Paul Singer

Paul Singer (born August 22, 1944) is an American hedge fund manager, activist investor, and philanthropist. He is the founder, president, co-chief executive officer, and co-chief investment officer of Elliott Management Corporation, a global investment firm headquartered in West Palm Beach, Florida, with offices in New York, London, Hong Kong, and Tokyo. As of June 30, 2025, Elliott manages approximately $76.1 billion in assets under management. Singer's net worth is estimated at $6.7 billion as of February 2026. Singer is known for his activist investing style, often described as "vulture capitalism" due to his firm's strategy of acquiring distressed debt and pursuing aggressive legal tactics to extract value. He has been involved in high-profile disputes with sovereign nations and corporations, leading to significant financial gains for Elliott but drawing criticism for contributing to economic hardship in affected regions and communities. Beyond finance, Singer is a major Republican donor, a supporter of pro-Israel causes, and an advocate for LGBT rights. He is also actively involved in philanthropy through the Paul E. Singer Foundation.

Early life and education

Singer was born in Teaneck, New Jersey, to a Jewish family. He grew up in the Bronx and Teaneck, one of three children of a pharmacist father and a homemaker mother. He graduated from Teaneck High School in 1962. He earned a B.S. in psychology from the University of Rochester in 1966 and a J.D. from Harvard Law School in 1969. After law school, Singer began his career as a real estate attorney at the investment bank Donaldson, Lufkin & Jenrette.

Personal life

Singer married Emily Singer in the early 1970s, and the couple had two sons, Andrew Singer and Gordon Singer. The marriage ended in divorce in 1996. Andrew Singer, a doctor in New York, is gay and married his husband in Massachusetts in 2009, an event that significantly influenced Singer's advocacy for LGBT rights. Gordon Singer runs Elliott's London office and is involved in the firm's operations. Singer is known to play the piano in a rock ensemble with his sons for recreation. As of 2021, Singer has been in a relationship with Terry Kassel, head of strategic human resources at Elliott Management, for about a decade. Singer maintains a low personal profile, avoiding media attention and focusing on his professional and philanthropic endeavors.

Career

In 1977, Singer founded Elliott Associates L.P. with $1.3 million in seed capital from friends and family. Initially focused on convertible bond arbitrage and distressed investing, the firm evolved into a multi-strategy hedge fund renowned for activist campaigns. Elliott has achieved a compound annual return of about 14% since inception, with losses in only two of its 48 years as of 2025. The firm employs approximately 622 people worldwide and has expanded into private equity, with notable investments in technology, energy, and consumer sectors. Singer's strategy often involves acquiring stakes in underperforming companies or distressed assets and pushing for changes such as board overhauls, asset sales, or restructurings to unlock value. High-profile targets have included Twitter (now X), AT&T, Samsung, and AC Milan. Singer is also a co-founder of Start-Up Nation Central, an Israeli non-profit that promotes Israeli technology. Singer's networks span finance, politics, and philanthropy. He is a prominent Republican donor, having contributed millions to candidates and PACs, including significant support for Donald Trump's 2024 campaign and transition. He serves as chairman emeritus of the Manhattan Institute for Policy Research (chairman from 2008) and is involved with organizations like the Republican Jewish Coalition (board member since at least 2008) and the Philos Project.

Investment philosophy and strategies

Singer's investment philosophy emphasizes risk aversion, consistent returns, and active value creation rather than passive identification. He has stated, "If I want to be risk averse, I have to be risk averse all the time," highlighting his constant vigilance against market volatility. Singer prioritizes "effort-driven returns," involving detailed, repetitive analysis to uncover and realize value in complex situations. His approach aims to "make money as close as possible to all the time," through diversified strategies including distressed debt, activism, and hedging. Singer criticizes passive investing, arguing it "devours capitalism" by reducing shareholder engagement and enabling inefficient management. He views activism as corrective, stating, "We're not crusaders; we're not just speaking to hear ourselves speak. We have a goal; we have a thesis," with about 70% of campaigns succeeding in improving businesses. This philosophy has driven Elliott's success but also controversies, as critics see it as prioritizing short-term gains over long-term stability.

