Soros Fund Management
A privately held investment management firm founded by George Soros and Jim Rogers that now primarily operates as a family office.
Last updated November 4, 2026
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Overview
Soros Fund Management, LLC is a privately held American investment management firm founded in 1970 by George Soros and Jim Rogers, who had previously worked together at the investment bank Arnhold and S. Bleichroeder. The firm initially operated as a hedge-fund manager and became closely associated with the Quantum Group of Funds, a group of internationally oriented investment vehicles advised by Soros Fund Management. Its investment approach has historically combined macroeconomic analysis, currency and interest-rate positions, public equities, fixed income, commodities, foreign exchange, private equity, venture capital and event-driven opportunities. The firm achieved global prominence through the performance and public profile of the Quantum funds. Its best-known trade occurred in September 1992, when the funds built a large short position against the British pound as the United Kingdom struggled to keep sterling within the European Exchange Rate Mechanism. After Britain withdrew the pound from the mechanism on what became known as Black Wednesday, the trade generated reported profits of approximately $1.8 billion for the Quantum funds. The episode made George Soros a highly visible figure in international finance and led to the enduring popular description of him as the person who “broke the Bank of England.” The firm’s history also includes substantial losses, including losses on Japanese stocks around the 1987 market crash, a major one-day loss linked to a bet against the yen in 1994, losses in Russia during the 1998 financial crisis and technology-related losses around 2000. During the 2000s and early 2010s, Soros Fund Management continued to invest across global markets while also taking positions in companies and financial institutions. It acquired an interest in Lehman Brothers shortly before the bank’s 2008 collapse. In 2009, it joined other investment firms in acquiring IndyMac Bank, later known as OneWest Bank, in a transaction reported at $13.9 billion in aggregate value and involving control of a large portfolio of loans, investments and deposits. In 2011, the firm worked with Silver Lake Partners to establish Silver Lake Kraftwerk, an investment vehicle focused on natural-resource and energy-related companies. A major structural change followed in the early 2010s. Rather than continuing primarily as a conventional hedge-fund manager for outside investors, Soros Fund Management moved toward a family-office model. In 2011, the Quantum Fund announced that it would return most outside capital and concentrate on managing the Soros family’s assets, partly in response to regulatory and reporting obligations under the Dodd-Frank Act. The firm nevertheless continued to advise or manage investment vehicles and to make direct investments in public companies, private businesses, technology ventures, media, energy, transportation, real estate, retail and financial services. The organization has remained active in both commercial investing and philanthropy-linked capital allocation. Its transactions have included an investment connected with SolarCity before the company was acquired by Tesla, funding for electric-fleet charging company Amply Power, investments in media company Vice Media and holdings in companies such as Liberty Broadband, Vici Properties and Caesars Entertainment. In 2020, the firm disclosed that it held shares in Palantir Technologies but said it was selling them because it had become concerned about the social consequences of large-scale data use and would not make the investment under its later assessment of the company’s practices. Soros Fund Management is also associated with investments in thoroughbred racing through SF Bloodstock and SF Racing Group. In 2018, reports identified the firm as having an interest in Justify, the racehorse that won the U.S. Triple Crown that year. The firm has also been involved in political and civic funding through entities connected to the Soros family, including substantial contributions during the 2016 U.S. election cycle. In February 2024, it became the largest creditor in Audacy’s prepackaged Chapter 11 restructuring, with more than $400 million of the company’s senior debt reportedly held by funds linked to the firm. In November 2024, Soros Fund Management closed its Hong Kong office. As of 2023, reported assets under management were approximately $25 billion, although the firm’s private family-office structure limits the public availability of detailed financial information.
