Veteran hedge fund manager Richard Perry is making a comeback after closing Perry Capital in 2016. The 70-year-old investor has joined Olympus Peak Management, a distressed credit firm founded in 2018 by his protégé Todd Westhus.
Perry, Westhus, and Matt Englehardt, another former Perry Capital executive, have started raising a new distressed fund, targeting a $500 million cap. The trio will oversee the investment committee. Perry’s return comes after a distinguished career in hedge funds, having launched Perry Capital in 1988 following his tenure at Goldman Sachs. His firm once managed $15 billion and rarely posted losses until its final years.
Westhus played a pivotal role in Perry Capital’s most lucrative trades, including a $2 billion gain from shorting subprime mortgages during the 2008 crisis and a $600 million profit on Argentine bonds. Since founding Olympus Peak, he has found success in distressed situations, profiting from the bankruptcies of Latam Airlines, FTX, and PG&E.
Olympus Peak’s first trade claims fund, launched in 2021, has delivered low double-digit net returns, with profitable outcomes on over 90% of its investments. Perry has advised Olympus Peak since its inception and was an anchor investor.
Beyond finance, Perry remains active in philanthropy, serving on the University of Pennsylvania’s board. He and his wife, designer Lisa Perry, own properties in New York, France, Palm Beach, and the Hamptons. An avid sports enthusiast, he has taken up stand-up paddle surfing, golf, and padel.