Richard C. Perry
| Richard Cayne Perry | |
|---|---|
| Born | 1955 (age 60–61) |
| Nationality | United States |
| Education |
B.S. Wharton School of the University of Pennsylvania M.B.A. New York University Stern School of Business |
| Occupation | Hedge fund manager |
| Known for | founder of Perry Capital LLC |
| Net worth | US$ 1.2 billion(2008)[1] |
| Spouse(s) | Lisa Rachel Newberger |
| Parent(s) |
Merel Cayne Perry Arnold Bernard Perry |
| Family | James Cayne (uncle) |
Richard Cayne Perry (born 1955)[2] is an American hedge-fund manager whose firm Perry Capital LLC has invested in several companies and, since 2012, owns a controlling interest in Barneys New York.
Early life and education
Perry spent his early life in Chicago, the son of Merel (née Cayne) and Arnold Perry.[2][3] 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.[4][2] He moved to Manhattan at the age of 10 and when he was 13, his parents divorced.[2] 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.[5] He attended the Wharton School of the University of Pennsylvania and graduated with a B.A. in 1977.[2] 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.[2] After graduation, he was hired by Goldman Sachs on an equity options trading desk.[2] During this time, Perry earned a M.B.A. at night from NYU's Business School.[2]
Career
He soon 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.[6][7] 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.[2]
In 2005, he was among the investors providing a loan of $512 million for Malcolm Glazer to purchase British football team Manchester United.[2]
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. It will have 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.[8]
From 2014, Perry Capital LLC became a major shareholder in the ailing Cooperative Bank in Manchester, UK, with a seat on the Board.[9]
Personal life
In 1985, he married Lisa Rachel Newberger in a Jewish ceremony in Manhattan.[10] 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, $4 million below its listed price. The domicile is filled with some of the best examples of Pop art, which have inspired the clothing style of his wife.[2]
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.[11]
References
- ↑ Forbes Billionaires: "Richard Perry" retrieved March 5, 2008
- 1 2 3 4 5 6 7 8 9 10 11 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 http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/08/bloomberg_articlesM3NVYH6VDKJ001-M3POB.DTL. Missing or empty
|title=(help) - ↑ http://www.co-operativebank.co.uk/aboutus/governance
- ↑ 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