Hypatia Capital Group

What Hypatia Capital Group does

Hypatia Capital Group is a privately held, New York–based asset management firm founded in 2007 by Patricia Lizarraga that invests exclusively in publicly traded companies with female CEOs. Its flagship product is the Hypatia Women CEO ETF (NYSE: WCEO), a thematic exchange-traded fund covering American public companies with female chief executives from small to mega cap. The firm's intellectual foundation is the Hypatia Women CEO Index (HWCEO), created in 2021 and calculated by S&P Dow Jones Indices, which tracks the same universe with a minimum market capitalization of $500 million. WCEO was nominated for Best Thematic ETF of the Year at the 2023 ETF.com Awards.

Revenue is generated from three streams: ETF management fees (expense ratio on WCEO assets under management), registration fees from the annual Investing in Women in Leadership Summit (held since 2017) and the Private Equity CEO Roadmap Seminar (held since 2010), and (historically) private equity management fees and carried interest. The private equity initiative — focused on lower-middle-market to middle-market growth equity and buyouts above $15 million and $3 million of EBITDA — is currently on hiatus. The firm also operates Hypatia Nation, a community for investors aligned with the women-led thesis, and launched the Hypatia Investathon in 2023, a financial literacy program for college-aged women.

Hypatia distributes through the NYSE for its ETF, an executive network of 500+ CEO-level executives (over 25% serving on public boards) for private market deal flow, and its events for institutional and wealth management client engagement. The firm operates with 1-10 employees out of 430 Park Avenue in Manhattan, supported by a credentialed advisory board drawn from JP Morgan, Credit Suisse, Macquarie, and Goldman Sachs alumni. No revenue, AUM, or financing figures are publicly disclosed.

Name

Hypatia Capital Group

Legal name

Hypatia Capital Management LLC

Website

https://hypatiacapital.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Hypatia Capital Group is a New York–based, privately held asset manager founded in 2007 that issues the WCEO ETF and HWCEO Index, investing in US public companies led by female CEOs for institutional and retail investors.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Thematic ETF management
• Women leadership investing
• Asset management
• Private equity investing
• Investment index services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. ETF Management: The Hypatia Women CEO ETF (WCEO) generates revenue through a management fee/expense ratio charged on assets under management. This is a recurring revenue stream based on the AUM of the fund.
2. Private Equity Management: Private equity initiative includes growth equity and buyout transactions. Revenue likely generated through management fees and carried interest on successful exits. Currently on hiatus.
3. Events and Seminars: Revenue generated from event registrations. CEO-level attendees receive complimentary admission while Private Equity Partners and Industry Participants register for a fee. The Private Equity CEO Roadmap Seminar provides key knowledge and introductions.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Hypatia Capital Group is an asset management firm that invests in publicly traded companies led by female CEOs through the Hypatia Women CEO ETF (WCEO) listed on NYSE and the proprietary Hypatia Women CEO Index (HWCEO). The firm also operates a private equity initiative focused on growth equity and buyout transactions, hosts investor and executive education events including the Investing in Women in Leadership Summit and the Private Equity CEO Roadmap Seminar, and runs the Hypatia Investathon financial literacy program for college-aged women.

Product overview

Hypatia Capital Group is an asset management firm offering a unified platform focused on investing in women in leadership. The core products include the Hypatia Women CEO ETF (WCEO), an exchange-traded fund investing in all American public companies with female CEOs across market caps, and the Hypatia Women CEO Index (HWCEO), an index powered by Wilshire that measures the performance of female leadership in publicly traded companies. Supporting offerings include the Hypatia Investathon (financial literacy program launched 2023), the Hypatia Nation investor community, and the Private Equity CEO Roadmap Seminar (held since 2010). The firm also operates a private equity initiative (currently on hiatus) for lower-middle to middle-market growth equity and buyout transactions.

