What Andurand Capital does

Andurand Capital Management is a private fund management company founded in 2012 by Pierre Andurand, specializing in fundamental commodity strategies with a primary focus on the oil and energy complex. The firm operates three core fund products: the Andurand Commodities Discretionary Enhanced Fund (the flagship absolute-return hedge fund targeting asymmetric upside through supply/demand forecasting, macroeconomic analysis, physical market intelligence, and technical indicators), the Andurand UCITS Fund (a regulated vehicle for European professional investors), and the Andurand Climate and Energy Transition (ACET) Fund launched in 2020 to capture energy transition investment opportunities with ESG integration. The firm serves professional and institutional investors exclusively, accessed through a password-protected investor portal requiring qualifying investor status.

The firm operates across three legal and regulatory entities: Andurand Capital Management Ltd in Malta (regulated by MFSA as an AIFM, the primary domicile), Andurand Capital Management LLP in the UK (FCA-regulated, Authorized Alternative Investment Fund Manager), and Andurand Capital Management (DIFC) Ltd in Dubai (DFSA-regulated, Prudential Category 3C). The senior team is composed largely of BlueGold Capital alumni, providing direct continuity of expertise from Pierre Andurand's prior $2B+ commodities platform (2007-2012).

Revenue is generated through management fees and performance fees (carried interest) on assets under management. The firm's performance has been highly cyclical: 154% gains in 2020, 162% in 2022, but ended 2025 down 40% after a mid-year trough near -60% on metals positions, and continued declining approximately 37% year-to-date through April 2026 following volatility around Brent crude prices. The firm is privately held with no disclosed institutional ownership.

Name

Andurand Capital

Legal name

Andurand Capital Management Ltd

Website

https://andurandcapital.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Andurand Capital Management is a London-based private fund management firm founded in 2012, specializing in fundamental commodity strategies with a focus on oil, energy, and energy-transition investments. It serves professional and institutional investors through three fund vehicles, including a flagship discretionary hedge fund, a UCITS fund, and the ACET climate/transition fund.

Ownership category

akta.pro rank

Product category

Commodity Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Commodity Contracts Intermediation (523160), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Commodity Contracts Brokers & Dealers (6221), Investment Advice (6282)

akta.pro primary industry

Hedge Funds — Commodity Discretionary (Directional) (FSAHAHAA)

Keywords

• Commodity hedge funds
• Energy trading strategies
• Oil and gas investing
• Energy transition funds
• Alternative investment management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Alternative Investment Fund Management: Andurand Capital generates revenue through management fees and performance fees (carried interest) typical of hedge fund structures, charging fees on assets under management and fund performance.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Andurand Capital Management is a private fund management company that manages discretionary commodity hedge funds, UCITS vehicles, and an energy transition strategy for professional and institutional investors. The firm specialises in fundamental commodity strategies focused on the oil and energy complex, generating absolute returns with asymmetric upside through supply and demand forecasting, macroeconomic analysis, physical market intelligence, and technical indicators.

Product overview

Andurand Capital Management is a private fund management company offering fundamental commodity strategies with a specialisation in the oil and energy complex. The firm operates multiple fund products: the Andurand Commodities Discretionary Enhanced Fund (the flagship hedge fund targeting absolute returns through supply/demand forecasting and market analysis), the Andurand UCITS Fund (a regulated UCITS-compliant vehicle for professional investors), and the Andurand Climate and Energy Transition Fund (ACET) focused on energy transition investments with ESG integration. Since 2020, the firm has maintained a special focus on the energy transition away from oil alongside its traditional energy trading activities.

Differentiator

Problem solved

Functional benefit

Products and services

• Andurand Commodities Discretionary Enhanced Fund The flagship hedge fund of Andurand Capital, employing fundamental commodity strategies with a specialisation in the oil and energy complex. It targets absolute returns with asymmetric upside via detailed supply and demand forecasting, fundamental, macroeconomic, and physical market information combined with technical market indicators. It is available exclusively to professional investors.
• Andurand UCITS Fund A UCITS-compliant fund offering available to professional investors, providing exposure to commodity strategies within a regulated UCITS investment vehicle structure for cross-border distribution.
• Andurand Climate and Energy Transition Fund (ACET) A fund focused on investments supporting the world's energy transition away from fossil fuels towards a net-zero carbon-emission world, combining the firm's deep energy market experience with sustainability analysis and ESG integration.

Quantifiable outcome

• Ended 2025 down 40%, recovering from mid-year loss of 60%, due to metals positions
• +3 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 indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Astenbeck Capital Management: Discretionary commodities hedge fund founded by Andy Hall, widely regarded as one of the original 'god of oil' traders. Most directly comparable to Andurand in fundamental, supply/demand-driven energy and commodities investing.
• Soroban Capital Partners: Event-driven and fundamental hedge fund with a strong focus on energy and commodities. Overlapping investment universe with Andurand, particularly in oil, gas, and energy transition names.
• Kirkoswald Capital Partners: Commodity-focused hedge fund employing fundamental research across energy, metals, and agriculture. Comparable in size and approach to Andurand's discretionary commodities strategies.
• Ecofin Limited: Specialist investment manager focused on sustainable infrastructure and energy-related companies, with strong commodity and energy transition overlap. Comparable to Andurand via the ACET fund mandate.
• Hartree Partners: Commodity-focused trading and investment firm with deep exposure to natural gas, power, and energy markets. Overlaps with Andurand's oil and energy complex and offers a comparable discretionary, fundamentals-driven approach.

Broad incumbents

• Caxton Associates: Multi-strategy macro hedge fund with significant commodities exposure. Broader than Andurand but overlaps meaningfully in discretionary commodity positioning.
• Bridgewater Associates: World's largest macro hedge fund with systematic and discretionary commodity strategies. Overlaps with Andurand in energy and commodities but operates at vastly greater scale and product breadth.
• Greenlight Capital: Value-oriented hedge fund with historically significant commodity and energy exposure. Comparable in its fundamental, thesis-driven style though broader in asset coverage than Andurand.
• Citadel LLC: Multi-strategy global hedge fund with a sizeable commodities sleeve. Overlaps with Andurand on discretionary commodity exposure but offers many additional strategies and far greater scale.

Others

• BlueGold Capital: Pierre Andurand's prior firm (2007-2012) co-founded with Dennis Crema, which managed over $2 billion at peak before returning capital. Closely related historical reference point for Andurand Capital's strategy and risk profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/andurand-capital-management-llp

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 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 Andurand Capital