Eaglestone Capital

What Eaglestone Capital does

Eaglestone Capital Partners LP is a privately held, single-manager U.S. equity fund founded in 2008 and based in Bronxville, New York, structured as a Delaware limited partnership with a parallel New York-registered investment adviser entity. The fund invests in a concentrated portfolio of 20-30 long positions in capital-light American compounders, with the top ten holdings representing over 75% of assets. Portfolio construction is anchored in niche industrials (35% of holdings, including MEP services and building products distribution) and specialty finance (25%, including non-commoditized P&C insurance), with systematic portfolio-level leverage of 1.5x NAV applied to conservatively financed companies (average long-term debt/equity of 0.13x). The fund is offered exclusively to accredited investors under Rule 506(c) of Regulation D, with a hard cap of 100 investors and $100M in AUM, a $200,000 minimum investment, and a minimum of three share classes (Series A no-lockup at 1%/20%, Series L 12-month at 1%/15%, Series D 24-month at 0.75%/12.5%) all carrying a 6% annualized performance hurdle with full loss carryforward.

Fred Stupart, the founder, is the sole portfolio manager and has invested his family's capital as the largest LP stake, with all revenue derived from a combination of management fees (0.75%-1% of AUM) and performance allocations (12.5%-20% above the hurdle). Distribution is entirely direct and relationship-driven — personal referrals, placement agents, LinkedIn, and the Interactive Brokers Investors Marketplace — with no paid acquisition channels. Operational infrastructure is provided by Interactive Brokers (prime brokerage), NAV Consulting (fund administration), and Summit LLC (audit). Reported performance since December 2023 (net of fees) is 68.4% CAGR versus 19.9% for the S&P 500 TR, with a 1.27 Sharpe, 2.36 Sortino, and 3.1x return on invested capital versus 1.48x for the index. The model is explicitly designed to preserve compounding discipline by refusing to scale: AUM and investor count are capped, the manager runs a single fund, and the founder's own capital remains the largest position to enforce alignment with limited partners.

Name

Eaglestone Capital

Legal name

Eaglestone Capital Partners LP

Website

https://eaglestonecapital.net

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Eaglestone Capital Partners LP is a single-manager, Delaware limited partnership that runs a concentrated 20-30 position U.S. equity fund for accredited investors, capped at 100 investors and $100M AUM. Founded in 2008 by Fred Stupart, who is the sole portfolio manager and largest investor, it targets capital-light American compounders in niche industrials and specialty finance using systematic 1.5x portfolio leverage.

Ownership category

akta.pro rank

Headquarters

HQ city

Bronxville

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, Technology or R&D, Others

Revenue model

1. Series A Units: 1% management fee + 20% performance fee above 6% annualized hurdle with full loss carryforward. No lock-up — full liquidity at any time. Targets investors preferring maximum flexibility.
2. Series L Units: 1% management fee + 15% performance fee. Requires 12-month commitment with early-exit fee. Reduced performance allocation in exchange for investor commitment through volatility.
3. Series D Units: 0.75% management fee + 12.5% performance fee. Requires 24-month commitment with early-exit fee. Best economics for long-term partners with lowest fees in exchange for extended commitment.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Eaglestone Capital Partners LP is a high-conviction U.S. equity fund that invests in 20-30 concentrated long positions in capital-light American compounders with durable competitive advantages. The fund is offered under Rule 506(c) of Regulation D to accredited investors with a $200,000 minimum, capped at 100 investors and $100M AUM, and is distributed through three share classes (Series A, L, D) with varying lock-up and fee structures.

Product overview

Eaglestone Capital Partners LP is a single high-conviction equity fund structured as a Delaware limited partnership. The fund offers three share classes—Series A (no lock-up, 1%/20% fees), Series L (12-month commitment, 1%/15% fees), and Series D (24-month commitment, 0.75%/12.5% fees)—all targeting capital-light U.S. compounders with shareholder-aligned management. The investment strategy focuses on three interconnected domains: business fundamentals (high ROCE companies), management stewards (skilled capital allocators), and market technicals (exploiting periodic dislocations).

Differentiator

Problem solved

Functional benefit

Products and services

• Eaglestone Capital Partners LP A high-conviction U.S. equity fund investing in 20-30 concentrated long positions in capital-light American compounders with durable competitive advantages. The fund targets niche industrials (35% of portfolio) and specialty finance (25%), applying systematic portfolio-level leverage at 1.5x NAV to amplify returns from conservatively financed businesses. Limited to 100 accredited investors with a $200,000 minimum investment.

Quantifiable outcome

• 68.4% net CAGR since December 2023 (vs S&P 500 TR of 19.9%)
• +6 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

Partnerships

Two partnerships are on record, tiered minor.

• NAV Consulting, Inc.minorOthersFund administration services provider handling NAV calculations and back-office operations for the fund.
• Summit LLCminorOthersIndependent audit services provider for the fund. Summit LLC conducts annual financial statement audits.

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Pershing Square Capital Management: Bill Ackman's concentrated, fundamental, public-equity-focused fund with typically 8-12 large positions. Comparable to Eaglestone in its high-conviction concentrated structure and focus on quality compounders, though at materially larger AUM.
• Greenlight Capital: David Einhorn's concentrated, fundamental equity fund with both long and short positions. Comparable in concentrated fundamental research approach, though Greenlight typically employs short positions whereas Eaglestone is long-only with portfolio-level leverage.
• Ariel Investments: Concentrated U.S. equity manager focused on long-term compounding in quality businesses. Comparable in fundamental, concentrated, quality-at-a-reasonable-price approach to Eaglestone's strategy.
• Southeastern Asset Management: Long-only concentrated value manager (Mason Hawkins) with a focus on high-quality businesses trading below intrinsic value. Directly comparable philosophy to Eaglestone's quality-at-a-reasonable-price approach with concentrated holdings.
• Whale Rock Capital Management: Concentrated, fundamental long/short equity manager founded by Ajay Mehra. Comparable in concentrated quality-compounder focus and fundamental, research-intensive approach to Eaglestone's strategy.
• Baupost Group: Long-only, highly concentrated value-oriented fund run by Seth Klarman. Directly comparable as a fundamental, high-conviction equity manager that prioritizes capital preservation and concentrates in 20-40 deeply researched ideas, similar to Eaglestone's approach.
• Lone Pine Capital: Stephen Mandel's concentrated long/short equity fund focused on high-quality businesses with secular tailwinds. Directly comparable in fundamental, concentrated approach to identifying compounders, though larger AUM and employs shorts.
• Viking Global Investors: Concentrated long/short equity manager with a quality-growth orientation. Comparable fundamental research approach and high-conviction concentrated positioning, though materially larger AUM.
• Third Point LLC: Dan Loeb's concentrated, event-driven equity fund. Comparable in concentrated fundamental approach with emphasis on shareholder-friendly management, overlapping with Eaglestone's quality-of-management criteria.

Broad incumbents

• Berkshire Hathaway: Large conglomerate with a substantial public-equity portfolio managed by concentrated, long-term, quality-compounder philosophy (Buffett). Operates as a broad incumbent in the long-term concentrated equity space, sharing Eaglestone's emphasis on quality businesses and shareholder-aligned management but at vastly different scale and structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/eaglestone-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Eaglestone Capital