The Teacher Retirement System of Texas has taken an equity stake in one of the world’s largest hedge funds, Bridgewater Associates.
In a deal finalized earlier this week, the approximately $100 billion pension fund will own a small share of Bridgewater, according to a person familiar with the matter.
The equity stake comes as Bridgewater’s founder, Ray Dalio, seeks to reduce his ownership in the Westport, Conn., firm.
Corsair Capital was down by about 3.5% net for the third quarter, bringing its year-to-date return to 13.3% net. Corsair Select lost 9.1% net, bringing its year-to-date performance to 15.3% net. The HFRI – EHI was down 0.5% for the third quarter but is up 11.5% year to date, while the S&P 500 returned 0.6% Read More
Mr. Dalio, who owns about 60% of Bridgewater, may reduce his stake to about 20% over the next 10 years, people familiar with the matter say. Several top executives at Bridgewater have been buying stakes as part of this transition.