Bridgewater Associates told its investors that it will launch a new hedge fund this year, and had sold another minority equity stake in the firm to an unidentified buyer to help ensure its long-term viability. Bridgewater described its new fund, All Weather Major Markets, as a variation of its All Weather strategy that seeks to perform in any economic environment. In a Jan. 24 year-end report to investors, the hedge-fund firm said All Weather Major Markets would help ensure that its $65 billion All Weather fund doesn’t grow too large, potentially hurting its returns. All Weather returned 15.3% in 2012, gross of fees, Bridgewater wrote. In the same 304-page report, Bridgewater said it had completed a deal at the end of last year to sell a nonvoting stake in the firm to an outside investor, marking the fourth time the firm made such a transaction. The firm didn’t identify the investor or the size of the stake. “The proceeds of these transactions have allowed us to create a sustainable capital base that is independent of Ray, while remaining entirely employee-controlled,” the Jan. 24 report said, referring to Bridgewater founder Ray Dalio. [WSJ]
- 28 Aug 2014 at 8:00 AM
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- Bess Levin
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