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This article directly stems from the research process for our American single family office database. Our list of U.S. single family offices includes the most important family investment vehicles that invest in various areas, such as financial markets, real estate, venture capital, private equity, and renewables.
Tepper is an American hedge fund manager, he is the founder and president of Appaloosa Management. Tepper is regarded as one of the world’s leading hedge fund managers, his Appaloosa group once managed up to $20bn. As of December 2022, he has an estimated net worth of $18.5bn and is the 83rd richest person in the world according to Forbes. In this article, we will investigate if Tepper manages his wealth through a family office.
Tepper plans to convert Appaloosa Management into a family office
Tepper graduated from the University of Pittsburgh and joined Goldman Sachs in 1985 having worked at Evergreen funds and Republic Steel. In 1993, he established Appaloosa Management in 1993 having been passed over for partner at Goldman Sachs, and amassed his portfolio through aggressive trading of his personal account. Appaloosa has been incredibly successful and drew huge success from buying distressed financial stocks in 2009 which put them amongst the leading hedge fund groups in the US. In 2019, Tepper announced plans to convert Appaloosa to a family office in 2019, a move which did not come as a surprise as Tepper follows the same route as Cooperman at Omega and Jacobsen at Highfields. Tepper plans to return all capital to investors however, no date has been set to do so. Tepper plans coincide with his acquisition of the NFL team Carolina Panthers for $2.3bn in 2018. Tepper also owns a 5% share in the Pittsburgh Steelers, which he purchased in 2009. Besides football, Tepper also owns the MLS soccer team Charlotte FC, which he bought in 2019 for a reported $325m.
Picture source: Kenny Eliason