Richard C. Perry

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Richard Cayne Perry
Born 1955 (age 58–59)
Nationality United States
Ethnicity Jewish
Education B.S. Wharton School of the University of Pennsylvania
M.B.A. New York University Stern School of Business
Occupation Hedge fund manager
Known for founder of Perry Capital LLC
Spouse(s) Lisa Rachel Newberger
Parents Merel Cayne
Arnold Bernard Perry
Family James Cayne (uncle)

Richard Cayne Perry (born 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.

Biography[edit]

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.[2][1] 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.[3]

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 an 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.[4][5] 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.[6]

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]

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.[7]

Personal life[edit]

In 1985, he married Lisa Rachel Newberger in a Jewish ceremony in Manhattan.[8]

References[edit]

  1. ^ a b c d e f g 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. ^ New York Times: "Paid Notice: Deaths PERRY, ARNOLD BERNARD" August 20, 2001
  3. ^ "Sarah Sze Creates "The Edge of One of Many Circles"". Milton.edu. 2010-10-07. Retrieved 2012-12-12. 
  4. ^ "Richard C. Perry". Nndb.com. Retrieved 2012-05-12. 
  5. ^ "Richard C. Perry Profile - Forbes.com". People.forbes.com. 2009-07-21. Retrieved 2012-05-12. 
  6. ^ 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]
  7. ^ The Tablet: "Richard Perry’s Pet Projects - The new owner of Barney’s has also entered the Israel fray" By Allison Hoffman December 13, 2012
  8. ^ New Yrok Times: "R. C. PERRY WED TO LISA NEWMAN" November 10, 1985