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Garda Capital Partners
Garda Capital Partners: systematic fixed-income and volatility management led by CEO David Druzynski.
Garda Capital Partners
Garda Capital Partners was founded in 2000 by a team of derivatives and fixed-income specialists in the Minneapolis suburbs. The firm operates as a registered investment adviser (RIA) and is not a single-family office, though it maintains close relationships with several U.S. family offices and endowments that serve as limited partners. The firm's strategy centers on market-neutral absolute return: trading options volatility (equity index and interest rate), convertible arbitrage, and capital structure arbitrage in corporate bonds. In private credit, Garda structures direct loans and collateralized loan obligation tranches, often as a co-investor alongside institutional partners. The team has disclosed a track record spanning 2000–present through a public letter to prospective investors. Geographically, the focus is U.S. and Western European liquid markets. Garda employs a team of approximately 25 professionals across its Wayzata headquarters. Recent activity: In 2023, the firm launched Garda Capital Partners Systematic Credit Fund, a volatility- and credit-focused vehicle targeting institutional and family-office capital (per SEC filing, 2023). The firm also maintains a separate managed-account platform for tailored fixed-income allocations. Garda's structural differentiator is its quantitative process. The firm models implied-vol surfaces across multiple asset classes and executes trades via automated risk management, rather than discretionary macro calls. This systematic overlay, combined with a 25-year operational track record, places it closer to a hedge fund than a traditional credit manager — unusual for a firm of its size and LP base.
General information
Firm type
Asset Manager
Year founded
2000
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Wayzata
Corporate office
Wayzata, MN, United States
Principals
David J. Druzynski
Chief Executive Officer
Todd G. Zerega
Chief Investment Officer
Jeffrey C. McDermott
President
Sector focus
Frequently asked questions
What investment strategies does Garda Capital Partners run?
Garda operates a multi-strategy, market-neutral book built around fixed-income arbitrage, volatility trading (equity index and interest rate options), convertible arbitrage, and event-driven corporate bond trades. The firm also participates in private credit and structured loans on a co-investment basis.
Is Garda Capital Partners structured as a family office?
No. Garda is a registered investment adviser (RIA) that manages capital for institutional allocators, endowments, and family offices. It is not a single-family office and does not concentrate assets from a single family.
How does Garda differentiate from other fixed-income or volatility managers?
Garda uses a systematic, quant-driven framework to model implied-vol surfaces and execute trades with automated risk controls. This contrasts with discretionary macro managers and positions the firm closer to a hedge fund than a traditional credit shop. The quantitative process is proprietary and has been refined over 25 years.
What types of returns or volatility profile does Garda target?
Garda targets absolute returns with low correlation to equity and bond indices, emphasizing capital preservation and consistent volatility control. The firm does not use significant leverage on directional bets; positions are typically hedged or market-neutral.
Does Garda accept new external capital or only manage existing LPs?
Garda offers a systematic credit fund (launched 2023) and manages separate accounts for institutional and family-office clients. The firm selectively accepts new capital from qualified purchasers, subject to capacity constraints in its strategies.
How large is the team at Garda Capital Partners?
The firm employs approximately 25 professionals, including portfolio managers, quantitative analysts, and operations staff. The team is based in Wayzata, Minnesota.
What is the firm's relationship with other Minneapolis-based investment firms?
Garda shares geographies and some LP relationships with other Twin Cities asset managers, but operates independently. The firm does not have a formal affiliation with any single family office or endowment beyond typical client relationships.
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