Bracebridge Capital is a hedge fund based in Boston, Massachusetts. It was co-founded by

Nancy Zimmerman Nancy Zimmerman (born 1963/64) is an American hedge fund manager. She is the co-founder of Bracebridge Capital, a Boston-based hedge fund with over $12 billion of assets under management as of June 2019. The fund manages investments for foundatio ...

and Gabriel Sunshine. It manages funds from the endowments of

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 ...

and

Princeton University Princeton University is a private university, private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial Colleges, fourth-oldest ins ...

. It also made $1.5 billion from the

Argentine debt restructuring The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst ...

. As of February 2016, it had $10.3 billion of assets under management, making it the largest hedge fund managed by a woman in the world. Sunshine owns a 5% stake in Bracebridge as of 2017.

History

Bracebridge Capital was co-founded by Nancy Zimmerman and Gabriel Brendan Sunshine in 1994. Zimmerman is a

Brown Brown is a color. It can be considered a composite color, but it is mainly a darker shade of orange. In the CMYK color model used in printing or painting, brown is usually made by combining the colors orange and black. In the RGB color model used ...

alumna, former

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

employee, and the wife of

Harvard Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...

professor

Andrei Shleifer Andrei Shleifer ( ; born February 20, 1961) is a Russian-American economist and Professor of Economics at Harvard University, where he has taught since 1991. Shleifer was awarded the biennial John Bates Clark Medal in 1999 for his seminal works in ...

. Sunshine is a Harvard graduate, class of 1991, and the husband of Geraldine Acuña-Sunshine, the co-chair of the Harvard College Fund, who is also senior counsel to Bracebridge Capital. Its chief operating officer is John Spinney. The fund had a 10% annual return from 1994 to 2016. Initially, it received $50 million from

Tom Steyer Thomas Fahr Steyer (born June 27, 1957) is an American climate investor, businessman, hedge fund manager, philanthropist, environmentalist, and liberal activist. Steyer is the co-founder and co-chair of Galvanize Climate Solutions, founder and f ...

Farallon Capital Farallon Capital Management, L.L.C. is an American multi-strategy hedge fund headquartered in San Francisco, California. Founded by Tom Steyer in 1986, the firm employs approximately 230 professionals in eight countries around the world. Farall ...

and

David F. Swensen David Frederick Swensen (January 26, 1954 – May 5, 2021) was an American investor, endowment fund manager, and philanthropist. He was the chief investment officer at Yale University from 1985 until his death in May 2021. Swensen was responsi ...

, who runs

's endowment. Later, Andrew K. Golden, the manager of

's endowment, also became a major investor in Bracebridge Capital. By 2012, it had $5.8 billion of assets under management. By February 2016, it had assets of $10.3 billion, making it the largest hedge fund managed by a woman in the world. It also had more than 100 employees by February 2016. In March 2016, it was announced that the firm would receive $1.5 billion from the

. It was one of four hedge funds which former president

Cristina Fernández de Kirchner Cristina Elisabet Fernández de Kirchner (; born 19 February 1953), often referred to by her initials CFK, is an Argentine lawyer and politician who has served as the Vice President of Argentina since 2019. She also served as the President ...

called "vultures” and “financial terrorists."

References

Hedge fund firms in Boston Financial services companies established in 1994 1994 establishments in Massachusetts {{Boston-stub