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Andurand Capital Management
Pierre Andurand founded Andurand Capital Management in 2013 after a decade at BlueGold Capital, the energy hedge fund he co-founded in 2007.
Andurand Capital Management
Pierre Andurand founded Andurand Capital Management in 2013 after a decade at BlueGold Capital, the energy hedge fund he co-founded in 2007. Previously a volatility trader at Goldman Sachs, Andurand built his reputation on large, concentrated directional bets in oil markets. The firm's wealth origin stems entirely from his trading career. The strategy is a long-biased discretionary macro approach focused on global energy commodities — crude oil, refined products, natural gas, and increasingly renewable-energy infrastructure. Andurand uses primarily exchange-traded futures and options, with occasional forward and swap positions. He has publicly described avoiding fundamental hedging in favor of pure alpha generation. The London office opened in 2016 and houses a portion of the research team. Assets under management peaked near $1.5 billion in 2022 after a strong run through the Russia-Ukraine price spike, then fell as crude reversed in 2023. The firm does not disclose current AUM. Professionals number roughly 15 to 20, including traders and analysts. Andurand Capital maintains no separate philanthropic vehicle; Pierre Andurand has made personal gifts to climate-focused initiatives. The structural differentiator is the firm's extreme concentration: Andurand typically holds fewer than ten positions, often a single large oil futures bet. This is uncommon among CTAs and multi-strategy funds and gives the fund a directional, high-conviction profile that produces large drawdowns and outsized returns in energy crises.
General information
Firm type
Asset Manager
Year founded
2013
AUM
$500M - $1.5B (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
London, United Kingdom
Principals
Pierre Andurand
Founder and Chief Investment Officer
Benoît Roussel
Chief Operating Officer
Sector focus
Frequently asked questions
Who makes investment decisions at Andurand Capital Management?
Pierre Andurand, founder and CIO, makes all portfolio-level decisions. He takes the final call on position sizing and exit points. The firm's small team of analysts provides research support, but Andurand retains unilateral discretion, per Bloomberg reporting.
Does Andurand Capital participate in direct co-investments or only liquid futures?
The firm primarily trades liquid exchange-traded futures and options on energy commodities. Andurand has described avoiding direct pipeline or upstream equity investments, as he believes the liquid instruments offer better alpha. However, the firm has shown recent interest in renewable-energy infrastructure as an adjacent theme.
How large is Andurand Capital's AUM today?
The firm does not disclose current AUM. Industry estimates based on peak assets and subsequent performance suggest a range of $500 million to $1.5 billion. AUM peaked near $1.5 billion in 2022 and declined with performance in 2023.
What investment stages does Andurand Capital target?
The fund does not target stages — it trades liquid exchange-traded futures and options with no fixed holding period. Positions can last from days to months, always in energy commodities. There is no private equity or venture capital allocation.
Which sectors does Andurand Capital explicitly avoid?
The firm explicitly avoids metals, agriculture, equities, fixed income, and currencies. It concentrates solely on energy commodities — crude oil, refined products, and natural gas. Andurand has said he prefers energy because it offers the highest volatility and most liquid derivatives market.
Does Andurand Capital have a connection to BlueGold Capital?
Yes. BlueGold Capital was the energy hedge fund Pierre Andurand co-founded in 2007 and ran until 2013. When he left, he launched Andurand Capital Management as a new vehicle. BlueGold's former assets and investors did not directly transfer; Andurand raised fresh capital for the new fund.
Where does the underlying wealth at Andurand Capital come from?
Pierre Andurand's personal wealth originated from his trading career — first as a volatility trader at Goldman Sachs, then as a co-founder and partner at BlueGold Capital. The firm's capital base consists primarily of external investor commitments from institutions, high-net-worth individuals, and family offices.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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