Paul Singer (businessman)

Paul Singer
Paul Singer
Born	August 22, 1944 (age 82); Teaneck, New Jersey, U.S.
Occupation(s)	Hedge fund manager, activist investor
Years active	1974–present
Known for	Founder, president, and co-CEO of Elliott Management

Paul Elliott Singer (born August 22, 1944) is a prominent American hedge fund manager, activist investor, and the founder, president, and co-chief executive officer of Elliott Management. As of March 2024, his net worth was estimated at US$6.1 billion by Forbes. Fortune has recognized Singer as one of the most astute and formidable figures in the hedge fund sector. Due to Elliott Management’s operations as a vulture fund, he is frequently described as a vulture capitalist. The Independent referred to him as "a trailblazer in acquiring sovereign bonds at discounted prices and subsequently pursuing repayment from nations."

Elliott Management specializes in activist investing, taking significant equity positions to drive corporate reforms, and has also branched out into private equity ventures. Politically, Singer is noted for his substantial contributions supporting LGBTQ rights. He financially backs the Manhattan Institute for Policy Research, opposes raising taxes on the wealthiest 1%, and challenges certain provisions of the Dodd-Frank Act. Singer is actively involved in Republican politics, with both he and Elliott Management affiliates serving as key donors to the National Republican Senatorial Committee.

Biography

Born in 1944, Singer grew up in a Jewish household in Teaneck, New Jersey, one of three siblings raised by a Manhattan pharmacist father and a homemaker mother. He graduated from Teaneck High School in 1962 before earning a Bachelor of Science degree in psychology from the University of Rochester in 1966. He completed his legal education with a Juris Doctor from Harvard Law School in 1969.

Career

Singer began his professional journey in 1974 as a lawyer within the real estate division of investment bank Donaldson, Lufkin & Jenrette.

Elliott Management

In 1977, Singer transitioned from law to establish the hedge fund Elliott Associates L.P., initially capitalized with US$1.3 million raised from friends and family. As noted by The Telegraph, Elliott ranks among the longest-standing hedge funds on Wall Street. Additionally, Singer founded and leads NML Capital Limited, Elliott’s offshore entity based in the Cayman Islands.

Singer was instrumental during significant restructurings after the 2008 financial crisis. Notably, in 2009 he engineered an intricate financial maneuver to assume control over Delphi Automotive—an essential supplier for General Motors and Chrysler—which culminated in Elliott receiving $12.9 billion from the US Treasury’s auto bailout program. In December 2011, Elliott initiated legal action against Vietnam’s state-owned shipbuilder Vinashin over default on a syndicated loan amounting to US$600 million.

By February 2014, Singer oversaw assets totaling $23 billion (£19 billion), placing him ninth among Wall Street investors by fund size. In June 2015, he maintained an activist role at Citrix Systems, pushing for strategic corporate initiatives. In May 2014, Elliott was fined a record €14 million ($22 million) by the French Financial Markets Regulator for insider trading allegations; the firm contested this decision through an appeal.

During a 2015 dispute involving a merger between Samsung and Cheil Industries, Samsung published cartoons portraying Singer as a vulture on its corporate website. These images were widely criticized as antisemitic by Singer and others. Samsung subsequently condemned antisemitism and removed the offensive material.

Net worth

In 2015, Forbes assessed Singer's net worth at $2.1 billion, which increased to $2.2 billion the following year. By November 2015, Elliott Management Corporation oversaw Elliott Associates and Elliott International Limited, managing assets exceeding $27 billion within a diversified "multi-strategy fund." The firm also operates a private equity arm. Referred to by The Wall Street Journal as an expert in activism within technology companies, Elliott Management maintained a substantial technology investment portfolio and engaged in over 40 activist campaigns targeting tech firms from 2004 through 2015, according to Reuters. In 2018, Elliott Management took ownership of the Italian football club AC Milan.

COVID-19

On February 1, 2020, prior to widespread recognition of COVID-19 in the United States, Singer circulated a memo urging employees to prepare for the possibility of quarantines lasting up to a month due to the virus.

Activist investment

Following Elliott Management's acquisition of shares in Twitter, Singer attempted to remove Jack Dorsey and secure four positions on the board after Dorsey announced plans to relocate to Africa. The negotiation concluded with Elliott obtaining one board seat while Dorsey remained as CEO.