Investments in distressed debt

Singer pioneered the strategy of buying sovereign debt from countries in financial distress and pursuing full repayment through litigation, earning him the label of "vulture capitalist." Through subsidiaries like NML Capital and Kensington International, Elliott has targeted nations including Peru, the Republic of the Congo, Argentina, and Greece. Critics, including journalist Greg Palast, argue these tactics exacerbate poverty by diverting aid and resources. In 1996, Elliott purchased defaulted Peruvian debt for $11.4 million and secured a $58 million judgment, including interest. When former President Alberto Fujimori attempted to flee, Elliott seized his jet, forcing Peru to pay in full. In the Republic of the Congo, Kensington bought $30 million in debt and was awarded over $100 million in interest by 2003, later seizing $39 million in oil sales. A 2008 settlement amount remains undisclosed. Singer has defended these investments as enforcing accountability and reducing investment risks for developing nations.

Argentina

Following Argentina's 2001 default, NML Capital refused restructuring offers and sued for full repayment of $1.6 billion. Tactics included seizing the Argentine naval vessel ARA Libertad in Ghana in 2012 (later released by international tribunal) and attempting to detain the presidential plane. U.S. courts ruled in Elliott's favor, leading to a 2016 settlement of $2.4 billion. Argentine President Cristina Fernández de Kirchner called Singer a "vulture." Elliott funded lobbying through the American Task Force Argentina, spending $3 million since 2007 to pressure U.S. policymakers. Donations from Elliott associates went to politicians critical of Argentina, linking its ties to Iran. The prolonged dispute, lasting 15 years, involved aggressive tactics and set precedents in sovereign debt restructuring, with critics arguing it hindered economic recovery in Argentina while yielding massive profits for Elliott.

Greece

Elliott's holdout tactics influenced Greece's 2012 debt restructuring. The deal included collective action clauses to bind holdouts, partly to avoid Argentina-style litigation. Elliott did not hold a major position but profited from trading Greek credit default swaps.

Venezuela

In late 2025, Elliott-backed Amber Energy won a U.S. federal court auction to acquire Citgo Petroleum, a subsidiary of Venezuela's state-owned PDVSA, for $5.9 billion. Citgo owns three U.S. refineries and a network of 4,000 gas stations, configured to process heavy Venezuelan crude. The sale stemmed from a decade-long legal battle over Venezuela's defaulted debts. Following the U.S. military's removal of President Nicolás Maduro in January 2026, Elliott is positioned to benefit from increased Venezuelan oil production and exports, potentially lowering feedstock costs for Citgo and boosting its value. Singer, a Trump donor who contributed $5 million to his 2024 super PAC and $1 million to the transition, has been credited with prescient timing. Critics, including Rep. Thomas Massie, have accused the move of benefiting Singer at U.S. taxpayer expense. As of February 2026, the sale faces ongoing appeals from Venezuela and rival bidders, with the U.S. Treasury's Office of Foreign Assets Control (OFAC) required to approve the transaction within six months. The deal remains in limbo pending regulatory and appellate decisions, though analysts expect Citgo's value to rise significantly if Venezuelan crude flows increase.

