In an interview with Forbes, Ritter claimed the company has multiple backers beyond Schmidt. She added that Steel Perlot now also manages a total of $450 million on behalf of institutional investors and high-net-worth individuals, and had been deploying that capital “since April.”
But Forbes was unable to find evidence that anyone other than Schmidt had provided significant funds to Steel Perlot, and Ritter declined to identify other investors. When pressed for more details on the asset management portfolio, Ritter clarified that Steel Perlot had only received a “preliminary [letter of intent]” from institutional investors, including a family office and sovereign wealth fund. She declined to comment further.
I have never cringed more than I cringed reading this.