History
Soros Fund Management was established in 1970 by George Soros and Jim Rogers after the two investors had worked together at Arnhold and S. Bleichroeder. The business began as a hedge-fund manager and became the principal adviser to the Quantum Group of Funds, a collection of internationally focused investment vehicles. The funds pursued flexible strategies across currencies, equities, bonds, commodities and other markets rather than following a narrowly defined asset-class mandate. The firm’s reputation was shaped by both exceptional gains and significant losses. In 1987, the Quantum funds reportedly lost $800 million on Japanese stocks shortly before the global stock-market crash of October 19. In September 1992, the funds took a large position against the British pound as the currency came under pressure within the European Exchange Rate Mechanism. When the United Kingdom withdrew sterling from the mechanism, the trade reportedly generated $1.8 billion and made Soros one of the most recognizable figures in global finance. The funds later suffered a reported $600 million loss in a single day in 1994 from a position against the Japanese yen and lost approximately $2 billion in Russia during the 1998 financial crisis. Around 2000, the Quantum Fund lost its position as the world’s largest hedge fund after its assets reportedly fell from about $10 billion to $4 billion in roughly one year, following losses in technology stocks. Several senior managers resigned, and the firm announced a restructuring that contemplated combining the Quantum Fund with the Quantum Emerging Growth Fund to create the Quantum Endowment Fund. The proposed direction emphasized lower-risk and less-speculative investing under external management. In the 2000s, the firm expanded its activities beyond traditional hedge-fund trading. It acquired a stake in Lehman Brothers before the bank’s 2008 failure. In 2009, it joined six other hedge funds in the acquisition of IndyMac Bank, a transaction reported at $13.9 billion and involving a large portfolio of banking assets. In 2011, it partnered with Silver Lake Partners to form Silver Lake Kraftwerk, focused on natural-resource and energy investments. The organization’s most important strategic transition occurred in 2011, when the Quantum Fund announced that it would return almost $1 billion to outside investors and concentrate on managing the Soros family’s capital. The move was associated with a desire to avoid registration and reporting requirements introduced or expanded under the Dodd-Frank financial reforms. Since the early 2010s, Soros Fund Management has generally been described as a family office, although it has continued to advise investment vehicles and make direct investments across public and private markets. In the later 2010s and 2020s, the firm invested in a broad range of sectors. A fund connected with Quantum Strategic Partners supplied most of a $305 million financing round for SolarCity in 2016, before Tesla acquired the solar-energy company. The firm also participated in investments involving media company Vice Media, Swiss asset manager GAM, electric-fleet charging company Amply Power and companies in telecommunications, real estate, gaming and financial services. Through SF Bloodstock and SF Racing Group, it was reported to have an interest in the racehorse Justify, winner of the 2018 Kentucky Derby, Preakness Stakes and Belmont Stakes. The firm’s public profile also reflects George Soros’s philanthropic and political activities. In 2020, Soros announced a $1 billion commitment to create the Open Society University Network, an initiative focused on education and research relating to climate change and authoritarianism. During the 2016 U.S. election cycle, entities associated with Soros Fund Management reportedly donated more than $10 million to support Hillary Clinton through super PACs. In 2020, the firm disclosed that it owned 1% of Palantir Technologies’ Class A shares but was selling the position because it disagreed with the company’s business practices and had become more concerned about the social consequences of big-data technologies. In February 2024, Soros Fund Management became Audacy’s largest creditor during the radio and podcast company’s prepackaged Chapter 11 proceedings. More than $400 million of senior debt held by the firm was expected to convert into equity in the restructured company. In November 2024, the firm closed its Hong Kong office. Reported assets under management stood at approximately $25 billion in 2023, although the private family-office structure means that comprehensive current financial data is not publicly disclosed.
- 2024
Audacy restructuring investment
[1]The firm becomes the largest creditor in Audacy’s Chapter 11 restructuring.
- 2017
Senior leadership changes
[1]Dawn Fitzpatrick becomes chief investment officer, while Robert Soros leaves his deputy-chairman and president roles.
- 2011
Transition toward a family office
[1]The Quantum Fund returns most outside capital and shifts its emphasis toward family investments.
- 2009
IndyMac acquisition
[1]Soros Fund Management joins a consortium acquiring IndyMac Bank.
- 2000
Quantum Fund restructuring
[1]Technology-stock losses lead to management departures and a plan to combine Quantum funds.
- 1998
Russian financial-crisis losses
[1]The funds reportedly lose about $2 billion in Russian investments during the financial crisis.
- 1992
Sterling short trade
[1]The Quantum funds reportedly earn $1.8 billion after shorting the British pound before the United Kingdom leaves the ERM.
- 1987
Major loss on Japanese equities
[1]The Quantum funds reportedly lose $800 million on Japanese stocks before the October global market crash.
- 1973
Quantum Fund begins
[1]Soros and Rogers establish the investment vehicle that becomes part of the Quantum Group of Funds.
- 1970
Soros Fund Management is founded
[1]George Soros and Jim Rogers establish the firm after working together at Arnhold and S. Bleichroeder.
Products and positioning
A globally oriented, research-driven investment manager and family office associated with macroeconomic investing, opportunistic capital deployment and the management of George Soros's family wealth.
Hedge funds and investment vehicles · 1973
Quantum Group of Funds
The Quantum Group of Funds is the principal family of internationally oriented investment vehicles associated with Soros Fund Management. Historically, the funds used macroeconomic analysis and flexible positions in currencies, equities, bonds, commodities and other markets. The group has included vehicles based or organized in jurisdictions such as London, New York, Curaçao and the Cayman Islands.
