FIRST FAMILY

Hillary Clinton’s Son-in-Law Just Lost a Big Bet on Greece

A hedge fund run by Marc Mezvinsky is reportedly shutting down after losing 90 percent of its value.
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By Stephen Chernin/AFP/Getty Images.

Two years ago, Marc Mezvinsky and his partners made a big bet on Greece. Mezvinsky, who married potential second-time First Daughter Chelsea Clinton in 2010, raised $25 million for the Eaglevale Hellenic Opportunity fund, which bought Greek bank stocks and government debt, as investors hoped the nation’s economy would recover and deliver dividends in spades.

That didn’t pan out. The Greek economy has languished, defaulting on its crippling debt in 2012, returning to growth in 2014, and then missing an I.M.F. payment in 2015. The country is still struggling to regain its footing as the government battles over how to lower its debt with creditors and fellow eurozone countries. And so Eaglevale’s wager on Greece’s resurrection flopped, and the fund is now shutting down after losing 90 percent of its value, according to The New York Times.

Mezvinsky, who spent eight years at Goldman Sachs before founding Eaglevale Partners with two other former Goldman-ites, manages about $330 million, according to the Times. The boutique hedge fund makes macroeconomic bets based on geopolitical and global economic events. It is a cozy specialty for a man related to a former president and a former secretary of state who is currently the front-runner to take the Oval Office in this year’s election.

But even as his mother-in-law gets closer to the White House, Mezvinsky’s fund is not having a banner year. Eaglevale is down about 1 percent so far in 2016, according to the Times. The average hedge fund was about .6 percent lower in the first three months of the year.

If things don’t pick up, perhaps Mezvinsky could walk away from Wall Street for good and stay home with his growing family. He and Chelsea are expecting their second child. Sure, their expenses would quickly add up—with that lavish apartment and expensive SoulCycle habit. But given what his wife reportedly charges for speaking fees, they should be just fine.