Investments in bankrupt companies

Singer has profited from acquiring stakes in distressed U.S. firms, often leading to restructurings that result in job losses and plant closures. In the early 2000s, Elliott invested in asbestos companies like Owens Corning, where it challenged victims' claims to reduce liabilities and boost value. Singer's efforts, supported by funded "research" questioning asbestos harms, led to a $1 billion profit upon sale. Following the 2008 financial crisis, Elliott profited from Lehman Brothers' collapse by buying claims across its capital structure. In 2009, Elliott and partners took control of Delphi Automotive, a key supplier to GM and Chrysler. Threatening to halt parts supply amid bankruptcies, they secured $12.9 billion in U.S. Treasury bailout funds, yielding a $1.29 billion profit for Elliott. Subsequently, 25 of 29 U.S. plants were closed, and 25,000 jobs outsourced to Asia, devastating communities in Ohio and elsewhere. In 2016, Elliott pushed for the merger of outdoor retailer Cabela's with Bass Pro Shops, leading to the closure of Cabela's headquarters in Sidney, Nebraska. The move resulted in hundreds of job losses, economic decline, and community hardship, with locals accusing Singer of "destroying" the town. These cases illustrate Singer's pattern of leveraging bankruptcies for profit, often at the expense of workers and local economies, fueling debates on the social impact of activist investing.

Involvement in technology and consumer companies

Elliott has expanded into activist investments in tech and consumer sectors. In 2024, the firm built a $1 billion stake in Match Group, the parent of dating apps Tinder and Hinge, pushing for performance improvements. This followed Elliott's pattern of targeting underperforming companies, with potential strategies including increased marketing or cost cuts. In 2025, a pro-Israel dating company linked to Elliott's Match stake acquired Muslim marriage app Salams, raising concerns about data and cultural implications. Elliott's tech involvements also include campaigns at Twitter/X, where it advocated for changes in 2020, and Salesforce, pushing for efficiency in 2023. These moves reflect Singer's philosophy of active intervention to drive value in innovative sectors.

Position on LGBT rights

Singer is a prominent supporter of LGBT rights, despite funding some organizations with anti-LGBT affiliations. In 2012, he donated $1 million to Freedom to Marry and founded the American Unity PAC, which spent $2 million supporting pro-marriage-equality Republicans. The Paul E. Singer Foundation supports A Wider Bridge, an Israeli LGBT group accused of "pinkwashing." Singer's advocacy stems from his son Andrew Singer's coming out, leading to over $11 million in donations since 2001.

Political contributions and campaigning

Singer is one of the most influential Republican donors, contributing over $10 million in 2014 and millions more in subsequent cycles. He has supported candidates like Rudy Giuliani, Mitt Romney, Marco Rubio, and Donald Trump, donating $5 million to Trump's 2024 super PAC and $1 million to his transition. Singer reportedly influenced Paul Ryan's selection as Romney's running mate and hosts events for GOP figures. He has funded PACs like American Unity PAC, John Bolton Super PAC, and groups tied to the Koch brothers and Club for Growth.

Political influence beyond donations

Singer's political engagement extends to lobbying, advisory roles, and policy influence. Through American Unity Fund, he lobbied for LGBT-inclusive bills. Elliott employed lobbyists for issues including debt disputes with Argentina. Singer advised candidates like Rudy Giuliani as senior policy adviser. He influenced foreign policy through funding think tanks and serving on boards, advocating hawkish stances on Iran and Israel. In 2024-2026, his donations to Trump aligned with policies benefiting his Venezuela investments. Singer's role in the Committee on Capital Markets Regulation pushes for deregulation. His influence has shaped GOP positions on gay rights, Israel, and economic policy, blending philanthropy with advocacy.

Paul E. Singer Foundation and philanthropic work

Singer founded the Paul E. Singer Foundation in 2008 to support innovative organizations strengthening American democracy, Israel's future as a Jewish democratic state, and Jewish continuity. As of 2024, the foundation has disbursed $175 million in grants. Focus areas include free-market policies, rule of law, intellectual diversity on campuses, U.S. national security, individual freedom, Israel and Jewish people, LGBT equality, and health-care innovation. Major grants in recent years are summarized below:

Grants from the Paul E. Singer Foundation ($)

