Bracebridge Capital

Last updated
Bracebridge Capital
Company type Private
Founded1994
FounderNancy Zimmerman
Gabriel Sunshine
Headquarters15th floor, 888 Boylston Street,
Boston, Massachusetts
,
United States
Key people
John Spinney (chief operating officer)
Kirstan Barnett (general counsel & chief compliance officer)
Geraldine Acuña-Sunshine (senior counsel)
Wendy Sheu (Chief Compliance Officer)
Total assets $26.6 billion (May 2019)
Number of employees
100+
Website bracebridgecapital.com

Bracebridge Capital is a hedge fund based in Boston, Massachusetts. It was co-founded by Nancy Zimmerman and Gabriel Sunshine. [1] It manages funds from the endowments of Yale University and Princeton University. It also made $1.5 billion from the Argentine debt restructuring. As of February 2016, it had $10.3 billion of assets under management, making it the largest hedge fund managed by a woman in the world. Sunshine owns a 5% stake in Bracebridge as of 2017. [2]

History

Bracebridge Capital was co-founded by Nancy Zimmerman and Gabriel Brendan Sunshine in 1994. [3] Zimmerman is a Brown alumna, former Goldman Sachs employee, and the wife of Harvard professor Andrei Shleifer. [4] [5]

Sunshine is a Harvard graduate, class of 1991, and the husband of Geraldine Acuña-Sunshine, [6] the co-chair of the Harvard College Fund, [7] who is also senior counsel to Bracebridge Capital. [8] [9] Its chief operating officer is John Spinney.

The fund had a 10% annual return from 1994 to 2016. [4] Initially, it received $50 million from Tom Steyer's Farallon Capital and David F. Swensen, who runs Yale University's endowment. [4] Later, Andrew K. Golden, the manager of Princeton University's endowment, also became a major investor in Bracebridge Capital. [4] By 2012, it had $5.8 billion of assets under management. [4]

By February 2016, it had assets of $10.3 billion, [10] making it the largest hedge fund managed by a woman in the world. [4] It also had more than 100 employees by February 2016. [4]

In March 2016, it was announced that the firm would receive $1.5 billion from the Argentine debt restructuring. [11] It was one of four hedge funds which former president Cristina Fernández de Kirchner called "vultures” and “financial terrorists." [12]

References

  1. ↑ "Gabriel Sunshine". www.hks.harvard.edu. Harvard Kennedy School. Retrieved 19 January 2022.
  2. ↑ "Gabriel Brendan Sunshine - Bracebridge Capital, LLC". Private Fund Data. 1 September 2017. Retrieved 19 January 2022.
  3. ↑ "Company Overview of Bracebridge Capital, LLC". Bloomberg. Retrieved March 10, 2017.
  4. 1 2 3 4 5 6 7 Moroney, Tom; Willmer, Sabrina (February 4, 2016). "The Secretive Hedge Fund That's Generating Huge Profits for Yale". Bloomberg. Retrieved March 10, 2017.
  5. ↑ "2016 America's Self-Made Women: #46 Nancy Zimmerman". Forbes. Retrieved March 10, 2017.
  6. ↑ "Geraldine Acuña-Sunshine, JD, MPP". Massachusetts General Hospital. Retrieved 19 January 2022.
  7. ↑ Lewis, Loida Nicolas (26 November 2018). "Meet the first Fil-Am elected to Harvard overseers board". INQUIRER.net USA. Retrieved 19 January 2022.
  8. ↑ "I Choose Harvard: Geraldine Acuna '92". Harvard Alumni Association. Harvard University. January 2, 2013. Retrieved March 10, 2017.
  9. ↑ "HCF Executive Committee". Harvard College Alumni. Harvard University. Retrieved March 10, 2017.
  10. ↑ "Nancy Zimmerman". Forbes. Retrieved 2018-02-15.
  11. ↑ Stevenson, Alexandra (March 1, 2016). "Argentina's Hedge Fund Deal Frustrates Small Bondholders". The New York Times. Retrieved March 11, 2017. Bracebridge Capital, another holdout hedge fund, will be paid $1.15 billion, representing a 952 percent return on bonds with principal worth $120 million, according to the data.
  12. ↑ Gilbert, Jonathan; Stevenson, Alexandra (February 29, 2016). "Argentina Reaches Deal With Hedge Funds Over Debt". The New York Times. Retrieved March 11, 2017. The four holdout firms, including Aurelius, a hedge fund run by Mark Brodsky, a former trader at Mr. Singer's Elliott Management; Davidson Kempner; and Bracebridge Capital, have agreed not to try to prevent Argentina from raising new money, which it will need to do in order to pay the settlements it has made.
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