Ray Dalio Sells His Remaining Stake In Bridgewater
Dalio’s transition away from the macro hedge fund was far from linear. He first announced his succession plan more than a decade ago.
Bridgewater Associates founder Ray Dalio sold the remainder of his stake in the hedge fund and left its board, ending a leadership transition started more than a decade ago.
Bridgewater bought the remaining shares, said a person familiar with the matter who asked not to be identified because the details are private. Separately, the Brunei Investment Agency, a sovereign wealth fund, invested in the company, giving it a nearly 20% stake in the firm, the person said.
The sovereign wealth fund moved an existing investment it had in a Bridgewater fund and used that money to buy its stake in the firm, the person said.
The Wall Street Journal reported Dalio’s stake sale and the Brunei investment earlier.
Dalio’s transition away from the macro hedge fund was far from linear. He first announced his succession plan more than a decade ago. But he didn’t fully hand over the reins until 2022, when he transferred his voting rights to its board of directors and stepped down as one of its three co-chief investment officers. He stayed on the board at the time.
Dalio’s exit is a “pivotal” moment for the industry given his influence, and the new investment by the Brunei fund could change the dynamics for the firm, according to Bruno Schneller, managing partner at Zurich-based Erlen Capital Management.
“The Brunei Investment Agency’s nearly 20% stake introduces a new dynamic, potentially strengthening Bridgewater’s financial backing but also shifting its ownership structure toward external institutional influence,” said Schneller, whose firm invests in hedge funds.
Dalio, who founded the firm in 1975, adhered to a philosophy he called “radical transparency.” Nir Bar Dea, Bridgewater’s current chief executive officer, has taken steps in the past few years to dial back some of the more unusual aspects of the firm’s culture — including nixing so-called baseball cards created by employees rating each other on their strengths and weaknesses.
Bridgewater has also capped the assets of its flagship Pure Alpha macro hedge fund in a move to increase returns after years of lackluster performance. In 2024, that fund climbed 11.3%, and in the first half of this year, it rose 17%.
“I have been asked a lot about how I feel about passing along Bridgewater after having started and built it over the last 50 years,” Dalio said in a blog post Thursday. “I am thrilled about it.”
