Rafferty Capital Markets

What Rafferty Capital Markets does

Rafferty Capital Markets operates as Rafferty Holdings, a privately held multi-vertical investment holding company organized around four pillars: Building (operational leadership for mature enterprises), Investing (capital and strategic guidance for growth-stage and early-stage companies), Real Estate (cross-sector opportunistic property investing), and Portfolio Companies (venture and growth-stage technology bets). The firm was founded in 1987 and is headquartered in Garden City, New York, with a secondary office in Midtown Manhattan at 535 Madison Avenue. The business is conducted through wholly-owned operating subsidiaries Direxion (leveraged and alternative exchange-traded funds), Hilton Capital Management (actively managed investment portfolios), Raff Ventures (early-stage growth capital), and Raff Real Estate (opportunistic real estate investments), plus three portfolio companies — Agent Smyth (AI-powered business intelligence and automation), Ampliwork (workforce collaboration tools), and Amgine (innovative technology solutions).

Rafferty Holdings functions as a parent operating platform rather than a standalone product company: its revenue mechanics derive from management and performance fees across its asset-management subsidiaries (Direxion's ETF franchise and Hilton Capital Management's active mandates), carried interest or returns from Raff Ventures' venture investments, and returns generated by Raff Real Estate's opportunistic property activities. There are no disclosed pricing models, no public fee schedule, no published AUM figures, and no headcount beyond a reported 1-10 employees, indicating that the holding company itself is lean while capital and operating execution are deployed through its subsidiaries.

The customer base is segmented across each pillar: Direxion serves institutional and retail ETF investors seeking leveraged or inverse market exposure; Hilton Capital Management serves clients of its active asset-allocation products; Raff Ventures serves founders and growth-stage companies seeking capital and strategic partnership; and Raff Real Estate serves real-estate counterparties under opportunistic mandates. No named customer logos, no revenue split by segment, and no contract-value disclosures are available in the source data, so concentration and per-customer economics cannot be quantified. The technology stack is not disclosed; the only AI-adjacent signal is portfolio exposure to Agent Smyth, which the firm describes as offering AI-powered business intelligence and automation.

Name

Rafferty Capital Markets

Legal name

Rafferty Holdings

Website

https://raffcap.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

Rafferty Holdings is a privately held multi-vertical investment holding company founded in 1987, operating through subsidiaries in ETFs (Direxion), active management (Hilton Capital Management), venture capital (Raff Ventures), and real estate (Raff Real Estate), plus portfolio companies in AI and workforce technology.

Ownership category

akta.pro rank

Headquarters

HQ city

Garden City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Core offering

Rafferty Capital Markets operates as a private, for-profit financial services firm specializing in fixed income, equities, and mutual fund distribution services, while functioning as part of Rafferty Holdings, a diversified investment company. The firm operates, invests in, and builds businesses across four pillars: Building (operational leadership for mature enterprises), Investing (capital and strategic guidance for innovative growth-stage businesses), Real Estate (cross-sector opportunistic property investing), and Portfolio Companies (technology investments including Agent Smyth, Ampliwork, and Amgine). Key brands include Direxion (leveraged and alternative ETFs), Hilton Capital Management (actively managed portfolios), Raff Ventures (early-stage growth capital), and Raff Real Estate (opportunistic real estate).

Product overview

Rafferty Holdings operates as a diversified investment and holding company with a multi-brand portfolio architecture. The company structures its business across four operating pillars: Building (operational leadership and growth of mature enterprises), Investing (capital and strategic guidance for innovative businesses), Real Estate (opportunistic property investments), and a Portfolio Companies portfolio (early-stage and growth-stage technology investments). Key brands include Direxion (leveraged and alternative ETF products), Hilton Capital Management (actively managed portfolios), Raff Ventures (early-stage growth capital), and Raff Real Estate (opportunistic real estate investing). The portfolio companies include Agent Smyth, Ampliwork, and Amgine, representing technology investments across AI, workforce tools, and innovative solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Direxion: Leveraged and alternative ETF products
• Hilton Capital Management
• Raff Ventures
• Raff Real Estate

