Richard Andrew Deitz (born August 12, 1965) is an American

investment manager Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutio ...

. He is the founder and president of London-based investment firm VR Capital Group.

Early life and education

Deitz was born in

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

and attended public school in

Montgomery County, Maryland Montgomery County is the most populous county in the state of Maryland. As of the 2020 census, the county's population was 1,062,061, increasing by 9.3% from 2010. The county seat and largest municipality is Rockville, although the census-design ...

. He studied history and economics at

Yale University Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the wo ...

where he graduated ''

magna cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some So ...

'' in 1987.

Career

After graduating from Yale, he began his career in finance specializing in fixed income derivatives at The First Boston Corporation. Deitz remained with the firm in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

upon its takeover by

Credit Suisse Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " ...

, becoming managing director at Credit Suisse Financial Products in 1993. In 1994, he moved to London and then Moscow to establish the derivatives unit's presence in Eastern Europe. In 1995, Deitz left Credit Suisse together with several colleagues to co-found the investment bank, Renaissance Capital, in Moscow where he ran the firm's fixed income trading business. In 1998, Deitz left Renaissance Capital and founded VR Capital Group to build an asset management business focused on distressed debt investing. The firm launched a fund in May 1999 initially investing in distressed credits in Russia and the former Soviet Union following the

1998 Russian financial crisis The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had s ...

and the demise of

Long Term Capital Management Long-Term Capital Management L.P. (LTCM) was a highly-leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York. LTCM was founded in 1 ...

. VR Capital has become known for investing into countries undergoing high levels of macroeconomic stress and working with sovereign and corporate debtors to restructure their balance sheets and regain access to capital markets. VR Capital invested heavily in

Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, th ...

following the

sovereign default A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it wi ...

and currency devaluation in 2001, and likewise was a major investor in

Greece Greece,, or , romanized: ', officially the Hellenic Republic, is a country in Southeast Europe. It is situated on the southern tip of the Balkans, and is located at the crossroads of Europe, Asia, and Africa. Greece shares land borders with ...

in 2012 and

Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inv ...

in 2014. Its flagship fund, VR Global Partners, L.P., had assets under management of approximately US$4.4 billion at the end of 2017 and was cited by

Barron's Barron's or Barrons may refer to: *Barron's Educational Series, a publisher of books, as well as college entrance exam preparation classes and materials, now an imprint of Kaplan Test Prep ** B.E.S. Publishing, the former owner of Barron's * ''Barr ...

in June 2016 for its performance over the past decade. The fund's offshore version was named "Fund of the Year" at the HFM US Hedge Fund Performance Awards 2017 and won the "Distressed" category at the EuroHedge Awards 2017. The fund's offshore version also walked away as the winner of the “Credit over $500m” category at the HFM European Hedge Fund Performance Awards 2018. In May 2016, Deitz was a speaker at the 21st annual Sohn Investment Conference in New York where he articulated the firm's investment thesis on Greek government bonds and banks. He has also written op-ed columns on Argentine and Greek debt restructurings.

Personal life

Deitz lives in London and is married to Marina Nacheva. They have three children. Deitz serves on the President's Council on International Activities and on the Jackson Institute Council at Yale University. Deitz's family have been sponsors of

autism The autism spectrum, often referred to as just autism or in the context of a professional diagnosis autism spectrum disorder (ASD) or autism spectrum condition (ASC), is a neurodevelopmental condition (or conditions) characterized by difficulti ...

research at the

Yale Child Study Center The Yale Child Study Center is a department at the Yale University School of Medicine. The center conducts research and provides clinical services and medical training related to children and families. Topics of investigation include autism and re ...

. Deitz is a co-owner of

EuroLeague Basketball Euroleague Basketball is the private company that runs and operates the top continental-wide basketball men's professional sports club competitions in Europe, the first-tier level EuroLeague, and the second-tier level EuroCup. It has been org ...

team

Maccabi Tel Aviv Maccabi Tel Aviv ( he, מכבי תל אביב) is one of the largest sports clubs in Israel, and a part of the Maccabi association. Many sports clubs and teams in Tel Aviv are in association with Maccabi and compete in a variety of sports, such ...

References

{{DEFAULTSORT:Deitz, Richard American hedge fund managers 1965 births Yale College alumni Living people