Dalio family in mourning after car crash kills son
Devon Dalio, the son of the founder of the world’s largest hedge fund, died in a fiery car crash in Greenwich Thursday afternoon.
In a statement released by the family Saturday morning, a spokesperson said Devon Dalio’s death is “a heartbreaking tragedy and the family is in mourning.”
Dalio, the son of philanthropists and billionaires Ray and Barbara Dalio, was 42.
Ray Dalio, co-chairman of Bridgewater Associates in Westport, confirmed his son’s sudden death in a tweet.
“It is with great pain that I am sharing with you that my 42 year old son was killed in a car crash yesterday. My family and I are mourning and processing and would prefer to be incommunicado for the time being,” Dalio wrote.
“We know that the terrible pain we are feeling has been and continues to be felt by so many others so our sympathies go out to them. May God be with you and may you cherish your blessings, especially at this time of year.”
The crash, which occurred in the Riverside neighborhood, is still under investigation. A spokesperson for the Greenwich Police Department was unavailable for comment Saturday. Hearst Connecticut Media reported that Devon Dalio’s car crashed into the Verizon store in the Riverside Commons shopping center on East Putnam
Avenue near Exit 5 on I-95 and caught fire.
Devon Dalio is survived by his wife and daughter, his parents and three siblings. He was the co-founder of P-Squared Management Enterprises, a private equity firm that is focused on small and mid-market health care technology companies. Previously, he was co-CEO of the Dalio Family Office for eight years. Earlier in his career, he worked at Bridgewater Associates.
Devon Dalio also served on the board of the Dalio Philanthropies and his philanthropic interests included health and wellness, veteran support, disaster relief and animal welfare. According to a family spokesperon, Devon Dalio enjoyed playing outdoor sports, including lacrosse, skiing and tennis.
“Annie and I are devastated to hear the news of the sudden and tragic passing of Ray and Barbara Dalio’s son, Devon,” said Gov. Ned Lamont in a statement. “As parents, we cannot imagine the grief and sadness of their loss. Our prayers are with Ray and Barbara, who have been champions for Connecticut’s children.”
Bridgewater Associates is widely known as the largest hedge fund in the world and Ray Dalio is recognized as Connecticut’s wealthiest resident. According to Forbes magazine, his net worth is about $16.9 billion.
Ray Dalio founded Bridgewater in 1975 and currently serves as its co-chairman and co-chief investment officer. The company has received state financial incentives to promote job creation and retention in Connecticut. As of April 30, Bridgewater said its assets under management amounted to about $138 billion, down from $163 billion at the end of February.
Ray Dalio, a longtime friend of Lamont’s, played a key role in helping the state obtain personal protective equipment from China during the pandemic. A deal brokered by Dalio, along with several Stamford businessmen, resulted in a shipment of 1 million N95 masks, 6 million surgical gowns and 100,000 infrared thermometers to Connecticut.
The Dalio family is well known for their philanthropic work in supporting public education, as well as ocean exploration and awareness. In 2019, Ray and Barbara Dalio launched the former Partnership for Connecticut, a public-private initiative in which both the Dalios and the state were to each contribute $100 million toward helping disadvantaged young people finish high school and find jobs.
While the partnership was disbanded in May following disagreements between the organization’s recently hired CEO and board members, Dalio Philanthropies donated more than 50,000 laptops to students in-need through the initiative so they could continue their schoolwork remotely. In late July, Barbara Dalio, co-founder and director of Dalio Education, announced continued efforts with the Connecticut Conference of Municipalities to end the digital divide.