ExodusPoint

What ExodusPoint does

ExodusPoint Capital Management is a privately held, New York-domiciled multi-strategy hedge fund founded in 2017 by Michael Gelband, former Global Head of Fixed Income at Millennium Management. The firm launched capital management operations in 2018 and as of 2026 manages approximately $13 billion in assets under management (AUM) across two integrated strategy categories: Fixed Income (Rates, Credit, Emerging Markets & Macro) and Equity (Fundamental, Statistical Arbitrage & Systematic, and Quantitative/Event Arbitrage). All strategies are designed to be liquid and market-neutral, targeting low correlation to broad market indices through dozens of independent trading teams operating within a unified risk framework spanning portfolio manager-level and fund-level oversight.

The firm operates a classic multi-manager platform structure where individual portfolio managers run capital with bounded risk envelopes, supported by centralized risk, operations, and infrastructure functions. The product set spans G7 rates trading, fundamental and macro credit, emerging markets, fundamental equities, mid-frequency stat arb, and event-driven quantitative strategies. Headcount stood at 681 employees as of April 2026, supporting eight global offices across New York, Stamford, London, Jersey, Dubai, Hong Kong, Singapore, and Tokyo.

Revenue is generated through the traditional hedge fund 2-and-20 model (management fees plus performance fees), with the firm adopting a cash-hurdle structure in September 2024 under which performance fees are only charged above a preset return threshold. Distribution is direct-to-institutional, targeting pension plans, university endowments, family offices, and sovereign wealth funds. The firm completed a $2 billion capital raise in June 2026 (its first major fundraise since 2020) anchored by the Abu Dhabi Investment Council, and absorbed Hong Kong-based Ovata Capital Management's team to build out Asian equities.

Name

ExodusPoint

Legal name

ExodusPoint Capital Management, LP

Website

https://exoduspoint.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ExodusPoint Capital Management is a privately held multi-strategy hedge fund managing approximately $13 billion in AUM across fixed income and equity strategies, serving institutional investors, sovereign wealth funds, and accredited investors from offices in New York, London, and seven other global locations.

Ownership category

akta.pro rank

Product category

Multi-Strategy Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG)

akta.pro secondary industries

Target-Risk / Risk-Profile Model Portfolios (FSAAAJAD), Large-Cap Equity (Active) (FSAAAIAA), Mid-Cap Equity (Active) (FSAAAIAB)

Keywords

• Multi-strategy hedge fund
• Fixed income strategies
• Equity strategies
• Institutional asset management
• Alternative investments

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Management Fees: ExodusPoint charges management fees as part of its standard hedge fund fee structure. The firm has adopted a 'cash hurdle' model as of September 2024, where managers only charge performance fees after surpassing a preset threshold, aligning interests between management and investors.
2. Performance Fees: ExodusPoint generates performance fees from investment returns. The firm adopted a 'cash hurdle' model in September 2024, distinguishing it as the most prominent hedge fund to do so, where performance fees are only charged after exceeding a predetermined return threshold.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

ExodusPoint Capital Management operates as a multi-strategy hedge fund platform offering institutional investors diversified exposure across fixed income strategies (Rates, Credit, Emerging Markets & Macro) and equity strategies (Fundamental, Statistical Arbitrage & Systematic, Quantitative/Event Arbitrage). Strategies are managed by experienced portfolio managers within a robust risk framework, targeting low correlation to broad market indices with liquid, generally market-neutral instruments. The firm charges management fees and performance fees (with a cash hurdle model adopted in September 2024) on assets managed for pension plans, endowments, family offices, sovereign wealth funds, and accredited investors.

Product overview

ExodusPoint operates as a multi-strategy hedge fund platform offering a unified investment management approach that combines complementary fixed income and equity strategies managed by experienced portfolio managers within a robust risk framework. The platform spans two primary categories: Fixed Income Strategies (Rates, Credit, and Emerging Markets & Macro) and Equity Strategies (Fundamental, Statistical Arbitrage & Systematic, and Quantitative/Event Arbitrage). All strategies are designed to be liquid and generally market neutral, targeting low correlation to broad market indices while seeking asymmetric returns.