Differentiator

Problem solved

Functional benefit

Brands

• Hypatia Women CEO ETF (WCEO): ETF investing in American public companies with female CEOs for performance, diversification and impact.
• Hypatia Women CEO Index (HWCEO)
• Hypatia Investathon
• Hypatia Nation

Products and services

• Hypatia Women CEO ETF (WCEO) The Hypatia Women CEO ETF (NYSE: WCEO) invests in all American public companies with a female CEO, from small to mega cap, for performance, diversification and impact. It has been nominated for Best Thematic ETF of the Year at the ETF.com Awards, 2023. Available to investors through standard brokerage accounts.
• Hypatia Women CEO Index (HWCEO) The Hypatia Women CEO Index (HWCEO) is a proprietary index designed to measure the performance of publicly traded securities that have female Chief Executive Officers. Criteria: female CEO, primary market listing in the United States, minimum market capitalization of $500 million. S&P Dow Jones Indices serves as the Index Calculation Agent.
• Private Equity Initiative Private equity initiative including both growth equity and buyout transactions focused on sponsoring female CEOs. Investment criteria: over $15 million transaction value with no upper limit; company size over $3 million of EBITDA with no upper limit. Targets lower-middle market to middle-market transactions and collaborates with larger private equity funds. Currently on hiatus.
• Private Equity CEO Roadmap Seminar High-touch seminar held since 2010 providing CEO-level female executives connections to and inside knowledge about the private equity industry. Includes panel presentations on fund portfolio composition and current investment appetite, roadmap workshops in an intimate peer environment, and networking with leading private equity players. CEO-level attendees qualify for complimentary admission; Private Equity Partners and Industry Participants register for a fee.
• Investing in Women in Leadership Summit Annual summit held since 2017 focusing on how to increase the AUM of funds focused on women. Attendees include corporate and financial executives, as well as institutional and wealth management leaders seeking to invest in funds that value balanced management teams.
• Hypatia Investathon The Hypatia Investathon is an actionable financial literacy program launched in 2023 to educate, inspire and activate college-aged women to invest early, invest often, and invest in women. Aims to help narrow the gender wealth gap by providing actionable financial education to young women so they can start their investment journey early and attain financial freedom.

Quantifiable outcome

• More than 5% of public company CEOs should be women - investment thesis that female leadership will drive economic growth

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• S&P Dow Jones IndicescoreTechnology or Integration · 1 January 2021S&P Dow Jones Indices serves as the Index Calculation Agent for the Hypatia Women CEO Index (HWCEO), a proprietary index measuring performance of publicly traded securities with female CEOs. This partnership provides third-party validation and calculation services for the index methodology.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• 1847 Holdings / specialty thematic ETF sponsors: Smaller specialty asset managers and ETF sponsors that, like Hypatia, build thematic single-purpose funds, often competing for the same limited shelf space and advisor mind-share.

Direct peers

• Impact Shares: Specialist thematic ETF issuer building single-theme products (e.g., diversity, ESG, minority empowerment) closely analogous to Hypatia's WCEO approach. Comparable scale and channel positioning.
• ALPS Equal Weight U.S. Equity ETF / Workplace Equality ETF (EQLT): Offers thematic ETFs with workplace-equality and diversity criteria, competing for the same thematic, impact-oriented investor segment that WCEO targets.
• PAX Ellevate Global Women's Leadership Fund (PXWIX): Long-running mutual fund and ETF complex that invests in companies with strong gender-diversity leadership, directly comparable to WCEO's women-CEO mandate. Targets a similar institutional and retail impact-investing audience.
• State Street Global Advisors (SSGA) — SPDR SSGA Gender Diversity Index ETF (SHE): Issues the SPDR SSGA Gender Diversity Index ETF (SHE), which directly competes with WCEO on a gender-diversity lens into U.S. large-cap equities. Same product category, similar end-investor, and substantially larger AUM and distribution.

Broad incumbents

• Goldman Sachs Asset Management: Diversified asset manager with active equity, ETF, and alternatives businesses — overlapping with Hypatia's ETF and (when active) PE strategies, and a source of both competition and potential strategic partnership or distribution.
• Nuveen (TIAA Nuveen) — ESG and diversity-themed ETFs: Large incumbent asset manager with adjacent ESG and diversity-themed funds and substantial institutional distribution. Overlaps with Hypatia in investor demand for diversity-themed exposure, but operates a much broader product set.
• BlackRock iShares: Largest ETF issuer globally with broad ESG/sustainability suites that compete for the same pool of diversity- and impact-mandated capital Hypatia targets, while also being a potential distribution and licensing partner.

Others

• S&P Dow Jones Indices: Index Calculation Agent for the HWCEO Index — a strategic infrastructure partner to Hypatia and a benchmark competitor for any proprietary women-leadership index the firm may launch.
• Wilshire Indexes (Wilshire Advisors): Underlying index calculation and licensing partner for the HWCEO Index; an enabler/ecosystem participant rather than a direct competitor, but comparable in the niche index-licensing business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Hypatia Capital Group