Following its first losing year in two decades, Richard Perry's $7 billion Perry Capital posted a strong comeback in 2009. The firm's flagship multistrategy fund, Perry Partners International, gained 25.2% last year after plummeting 26.8% in 2008. The firm attributes last year's performance to credit investments, which it focused on in 2009, to the exclusion of equities. In a February 1 letter to investors, Perry warned that the price of 2009's economic resurgence might be a 2010 retreat. "This has been a nice party," said the letter. "We hope the hangover is mild."
Richard Perry