Kepos Capital: Platform Profile

Overview

Kepos Capital is a New York boutique alternative investment manager founded in 2010. Its current first-party platform centers on systematic macro, carbon trading and equity-event strategies.

The firm's strategy mix explains why its public-equity filing is very small relative to regulatory AUM.

May fit better for

• qualified investors seeking systematic macro exposure;
• allocators interested in carbon allowance trading;
• investors seeking specialized equity-event strategies;
• institutions comfortable with derivatives and non-13F exposures.

May fit less well for

• retail users seeking public self-service access;
• investors looking primarily for long-only U.S. equities;
• users who infer firm scale from a small 13F;
• investors who interpret “uncorrelated” strategy goals as guarantees.

Kepos is SEC registered

• Legal adviser: Kepos Capital LP
• CRD: 156361
• SEC number: 801-72308
• SEC registered investment adviser: Yes

First-party site says over $2B in assets

Current first-party site:

• Public AUM: $2B+
• Public AUM observed: 2026-09-05
• Founded: 2010

Current regulatory AUM is about $2.5B

Current May 20, 2026 ADV-derived data:

• Regulatory AUM: $2.5B
• Regulatory AUM as of: 2026-05-20
• Discretionary AUM: $2.5B
• Client accounts: 17
• Employees: 40

A more precise third-party extraction places RAUM around $2.466B; the package uses $2.5B as the rounded current regulatory reference.

Q2 2026 13F value is $73.401M

Regulatory filings show:

• Q2 2026 13F value: $73.401M
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F holding count: 184
• Included manager: Kepos Partners LLC

Parser-scaling

Some third-party displays can mis-scale Form 13F values expressed in thousands.

The SEC/13F-derived Q2 total is approximately $73.401 million, not $73.401 thousand.

Current first-party strategy lineup

• Systematic Macro: Yes
• Carbon Trading: Yes
• Equity Events: Yes
• Boutique alternative manager: Yes

Kepos describes its strategies as niche and uncorrelated.

Carbon allowances and many macro instruments do not appear in a conventional 13F.

Historical private-fund schedule is older than current RAUM

AUMdb's detailed private-fund table is sourced from July 2024:

• Historical private fund schedule date: 2024-07
• Historical private fund count: 9
• Historical private fund gross assets: $2.1B
• Kepos Alpha Master historical gross assets: $1.1B
• Kepos Carbon Allowance Master historical gross assets: $224M

Historical vehicle records include different minimums, including $5M and $100K, proving that one universal minimum should not be inferred.

Compensation method does not establish universal percentages

Current ADV-derived records show asset-based and performance-based compensation methods.

• Asset based compensation method: Yes
• Performance based compensation method: Yes

Assessment

Kepos is the opposite of the Alkeon metric trap. Its Q2 13F is only $73.401M against roughly $2.5B of regulatory AUM because core systematic macro and carbon exposures sit largely outside normal 13F coverage.

A small 13F does not mean a small or rapidly shrinking manager.