First Principles Capital Management

Douglas Dachille is the firm's CEO and Chief Investment Officer, responsible for all portfolio management and risk decisions. He previously chaired the Investment Committee at JPMorgan, where he was global head of proprietary positioning. The firm maintains a flat investment committee structure built around Dachille's macro and quantitative framework.

The firm applies a quantitative, model-driven process rooted in relative-value analysis across fixed-income markets. It identifies pricing anomalies in global rates, credit, mortgage-backed securities, and structured products. The pipeline draws on proprietary analytics rather than broker-intermediated flows or management-access investing.

It operates as a hedge fund manager, not a family office. The firm manages capital for institutional investors including pension funds and endowments. Douglas Dachille seeded the firm after his career at JPMorgan, but the entity functions as a third-party asset manager.

First Principles is primarily a fixed-income shop and does not pursue equity long-short, venture capital, or private equity strategies. Its mandate centers on liquid fixed-income markets; it has no known presence in commodities, currencies as a standalone strategy, or real estate equity.

There is no public record of FPCM making fund commitments to external managers or participating in co-investment vehicles. The firm historically runs internal, capacity-constrained strategies and has not marketed a multi-manager platform or fund-of-funds offering.