Ray Dalio, the billionaire founder of Bridgewater Associates, has officially exited the hedge fund he launched nearly five decades ago, selling his remaining ownership stake back to the firm, according to a report by the Wall Street Journal citing a letter sent to investors.
The transaction, confirmed in a 21 July investor update from Bridgewater CEO Nir Bar Dea and Co-Chair Mike McGavick, marks the completion of a multi-year transition at the world’s largest hedge fund, which manages $92.1bn in assets.
“We wanted to update you that Bridgewater recently repurchased the last remaining ownership shares held by Dalio-related entities,” the letter said.
Dalio, 76, stepped down as CEO in 2017 and formally transferred control of Bridgewater to the next generation in 2022.
In addition to divesting his ownership, Dalio is also stepping down from Bridgewater’s board, according to an unnamed source familiar with the matter. That same source also revealed that Brunei’s sovereign wealth fund, the Brunei Investment Agency, has acquired a minority stake in the hedge fund after redeeming its investments in Bridgewater’s funds.
With Dalio’s exit, Co-Chief Investment Officer Bob Prince becomes Bridgewater’s largest individual partner, though ownership is now primarily held by a broad group of employees.
Bridgewater’s flagship Pure Alpha fund has continued to perform strongly, delivering a 17% return in the first half of 2025.
