tl;dr
Ray Dalio has sold his final stake in Bridgewater Associates and left its board, completing a lengthy ownership transition. Bridgewater repurchased Dalio's shares and issued new shares to the Brunei Investment Agency, which now holds nearly 20% of the firm, making it one of the largest owners alongs...
Ray Dalio has officially sold his final stake in Bridgewater Associates and stepped down from its board, marking the end of a complex transition at the hedge fund he founded. Bridgewater bought back Dalio’s holdings and then issued new shares to the Brunei sovereign-wealth fund in a multibillion-dollar deal, giving Brunei nearly a 20% stake in the firm. This move was not publicly disclosed until recently.
The Brunei Investment Agency, a long-time investor in Bridgewater funds, shifted its investment from traditional funds to direct equity in the firm, making it one of Bridgewater’s largest owners. However, co-investment chief Bob Prince holds an even larger stake than Brunei. Although Dalio, aged 75, has exited ownership and board duties, he remains involved as a client and mentor and continues investing in Bridgewater’s funds.
Insiders hope Dalio’s departure from the firm’s governance will streamline decision-making and reduce internal friction, as he remained an active and influential figure despite relinquishing major operational roles over the years. Dalio had previously forecasted that succession at Bridgewater would be a decade-long process, which turned out to be a challenging and drawn-out affair, including lawsuits involving former CEOs.
Bridgewater’s CEO Nir Bar Dea and board co-chair Mike McGavick described Dalio’s final share sale as a fitting conclusion to the ownership transition. They also noted that Dalio, the board, and employees plan to celebrate the firm’s 50th anniversary together in Connecticut and New York.
The firm’s assets under management have decreased significantly, from $168 billion in 2019 to $92.1 billion at the end of 2024. This reduction partly resulted from Bridgewater capping the size of its flagship Pure Alpha fund in 2023 and 2024 to boost performance. Pure Alpha, a macroeconomic systematic strategy, posted a 5.9% gain over five years ending December 2024, during a period when the overall stock market hit record highs.
After capping the fund’s size, Pure Alpha’s returns improved markedly, achieving 11.3% growth in 2024 and 17% in the first half of 2025, reflecting the firm's efforts to recalibrate its strategy and maintain competitive performance in a fluctuating market.