Sovereign debt

Singer has gained notoriety as a vulture capitalist through Elliott Management Corporation's practice of investing in distressed debt. Beginning in the early 1990s, he acquired defaulted sovereign debt from nations such as Argentina, Peru, and the Republic of the Congo via entities like NML Capital Limited and Kensington International Inc. This strategy—purchasing distressed securities at substantial discounts and seeking full repayment through litigation—has attracted criticism but is defended by Singer and allies as enforcing fiscal responsibility and challenging corrupt regimes.

A notable instance involved Elliott's purchase of defaulted Peruvian debt for $11.4 million, which resulted in a $58 million judgment under the pari passu principle. When former Peruvian president Alberto Fujimori was arrested on charges including corruption and human rights violations, Singer seized his private jet and offered its return contingent upon payment, an offer that was accepted. Likewise, Kensington International bought $30 million of Congolese debt at a discount and pursued full repayment through legal channels, settling in 2008.

After Argentina defaulted on its debt in 2002, NML Capital declined offers below 30 cents on the dollar and initiated lawsuits demanding full repayment. Although UK courts initially upheld Argentina's sovereign immunity, the UK Supreme Court later ruled that Elliott could attempt to seize Argentine assets within the country. In 2012, Singer secured a Ghanaian court order to detain an Argentine naval ship as leverage for payment; however, this action was overturned by the International Tribunal for the Law of the Sea.

Subsequent rulings in U.S. courts affirmed the rights of holdout creditors against Argentina. In 2014, NML Capital unsuccessfully sought claims on SpaceX satellite-launch contracts pledged by Argentina as collateral. By early 2016, U.S. courts required Argentina to reach a settlement with holdout bondholders by February 29; shortly thereafter, Argentina agreed to pay Singer $4.65 billion, resolving a prolonged dispute that had major consequences for sovereign debt restructuring practices.

Business and investment approach

As reported by Fortune, Singer concentrated early in his career on "distressed assets," acquiring debt from bankrupt companies and earning a reputation for aggressively extracting profits. Initial setbacks fostered a cautious investment style that continues to influence his decisions; by 2012, Elliott had experienced "only two losing years" since 1977, achieving a "4.2% gain in 2011," a period when most hedge funds suffered losses. The firm is recognized as "one of the most astute and formidable money managers," wielding such influence that its tactics instilled apprehension during the 2012 Greek debt restructuring.

The Independent referred to Elliott as "a trailblazer in purchasing sovereign bonds at discounted prices and then pursuing repayment from nations." Singer characterizes his strategy as a battle against "fraudsters who ignore market regulations," and in 2013 told Alpha Magazine that countries refusing to honor debts damage their economies by deterring foreign capital inflows. According to The Washington Post in 2014, Singer's objective extends beyond merely recovering payments to fostering an environment where distressed debt is eliminated—earning him labels ranging from activist investor to "vulture capitalist," depending on viewpoint.

AC Milan

In July 2018, Singer took ownership of Italian football club AC Milan after the former proprietor defaulted on a $37 million loan owed to Singer’s hedge fund. Elliott had previously provided $400 million to support the club's acquisition in Italy’s premier league, Serie A. Although initially anticipated to sell the club, Elliott committed to reviving AC Milan’s status as a top European contender, injecting $66 million to shore up finances and drive transformation. On 1 June 2022, RedBird Capital Partners agreed to purchase AC Milan for $1.3 billion, with Elliott maintaining a minority ownership stake.

Philanthropy

Singer has pledged through The Giving Pledge to give away more than half of his wealth during his lifetime. He established the Paul E. Singer Family Foundation, which funds initiatives including the Harvard Graduate School of Education’s Singer Prize for Excellence in Secondary Teaching, the VH1 Save The Music Foundation, and MarineParents.com.

The foundation supports The Philos Project, a Christian organization advocating pro-Israel causes. In 2016, Singer collaborated with the Museum of the Bible to finance Passages Israel, a program for college students. He is a prominent backer of hawkish pro-Israel efforts and provides funding to the conservative think tank Foundation for Defense of Democracies. Following the 2018 Pittsburgh synagogue shooting, his foundation pledged $1 million toward enhancing security at Jewish institutions in New York via the United Jewish Appeal – Federation of New York.

Political involvement

Singer actively engages in Republican Party politics and identifies as a "conservative libertarian." He supports candidates opposing what they perceive as excessive government intervention in financial matters. Having donated over $1 million to the Koch brothers, he also led prominent Republican donors in forming the American Opportunity Alliance, which advocates for LGBTQ rights, immigration reform, and strong support for Israel. During the 2016 U.S. presidential race, he backed Marco Rubio and contributed $1 million to the Our Principles PAC, which opposed Donald Trump’s campaign. Additionally, he founded the American Unity PAC and donated $1 million to Trump’s inaugural committee alongside other billionaires.

