What Gavekal Capital does

Gavekal Capital Limited is a Hong Kong-based independent investment adviser founded in 2002, operating with a lean team of 11 employees. The firm serves as investment adviser to a family of UCITS-compliant funds established under Irish law, spanning Asian equities (Gavekal Asian Opportunities, Gavekal New China), China fixed income (China Fixed Income, China Onshore RMB Bond, Distressed China Opportunity), global equities, and a co-branded Latin America local currency debt fund offered in partnership with Larrainvial Asset Management. Gavekal also provides separately managed accounts for institutional clients seeking bespoke mandates.

The firm's distribution is exclusively institutional, accessed through direct field sales and investor relations across more than ten European jurisdictions plus Switzerland, with the United States explicitly excluded. Regulatory infrastructure is provided by ACOLIN Fund Services AG (Swiss representative) and Swissquote Bank SA (Swiss paying agent). The firm is classified under SFDR Articles 8 and 9, integrates ESG exclusions covering UN Global Compact and OECD violations, and uses Sustainalytics as its core ESG data vendor for Scope 1/2 emissions tracking and NGFS climate scenario analysis.

Gavekal generates revenue primarily through recurring management fees on AUM, calculated as a percentage of assets under management across its fund lineup. ESG analysis as of December 31, 2025 covers approximately $397 million, representing 72% of total AUM and implying total firm AUM of roughly $551 million. The firm does not serve retail investors, does not disclose pricing publicly, and operates without disclosed external funding, M&A activity, or parent company backing, appearing to be founder/management-controlled.

Name

Gavekal Capital

Legal name

Gavekal Capital Limited

Website

https://web.gavekal-capital.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Gavekal Capital is a Hong Kong-based independent investment adviser managing UCITS funds focused on Asian and China equity and fixed income strategies, plus a Latin America debt partnership, serving institutional investors across Europe and Switzerland.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Fee-Only Advisory (FSAEAAAL)

Keywords

• Investment management
• UCITS funds
• Asian equities
• China fixed income
• Institutional asset management

Headquarters

HQ city

Hong Kong

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory and Management Fees: Gavekal Capital Limited is appointed as investment adviser to the Gavekal UCITS Fund and earns advisory/management fees from fund operations. The firm manages multiple UCITS funds including Asian Equities, Asian Fixed Income, Global Equities, and Latin America Fixed Income strategies. Revenue is derived from a percentage of assets under management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Gavekal Capital is a Hong Kong-based investment adviser that manages a family of UCITS-compliant funds for institutional investors, with core strategies spanning Asian equities, China-focused fixed income (including offshore RMB bonds, onshore RMB bonds, and distressed debt), global equities, and Latin America local currency debt. The firm also offers separately managed account solutions tailored to institutional client requirements. Revenue is generated through advisory and management fees charged as a percentage of assets under management.

Product overview

Gavekal Capital is an investment management firm offering a portfolio of UCITS funds across multiple asset classes. The product lineup includes: Asian Equities (Asian Opportunities UCITS Fund, New China UCITS Fund), Asian Fixed Income (China Fixed Income Fund, China Onshore RMB Bond Fund, Distressed China Opportunity Fund), Global Equities (Global Equities UCITS Fund), Latin America Fixed Income (Larrainvial Gavekal Latam Local Currency Debt Fund), and Managed Accounts for institutional investors. The funds are structured as sub-funds of Irish umbrella UCITS vehicles regulated under European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003.

Differentiator

Problem solved

Functional benefit

Brands

• Gavekal Asian Opportunities UCITS Fund: Asian equities fund focusing on investment opportunities across Asia.
• Gavekal New China UCITS Fund
• Gavekal China Fixed Income Fund
• Gavekal China Onshore RMB Bond Fund
• Gavekal Distressed China Opportunity Fund
• Gavekal Global Equities UCITS Fund

Products and services

• Gavekal Asian Opportunities UCITS Fund Asian equities sub-fund of the Gavekal UCITS Fund, focusing on investment opportunities across Asian markets for institutional investors.
• Gavekal New China UCITS Fund China-focused Asian equities sub-fund of the Gavekal UCITS Fund, targeting investment opportunities in China for institutional investors.
• Gavekal China Fixed Income Fund Fixed income sub-fund of the Gavekal UCITS Fund focusing on RMB-denominated and RMB-settled fixed-income instruments issued outside of the People's Republic of China.
• Gavekal China Onshore RMB Bond Fund Fixed income sub-fund of the Gavekal UCITS Fund focusing on onshore Renminbi-denominated bonds issued within the People's Republic of China.
• Gavekal Distressed China Opportunity Fund Fixed income sub-fund of the Gavekal UCITS Fund focusing on distressed debt and special situations opportunities in the China market.
• Gavekal Global Equities UCITS Fund Global equities sub-fund of Gavekal Multi-Fund PLC, an Irish UCITS umbrella vehicle, for institutional investors seeking diversified global equity exposure.
• Larrainvial Gavekal Latam Local Currency Debt Fund Latin America fixed income fund offered in partnership with Larrainvial Asset Management, focusing on local currency debt instruments in the Latin America region.
• Managed Accounts Separately managed account solutions tailored to the specific requirements of institutional investors seeking customized investment mandates.

