Garda Capital Partners: Platform Profile

Overview

Garda Capital Partners is an institutional alternative investment manager focused on one core fixed-income relative-value strategy. Its investment roots trace to the strategy launched at Black River in 2003; Garda was co-founded in 2016 to continue managing that strategy.

May fit better for

• institutional investors seeking fixed-income relative-value exposure;
• allocators comfortable with long/short sovereign rates and derivatives;
• investors able to evaluate leverage, gross exposure and financing risk;
• qualified investors seeking a specialist rather than a broad multi-strategy manager.

May fit less well for

• retail users seeking public self-service access;
• investors wanting unlevered long-only bonds;
• users who interpret regulatory AUM as investor net asset value;
• investors who treat “positive performance” objectives as guarantees.

Garda is SEC registered

• Legal adviser: Garda Capital Partners LP
• CRD: 282439
• SEC number: 801-107078
• SEC registration effective: 2016-01-18
• SEC registered investment adviser: Yes
• Umbrella registration: Yes

The umbrella registration includes relying advisers such as Garda Capital Partners SARL and Garda Capital Partners Copenhagen A/S.

First-party AUM is $12B+ as of August 31, 2026

Current first-party homepage:

• Public AUM: $12B+
• Public AUM as of: 2026-08-31
• Professionals: 230+
• Strategy experience: 22 years

This is the current public presentation of assets under management.

Regulatory AUM is about $207B

Current March 27, 2026 Form-ADV-derived data:

• Regulatory AUM: $207B
• Regulatory AUM as of: 2026-03-27
• Discretionary AUM: $207B
• Client accounts: 3
• Pooled vehicle share of AUM: 100%

The gap between $12B+ public AUM and $207B regulatory AUM is not a typo to “fix.”

Garda's strategy uses leveraged relative-value positions across rates, sovereign bonds, futures, swaps and related instruments. Regulatory AUM can therefore be a poor proxy for investor NAV or the public AUM figure.

Q2 2026 13F value is only $286.153M

Current SEC filing:

• Q2 2026 13F value: $286.153M
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F entry count: 12

The 13F is especially incomplete for a rates-focused manager.

Current strategy is fixed-income relative value

First-party materials support:

• Fixed income relative value: Yes
• Developed market rates: Yes
• Sovereign bonds: Yes
• Interest rate futures: Yes
• Cash bonds: Yes
• Interest rate swaps: Yes
• Long short: Yes

The manager seeks opportunities from supply-demand imbalances, market segmentation and divergent monetary policy.

Return language is not a guarantee

Garda describes a goal of positive, uncorrelated performance across market cycles.

Private-fund records require gross-exposure discipline

An older private-fund schedule reproduced by AUMdb reports:

• Historical private fund schedule period: 2024
• Garda FIRV Opportunity Master gross assets: $138B
• Historical vehicle minimum: $10M

Leadership

• Chairman CEO: Jeff Drobny
• CIO: Tim Magnusson

Drobny launched the strategy at Black River in 2003; Magnusson became CIO of the strategy in 2022.

Assessment

Garda is the most important asset-definition case in Batch 86. Its first-party $12B+ AUM, $207B regulatory AUM, historical $138B master-fund gross assets and $286.153M Q2 13F are not competing estimates of one number.

They measure different things.