Deals
Tripp Smith’s Debut Fund Posted 57% Return Before Closing Out
- Iron Park profited by leveraging a short on high-yield bonds
- Firm seeks $5 billion for joint venture with General Atlantic
Source: Getty Images
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Last June, GSO Capital Partners co-founder Tripp Smith started his new WIC fund, named for the motto “winter is coming” from the television series “Game of Thrones.”
Winter did indeed come, with the coronavirus pandemic chilling markets, and Smith’s Iron Park Capital Partners LP delivered outsize returns for the WIC fund, in sharp contrast to double-digit losses posted elsewhere on Wall Street. The vehicle recorded a 57.1% return after fees from its launch through its shuttering in March, according to people with knowledge of the matter and a letter to investors seen by Bloomberg.