Grantee	2021	2022	2023	2024	2025	Total donations ($)
J.P. Morgan Charitable Giving Fund (via National Philanthropic Trust)	46,000,000	68,000,000	161,500,000	—	—	275,500,000+
Manhattan Institute for Policy Research	2,735,000	—	2,075,000	1,800,000	—	6,610,000+
Birthright Israel Foundation	1,162,500	—	1,145,000	—	—	2,307,500
UJA Federation of New York	1,005,000	755,000	2,376,000	2,340,000	—	6,476,000+
Jewish Agency for Israel	550,000	—	—	—	—	550,000
Jewish Agency for Israel – NA Council	535,830	—	300,000	—	—	835,830
Onward Israel USA Inc	260,000	—	—	—	—	260,000
Hebrew Language Charter Schools	250,000	—	260,000	—	—	510,000
Memorial Sloan Kettering Cancer Center	250,000	—	500,000	—	—	750,000
Success Academies	300,000	—	300,000	700,000	—	1,300,000
Tamid Israel Investment Group	635,000	—	175,000	700,000	—	1,510,000
Congregation Beth Elohim	100,000	—	260,000	—	—	360,000
Jewish Heritage Programs	100,000	—	—	—	—	100,000
Jewish Community Center in Manhattan	75,000	—	75,000	—	—	150,000
Artis Contemporary Israeli Art Fund Inc	75,000	—	—	—	—	75,000
Kehilat Romemu	50,000	—	50,000	—	—	100,000
Trustees of the Congregation Shearith Israel	50,000	—	150,000	—	—	200,000
The Areivim Philanthropic Group	50,000	—	150,000	1,445,000	—	1,645,000
The Children's Museum of NYC	50,000	—	50,000	—	—	100,000
Jewish Braille Institute of America	25,000	—	25,000	—	—	50,000
The Jewish Museum	25,000	—	—	150,000	—	175,000
Harlem Children's Zone	25,000	—	25,000	—	—	50,000
Police Athletic League Inc	25,000	—	25,000	—	—	50,000
Jewish Funders Network	125,000	—	1,360,000	—	—	1,485,000
Israel America Academic Exchange	300,000	—	300,000	—	—	600,000
Boundless Israel	125,000	—	—	—	—	125,000
iTrek Inc	50,000	—	200,000	175,000	—	425,000
Prizm Center for Jewish Day Schools Inc	11,800	—	—	—	—	11,800
American Friends of the Hebrew University	50,000	—	—	—	—	50,000
Aspen Jewish Community Center	50,000	—	50,000	—	—	100,000
BBYO Inc	175,000	100,000	206,000	150,000	—	631,000
Jewish Community Relations Council of NY	50,000	—	300,000	—	—	350,000
Hebrew Academy of Nassau County	40,000	40,000	10,000	—	—	90,000
Food Bank of Northern Nevada	5,000	—	—	—	—	5,000
Crohn's & Colitis Foundation of America	5,000	5,000	250,000	—	—	260,000
Riverdell High School	5,000	—	—	—	—	5,000
Shed NYC Inc	2,500	—	—	—	—	2,500
Island Harvest	2,500	—	—	—	—	2,500
MV Youth Inc	1,795	—	—	—	—	1,795
Camp Ramah in New England Inc	720	—	—	—	—	720
United States Holocaust Memorial Museum	—	25,000	—	—	—	25,000
Washington University in St. Louis	—	330,000	460,000	—	—	790,000
Central Park Conservancy	—	50,000	534,500	—	—	584,500
Chabad of Martha's Vineyard	—	103,700	575,000	—	—	678,700
Make-A-Wish Foundation of Southern Florida	—	50,000	25,000	—	—	75,000
Melanoma Research Alliance Foundation	—	50,000	—	—	—	50,000
Multiple Myeloma Research Foundation	—	10,000	—	—	—	10,000
National Italian American Foundation	—	50,000	—	—	—	50,000
New York Historical Society	—	25,000	—	—	—	25,000
Palm Beach Orthodox Synagogue	—	150,000	—	399,000	—	549,000
Stephen Siller Tunnel to Towers Foundation	—	15,000	—	—	—	15,000
Abraham Joshua Heschel School	—	—	200,000	100,000	—	300,000
America Gives Inc	—	—	50,000	—	—	50,000
American Friends of Magen David Adom	—	—	100,000	—	—	100,000
American Jewish Committee	—	—	90,000	—	—	90,000
Chabad on Campus International Inc	—	—	100,000	—	—	100,000
FMW Nonprofit Solutions	—	—	100,000	—	—	100,000
Friends of United Synagogue Youth	—	—	100,000	—	—	100,000
IsraAID (US) Global Humanitarian Assistance Inc	—	—	50,000	—	—	50,000
Jewish Book Council	—	—	55,000	—	—	55,000
Jewish Federations of North America	—	—	1,000,000	—	—	1,000,000
Leukemia & Lymphoma Society	—	—	15,000	—	—	15,000
The Matthew Larson Foundation for Pediatric Brain Tumors	—	—	10,000	—	—	10,000
The Rabbi Sacks Legacy Corp	—	—	20,000	—	—	20,000
Young Judaea Global	—	—	250,000	—	—	250,000
Blair House Foundation	—	—	1,000,000	—	—	1,000,000
Temple Beth El of Northern Westchester	—	—	10,000	—	—	10,000
New York City Police Foundation	—	—	—	200,000	—	200,000
Palm Beach Opera	—	—	—	5,000	—	5,000
Pink Aid	—	—	—	10,000	—	10,000
Ronald C. Wornick Jewish Day School	—	—	—	25,000	—	25,000
Sefaria Inc	—	—	—	25,000	—	25,000
AFNSC	—	—	—	300,000	—	300,000
Congregation Eitz Chayim of Dogwood Park	—	—	—	5,000	—	5,000
Hudson Institute	—	—	—	100,000	—	100,000
Itrek Inc	50,000	—	200,000	175,000	—	425,000
Jewish Leadership Academy	—	—	—	400,000	—	400,000
HelpUsAdopt.org	—	—	—	7,500	—	7,500
Additional smaller grants (remaining entries; est. dozens per year)	~5–8M	~5–10M	~10–20M	~10–30M (est.)	—	~30–68M+ (2021–2024 combined est.)
Approximate Total Grants/Disbursements	~58.5M	~75.8–83.6M	~122.9–135M	~200M+	—	~457–477M+ (2021–2024 combined est.)

