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Richard Cayne Perry (born February 9, 1955) is an American hedge fund manager whose firm, Perry Capital LLC (closed in 2016) invested in several companies and, starting in 2012, owned a controlling interest in Barneys New York. Perry sold his controlling interest in Barneys New York in August 2019.


Early life and education

Perry was born the son of Merel (née Cayne) and Arnold Perry (1925–2001). He was raised in Chicago. His mother, who ran a small import business, is the sister of former
Bear Stearns The Bear Stearns Companies, Inc. was a New York-based global investment bank, securities trading and brokerage firm that failed in 2008 as part of the global financial crisis and recession, and was subsequently sold to JPMorgan Chase. The compa ...
C.E.O. James Cayne; his father, Arnold, ran several firms including a book publisher and a business-machine company. He moved to
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at the age of 10 and when he was 13, his parents divorced. He attended the
Allen-Stevenson School Allen-Stevenson is a private boys school for kindergarten through 8th grade in New York City, New York. It opened in 1883 and moved to its present location at 132 East 78th Street in 1924. History The Allen School was founded in 1883 by Fran ...
all-boys' private grade school in Manhattan and then high school at the Milton Academy in Milton, Massachusetts, graduating in 1973. He attended the
Wharton School of the University of Pennsylvania The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a Private university, private Ivy League rese ...
and graduated with a B.A. in 1977. While attending Penn, his father was able to secure him an internship at
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
where he worked directly under one of its partners,
L. Jay Tenenbaum Carl Linnaeus (; 23 May 1707 – 10 January 1778), also known after his Nobility#Ennoblement, ennoblement in 1761 as Carl von Linné#Blunt, Blunt (2004), p. 171. (), was a Swedish botanist, zoologist, taxonomist, and physician who formalise ...
. After graduation, he was hired by Goldman Sachs on an equity options trading desk. During this time, Perry earned a M.B.A. at night from NYU's Business School.


Career

He moved to the equity-
arbitrage In economics and finance, arbitrage (, ) is the practice of taking advantage of a difference in prices in two or more markets; striking a combination of matching deals to capitalise on the difference, the profit being the difference between the ...
desk at
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
run by
Robert Rubin Robert Edward Rubin (born August 29, 1938) is an American retired banking executive, lawyer, and former government official. He served as the 70th United States Secretary of the Treasury during the Clinton administration. Before his government s ...
. During this time he was Rubin's teaching assistant at NYU Stern and even babysat Rubin's children. He eventually left to form Perry Capital in 1988. Perry's first major investment was
Florists' Transworld Delivery FTD LLC (FTD), also known as Florists' Transworld Delivery, is a floral wire service, retailer and wholesaler based in Downers Grove, Illinois, in the United States. FTD was founded as Florists' Telegraph Delivery in 1910, to help customers send ...
(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. In 2005, he was among the investors providing a loan of $512 million for Malcolm Glazer to purchase British football team
Manchester United Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of City of Salford, Salford to ...
. 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. Perry's firm gained 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. From 2014, Perry Capital LLC became a major shareholder in the ailing
Cooperative Bank Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world. Cooperative banking, as discussed here, includes retail banking carr ...
in Manchester, UK, with a seat on the Board. Over the fund's first two decades, Perry posted an average return of 15 percent, peaking at $15.5 billion in assets in 2007. In September 2016, Perry announced he would be closing his hedge fund after assets under management fell 60% between late 2014 and 2016. In August 2019, Barneys New York was "sold for parts" to Authentic Brands Group and he ceased to be the company's majority owner.


Personal life

In 1985, he married Lisa Rachel Newberger in Manhattan. 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. The domicile is filled with some of the best examples of Pop art, which have inspired the clothing style of his wife. In November 2019, he put a residential property in
Palm Beach, Florida Palm Beach is an incorporated town in Palm Beach County, Florida. Located on a barrier island in east-central Palm Beach County, the town is separated from several nearby cities including West Palm Beach and Lake Worth Beach by the Intracoas ...
up for sale, after purchasing it in May 2018 with his wife and remodeling it.''Barron's''
accessed November 10, 2019
Perry is an ardent supporter of
Democratic Party Democratic Party most often refers to: *Democratic Party (United States) Democratic Party and similar terms may also refer to: Active parties Africa *Botswana Democratic Party *Democratic Party of Equatorial Guinea *Gabonese Democratic Party *Demo ...
-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. Perry’s brother, David Perry, was the founder and CEO of TeamCo Advisors, a San Francisco based hedge fund advisor that announced its closure in 2017.


References

{{DEFAULTSORT:Perry, Richard C. 1955 births Wharton School of the University of Pennsylvania alumni New York University Stern School of Business alumni New York University faculty Living people American hedge fund managers Milton Academy alumni