Richard Perry launches new distressed credit fund at 70

Richard Perry, a former hedge fund manager, is making a comeback at age 70. He has joined Todd Westhus at Olympus Peak Management to launch a new $500 million distressed credit fund. This follows Perry's previous hedge fund, Perry Capital, closing in 2016 after significant losses. Perry Capital lost over 60% of its assets in its final two years, leading to a loss of investor trust. At its peak, Perry Capital managed $15 billion and was known for high returns, including a $2 billion profit during the 2008 financial crisis. Perry's new venture comes nearly a decade after his previous fund's closure. He aims to attract investors by highlighting the unique strategies of his team.