate, worked at Goldman for eight years before leaving to join a private equity firm.
He married Chelsea Clinton in July 2010; they have a daughter, Charlotte, and are expecting their second child.
His financial misadventure may renew critics' claims that his mother-in-law, a Democratic White House candidate, is too close to Wall Street.
No comments:
Post a Comment