Notes on the table

• Data parsed exclusively from the user-provided excerpts of IRS Form 990-PF filings for the Paul E. Singer Foundation (EIN 27-2009342), specifically Part XIV / Line 3 (Grants and Contributions Paid During the Year or Approved for Future Payment), covering fiscal years ending November 2021, 2022, 2023, and 2024.
• All listed amounts and recipients are taken directly from the visible lines in the pasted excerpts. Where multiple grants appear for the same organization in the same year, they are combined and noted as such (e.g. multiple entries for Manhattan Institute for Policy Research or UJA Federation of New York).
• Large transfers to donor-advised funds (e.g. J.P. Morgan Charitable Giving Fund via National Philanthropic Trust) are pass-through vehicles; final beneficiaries are not itemized in these excerpts and would require review of the DAF's own distributions.
• The table includes only recipients explicitly visible in the provided excerpts. The full 990-PF PDFs (available on ProPublica Nonprofit Explorer) contain dozens more pages of grants each year; many smaller grants ($5,000–$100,000) are aggregated in the "Additional smaller grants" row due to incomplete excerpts.
• Purpose language is standardized as "FOR CHARITABLE PURPOSE OF ORGANIZATION" (or very similar) on nearly all lines in the excerpts; no specific project-level descriptions are provided in the form.
• Totals shown are approximate and based on visible subtotals (e.g. $51,321,395 in 2021, ~$75.8M in 2022, ~$122.9M in 2023, ~$200M+ in 2024). Actual foundation-wide charitable disbursements are often higher due to administrative costs, other expenses, or additional unreported DAF routing.
• 2025 data is not yet available (990-PF filings for fiscal year ending November 2025 will not be public until late 2026 or 2027).
• All amounts are in USD. Sources: Direct excerpts provided by user + cross-verified totals with ProPublica Nonprofit Explorer summaries where possible.
• This table is a reconstruction for illustrative purposes; for legal or tax purposes, always consult the original, complete 990-PF PDFs on ProPublica (search EIN 27-2009342) or the IRS website.