Differentiator

Problem solved

Functional benefit

Products and services

• Fixed Income – Rates Strategies Rates strategies operating in G7 rates across major bond, swap, and futures markets, including yield curve and relative value strategies, short-end rates, and inflation strategies. Offered to institutional investors within the ExodusPoint multi-strategy platform.
• Fixed Income – Credit Strategies Credit strategies focused on liquid markets, encompassing fundamental long/short credit, credit index and options, macro credit, new issuance, and systematic credit trading. Offered to institutional investors within the ExodusPoint multi-strategy platform.
• Fixed Income – Emerging Markets & Macro Strategies Macro strategies spanning fixed income across developed markets (rates, inflation, commodities) and emerging market trading in rates, FX, and equities. Offered to institutional investors within the ExodusPoint multi-strategy platform.
• Equity – Fundamental Strategies Research-driven fundamental equity strategies that are typically market and sector neutral. Offered to institutional investors within the ExodusPoint multi-strategy platform.
• Equity – Statistical Arbitrage & Systematic Strategies Diversified systematic strategies operating across asset classes, as well as mid-frequency statistical arbitrage strategies. Offered to institutional investors within the ExodusPoint multi-strategy platform.
• Equity – Quantitative/Event Arbitrage Strategies Quantitative and event arbitrage strategies seeking to capture anomalies due to passive market flows including index rebalancing, and opportunities from hard catalyst events such as IPOs, spin-offs, and share class arbitrage. Offered to institutional investors within the ExodusPoint multi-strategy platform.
• Investor Portal (clients.exoduspoint.com) Secure web-based client portal providing existing ExodusPoint investors with access to fund performance analytics, reports, and account information. Provided as part of the firm's investor servicing to limited partners.

Quantifiable outcome

• 18% annual return in 2025, outperforming S&P 500's 16.4% gain
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Ovata Capital ManagementcoreStrategic or Co-development Partner · 1 June 2026Hong Kong-based hedge fund Ovata Capital Management is ceasing operations as founder James Chen and approximately 40 staff members join ExodusPoint Capital Management. Chen will join as head of equities for the region, expanding ExodusPoint's Asian equities operations as part of the firm's broader push into the region.
• James ChencoreStrategic or Co-development Partner · 1 June 2026Founder of Ovata Capital Management, James Chen is joining ExodusPoint as head of equities for the Asia region, bringing approximately 40 staff members from Ovata to expand ExodusPoint's Asian equities operations.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Point72 Asset Management: Multi-strategy hedge fund with significant equities focus. Comparable as a multi-PM platform serving institutional and accredited investors with both discretionary and systematic strategies.
• Balyasny Asset Management: Multi-strategy multi-manager hedge fund employing a similar pod-style investment model. Comparable given its broad strategy coverage and prior employer of ExodusPoint's CRO Kunal Kumar.
• Millennium Management: The largest multi-strategy, multi-manager hedge fund platform globally. Directly comparable to ExodusPoint given its pod-style structure spanning fixed income and equities, and is the prior employer of ExodusPoint's CEO Michael Gelband and Chairman of Risk Dev Joneja.
• Citadel: Multi-strategy hedge fund led by Ken Griffin with broad fixed income and equities franchise. Direct peer based on multi-strategy multi-manager model; Citadel posted 10.2% in 2025 vs ExodusPoint's 18%.
• D.E. Shaw: Multi-strategy hedge fund combining discretionary and systematic strategies. Comparable to ExodusPoint given the breadth of fixed income and equity strategies; delivered 18.5% in 2025 alongside ExodusPoint as a top performer.
• Schonfeld Strategic Advisors: Multi-strategy hedge fund platform. Comparable as a peer multi-manager firm competing for similar institutional allocator capital and trading talent across fixed income and equities.
• Capstone Investment Advisors: Global alternative investment manager with multi-strategy capabilities. Comparable as a peer multi-strategy firm; was the prior employer of ExodusPoint's General Counsel Emily Locher.
• Eisler Capital: Multi-strategy hedge fund that has been winding down operations. Direct peer based on multi-strategy structure, and a recent source of ExodusPoint's talent acquisitions (Jeff Russel, Kunal Kumar previously).
• Hoplite Capital Management: Multi-strategy hedge fund focused on equities and credit. Comparable peer in the multi-strategy space; was the prior employer of ExodusPoint's President Garrett Berg.
• BlueCrest Capital Management: Multi-strategy hedge fund with systematic and discretionary capabilities. Comparable as a peer multi-manager firm; was a prior employer of ExodusPoint's President Garrett Berg.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/exoduspoint

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ExodusPoint