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State Loans $22M To Westport-Based Hedge Fund Bridgewater Associates

Greenwich's Ray Dalio is the founder of Bridgewater Associates in Westport and the richest man in Connecticut.
Greenwich's Ray Dalio is the founder of Bridgewater Associates in Westport and the richest man in Connecticut. Photo Credit: File

WESTPORT, Conn. — The State Bond Commission voted Friday to grant a $22 million loan and grant package to help Bridgewater Associates, the world's largest hedge fund, upgrade and expand its Westport offices, according to NBC Connecticut.

Democratic Gov. Dannel P. Malloy said the agreement will be a good investment, with Bridgewater Associates pledging to create 750 jobs by the end of 2021 while keeping an existing 1,402 in the state, NBC Connecticut said.

Bridgewater, which manages $150 billion in investments, will receive $5 million in training and energy assistance grants and a $17 million low-interest loan that will be forgiven if it keeps its promises for new and retained jobs in Connecticut, NBC said

Bridgewater, founded by Greenwich billionaire Ray Dalio, is planning to spend $527 million to expand its facilities in Westport, Wilton and Norwalk, NBC said.

Click here to read the story at the NBC Connecticut website.

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