Tiger Grand Cub is offering free suds.
Valiant Capital founder Chris Hansen is ready to get Seattle
sloshed after reaching an agreement to build a $490 million
arena in the city to attract an NBA and NHL team.
"I would personally like to buy you all a beer at FX
McRory's this Thursday from 5-7," he wrote to citizens of the
Emerald City from his website. "First beer for
everyone is on me."
In return for various loan backings and city approvals, the
Seattle native personally guaranteed five years of debt
payments on the arena.
The Seattle Times asked one city council member if
there was anything the city wanted, but didn't get from Hansen,
and the man responded, "Nothing. We got it all."
The generosity may not be too much of a hardship on Hansen,
whose San Francisco firm manages $2.5 billion in hedge fund
assets, according to the latest Absolute Return
Billion Dollar Club ranking. On Tuesday, he agreed to
submit to annual audits showing that his personal net worth is
at least $300 million for the life of the arena deal.
Beer at the 35-year-old bar he chose sells for as little as
Valiant has had stunning performance since being founded in
2008. Its flagship Valiant Capital Partners long/short is up
14.26% this year through the end of July, according to an
investor, compared with 2.24% gain for the Absolute Return
Global Equity Index. Last year Valiant gained 13.06%, also much
better than the benchmark.
Hansen worked previously at Tiger Cub John Griffin's Blue
Ridge Capital, and is a noted short seller. "You honestly could
not make up the stuff we have seen over the course of the last
four years," he wrote in his midyear letter to investors citing
accounting frauds and companies with fake operations. "The
level of deceit our partners have witnessed firsthand has
instilled within them a level of skepticism that will serve
them well for years to come."
A secretary at Valiant said the firm had no one available to
respond to a media inquiry.