Ray Dalio Steps Down From Bridgewater Associates, Sovereign-Wealth Fund Of Brunei Acquires Final Stake

Ray Dalio, the founder of Bridgewater Associates, has divested his remaining stake in the company and stepped down from its board.

Brunei Fund Emerges As Key Shareholder

Bridgewater Associates repurchased the remaining shares held by Ray Dalio, signaling the end of a difficult transition period. Following that, the firm issued new shares to the Brunei Investment Agency—Brunei’s sovereign wealth fund—in a multibillion-dollar deal, granting the agency nearly a 20% ownership stake in the Connecticut-based firm, reported The Wall Street Journal.

These transactions were not previously reported, and Bridgewater’s communication to its clients did not disclose the involvement of the Brunei Investment Agency. The Brunei fund, a long-term investor in Bridgewater, has now emerged as one of the firm’s largest owners.

With Dalio’s Final Exit, Bridgewater Eyes Clearer Governance

Dalio, 75, expressed his anticipation for Bridgewater’s future success “as a client and mentor.” Despite stepping down from its ownership and board, Dalio stays invested in Bridgewater funds. Insiders at the firm believe that Dalio’s departure will streamline its governance.

“Above all else, I am thrilled about it because I love seeing Bridgewater alive and well without me—even better than alive and well with me,” stated Dalio in a LinkedIn post on Thursday.

Bridgewater CEO Nir Bar Dea and board co-chair Mike McGavick described Dalio’s final share sale as “an ideal culmination” of the firm’s ownership transition. They also confirmed that Dalio, along with the board and employees, will celebrate Bridgewater’s 50th anniversary together in both Connecticut and New York.

“Ray has always described the transition as a ‘dream come true’ and we’re excited to have made it a reality together,” mentioned Dea and McGavick in a July 21 letter to clients, as per CNBC.

Dalio’s Dire Warnings On Trillion-Dollar U.S. Debt Spiral

Dalio’s departure from Bridgewater Associates comes after he raised concerns about the mounting U.S. debt crisis, which he estimated to be a staggering $37 trillion. Dalio warned that the U.S. debt crisis could lead to a spiral of increasing debt, potentially prompting actions such as interest rate hikes or currency devaluation, which could severely impact the economy.

In July 2025, Dalio further warned that the new budget, with annual spending of $7 trillion against $5 trillion in revenue, will balloon the national debt to a staggering $425,000 per American family over the next decade.

Bridgewater’s assets under management declined from $168 billion in 2019 to $92.1 billion by the end of 2024, according to regulatory filings. The drop is partly attributed to the firm capping the size of its flagship Pure Alpha fund in 2023 and 2024 to enhance performance. Pure Alpha follows a systematic, macro-focused investment strategy.

Bridgewater’s assets under management declined from $168 billion in 2019 to $92.1 billion by the end of 2024, according to regulatory filings. The drop is partly attributed to the firm capping the size of its flagship Pure Alpha fund in 2023 and 2024 to enhance performance. Pure Alpha follows a systematic, macro-focused investment strategy, according to WSJ.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.