Nancy Zimmerman

Nancy Zimmerman
Born	1963/64 Skokie, Illinois, U.S.
Occupation	Hedge fund executive
Known for	Co-founder of Bracebridge Capital

Nancy Zimmerman (born 1963/64) is a prominent American hedge fund executive and co-founder of Bracebridge Capital, a Boston-based investment firm overseeing assets exceeding $12 billion as of June 2019. The hedge fund caters to a diverse clientele, including foundations, pension funds, affluent individuals, and university endowments such as those of Yale University and Princeton University. Zimmerman attracted media scrutiny in 1997 due to her connection with the Harvard Institute for International Development Russian aid scandal and again in the 2010s for her company’s involvement in Argentina’s debt restructuring. By 2019, she was recognized as the wealthiest female hedge fund founder in the United States.

Early life

Born and raised in Skokie, Illinois, Nancy Zimmerman is the younger of two sisters. She completed her undergraduate studies at Brown University, graduating in 1985.

Career

During her time at Brown University, Zimmerman gained experience working summer internships at O'Connor & Associates on the Chicago Mercantile Exchange. Following graduation, she spent three years trading currency options at the same firm. Subsequently, she took on a leadership role managing Goldman Sachs' interest rate options division, reporting directly to Jon Corzine, who later served as Governor of New Jersey.

Bracebridge Capital

In 1994, Zimmerman co-launched Bracebridge Capital alongside Gabriel Sunshine, initiating operations with $50 million in seed funding sourced from Farallon Capital and Yale University’s investment office. The firm also manages assets on behalf of Princeton University. As of June 2019, Bracebridge Capital managed assets totaling more than $12 billion.

In 2016, Bracebridge and other hedge funds successfully challenged Argentina’s debt obligations within New York courts. The resulting settlement returned approximately 75% of their claims, with Bracebridge realizing a remarkable 952% return—equating to $1.1 billion profit on an initial $120 million investment.

Russian investments and settlement

Zimmerman’s investments in Russia became controversial in 1997 when USAID withdrew a $14 million grant from the Harvard Institute for International Development, directed by her husband, amid allegations that institute resources were improperly used to benefit her investments. Zimmerman resolved the matter by paying $1.5 million through Farallon Fixed Income Associates; neither she nor her husband admitted any misconduct.

Personal life

Nancy Zimmerman is married to Harvard economics professor Andrei Shleifer. She identifies as Jewish and was estimated to have a net worth of $740 million as of June 2019, placing her at number 32 on Forbes’ 2019 list of America’s Self-Made Women.

She holds a position on Brown University’s board of trustees and leads the advisory council for the Carney Institute for Brain Science. Additionally, Zimmerman serves on the board of Social Finance and has previously contributed to the selection committee for the Institute of International Education’s Scholar Rescue Fund.