Two Seas Capital

What Two Seas Capital does

Two Seas Capital LP is a private, event-driven investment management firm headquartered in Rye, New York, founded in 2021. The firm seeks to generate outsized, uncorrelated returns through investments in companies experiencing legal or regulatory catalysts, executing this strategy through its flagship commingled vehicle, the Two Seas Global Fund, launched in Q1 2021. Two Seas is led by Founder and Chief Investment Officer Sina Toussi and Managing Director and Head of Research Altaf Mackeen, and operates with an 11-50 person team.

The firm's portfolio is concentrated in AI infrastructure and adjacent verticals. In 2025-2026, Two Seas led or co-led a series of sizable transactions: a $30 million growth round in Syllo (AI-powered litigation platform) alongside Venrock; co-led a $26 million Series B in Iceotope (precision liquid cooling for AI data centers) with Barclays Climate Ventures; co-led Sharon AI Holdings' approximately $125 million Nasdaq IPO in February 2026 alongside Oaktree and Venrock; participated in Sharon AI's $350 million 6% convertible senior notes offering led by Oaktree in April 2026; and led a $100 million private placement in Quantum Corporation in June 2026 with Oaktree to eliminate outstanding debt and fund AI-driven data storage growth. The firm has also taken an activist stance in Core Scientific, publicly opposing its proposed $9 billion sale to CoreWeave in October 2025.

Two Seas generates revenue through standard investment management economics — management fees and performance-based carried interest on its flagship fund — though specific pricing, AUM, and LP composition are not publicly disclosed. The firm is privately held as a Limited Partnership with no disclosed parent company. Its go-to-market is institutionally oriented: direct investment sourcing, syndication with tier-one capital partners (notably Oaktree Capital Management across multiple deals), and active engagement in portfolio company strategic decisions, including public activist positioning on M&A transactions.

Name

Two Seas Capital

Legal name

Two Seas Capital LP

Website

https://twoseascap.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Two Seas Capital LP is a private, event-driven investment manager headquartered in Rye, New York, that pursues uncorrelated returns through investments in companies with legal or regulatory catalysts via its flagship Two Seas Global Fund, with active recent deal flow in AI infrastructure and legal tech.

Ownership category

akta.pro rank

Product category

Event-Driven Investment Management

NAICS

Other Financial Vehicles (525990), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ)

akta.pro secondary industries

LP Secondaries — Venture Capital Funds (FSAHALAB), Infrastructure Secondaries (FSANAFAG)

Keywords

• Event-driven investing
• Investment management services
• Alternative asset management
• Special situations investing
• Activist investment management

Headquarters

HQ city

Rye

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management: Two Seas Capital generates returns through investment management activities, likely including management fees and performance-based compensation (carried interest) from its flagship Two Seas Global Fund commingled vehicle launched in Q1 2021.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Two Seas Capital LP is an event-driven investment management firm that seeks to generate outsized, uncorrelated returns by deploying capital into companies whose valuations are driven by legal or regulatory catalysts. Its flagship commingled vehicle, the Two Seas Global Fund, launched in Q1 2021 and builds a balanced portfolio across catalyst-driven opportunities, including activist positions in companies such as Core Scientific. The firm serves institutional limited partners and engages actively with portfolio companies on strategic and capital-structure decisions.

Product overview

Two Seas Capital LP is an event-driven investment firm that generates returns through investments in companies with legal or regulatory catalysts. Its flagship vehicle is the Two Seas Global Fund, a balanced portfolio launched in 1Q 2021 with attractive risk/return attributes.

Differentiator

Problem solved

Functional benefit

Brands

• Two Seas Global Fund: Flagship commingled vehicle that launched in Q1 2021, building a balanced portfolio with attractive risk/return attributes.

Products and services

• Two Seas Global Fund Two Seas Global Fund is the firm's flagship commingled investment vehicle, designed to build a balanced portfolio with attractive risk/return attributes by investing in companies whose valuation is driven by legal or regulatory catalysts. It is offered to institutional and qualified limited partners and serves as the sole fund through which Two Seas Capital deploys capital.

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Canyon Capital Advisors: Mid-sized event-driven and value-oriented hedge fund manager. Directly comparable to Two Seas in strategy (event-driven, multi-strategy alternatives) and in operating as a focused, employee-owned alternatives manager deploying capital across catalyst-driven situations.
• Taconic Capital Advisors: Event-driven, distressed, and special-situations hedge fund manager. Highly comparable to Two Seas in pursuing catalyst-driven investment theses and in operating a commingled fund vehicle targeting legal/regulatory and corporate-event catalysts.
• ValueAct Capital: Activist-oriented fund manager that takes significant stakes and engages with management on strategic outcomes. Comparable to Two Seas' activist posture (e.g., Core Scientific) and event-driven thesis, though operating at substantially larger AUM.
• Mudrick Capital Management: Event-driven and special-situations credit and equity manager. Comparable to Two Seas in deploying capital around corporate catalysts, restructurings, and event-driven equity/credit opportunities.
• Anchorage Capital Group: Event-driven credit and special-situations manager. Comparable to Two Seas in thesis-driven investing around legal, regulatory, and corporate-event catalysts, with similar fund-vehicle structure.
• Engaged Capital: Activist fund manager that takes concentrated stakes and pushes for strategic change. Comparable to Two Seas' willingness to publicly oppose the Core Scientific/CoreWeave transaction and engage in shareholder activism.
• Trian Fund Management: Activist investment firm focused on operational and strategic value creation at portfolio companies. Comparable to Two Seas' activist posture, though operating at meaningfully greater scale and longer track record.

Broad incumbents

• Oaktree Capital Management: Large global alternative investment manager specializing in credit, distressed, and special situations. Repeated co-investor with Two Seas (Sharon AI IPO, convertibles, Quantum). Same broad special-situations universe but materially larger scale and product breadth.
• Venrock: Long-tenured venture capital firm that co-led Two Seas' deals in Sharon AI and Syllo. Adjacent peer as a co-investor in similar growth-stage opportunities, though operating primarily as a traditional VC rather than an event-driven manager.
• Elliott Investment Management: Large multi-strategy activist and event-driven fund manager. Comparable in strategy (activist, event-driven, catalyst-focused) but vastly larger in AUM, headcount, and global reach than Two Seas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/two-seas-capital-lp

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments6 records

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

Frequently asked questions about Two Seas Capital