Richard C. Perry

Richard Cayne Perry
Born	(1955-02-09) February 9, 1955 Chicago, Illinois, U.S.
Alma mater	University of Pennsylvania (Wharton School), New York University Stern School of Business
Occupation	Hedge fund executive
Known for	Founder of Perry Capital LLC

Richard Cayne Perry (born February 9, 1955) is an American hedge fund executive who established Perry Capital LLC, an investment firm involved in a variety of companies. Beginning in 2012, the firm held a controlling interest in Barneys New York, which Perry divested from in August 2019.

Early life and education

Born to Merel (née Cayne) and Arnold Perry (1925–2001), Perry grew up in Chicago. His mother, who operated a small import business, was the sister of former Bear Stearns CEO James Cayne. His father oversaw multiple enterprises, including a book publishing company and a business-machine firm. At age 10, Perry relocated to Manhattan. Following his parents’ divorce when he was 13, he attended the Allen-Stevenson School in Manhattan before graduating from Milton Academy in Massachusetts in 1973. He earned a Bachelor of Arts degree from the Wharton School of the University of Pennsylvania in 1977. During his time at Penn, his father arranged an internship for him at Goldman Sachs, where he worked under partner L. Jay Tenenbaum. Upon graduation, Perry joined Goldman Sachs’ equity options trading desk and pursued an M.B.A. at New York University Stern School of Business during evening classes.

Career

Perry transitioned to Goldman Sachs’ equity-arbitrage desk under the leadership of Robert Rubin. During this period, he also served as Rubin’s teaching assistant at NYU Stern and cared for Rubin’s children. In 1988, he departed Goldman Sachs to launch Perry Capital.

His initial significant acquisition was Florists' Transworld Delivery (FTD), which Perry Capital purchased in 1994 for $130 million. He appointed Meg Whitman as CEO and later sold the investment in 2004 for $450 million.

In 2005, Perry participated as an investor providing a $512 million loan facilitating Malcolm Glazer’s acquisition of British football club Manchester United.

By May 2012, Perry’s firm became the owner of Barneys, having been its largest creditor and restructuring its $590 million debt down to $50 million. Perry Capital secured three seats on Barneys’ seven-member board alongside former majority shareholder Istithmar World, new investor Yucaipa Companies, and Barneys CEO Mark Lee.

Starting in 2014, Perry Capital emerged as a significant stakeholder in the financially troubled Cooperative Bank based in Manchester, UK, earning representation on its board.

Over twenty years, Perry achieved an average return of 15%, with assets under management reaching a peak of $15.5 billion in 2007. In September 2016, he announced the winding down of his hedge fund after assets declined by 60% between late 2014 and 2016. In August 2019, Barneys New York was sold off in parts to Authentic Brands Group, concluding Perry’s majority ownership.

Personal life

In 1985, Perry married Lisa Rachel Newberger in Manhattan. The couple resides in a renovated 17-room townhouse located in New York City’s Sutton Place neighborhood, which they acquired in 2000 for $10.9 million. The residence features prominent Pop art pieces that have influenced Mrs. Perry’s fashion preferences. In November 2019, they listed a remodeled property in Palm Beach, Florida for sale; this estate had been purchased together in May 2018.

Perry is a supporter of Democratic Party initiatives and has served on the board of the Israel Project. In 2010, he co-hosted an event with Seth Klarman honoring Ziad Asali, founder of the American Task Force on Palestine.

His brother David Perry founded TeamCo Advisors, a hedge fund advisory firm based in San Francisco that ceased operations in 2017.