Capula Investment Management: Platform Profile

Overview

Capula Investment Management is a global alternative manager with roots in fixed-income relative value. Its current platform also covers macro trading, crisis-alpha strategies and multi-strategy investing. The firm describes an institutional client base that includes pension plans, sovereign wealth funds, foundations and endowments.

May fit better for

• institutions seeking relative-value or macro hedge-fund exposure;
• allocators interested in low-correlation or crisis-oriented strategies;
• investors comfortable with derivatives-heavy portfolios;
• professional investors who meet vehicle-specific eligibility requirements;
• investors able to distinguish private-fund gross assets from ordinary AUM.

May fit less well for

• retail investors seeking direct public signup;
• users expecting a single public AUM figure;
• investors who interpret “crisis alpha” as guaranteed protection;
• users who treat gross private-fund assets as manager AUM;
• investors who need exchange-traded liquidity.

Capula was co-founded in 2005

• Founded: 2005
• Co founders:
• Yan Huo
• Masao Asai
• Current managing partner CIO: Yan Huo

The global manager is not the U.S. SEC-registered adviser

Current first-party disclosure supports:

• Global manager entity: Capula Investment Management LLP
• FCA authorized: Yes
• CFTC registered CPO: Yes
• NFA member: Yes
• Global manager is SEC registered investment adviser: No

The current U.S. adviser is:

• US registered adviser: Capula Investment US LP
• CRD: 157589
• SEC number: 801-73189

U.S.-adviser regulatory AUM is $137B

• US registered adviser regulatory AUM: $137B
• US registered adviser regulatory AUM as of: 2026-06-08
• US registered adviser client accounts: 8

This is not automatically Capula's global firm AUM.

Public global AUM remains undisclosed

Current first-party materials describe the client base and strategy platform but do not expose a comparable reliable numeric global AUM figure in the accessible content used for this package.

Capula's roots are fixed-income relative value

• Fixed income relative value roots: Yes
• Macro trading: Yes
• Crisis alpha strategies: Yes
• Multi strategy: Yes
• Low or negative correlation objective: Yes

Low- or negative-correlation and crisis-alpha objectives are not guarantees.

Private-fund gross assets are not manager AUM

Current regulatory reporting includes Capula master funds with very large gross-asset values.

• Private fund gross assets equal manager AUM: No
• Private fund gross assets equal investor NAV: No

Representative vehicle-level minimum:

• Capula Global Relative Value Master minimum: $5M

Q2 2026 13F market value is approximately $28B

• Q2 2026 13F market value: $28B
• Q2 2026 13F as of: 2026-06-30
• Form 13F market value equals manager AUM: No

Relative-value and macro portfolios can be dominated by exposures that 13F does not represent.

Capula explicitly excludes retail access

• Intended for retail clients: No
• UK site directed to professional clients or eligible counterparties: Yes
• Public self service retail signup: No

Current disclosure also warns that Capula does not conduct investment business directly with individual consumers or approach consumers through social media, messaging apps or cold calling.

Assessment

Capula requires two separations: the global manager versus the U.S. registered adviser, and private-fund gross assets versus manager AUM. Both are material because a derivatives-heavy master fund can show gross assets that look implausibly large if read as ordinary investor capital.