Richard C. Perry

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Richard Cayne Perry (born 1954/1955)[1] is a hedge-fund manager whose firm Perry Capital LLC has invested in several companies and, since 2012, owns a controlling interest in Barneys New York.

Perry's mother, Merel, who, for a time ran a small import business, is sister to former Bear Stearns C.E.O. James Cayne. His father, Arnold, ran several firms; two were a book publisher and a business-machine company, both unsuccessful. When Richard Perry was age 13, his parents divorced.[1]

He attended the Allen-Stevenson School all-boys' private grade school in Manhattan and then high school at the Milton Academy in Milton, Massachusetts, graduating in 1973.[2]

Perry received a B.S. degree from the Wharton School of the University of Pennsylvania in 1977. While at Penn his father cut off funds, forcing him to become a movie-theater usher at night. He was eventually promoted to the chain manager.[1] After a summer internship he was hired by Goldman Sachs on a equity options trading desk. During this time, Perry earned a MBA at night from NYU's Business School.

He soon moved to the famed equity-arbitrage desk at Goldman Sachs run by Robert Rubin. During this time he was Rubin's teaching assistant at NYU Stern and even babysat Rubin's children.[3][4] He eventually left to form Perry Capital in 1988.

Perry's first major investment was Florists' Transworld Delivery (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.[1]

In 2005, he was among the investors providing a loan of $512 million for Malcolm Glazer to purchase British football team Manchester United.[1]

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. It will have 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.[5]

Perry is an ardent supporter of Democratic Party-associated causes, institutions, and people, including President Obama. He, with his wife and fashion designer Lisa Perry, resides in a remodeled 17-room townhouse on New York City's Sutton Place. He purchased the property in 2000 for $10.9 million, $4 million below its listed price. The domicile is filled with some of the best examples of Pop art, which have inspired the clothing style of his wife.[1]

References[edit]

  1. ^ a b c d e f Vickers, Marcia (2008-10-07). "Looking for Trouble". CNNMoney.com. Retrieved 2013-02-16. "At 53 he is one of the most successful investors of our time..." 
  2. ^ "Sarah Sze Creates "The Edge of One of Many Circles"". Milton.edu. 2010-10-07. Retrieved 2012-12-12. 
  3. ^ "Richard C. Perry". Nndb.com. Retrieved 2012-05-12. 
  4. ^ "Richard C. Perry Profile - Forbes.com". People.forbes.com. 2009-07-21. Retrieved 2012-05-12. 
  5. ^ The San Francisco Chronicle http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/08/bloomberg_articlesM3NVYH6VDKJ001-M3POB.DTL |url= missing title (help). [dead link]