Bridgewater Completes Founder's Exit, Brunei Investment Agency Acquires 20% Stake

Bridgewater Associates, the world's largest hedge fund, has completed the repurchase of the remaining shares held by its founder, marking the end of an era. The Brunei Investment Agency acquired 20% of the shares, becoming the largest external shareholder with an investment of tens of billions of dollars. The founder, who had been a significant figure in the company since its inception in 1975, has now retired from the board of directors. The founder expressed their anticipation of witnessing the future success of Bridgewater in the role of a client and mentor.

The transition of ownership signifies the completion of a 13-year succession plan initiated in 2011. Over the years, the founder had gradually stepped down from various leadership roles, including Chief Executive Officer, Co-Chief Investment Officer, and Chairman of the Board, while continuously reducing their shareholding. However, the founder remained actively involved in the company's affairs, regularly making demands and expressing dissatisfaction. This complete withdrawal from ownership and the board of directors will simplify Bridgewater's corporate governance structure, allowing the legendary hedge fund to refocus on investment performance. The current CEO and Co-Chairman of the Board stated that the sale of the founder's remaining shares marks the ideal conclusion of the ownership transition process.

The Brunei Investment Agency, a long-term investor in Bridgewater, converted its investment in Bridgewater's fund products into equity in the company. Despite holding a significant stake, the Co-Chief Investment Officer of Bridgewater still holds a larger share. The asset management scale of Bridgewater has significantly decreased in recent years, from 168 billion dollars at the end of 2019 to 92.1 billion dollars at the end of 2024. However, the company's flagship fund, Pure Alpha, has shown improved performance after limiting its scale, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025.

In recent times, the founder has frequently issued stern warnings about the U.S. debt problem, comparing the worsening debt crisis to an impending "economic heart attack." The founder emphasized that U.S. spending exceeds income by 40%, and the payment of debt interest is severely squeezing purchasing power, similar to arterial plaque constricting blood flow. The founder warned that the U.S. is approaching a critical point where it may need to issue new debt solely to pay the interest on existing debt, a cycle that could trigger a financial shock and lead to systemic collapse.