Singer was a significant contributor to George W. Bush’s campaigns, hosting a 2008 Republican National Committee luncheon that raised $1.4 million for Bush. He served on Bush’s Honorary Delegation during Israel's 60th anniversary celebrations and was a key fundraiser for Rudy Giuliani’s 2008 presidential bid—providing his private jet and spearheading financial efforts. In 2007, he financed a California ballot initiative aimed at allocating electoral votes by congressional district, designed to benefit GOP presidential candidates.

During the 2010 midterm elections, Singer donated over $4 million to Republican candidates and gave $1 million in 2011 to Restore Our Future, supporting Mitt Romney’s 2012 campaign. In 2013, he contributed $100,000 to the Club for Growth, endorsing Tea Party candidates, and has provided millions more to organizations advocating robust military policies and backing Israel.

In 2012, Singer founded Start-up Nation Central, a nonprofit dedicated to linking Israel’s technology sector with global investors; he invested approximately $20 million into this Tel Aviv-based entity. He serves on the Committee on Capital Markets Regulation and chairs the board of trustees at the conservative Manhattan Institute for Policy Research. Additionally, Singer holds board positions with the Republican Jewish Coalition and formerly with the Jewish Institute for National Security Affairs.

In 2016, he invested $500,000 in a PAC supporting Congressional candidate John Faso against progressive Zephyr Teachout, who challenged Faso to debate him. That same year, Singer supported Marco Rubio’s presidential primary bid. As of September 2019, he had not made contributions toward Donald Trump’s reelection campaign.

According to ProPublica, Singer was connected to a 2008 fishing trip in Alaska with Justice Samuel Alito, who subsequently ruled on cases involving Singer’s companies without recusing himself.

LGBTQ rights

Singer has been a vocal proponent of LGBTQ equality within the Republican Party, advocating for same-sex marriage as a strategy to enhance "family stability" amid the decline of traditional marriages. His advocacy is deeply personal, as his son Andrew entered into a same-sex marriage in Massachusetts in 2009.

He has played a significant financial role in campaigns supporting the legalization of gay marriage in states such as New York and Maryland. In 2012, Singer established the American Unity PAC with an initial contribution of $1 million, aiming to encourage Republican candidates to endorse same-sex marriage by reducing financial risks posed by opposition groups. By 2014, he publicly called on Republicans to approve the Employment Non-Discrimination Act, which seeks to extend workplace protections to LGBTQ individuals, and had contributed approximately $10 million to the broader gay rights movement. Additionally, he provided funding to the American Unity Fund.

In 2015, together with Tim Gill and Daniel Loeb, Singer helped finance Freedom For All Americans, an organization dedicated to advancing LGBT rights at both state and local levels.

That year, Singer was also a major financial supporter of the Washington Free Beacon, which contracted Fusion GPS to conduct opposition research on Republican presidential contenders; this research was later utilized by Hillary Clinton's campaign and became known as the Steele Dossier. Despite this involvement, Singer contributed $5 million toward Donald Trump's 2024 re-election campaign.

Writings and commentary

Singer has penned opinion pieces for The Wall Street Journal. In a 2009 article titled "Free-Marketeers Should Welcome Some Regulation," he contended that the financial crisis stemmed primarily from poor decision-making within the private sector rather than government intervention. He has opposed increased taxation on the wealthiest individuals ("the 1%") and criticized certain provisions of the Dodd-Frank Act.

At a 2006 finance industry conference, Singer cautioned that investing in collateralized debt obligations (CDOs) was a grave mistake, predicting the housing market collapse nearly a year before the $770 billion federal bailout. Hedge fund manager Jim Chanos recalled meeting with Singer and G7 finance ministers in 2007 to alert them about vulnerabilities in the global financial system, urging prompt corrective measures that were ultimately disregarded.

Personal life

In 2020, Singer was ranked 222nd on the Forbes 400 list of wealthiest Americans, placed 538th among the world's billionaires, and stood as the 19th highest-earning hedge fund manager. He is father to two sons, Andrew and Gordon. Following Andrew’s coming out as gay, Singer emerged as a leading advocate for gay rights, founding the American Unity PAC in 2012 to promote conservative support for same-sex marriage and making substantial contributions to LGBTQ causes.

Singer lives on New York City's Upper West Side and owns property in Aspen, Colorado. A classically trained pianist since age ten, he formed a family band and has performed alongside Meat Loaf. In 2017, he was awarded an honorary doctorate by the University of Rochester.

References