Products and services

• Direxion

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• DirexioncoreStrategic or Co-development PartnerOperating company within Rafferty Holdings focused on leveraged and alternative ETF products. Direxion provides exposure to specialized investment strategies including inverse and leveraged ETFs for institutional and retail investors.
• Hilton Capital ManagementcoreStrategic or Co-development PartnerOperating company within Rafferty Holdings offering actively managed portfolios. Hilton Capital Management delivers professional investment management services with a focus on generating alpha through active asset allocation and security selection.
• Raff VenturescoreStrategic or Co-development PartnerOperating company within Rafferty Holdings providing early-stage growth capital to innovative companies. Raff Ventures supports entrepreneurs through strategic guidance and funding during critical growth phases.
• Raff Real EstatecoreStrategic or Co-development PartnerOperating company within Rafferty Holdings focused on cross-sector, opportunistic real estate investing. Combines institutional expertise with entrepreneurial agility to deliver strong, risk-adjusted returns across market cycles.
• Agent SmythminorStrategic or Co-development PartnerPortfolio company of Rafferty Holdings operating in an unspecified sector.
• AmpliworkminorStrategic or Co-development PartnerPortfolio company of Rafferty Holdings operating in an unspecified sector.
• AmgineminorStrategic or Co-development PartnerPortfolio company of Rafferty Holdings operating in an unspecified sector.

Recent moves1 record

Expansion highlights3 records

Direct peers

• ProShares: ProShares is the largest issuer of leveraged and inverse ETFs in the U.S. and the most direct competitor to Rafferty's Direxion subsidiary. Both firms compete in the same product category (leveraged/alternative ETFs) serving overlapping institutional and retail investors with structurally similar products.
• GraniteShares: GraniteShares is a smaller but direct competitor in the leveraged and short ETF category, pursuing a similar niche to Direxion's specialty products. Both firms compete for the same investor base seeking amplified or inverse market exposure through ETFs.
• B. Riley Financial: B. Riley Financial operated as a diversified financial services holding company with multiple operating subsidiaries spanning capital markets, investment management, and principal investments — a structure highly analogous to Rafferty Holdings' multi-affiliate model across Direxion, Hilton Capital, Raff Ventures, and Raff Real Estate.
• StoneX Group: StoneX (formerly INTL FCStone) is a diversified financial services holding company operating across multiple verticals including securities, commodities, payments, and asset management. Its multi-pillar operating structure parallels Rafferty Holdings' approach of combining distinct financial-services businesses under one corporate umbrella.
• Cowen Inc. (now TD Cowen): Prior to its acquisition by TD Bank, Cowen operated a diversified financial services model combining capital markets, investment banking, and investment management — closely analogous to Rafferty Holdings' combination of capital markets heritage, active management, and principal investing.
• Ladenburg Thalmann: Ladenburg Thalmann historically operated as a diversified financial services holding company with subsidiaries in wealth management, capital markets, and investment management — a comparable multi-affiliate architecture to Rafferty Holdings, serving similar middle-market and growth-oriented clients.
• Virtus Investment Partners: Virtus operates a multi-affiliate model of boutique investment managers, each retaining investment autonomy while leveraging shared distribution and operational infrastructure — a directly comparable model to Rafferty's structure where Hilton Capital Management operates alongside other in-house affiliates.
• Affiliated Managers Group (AMG): AMG is the most prominent multi-boutique asset management holding company, owning stakes in numerous independent investment firms. Rafferty's combination of Hilton Capital Management, Direxion, and other affiliates mirrors AMG's strategy of aggregating distinct investment franchises under one corporate umbrella.

Broad incumbents

• Stifel Financial: Stifel is a much larger diversified financial services firm spanning wealth management, investment banking, and institutional securities. While far broader in scale, its multi-pillar structure combining advisory, asset management, and capital markets is architecturally similar to Rafferty Holdings' four-pillar model.
• Piper Sandler: Piper Sandler operates a diversified financial services model across investment banking, institutional brokerage, and asset management. Like Stifel, it represents a much larger incumbent version of the multi-vertical financial services holding-company structure that Rafferty Holdings operates at smaller scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/rafferty-capital-markets

Revenue estimate

Valuation estimate

Number of profiles

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 Rafferty Capital Markets