Capstone Investment Advisors

What Capstone Investment Advisors does

Capstone Investment Advisors is a privately held global asset manager founded in 2005 by Paul Britton OBE, headquartered in New York with offices across the US, UK, Italy, Japan, and Australia. The firm specializes in derivatives and volatility-focused investment strategies, managing $13.8BN in assets under management as of June 1, 2026, with over 300 team members including 117 investment professionals. The firm operates as a hedge fund serving exclusively institutional and professional investors such as pension funds, endowments, and foundations.

The firm's core product offering is a unified derivatives and volatility trading platform spanning options strategies, relative value strategies, volatility trading, tail risk hedging, and customized solutions tailored to individual client objectives. The investment process is built around a collaborative culture emphasizing sharing of insights across teams rather than internal competition, with strategy engineering aimed at generating uncorrelated returns that persist across market cycles. Capstone maintains wholly-owned operating entities in multiple jurisdictions (Capstone Investment Advisors, LLC in the US; Capstone Investment Advisors (UK) LLP regulated by the FCA; and Capstone Investment Advisors (Italy) S.R.L.) plus fund services subsidiaries.

The business model is a traditional institutional asset management fee structure, generating revenue through management fees on AUM and performance fees on investment returns. Distribution is conducted via direct enterprise field sales targeting large institutional allocators, supported by an investor portal, content marketing through the firm's Insights publications, and industry events such as the Volatility Forum. The firm does not offer retail products, public APIs, or technology platforms — its value proposition is delivered through direct investment management relationships rather than software or platform products.

Name

Capstone Investment Advisors

Legal name

Capstone Investment Advisors, LLC

Website

https://capstoneco.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Capstone Investment Advisors is a privately held global hedge fund founded in 2005 that manages $13.8BN in derivatives and volatility-focused strategies, serving institutional investors including pension funds, endowments, and foundations across 10 offices worldwide.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Strategy Hedge Fund of Funds (FSAHAKAA)

akta.pro secondary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

Keywords

• Derivatives investment strategies
• Volatility trading
• Relative value strategies
• Institutional asset management
• Hedge fund management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: As a hedge fund and global asset manager, Capstone generates revenue through investment management fees, likely including both management fees (charged on AUM) and performance fees (charged on profits). The firm manages $13.8BN in assets under management as of June 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Capstone Investment Advisors is a global asset manager and hedge fund that manages $13.8BN in client assets through derivatives-based investment strategies, including dedicated volatility trading, relative value strategies, and complementary approaches designed to generate alpha across market cycles. The firm partners with institutional investors to engineer customized solutions ranging from uncorrelated return strategies to hedging and portfolio protection overlays. Sales and servicing are conducted through direct institutional relationships backed by a dedicated investor portal.

Product overview

Capstone Investment Advisors is a global asset management firm that operates as a single, unified investment platform rather than a modular product suite. The firm specializes in derivatives-based investment strategies, with core offerings in volatility trading, relative value strategies, and complementary approaches designed to generate alpha across market cycles. Capstone's strategies encompass options trading, tail risk hedging, and portfolio diversification through derivatives instruments. The firm tailors its investment solutions to individual client objectives, offering uncorrelated returns and customized solutions. As a hedge fund, Capstone's products are investment vehicles managed on behalf of investors, not technology products or software platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Derivatives Investment Strategies Capstone's primary cross-asset offering comprising derivatives-based investment strategies including volatility trading, options strategies, and complementary approaches designed to generate alpha across market cycles for institutional investors such as pension funds, endowments, and foundations.
• Volatility Trading Specialized investment strategies focused on exploiting volatility in financial markets, including trading the volatility of securities and related derivatives; designed to deliver differentiated or uncorrelated returns for institutional investors.
• Relative Value Strategies Investment approaches seeking risk-based returns through relative value opportunities in derivatives and complementary asset classes, designed to produce uncorrelated or differentiated returns for institutional clients.
• Customized Client Solutions Bespoke investment solutions engineered to individual client objectives, including tailored hedging, portfolio protection overlays, and customized return targets for institutional investors, built on Capstone's derivatives and volatility expertise.

Quantifiable outcome

• $13.8BN in assets under management as of June 2026
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Eisler Capital: London-based multi-strategy hedge fund founded by ex-Citadel trader Tahnoon Shemtob, with a heavy emphasis on systematic and discretionary derivatives strategies across volatility and relative value. Comparable to Capstone in derivatives specialization, institutional LP base, and global hedge fund structure.
• Capula Investment Management: London-based hedge fund manager specializing in relative value, fixed income, and derivatives strategies for institutional clients. Closely comparable to Capstone on multi-strategy derivatives focus and institutional pension fund/endowment client base.
• BlueCrest Capital Management: Shoreditch/Guernsey-headquartered hedge fund manager focused on fixed income, currencies, commodities, and systematic derivatives. Comparable to Capstone in derivatives-driven, multi-strategy approach and similar AUM scale.
• Systematica Investments: Gibraltar-based systematic hedge fund manager focused on derivatives-based trend-following and equity market neutral strategies founded by BlueCrest alumni. Directly comparable on derivatives specialization and institutional positioning.
• GSA Capital Partners: UK-based quantitative hedge fund manager specializing in systematic equity market neutral, derivatives, and volatility strategies. Comparable to Capstone on derivatives specialization and institutional client base.

Broad incumbents

• Citadel LLC: Global multi-strategy hedge fund and market-maker with derivatives, equities, fixed income, commodities, and credit franchises. Highly relevant broad incumbent peer with significantly larger AUM and a multi-strategy approach that includes significant derivatives exposure.
• Millennium Management: Largest multi-strategy hedge fund platform globally with multi-billion-dollar AUM across diversified sub-strategies including derivatives and volatility. Relevant incumbent peer for benchmarking Capstone's multi-strategy derivatives positioning at smaller scale.
• Winton Group: London-based systematic investment manager running CTA, managed futures, and derivatives-based strategies for institutional clients. Comparable to Capstone on quantitative and derivatives-driven approach with global institutional distribution.
• AQR Capital Management: Greenwich-based quantitative investment firm managing multi-strategy hedge fund and long-only products with systematic derivatives usage. Comparable to Capstone on multi-strategy quantitative and derivatives-driven institutional asset management.

Emerging players

• Rokos Capital Management: London-based macro hedge fund manager founded by Chris Rokos with derivatives-heavy strategy mix. Comparable emerging peer reflecting Capstone's derivatives-centric macro/relative value positioning at slightly smaller scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capstone-investment-advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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 Capstone Investment Advisors