The son-in-law of presumptive Democratic presidential nominee Hillary Clinton is reportedly closing a hedge fund he started that bet on a Greek economic revival but lost around 90% of its value.
Two sources told the New York Times that Eaglevale Partners, the hedge fund firm founded by Marc Mezvinsky, husband to Clinton’s daughter Chelsea, will be closing the Eaglevale Hellenic Opportunity fund. The fund had raised around $25 million to buy stocks from Greek banks and government debt.
The principle behind the fund was that the Greek economy, after going through the crises that have made big news the past few years, would see a revival that could be a boon for investors. The Times notes, though, that while some investors scored big gains, others suffered the fate of Mezbinsky’s fund, depending on the timing of the bets.
Mezvinsky, along with the other two founders of the hedge fund firm, are former Goldman Sachs employees. Though Mezvinsky has thus far not taken too public a role in his mother-in-law’s campaign, any news that involves a Clinton family member and hedge funds is likely to be seized upon by opponents who believe she is too involved in the financial industry.
Coins2Day has reached out to Eaglevale Partners and will update this story if the firm responds.