Bridgewater Associates LP, the hedge fund run by Ray Dalio, agreed to sell $250 million share of the company to a Texas Teacher Retirement System. It seems that Ray Dalio wants to lower his exposure in the company and that many institutional investors are looking for ways to diversify by investing in hedge funds. The texas fund move is no wonder, as in 2010 and 2011, Ray Dalio achieved extraordinary returns of his fund by investing in several profitable positions like: Long gold, Long CHF. The stake that was sold was non-voting one.
Ray Dalio is an American businessman and founder of Bridgewater Associates. Bridgewater Associates has since attracted many clients including pension funds and is currently (as of January 2012) the largest hedge fund in the world with nearly $120 billion under management.