Richard Perry, the majority owner of Barneys New York, is to wind down his flagship New York-based hedge fund.

“Although I continue to believe very strongly in our investments, process and team, the industry and market headwinds against us have been strong, and the timing for success in our positions too unpredictable,” Perry wrote in a letter to investors seen by Reuters and Bloomberg.

Perry Capital, which manages about $6.6 billion, has recently lost money on its investments and assets under its management have declined as the hedge fund industry comes under pressure for its high fees and underperformance, Reuters noted.

WWD reported last July that Perry retained Goldman Sachs to sell a piece of Barneys. It is understood the bank has been pitching the retailer partially as an e-commerce play to tech investors.

Perry has been the majority owner of Barneys since 2012 when he purchased most of the luxury chain’s $600 million in debt at the time, in exchange for equity.

He is seeking to cash in on at least part of its investment and looking for a win after logging a 12 percent loss in his overall portfolio last year.

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