Glacier Peak Capital

What Glacier Peak Capital does

Glacier Peak Capital LLC is a privately-held investment management firm headquartered in Bellevue, Washington, that operates as the General Partner to select private funds — most notably the Glacier Peak U.S. Value Fund. Founded in 2018 through the merger of Fortis Capital Management LLC (co-founded in 2014 by Paul Misleh and Mike Boroughs) into the existing Glacier Peak entity, the firm is a wholly-owned subsidiary of Fortis Holdings LLC. The company serves a restricted client base of US-based accredited investors and qualified clients, employing a single, well-defined investment philosophy that combines opportunistic value investing with trend following in publicly traded equities, supported by strict stop-loss discipline. Investment approach continuity dates back to an initial fund launch in 1991.

The firm's product surface is intentionally narrow: one core product, the Glacier Peak U.S. Value Fund, managed by Fortis Capital Management LLC under a named investment management agreement. The technology stack is non-proprietary and described as standard investment management infrastructure; there is no mobile app, public API, or disclosed technology platform. The leadership team is small (1-10 employees total) and consists of three named principals — James Rudolf (operations, equity research, trading, and portfolio analysis, with prior Morgan Stanley experience), Paul Misleh CFA/CPA (lead portfolio manager, nine years at Ernst & Young LLP in valuation and due diligence), and Mike Boroughs CFA/CPA (portfolio management and research, also an Ernst & Young alumnus). No external institutional investors, no funding rounds, and no geographic expansion beyond the Pacific Northwest are disclosed.

The business model is that of a classic boutique private fund GP: Glacier Peak earns management fees (and potentially performance fees/carried interest) on the AUM of the funds it manages, distributed exclusively through direct GP-investor relationships with accredited investors and qualified clients. Investor servicing and reporting are outsourced to Opus Fund Services, accessed via a dedicated login portal on the company website. Marketing is minimal and relationship-driven, centered on the corporate website and direct contact channels rather than scaled distribution. With no public AUM, revenue, or LP count disclosure, the firm operates with limited external visibility typical of small family-office-style investment platforms.

Name

Glacier Peak Capital

Legal name

Glacier Peak Capital LLC

Website

https://glacierpeakcapital.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Glacier Peak Capital LLC is a Bellevue, Washington-based private investment management firm serving as General Partner to the Glacier Peak U.S. Value Fund. It offers an opportunistic value and trend-following strategy to US-based accredited investors and qualified clients.

Ownership category

akta.pro rank

Product category

Private Fund Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

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

Keywords

• Private investment funds
• Value investing strategies
• Equity fund management
• General partner services
• Alternative investment management

Headquarters

HQ city

Bellevue

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management - General Partner Fees: As the General Partner to select private funds, Glacier Peak Capital generates revenue through management fees and potentially performance fees (carried interest) from the funds it manages. The firm serves as General Partner to private investment vehicles accessible only to accredited investors and qualified clients.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Glacier Peak Capital LLC acts as the General Partner to select private investment funds, with its core offering being the Glacier Peak U.S. Value Fund, which invests in publicly traded equities using an opportunistic value and trend following approach managed by Fortis Capital Management LLC. The fund employs strict stop loss discipline to protect capital in volatile markets and is available only to U.S. accredited investors and qualified clients who commit capital to the partnership structure.

Product overview

Glacier Peak Capital operates as a private investment firm offering a single fund product: the Glacier Peak U.S. Value Fund. The fund employs an opportunistic value and trend following investment strategy managed by Fortis Capital Management LLC, focusing on publicly traded equities with capital protection through strict stop loss discipline.

Differentiator

Problem solved

Functional benefit

Products and services

• Glacier Peak U.S. Value Fund A private investment fund that invests in publicly traded equities using an opportunistic value and trend following approach with strict stop loss discipline, designed for accredited investors and qualified clients who seek capital protection in volatile markets and participation in rising markets.

Quantifiable outcome

• Strict stop loss discipline to protect capital in volatile markets
• +1 more outcomes

Segments2 records

Ideal customer profiles1 record

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 and minor.

• Fortis Capital Management LLCcoreStrategic or Co-development PartnerFortis Capital Management LLC has been named as the investment manager to the Glacier Peak U.S. Value Fund. Paul Misleh and Mike Boroughs co-founded Fortis Capital Management in 2014, which merged into Glacier Peak Capital in 2018. Fortis brings expertise in business valuation, financial statement investigation, and financial due diligence to the partnership.
• Opus Fund ServicesminorOthersOpus Fund Services provides investor statement and reporting services for Glacier Peak Capital investors through a dedicated login portal on the company website.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Ruane, Cunniff & Goldfarb (Sequoia Fund): Long-running, concentrated U.S. value equity manager emphasizing fundamental research and patient capital. Comparable in philosophy, fund structure, and capital preservation mindset.
• Pzena Investment Management: Boutique value equity manager applying fundamental deep-value analysis to publicly traded equities. Highly comparable in strategy (value with capital preservation focus), though larger and publicly listed.
• Longleaf Partners (Southeastern Asset Management): Concentrated, fundamental value manager with a long-term horizon and emphasis on capital preservation. Highly comparable in singular value philosophy and partnership-style fund structure.
• Sound Shore Management: Mid- and large-cap U.S. value equity manager with a disciplined, risk-controlled approach. Comparable in singular value philosophy and concentrated portfolio construction.
• Tweedy, Browne Company: Long-tenured, employee-owned value equity manager pursuing a similar opportunistic value approach in U.S. and global equities. Most direct comparable in philosophy, structure (small employee-owned), and target investor base (HNW and institutional).
• Oak Associates: Boutique large-cap U.S. value manager with a long-term horizon and concentrated portfolio. Comparable in scale, value orientation, and patient-capital approach targeting HNW and institutional investors.
• Brandes Investment Partners: Value-oriented equity manager applying Graham-style deep-value discipline to publicly traded equities. Comparable strategy, though with international and global mandate breadth Glacier Peak lacks.
• Ariel Investments: Employee-owned U.S. value equity manager with a long-term horizon and rigorous fundamental research process. Comparable in philosophy, culture of analyst-driven research, and patient-capital approach.
• First Pacific Advisors: Employee-owned multi-strategy asset manager with strong value equity offerings and a track record of risk-managed downside protection. Comparable in culture and singular-fund focus, though broader in scope.

Emerging players

• Hemisphere Wealth Management: Wealth management firm employing value-oriented and risk-managed equity strategies. Less direct overlap than the pure value boutiques but relevant as a peer in the HNW investor value-strategy space, particularly in the Pacific Northwest.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 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 Glacier Peak Capital