Ulysses

John Paulson serves as the principal and primary decision-maker. Paulson founded the predecessor firm Paulson & Co. in 1994 and was the portfolio manager responsible for the firm's historic subprime mortgage short during the 2007–2008 financial crisis. The family office structure centralizes investment authority under his direction, though he is supported by a lean internal team that has largely transitioned from the former hedge fund operation.

Paulson's wealth originated primarily from his hedge fund Paulson & Co.'s highly concentrated bets against the U.S. subprime mortgage market between 2006 and 2007. Those positions generated an estimated $15 billion in profits across the firm's funds, with Paulson personally earning roughly $4 billion, which stands as one of the largest individual paydays in Wall Street history (public record).

After significant asset outflows and a shift in strategy following the financial crisis, Paulson announced in 2016 that he would return all outside investor capital and convert Paulson & Co. into a single-family office. The conversion allowed him to simplify operations, reduce regulatory oversight, and make concentrated, long-duration investments suited to a permanent capital base.

Yes, Puerto Rico represents a concentrated, high-conviction bet for the firm. John Paulson has been one of the island's most active post-hurricane investors, acquiring a portfolio of luxury hotels including the Condado Vanderbilt, La Concha Resort, and the St. Regis Bahia Beach Resort. He has also invested in real estate development, an automobile dealership, and renewable energy ventures on the island (public record).

Ulysses operates exclusively as a single-family office for John Paulson and his family. Since the 2016 conversion, the firm has not accepted outside institutional or individual investor capital. Any co-investments in direct deals would be structured privately and are not publicly marketed.

The firm concentrates on real estate — particularly luxury hospitality and development — private credit, and opportunistic direct private equity. Paulson retains exposure to public equities and event-driven credit strategies through a personal portfolio, reflecting his core competency from the hedge fund era.

John Paulson's philanthropic activities are conducted through the John A. Paulson Foundation, a legally separate entity. The foundation has made significant gifts to institutions including Harvard University, New York University, and the Central Park Conservancy, but its assets and governance are distinct from the Ulysses Management family office.