# Kepos Capital

Kepos Capital 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:** 2010
- **Assets under management:** Undisclosed
- **Website:** keposcapital.com

## Regulatory record

- **CRD number:** 156361
- **SEC file number:** 801-72308
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/156361

## About

KEPOS CAPITAL LP is an SEC-registered investment adviser in NEW YORK, NY, registered since 2011. The firm manages approximately $2.5 billion in regulatory assets. It has 40 employees and 20 investment advisers.

## Sectors

- Hedge Funds
- Quantitative Strategies

## People

- Mark Carhart — Chief Investment Officer
- Giorgio De Santis — Partner

## Questions

### Who founded Kepos Capital and what is their quantitative investing lineage?

Mark Carhart and Giorgio De Santis founded Kepos Capital in 2010. Carhart is the academic researcher who co-authored the seminal 1997 paper 'On Persistence in Mutual Fund Performance,' which introduced the momentum factor now known as the Carhart four-factor model. Both founders previously worked together at Goldman Sachs Asset Management, where Carhart was a portfolio manager on the Global Alpha quantitative hedge fund, a pioneering systematic strategy that directly informs Kepos' current investment process.

### What investment strategy does Kepos Capital run?

Kepos Capital operates a systematic global macro strategy. The firm deploys quantitative models to harvest risk premia — principally momentum, carry, value, and volatility — across equities, fixed income, currencies, and commodity markets. The strategy trades exclusively in liquid, exchange-traded and over-the-counter instruments, allowing for daily liquidity terms typical of managed-futures and global-macro hedge fund structures.

### Is Kepos a pure quantitative firm or does human judgment play a role?

Kepos is primarily systematic, with all trade ideas generated and sized by quantitative models. However, the firm retains discretionary override authority — senior portfolio managers, including Mark Carhart, can intervene to reduce risk or override model signals during extreme market conditions where historical statistical relationships break down. This human circuit-breaker function is a deliberate design choice carried forward from the Global Alpha experience.

### How does Kepos Capital differ from a multi-manager platform like Citadel or Millennium?

Kepos operates as a single centralized portfolio, not a multi-pod platform. All risk-taking and capital allocation decisions flow through a unified investment committee led by Mark Carhart, rather than being distributed across dozens of independent trading teams. This architecture concentrates accountability and contrasts sharply with the multi-manager model, where many portfolio managers run semi-autonomous books under a centralized risk umbrella.

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- [Post Resch Tallon Group](https://altss.com/profile/post-resch-tallon-group)
- [Barometer Capital Management](https://altss.com/profile/barometer-capital-management)

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

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