​A hedge fund co-founded by Hillary and Bill Clinton’s son-in-law Marc Mezvinsky has suffered major losses after betting big on Greece’s economic recovery.

In a letter sent out last week, Mezvinsky and the two other founders of Eaglevale Partners Main, all former Goldman Sachs employees, wrote that they had been “incorrect” in their assessment of the Greek economy, according to the Wall Street Journal. Their false predictions resulted in a 3.6 percent drop for the fund in the last year, a time when similar hedge funds rose. The 2014 financial year was the second year out of the past three that the fund saw losses.

Meanwhile, a $15 million Eaglevale fund focused exclusively on Greece lost a staggering a 48 percent of its value.

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After the radical leftist Syriza party was swept into power on an anti-austerity platform in Greece’s January elections, the founders wrote to their investors saying they “are reticent to render decisive predictions at this time.”

Mezvinsky, who is best known as the husband of Chelsea Clinton, founded the hedge fund with the help of Goldman executives at the end of 2011. Goldman CEO Lloyd Blankfein is currently an investor in Eaglevale’s main fund.

According to the letter obtained by the WSJ, Mezvinsky, along with cofounders Bennet Grau and Mark Mallon, will continue to invest in Greek equities as they expect the market to bounce back this year.

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Throughout 2014, the trio attempted to reduce the fund’s use of Greece-related derivatives, which reportedly helped cut their losses, but also prevented them from winning on days like Tuesday when Greece’s stock index jumped more than 11 percent as investors had their sights set on a resolution between Syriza and Greece’s creditors.