Richard Perry Returns to Hedge Funds After a Nine-Year Hiatus

Richard Perry ran a hedge fund for almost three decades before closing it in 2016. Now he has decided it’s time for a comeback.

Perry, 70, recently became a partner at distressed credit specialist Olympus Peak Management, according to people familiar with the matter. A protégé, Todd Westhus, founded the firm in 2018.

The two, along with Matt Englehardt — who previously worked for Perry and has been at Olympus Peak since its inception — recently began raising a distressed fund they plan to cap at $500 million, said the people, who asked not to be identified ...