J. Kyle Bass is an American investor and founder of Conservation Equity Management, a Texas-based private equity firm focused on environmental sustainability. He is also the founder and principal of Hayman Capital Management, L.P., a Dallas-based hedge fund on global events. In 2008, Bass successfully predicted and effectively bet against the U.S. subprime mortgage crisis by purchasing credit default swaps on subprime securities which, in turn, increased in value when the real estate bubble burst. The drug patent challenge campaign fizzled after several legal setbacks.