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ExodusPoint Capital Management
ExodusPoint Capital Management, founded by Michael Gelband in 2018, manages $27B as a multi-strategy hedge fund platform competing with Citadel and...
ExodusPoint Capital Management
ExodusPoint Capital Management was founded in 2018 by Michael Gelband, a former head of fixed income at Millennium Management. The firm was seeded with $8B from institutional investors including endowments, pension funds, and sovereign wealth funds — then the largest hedge fund launch in history (per Bloomberg, 2018). Gelband built the firm around a multi-PM model, hiring dozens of portfolio managers who operate semi-autonomously within risk and capital allocation guidelines set by the central management team. The multi-strategy platform spans discretionary macro, systematic and quantitative trading, event-driven, credit, and global equities. ExodusPoint targets liquid public markets and does not operate a direct private equity or venture capital arm. The firm maintains trading desks in New York, London, Hong Kong, San Francisco, and Tokyo, giving it around-the-clock coverage across major financial markets. Portfolio managers are expected to generate alpha from market inefficiencies across asset classes and geographies. As of early 2025, ExodusPoint managed approximately $27B in assets (per Bloomberg, 2025). The firm has expanded its team to over 1,000 employees, including about 200 investment professionals. In 2024, ExodusPoint promoted Hyung Lee to Chief Investment Officer, who had previously run the firm's Asian business from Hong Kong (per Financial Times, 2024). The firm also appointed a new co-President in 2023 as part of leadership succession planning. ExodusPoint operates as a hedge fund, not a family office, but it is a frequent counterparty for institutional investors including family offices. Its capital base is entirely institutional. The firm's structure — a multi-PM, multi-strategy platform with centralized risk and decentralized idea generation — mirrors the model pioneered by multi-manager platforms like Citadel and Millennium, but with a flatter hierarchy and a focus on hiring experienced PMs directly rather than seeding smaller teams.
General information
Firm type
Hedge Fund
Year founded
2018
AUM
$27B (per Bloomberg, 2025)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
London, United Kingdom · Hong Kong · San Francisco, CA, United States · Tokyo, Japan
Principals
Michael Gelband
Chief Executive Officer
Hyung Lee
Chief Investment Officer
Sector focus
Frequently asked questions
How does ExodusPoint source proprietary deal flow?
ExodusPoint operates as a multi-strategy hedge fund, not a direct private investor. Its investment team generates ideas through fundamental research, quantitative models, and macroeconomic analysis across liquid public markets. Proprietary insight comes from its network of portfolio managers who cover specific sectors and asset classes globally. The firm does not participate in private deal flow or direct co-investments.
Is ExodusPoint structured as a single family office or a hedge fund?
ExodusPoint is a hedge fund, not a family office. It manages capital for institutional investors including endowments, pension funds, foundations, and sovereign wealth funds. The firm was launched with an $8B seed from external investors and operates as a registered investment adviser. Its capital base is entirely institutional.
What investment strategies does ExodusPoint employ?
The firm runs a multi-strategy platform spanning discretionary macro, systematic/quantitative trading, event-driven, credit, and global equities. It employs a multi-PM model where individual portfolio managers receive capital allocations and trade within risk parameters set by the central management team. This structure allows the firm to adapt to changing market conditions across asset classes.
Who runs investment decisions at ExodusPoint?
Michael Gelband is the CEO and founder. Hyung Lee was promoted to Chief Investment Officer in 2024, overseeing the overall investment portfolio after previously leading the firm's Asian business. The firm operates with a central management team that sets risk and capital allocation guidelines, while individual PMs have discretion within those parameters (per Financial Times, 2024).
Does ExodusPoint invest in private markets or only public securities?
ExodusPoint invests primarily in liquid public markets and does not operate a direct private equity or venture capital arm. Its strategies focus on public equities, fixed income, currencies, commodities, and derivatives. The firm may take concentrated long or short positions in publicly traded companies but does not make private investments.
How does ExodusPoint's capital allocation model differ from competitors?
ExodusPoint uses a multi-PM model where portfolio managers are allocated capital based on performance and market opportunity, similar to competitors like Citadel and Millennium. The firm is known for a relatively flatter hierarchy and a focus on hiring experienced PMs directly rather than seeding smaller teams. It also allows PMs greater independence in trade execution within risk limits.
What is ExodusPoint's known posture on co-investments alongside external GPs?
ExodusPoint does not typically engage in co-investments alongside external general partners, as it focuses on liquid public market strategies. The firm may occasionally participate in structured credit or event-driven opportunities that resemble private transactions, but it is not a co-investment platform for family offices or other LPs.
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