Former Hedgie Steinhardt Secures Loan With Art

Oct 19 2011 | 9:37am ET

Former hedge fund manager Michael Steinhardt has pledged works from the art collection on which he's spent an estimated $200 million to secure funding for a real estate deal.

The hedge fund pioneer and his wife pledged 20 paintings and drawings, including five Picassos and one Jackson Pollock, as collateral for a loan from JPMorgan Chase Bank NA, according to New York state records.

Steinhardt founded the hedge fund Steinhardt, Fine, Berkowitz & Co. in 1967; it became Steinhardt Partners in 1979 with the departures of Fine and Berkowitz.

Steinhardt’s son David told Bloomberg the loan is related to an investment in the former American Stock Exchange building, which Steinhardt bought earlier this year.

“We had the opportunity to get some very cheap borrowing,” said the younger Steinhardt.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note