Quantifiable outcome

• Estimated portfolio carbon footprint of 94,631 metric tonnes CO2e tracked and reported

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

Four partnerships are on record, tiered minor and core.

• Larrainvial Asset ManagementminorStrategic or Co-development PartnerPartnership with Larrainvial Asset Management for the Larrainvial Gavekal Latam Local Currency Debt Fund, which redirects to lvamfunds.com. This is a co-branded fund offering Latin America local currency fixed income exposure.
• ACOLIN Fund Services AGminorOthersSwiss representative for funds offered to qualified investors in Switzerland per Art. 10 para. 3 and 3ter CISA. Located at 6 cours de Rive, 1204 Geneva, Switzerland.
• Swissquote Bank SAminorOthersSwiss paying agent for funds offered to qualified investors in Switzerland. Located at Chemin de la Crétaux 33, 1196 Gland, Switzerland.
• SustainalyticscoreTechnology or IntegrationPrimary ESG data vendor providing Scope 1 and Scope 2 GHG emissions data and sustainability-related insights. Used for generating sustainability-related investment analysis including carbon footprint estimation models using multi-factor regression approach.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• abrdn (formerly Aberdeen Standard Investments): Large global asset manager with a long-standing Asian equities franchise (originally Aberdeen Asset Management) and a broad fixed income platform. Comparable to Gavekal in offering Asia and emerging-market exposure within a UCITS framework, but operating at materially greater scale and with a much wider product portfolio.
• Schroders: Global asset manager with a sizable Asian equities and Asian fixed income platform, including dedicated emerging-market debt and China strategies. Overlaps with Gavekal in target asset classes (Asian and EM debt/equities) and UCITS distribution channels, but operates at much larger scale and broader geographic reach.
• RBC Global Asset Management: Large Canadian-headquartered asset manager with dedicated Asian equity and emerging-market fixed income strategies distributed via UCITS in Europe. Comparable to Gavekal in offering institutional Asia-focused mandates within a regulated UCITS wrapper, though as part of a much larger multi-region platform.
• Allianz Global Investors: Global asset manager with established Asian equity, Asian fixed income, and emerging-market credit strategies distributed via UCITS vehicles. Comparable to Gavekal in offering institutional access to Asian markets through regulated fund structures, though as part of a far broader multi-asset platform.

Emerging players

• Carmignac: European-based independent asset manager offering emerging-market equity and emerging-market debt strategies alongside its flagship global funds. Comparable to Gavekal in being an independent, founder-controlled firm distributing specialist EM strategies via UCITS to European institutional and advised-retail clients.
• Jupiter Asset Management: Mid-sized European asset manager with a dedicated Asian equity strategy and broader emerging-markets capabilities. Comparable to Gavekal in offering specialist Asian mandates within a UCITS framework to European institutional clients, with overlapping investor base and ESG-driven product positioning.

Direct peers

• Matthews Asia: US-based but globally distributed asset manager specializing in Asia equities and Asia fixed income across multiple country and strategy sleeves. Highly comparable to Gavekal Capital in product taxonomy (Asian equities, China credit) and institutional distribution focus, though Matthews has a significantly larger AUM base and US distribution.
• East Capital: Specialist asset manager focused exclusively on Asian and emerging European frontier markets with both equity and fixed income strategies. Closely comparable to Gavekal's regional specialization, niche scale, UCITS fund vehicles, and institutional-only distribution philosophy.
• First State Investments: Asia-Pacific specialist equity and credit manager (now part of MUFG's asset management arm) known for its Asia Pacific Leaders and Asia credit strategies. Closely comparable to Gavekal's regional specialization, UCITS fund structure, and institutional investor focus on Asian listed and credit markets.

Regional players

• Hang Seng Investment Management: Hong Kong-based asset manager affiliated with Hang Seng Bank, offering China and Greater Bay Area equity and fixed income strategies with strong regional distribution. Comparable to Gavekal in its Hong Kong domicile and China-focused product set, though primarily distributed across Asia rather than Europe.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gavekal-capital

Compliance4 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 Gavekal Capital