David Russekoff, a Financial Executive, is a Founder and Managing Partner of Smith Cove Capital
David Russellkoff, a financial executive, founded Smith Cove Capital in 2017 that specializes in value-oriented investments. Its primary focus is distressed equity and debt.
Chetan Gulati, a former colleague of Perry Capital’s Chief Investment Officer, has rejoined his investment team at Smith Cove after eight years apart at Perry.
Early Life and Education
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Dave Russekoff is the founder and chief investment officer of Smith Cove Capital, a family office located in Greenwich, Connecticut. With an extensive career on the buyside, he most recently served as 13-year Chief Investment Officer and managing partner at Perry Capital Partners where he created their Special Situations equity and credit groups.
David Russekoff launched his firm in March 2017 with an estimated $100 million of internal capital, betting on distressed securities like energy sector debt and sovereign debt. His team includes Bob Carroll as head trader, Roger Schmitz as head analyst, and Victor Consoli – former high-fliers from Monarch Alternative Capital and Perella Weinberg Partners respectively. When not working, Russekoff enjoys time for philanthropy and travel; he even endowed a scholarship at Cornell University in honor of his mother Mitzi Sutton Russekoff who taught public school for decades.
Achievements and Honors
David Russellkoff has made a considerable impact in his professional career. While serving as managing partner and chief investment officer of Perry Capital Partners, he helped his firm secure an advantage against the overheated housing market of 2006-2007 that ultimately yielded them around $2 billion in profits.
He managed a number of philanthropic initiatives, including the largest donation ever given to the University of Nebraska-Lincoln. This substantial donation served as the catalyst for building one of America’s premier research centers when it opened its doors in 2006. As member of the Board of Regents, he remains active as an alumni ambassador and mentor to students across disciplines. For his alma mater, he founded the mitzi Sutton Russekoff ’54 scholarship in honor of her mother — a Cornell grad who taught in Bedford-Stuyvesant school system in Brooklyn for 37 years – as an honorary scholarship in her honor.
Dave Russekoff is an accomplished investment manager who earned tens of millions of dollars in gains from the sale of securities over nine years. Additionally, as a statutory resident of New York State, taxation on this income was levied against him.
He has been an active philanthropist, supporting public education and scholarship-giving programs. In honor of his mother Mitzi who taught in Brooklyn’s Bedford-Stuyvesant school system for decades, he endowed a Cornell University scholarship.
He spent 13 years as the Chief Investment Officer of hedge fund Perry Capital, where he devised a strategy to bet against the overheated housing market from 2006-2007. Later he founded Greenwich-based Smith Cove Capital with less than $100 million of partner capital earlier this month; they specialize in making concentrated bets on distressed securities by purchasing both equity and debt securities.
David Russekoff was the co-chief investment officer of hedge fund Perry Capital for 12 years, where he managed its successful bet against subprime mortgages during the housing boom, according to case records.
Last month, a judge in Connecticut denied Russekoff the right to claim tax credits from New York on millions of dollars in gains he made from selling securities. Now a New York resident, he must pay $9 million in state taxes plus an additional $1 million for interest expenses.
Two people familiar with Smith Cove Capital say he launched it this year, focusing on distressed investments across equity and debt markets. According to these people, trading began earlier this month and outside capital will be brought in over time, they added.