Loading ...May 11 2016—-NY Times
It was a hedge fund portfolio pitched by Hillary Clinton’s son-in-law, Marc Mezvinsky, as an opportunity to bet on a Greek economic revival.
Now, two years later, the Greece-focused fund is shutting down, after losing nearly 90 percent of its value, according to two investors with direct knowledge of the matter who spoke on the condition of anonymity.
Investors were told last month that the fund would close. The fund, Eaglevale Hellenic Opportunity, had raised $25 million from investors to buy Greek bank stocks and government debt.
Eaglevale Partners, a Manhattan hedge fund firm founded by Mr. Mezvinsky and two former Goldman Sachs colleagues, raised money for the Hellenic fund at a time when some on Wall Street had hopes for a revival in the Greek economy. For a time, Mr. Mezvinsky appeared at hedge fund conferences promoting the Greece investment thesis.
Mr. Mezvinsky is married to Chelsea Clinton, the daughter of former President Bill Clinton and Mrs. Clinton, the former secretary of state who is seeking the Democratic nomination for president.
Betting on Greece has proved to be tricky — some investors have made huge gains while others have had their fingers burned, depending on the timing of their bets.
And the last 17 months have been especially difficult for a number of hedge funds, even ones run by some of the best-known managers