Published On: Wed, May 11th, 2016

Chelsea’s Husband to Close Greek Hedge Fund After Losing 90% of Value

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Chelsea Clinton’s husband is reportedly closing his Greek hedge fund. The news from Marc Mezvinsky comes after the fund is said to have lost 90 percent of its value.

“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, ” the New York Times reports.

“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.

 

Handout picture of Chelsea Clinton holding her daughter Charlotte Clinton Mezvinsky with her husband Marc Mezvinsky

 

“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.”

The fund failed despite high profile boosters. “Some of the firm’s earliest investors were Goldman partners, including Lloyd C. Blankfein, Goldman’s chief executive officer, who let Eaglevale use his name in marketing the flagship fund.

“It is not clear why Eaglevale waited until this year to close the Hellenic fund, which already had lost about 40 percent of its value by early last year.”

This article was first published at Weekly Standard, by DANIEL HALPER

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