The merger market is a mess and so is business these days for Perry Capital. The merger arbitrage specialist is experiencing its first loss in nearly two decades and this week laid off 20 to 30 staff members – about 20% of its workforce – according to an individual close to the firm.
Perry Partners International, the firm’s offshore fund, is down 6.13% in the third quarter, bringing the year-to-date loss to 9.32%. The firm’s Perry Fund is down 8.5% through September.
In response to the challenges, founder Richard Perry is reorienting the company with a new emphasis