Eaglevale Partners, the hedge fund firm co-founded by the son-in-law of Bill and Hillary Clinton, is considering raising a dedicated foreign exchange fund after successful currency bets in its main investment vehicle, two people with knowledge of the matter said.
The firm, which is based in New York and counts Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein among its clients, has invested in foreign exchange out of its roughly $400 million global macro fund since 2012. The foreign-exchange strategy gained about 30 percent from August through March, said one of the people, who asked not to be identified because the information is private.
Currencies have produced big wins and losses this year after surprise actions by central banks. Bridgewater Associates, the world’s largest hedge fund firm, rose 14 percent in the first quarter in one of its main strategies, driven by a bet against the euro. P/E Investments, which relies on computer models to predict currency trends, climbed 15 percent in the same period after wagering on a strong dollar versus the euro.
Jonathan Gasthalter, a spokesman for Eaglevale at Sard Verbinnen & Co., declined to comment on the potential fundraising.
Eaglevale, whose co-founder Marc Mezvinsky is married to Chelsea Clinton, has seen its macro fund rebound in 2015 after experiencing declines in two of its first three years. Macro funds trade a range of assets to try to profit from macroeconomic trends.
The fund lost money in 2014, mostly from a bad call betting on Greece’s economic recovery. It gained 5.6 percent in this year’s first quarter after wagers on a strong U.S. dollar and against the euro, the yen, the Singaporean dollar and the Israeli shekel, the people said.
Mezvinsky, 37, reunited with his former Goldman Sachs colleagues Bennett Grau and Mark Mallon to form Eaglevale in 2011. The three used to work together on the bank’s global macro proprietary-trading desk. Mezvinsky left Goldman Sachs in 2008 for investment firm 3G Capital Inc.