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July 04, 2018  

Former Perry Exec Uziel Back in Business

Former Perry Capital partner Ori Uziel is returning to the hedge fund business after a 10-year absence.

Uziel, who retired from Perry at yearend 2007 when he was just 36 years old, opened a firm in New York last year called Uziel Capital. Now he’s getting ready to launch a hedge fund called Vista Grande Partners, which is scheduled to begin trading in August with about $10 million of friends-and-family money. Next year, Uziel plans to market the vehicle to a wider audience.

The fund will pursue a special-situations strategy that Uziel has been running in separate accounts since May 2017. Among Uziel Capital’s current investments is an 8.6% stake in Tuesday Morning, a home-goods retailer with a market capitalization of about $131 million.

Uziel was among a handful of senior investment professionals who ran their own portfolios at Perry. As markets began to weaken in late 2007, Perry suffered losses on its stock holdings, prompting founder Richard Perry to reduce the firm’s exposure to equities. That, in turn, prompted a number of equity portfolio managers to leave the firm in late 2007 and early 2008. In addition to Uziel, who ran a book of financial stocks, the departures included U.S. equity chief Lance Rosen and portfolio managers Carl Berg, Matthew Etheridge, Gregory Penny and Tye Schlegelmilch.

Perry had about $15 million under management at yearend 2007. In 2016, after the New York firm’s assets fell to $4 billion, Richard Perry returned investor capital and began unwinding his fund operation.

Before joining Perry in 2002, Uziel briefly ran his own firm, Dialogue Capital. He earlier worked as an analyst at Third Point.