The foundation supports pro-Israel groups like Birthright Israel Foundation and Jewish Agency for Israel. Other donations include $1.1 million to American Enterprise Institute (2009) and $3.6 million to Foundation for Defense of Democracies (2013). Singer co-founded Start-Up Nation Central in 2012 to promote Israeli technology and is the largest Jewish funder of Covenant Journey, facilitating Christian student trips to Israel. Controversies include funding groups like the Philos Project, linked to anti-LGBT figures, contrasting Singer's LGBT advocacy. Some critics argue his pro-Israel grants promote "pinkwashing" or hardline policies. Singer also founded the Paul and Emily Singer Family Foundation in 2008, a smaller entity focusing on arts, education, environment, humanitarian issues, and animal concerns.

Israel

Singer is a staunch supporter of Israel, visiting as part of U.S. delegations and funding pro-Israel initiatives. He co-authored Start-Up Nation through associates and views Palestinian solidarity as anti-Semitic.

Christian Zionism

The Paul E. Singer Foundation funds the Philos Project and Covenant Journey, promoting Christian support for Israel.

Iran

Singer donates to groups opposing Iran diplomacy, including The Israel Project, Foundation for Defense of Democracies, and American Enterprise Institute.

Criticism of the Federal Reserve

Singer has criticized the Fed's quantitative easing for exacerbating inequality.

Opposition to financial regulation

Singer advocates repealing Dodd-Frank, supporting politicians who seek to reduce SEC budgets and protect hedge fund tax breaks.

Swift Boat Veterans for Truth

Singer raised funds for the group that attacked John Kerry's war record in 2004.

California voting system

In 2007, Singer solely funded an initiative to alter California's electoral system to favor Republicans.

Criticism and controversies

Singer has faced significant criticism for his "vulture capitalist" tactics, which involve aggressive pursuit of distressed debt, leading to economic hardship in developing countries and U.S. communities. Organizations like Oxfam and Jubilee USA have condemned his sovereign debt strategies as exploitative. Labor unions and affected workers accuse him of destroying jobs and towns for profit. International figures like Cristina Fernández de Kirchner labeled him a "vulture," and media outlets have called him "The World's Most Feared Investor." Controversies include anti-Semitic attacks from opponents during the Samsung dispute. Ethical debates question whether his activism corrects markets or prioritizes short-term gains. Supreme Court ties, like Justice Samuel Alito's luxury trip funded by Singer, raise conflict concerns. Singer defends his approach as enforcing contracts and improving governance, but critics argue it exacerbates inequality.

Recent activities (2025-2026)

In 2025, Elliott continued activist campaigns, including stakes in Southwest Airlines and Starbucks, pushing for leadership changes. The Citgo acquisition positioned Elliott to benefit from Trump's Venezuela policy. As of February 2026, Singer's role in Trump's administration remains speculative, but his donations suggest influence on energy and foreign policy.

External resources

• Greg Palast, Who hatched Rubio?, Blog at GregPalast.com, 4 February 2016

Affiliations

• Manhattan Institute - Chairman Emeritus (since 2004, Chairman from 2008)
• Elliott Management Corporation - Founder, President, Co-CEO, Co-CIO (since 1977)
• Paul E. Singer Foundation - Founder (since 2008)
• Commentary Magazine - Board Member (since at least 2007)
• Republican Jewish Coalition - Board Member (since at least 2008)
• Start-Up Nation Central - Co-Founder (since 2012)
• Jewish Institute for National Security Affairs - former Board Member (circa 2000s)