Capstone Investment Advisors

Founded in 2004, we are a global asset manager investing in derivatives and complementary strategies to find consistent returns, regardless of market conditions. We also develop new strategies and solutions to achieve unique returns. As of January 1, 2026, we manage $12.2 billion in assets.

We work with clients to create strategies that meet their goals, such as generating returns that don’t depend on market performance, and offering customized solutions. Our derivatives strategies aim for returns that aren’t tied to the broader market. We invest across many asset classes and regions, offering a flagship multi-strategy program, custom mandates, and commingled solutions.

We’ve developed our own tools for pricing derivatives, analyzing volatility, filtering opportunities, and executing strategies. Our risk platform uses research and proprietary models to help us generate returns and make informed decisions about risk, performance, and capital allocation. Our Treasury & Portfolio Finance team optimizes financing, margin, cash, and collateral across asset classes like equities, fixed income, FX, commodities, and credit.

We launched our multi-strategy offering, CGM, in 2007 and Capstone Solutions for customized mandates in 2010. We also started the Global Volatility Summit in 2009 and the Volatility Research Forum in 2015 to provide education and discussion for derivatives markets. In recent years, we’ve introduced new strategies, including dispersion (2018), risk recycling (2022), and trend following (2023).

We invest in derivatives and complementary strategies to find consistent returns, regardless of market conditions. We aim to find overlooked opportunities and develop new strategies for unique returns.

Our core values are:

• Collaboration: We build our firm on collaboration, sharing insights and learning to pursue new derivatives strategies.
• Experimentation: We encourage teams to test and iterate new ideas, supporting innovation and curiosity while maintaining strict risk management.
• Discipline: We maintain high standards to turn creativity into performance, with diligence in strategy and execution.
• Trust: We guide our relationships with clients and across teams with integrity and transparency, ensuring our interests are aligned.

We have over 300 team members globally (as of December 31, 2025), including 115 investment professionals (as of December 31, 2025). We operate from 11 offices worldwide (as of November 1, 2024) in locations like New York, London, Amsterdam, Milan, Tokyo, Los Angeles, Stamford, Boston, Maryland, and Texas.

Our culture values collaboration and a human approach. We encourage sharing insights and learning across teams, creating an environment for innovation and experimentation. This collaboration gives team members access to resources, exposure to senior leadership, and opportunities to experiment and innovate. We are committed to continuous learning, offering talent initiatives and development programs to support professional growth. Our culture focuses on collaboration, inclusion, and continuous improvement.

We offer training and development opportunities. Employees have access to wellness resources covering physical, mental, and financial health. Benefits include time-off, retirement, and commuter programs. We also provide gym reimbursement and other discounts. Employees are eligible for performance-based incentives and an annual bonus.