Bracebridge Capital
Bracebridge Capital is a hedge fund based in Boston, Massachusetts. It was co-founded by Nancy Zimmerman and Gabriel Sunshine in 1994. It manages funds from the endowments of Yale University and Princeton University. It also made $1.5 billion from the Argentine debt restructuring. As of February 2016, it had $10.3 billion of assets under management, making it the largest hedge fund managed by a woman in the world.
| Type | Private |
|---|---|
| Founded | 1994 |
| Founder | Nancy Zimmerman Gabriel Sunshine |
| Headquarters | 15th floor, 888 Boylston Street, Boston, Massachusetts , |
Key people | John Spinney (chief operating officer) Kirstan Barnett (general counsel & chief compliance officer) Geraldine Acuña-Sunshine (senior counsel) Wendy Sheu (Chief Compliance Officer) |
| Total assets | $26.6 billion (May 2019) |
Number of employees | 100+ |
| Website | bracebridgecapital.com |
History
Bracebridge Capital was co-founded by Nancy Zimmerman and Gabriel Sunshine in 1994.[1] Zimmerman, a Brown alumna, former Goldman Sachs employee, and the wife of Harvard professor Andrei Shleifer, and Gabriel Sunshine, in 1994.[2][3] Sunshine is a Harvard graduate and the husband of Geraldine Acuña-Sunshine, the co-chair of the Harvard College Fund, who is also senior counsel to Bracebridge Capital.[4][5] Its chief operating officer is John Spinney.
The fund had a 10% annual return from 1994 to 2016.[2] Initially, it received $50 million from Tom Steyer's Farallon Capital and David F. Swensen, who runs Yale University's endowment.[2] Later, Andrew K. Golden, the manager of Princeton University's endowment, also became a major investor in Bracebridge Capital.[2] By 2012, it had $5.8 billion of assets under management.[2]
By February 2016, it had assets of $10.3 billion,[6] making it the largest hedge fund managed by a woman in the world.[2] It also had more than 100 employees by February 2016.[2]
In March 2016, it was announced that the firm would received $1.5 billion from the Argentine debt restructuring.[7] It was one of four hedge funds which former president Cristina Fernández de Kirchner called "vultures” and “financial terrorists."[8]
References
- "Company Overview of Bracebridge Capital, LLC". Bloomberg. Retrieved March 10, 2017.
- Moroney, Tom; Willmer, Sabrina (February 4, 2016). "The Secretive Hedge Fund That's Generating Huge Profits for Yale". Bloomberg. Retrieved March 10, 2017.
- "2016 America's Self-Made Women: #46 Nancy Zimmerman". Forbes. Retrieved March 10, 2017.
- "I Choose Harvard: Geraldine Acuna '92". Harvard Alumni Association. Harvard University. January 2, 2013. Retrieved March 10, 2017.
Currently she serves as senior counsel for Bracebridge Capital, but she has also been a consultant on various projects for the Philippine government, including the Philippine Supreme Court, the Senate President’s Office, and the Department of Trade and Industry. Along with her husband, Gabriel Sunshine ’91, she also raised three children.
- "HCF Executive Committee". Harvard College Alumni. Harvard University. Retrieved March 10, 2017.
- "Nancy Zimmerman". Forbes. Retrieved 2018-02-15.
- Stevenson, Alexandra (March 1, 2016). "Argentina's Hedge Fund Deal Frustrates Small Bondholders". The New York Times. Retrieved March 11, 2017.
Bracebridge Capital, another holdout hedge fund, will be paid $1.15 billion, representing a 952 percent return on bonds with principal worth $120 million, according to the data.
- Gilbert, Jonathan; Stevenson, Alexandra (February 29, 2016). "Argentina Reaches Deal With Hedge Funds Over Debt". The New York Times. Retrieved March 11, 2017.
The four holdout firms, including Aurelius, a hedge fund run by Mark Brodsky, a former trader at Mr. Singer’s Elliott Management; Davidson Kempner; and Bracebridge Capital, have agreed not to try to prevent Argentina from raising new money, which it will need to do in order to pay the settlements it has made.