JPS GSE JPS MGR LLC

John Paulson serves as President and Managing Partner and directs all material investment decisions. The office operates with a lean team of analysts and operating partners, with Paulson retaining ultimate authority over portfolio construction. No separate CIO or external investment committee has been publicly identified.

In 2020, Paulson announced he would return all outside investor capital and convert Paulson & Co. into a private family office. The move followed a decade of asset declines after the 2011 peak, with third-party capital shrinking from roughly $18 billion to under $9 billion. The conversion allowed Paulson to manage his own multibillion-dollar fortune free from the quarterly redemption cycle and public disclosure requirements of an SEC-registered investment adviser.

The 'GSE' likely references Government-Sponsored Enterprise, connecting to Paulson's well-documented investments in Fannie Mae and Freddie Mac preferred securities. Paulson has been a prominent plaintiff in litigation against the US government over the 2012 net-worth sweep of GSE profits into the Treasury, a position materially affecting his personal returns.

Puerto Rico represents one of Paulson's largest concentrated investment themes. Through his family office and related entities, he controls significant luxury hospitality assets including the Condado Vanderbilt Hotel and the St. Regis Bahia Beach Resort. In September 2024, he launched Paulson Puerto Rico, a structured credit vehicle targeting middle-market commercial real estate lending on the island, expanding beyond direct equity ownership.

The firm primarily functions as a single-family office deploying Paulson's personal capital, but has demonstrated flexibility through the Paulson Puerto Rico credit fund launched in 2024. That vehicle accepts limited outside institutional co-investment alongside Paulson's own commitment. There is no evidence of broader third-party fundraising or return to a traditional hedge fund structure.

Paulson's public equity filings historically showed gold as a core macro thesis, primarily through positions in SPDR Gold Trust and major mining equities such as AngloGold Ashanti and Barrick Gold. Since the 2020 conversion, the firm is no longer required to file 13F reports with the SEC, but Paulson has publicly maintained his bullish view on gold as a long-term store of value and inflation hedge.

The foundational wealth was generated by the 2007 subprime mortgage short that produced approximately $15 billion in fund profits, with roughly $4 billion flowing to Paulson personally. Subsequent to that, Paulson's personal capital compounded through post-crisis distressed real estate acquisitions, gold investments, and merger arbitrage — though some of those later positions generated mixed returns.