Multi-manager allocation · London EC2R
We allocate capital across hedge funds and specialist investment firms.
Leanta Capital allocates across hedge funds, specialist credit, relative value and capacity-constrained niche strategies. We are building the next generation of our manager roster, and we are open to funds, family offices and allocators who want to invest alongside us.
Current mandate
- Initial allocation
- £2m – £25m
- Scaled position
- to £75m
- Maximum share of fund
- 25%
- Track record preferred
- 24 months +
- Emerging & pre-launch
- Considered
- Vehicles
- Fund, SMA, fund-of-one
- Geography
- Global
Indicative only. Size and structure are determined by strategy capacity, liquidity terms and the outcome of operational review.
The mandate
Diversification means different causes, not different labels
Most portfolios described as diversified are variations on the same underlying bet. When financing tightens, the labels come off and everything moves together. We build the portfolio around return drivers that are structurally distinct, so the reason one strategy is losing has nothing to do with the reason another is making money.
That search takes us to managers larger allocators cannot easily reach: specialists running well inside capacity, single-strategy books in under-covered markets, and firms early enough that being an anchor investor still means something.
- An explainable edge
You can name who is on the other side of the trade and why the opportunity persists. Description of a style is not an explanation of a return.
- A record that survives attribution
We decompose performance into market exposure, factor exposure and genuine idiosyncratic return before we form a view on skill.
- A business that can survive
Breakeven against current fee income, a stable investor base, and authority genuinely held outside the founder's office.
- Terms that match the assets
Dealing terms consistent with the underlying liquidity, a permanent high-water mark, and an expense policy with a clear line between fund and management company.
Who we work with
Three conversations we are having right now
Hedge funds & specialist managers
Take an allocation
Established funds with audited records and institutional operations, and emerging managers where early capital and founder terms still make a difference. We invest through commingled funds, managed accounts and dedicated vehicles.
Family offices
Invest alongside us
Access our manager roster and negotiated terms without building an internal selection function, or take direct co-investment in a single strategy. Reporting is written for principals as well as investment staff.
Institutions & allocators
Place capital with us
Pensions, endowments, insurers and multi-family offices seeking diversified exposure to managers that are difficult to reach at institutional scale. Terms and structure discussed directly.
How we decide
Five stages, and we say no early
Screening, investment review, an operational review that can stop the process on its own, structuring and terms, then sizing against the portfolio risk budget. Most conversations end at the first stage and we try to make that happen within days rather than months.
- 1. Screening
Factsheet, return series, capacity, terms, service providers. Fast, and usually where we decline.
- 2. Investment review
Attribution, drawdown behaviour, position walk-throughs including one that lost money, and a visit to your office.
- 3. Operational review
Valuation independence, custody and cash controls, financing, segregation of duties, documents and accounts.
- 4. Structure and terms
Vehicle, fees, liquidity, transparency covenants, capacity rights and any mitigations from the operational findings.
- 5. Sizing
Risk budget first, capital allocation derived from it, and a check that we are not buying a driver we already own.
Insights
How we think, written down
We publish our framework so that managers can decide whether we are worth their time before the first meeting.
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Mandate
Why Leanta Capital allocates to external managers
We do not believe any single desk holds an edge in every market at once. Our answer is to buy talent where it already exists.
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Process
Our manager selection framework
Four questions decide almost every allocation we make. Everything else in the process exists to answer them honestly.
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Process
Operational due diligence: what we check before we allocate
Most permanent capital losses in the allocation business are operational, not investment-related. We review accordingly.
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Terms
Ticket sizes, lock-ups and the terms we can work with
A practical guide to how we size allocations, what liquidity we need, and where we have flexibility.
Next step
Send us the one-pager
A factsheet, a monthly return series since inception, your honest estimate of capacity, current terms, and the names of your administrator, auditor and prime broker. That is enough for a fast and direct answer.