Global macro fund · 1973
Quantum Fund
The Quantum Fund was the flagship investment vehicle associated with George Soros and Jim Rogers. It became known for concentrated international macro trades, including its 1992 position against sterling. After substantial losses around 2000 and a later restructuring, the fund’s role shifted as the broader organization moved toward managing family capital.
Investment fund · 2000
Quantum Endowment Fund
The Quantum Endowment Fund was proposed as the successor structure formed by combining the Quantum Fund and Quantum Emerging Growth Fund. The restructuring was intended to create a less speculative investment vehicle following technology-related losses at the end of the 1990s.
Family office · 2011
Family-office investment management
Since the early 2010s, Soros Fund Management has primarily managed the wealth of George Soros and his family rather than operating solely as a conventional outside-capital hedge-fund manager. Its mandate spans public markets, private investments, venture capital, real assets and special situations.
Marketing campaigns
- 2016U.S. election-cycle political giving
United States
Entities associated with Soros Fund Management donated more than $10 million during the 2016 election cycle through super PACs supporting Hillary Clinton’s presidential campaign.
Outcome. The contributions made Soros one of the most visible financial supporters of Democratic political activity during the election.
Brand decisions
2024
Audacy debt-to-equity restructuringOtherBackground
Audacy entered prepackaged Chapter 11 proceedings with Soros Fund Management holding a substantial amount of senior debt.
Action taken
More than $400 million of debt held by the firm was planned for conversion into equity in the restructured company.
Aftermath
The conversion was expected to make Soros Fund Management a significant shareholder in Audacy, which characterized the investment as a vote of confidence.
Audacy senior debt held. More than $400 million (February 2024)
2020
Exit from Palantir positionStrategyBackground
The firm reassessed the social consequences of Palantir’s big-data business after making its original investment.
Action taken
Soros Fund Management disclosed that it had begun selling its 1% Class A shareholding and said it would not make the investment under its later assessment of the company’s practices.
Aftermath
The transaction became a public example of the firm applying social and ethical considerations to an investment decision.
2016
Investment in SolarCityOtherBackground
SolarCity was raising capital for its solar-energy business.
Action taken
A fund connected with Quantum Strategic Partners supplied most of a reported $305 million investment in SolarCity.
Aftermath
The financing preceded Tesla’s acquisition of SolarCity and helped provide cash to the company before the merger.
SolarCity financing. $305 million (September 2016)
2011
Return outside capital and emphasize family investmentsStrategyBackground
The Quantum Fund faced increased registration and reporting obligations under the Dodd-Frank reforms.
Action taken
The fund announced plans to return nearly $1 billion to outside investors and concentrate on managing the Soros family’s assets.
Aftermath
Soros Fund Management became primarily associated with a family-office structure while continuing to make investments and advise selected vehicles.
Capital returned to outside investors. just under $1 billion planned for return (2011)
Recent events
- 2024
Soros Fund Management becomes major Audacy creditor[1]
Bankruptcy
During Audacy’s prepackaged Chapter 11 restructuring, the firm emerged as the largest creditor, holding more than $400 million of senior debt that was expected to convert into equity.
- 2024
Hong Kong office closes[1]
Other
Soros Fund Management closed its Hong Kong office in November.
- 2020
Firm discloses Palantir holding and criticism of data practices[1]
Other
The firm disclosed a 1% Class A stake in Palantir Technologies and said it was selling the position because of concerns about the social effects of big-data applications.
- 2019
Soros-linked entities invest in Vice Media[1]
Other
Soros Fund Management led a reported $250 million investment in Vice Media.
- 2017
Dawn Fitzpatrick becomes chief investment officer[1]
Leadership change
Dawn Fitzpatrick replaced Ted Burdick as chief investment officer, while Robert Soros stepped down as deputy chairman and president.
- 2016
Investment linked to SolarCity precedes Tesla transaction[1]
Other
A fund connected with Quantum Strategic Partners supplied most of a reported $305 million investment in SolarCity before its acquisition by Tesla.
- 2011
Firm shifts toward family-office structure[1]
Regulation
The Quantum Fund announced plans to return nearly $1 billion to outside investors and focus on family capital, reducing the need to comply with certain hedge-fund reporting requirements.
- 2011
Silver Lake Kraftwerk is created[1]
M&A
Soros Fund Management and Silver Lake Partners formed an investment vehicle focused on natural-resource and energy companies.
- 2009
Investor group acquires IndyMac Bank[1]
M&A
Soros Fund Management joined six other hedge funds in a reported $13.9 billion acquisition of IndyMac Bank and its associated assets and deposits.
- 2008
Soros Fund Management acquires a stake in Lehman Brothers[1]
Other
The firm acquired an interest in Lehman Brothers shortly before the investment bank failed during the global financial crisis.
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