# First Principles Capital Management

First Principles Capital Management is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2003
- **Assets under management:** Undisclosed
- **Website:** firstprinciplescapital.com
- **LinkedIn:** https://www.linkedin.com/company/first-principles-capital-management-llc

## Regulatory record

- **Reports private funds:** No

## About

First Principles Capital Management is a privately held investment management firm founded in 2003. It is a Registered Investment Advisor with approximately $10 billion in assets under management. The firm has offices in New York and Atlanta and employs more than 40 professionals.

## Sectors

- Fixed Income
- Hedge Funds
- Private Credit

## People

- Douglas Dachille — CEO and Chief Investment Officer

## Questions

### Who runs investment decisions at 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.

### How does First Principles Capital Management source its investment ideas?

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.

### Which asset classes does the firm avoid?

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.

### What is the firm's known posture on co-investments or fund commitments?

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.

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- [Andres Construction](https://altss.com/profile/andres-construction)
- [LLC](https://altss.com/profile/llc)

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Last updated: 2026-06-03T20:00:00.000Z

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