# Lancaster Capital

Lancaster Capital is a Private Equity based in Glasgow, United Kingdom.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Glasgow, United Kingdom
- **Region:** Europe
- **Address:** Glasgow, United Kingdom
- **Founded:** 2025
- **Assets under management:** Undisclosed
- **Website:** lancaster.am

## Regulatory record

- **Reports private funds:** No

## About

Lancaster is a municipal bond execution platform that captures bond market friction through systematic execution, seeking higher outcomes without added risk. Its proprietary technology enables it to act as a liquidity provider in fragmented municipal markets, earning rather than paying the bid/ask spread. This approach, called Execution Alpha, targets excess returns embedded in market structure rather than credit risk.

## Sectors

- Fixed Income
- FinTech

## People

- Ron Bezoza — Founder
- Jim Perrello — Founder

## Questions

### How does Lancaster Capital source its trading opportunities?

Lancaster uses proprietary technology to systematically identify actionable opportunities across the fragmented municipal bond market. The platform scans over one million unique, infrequently traded bonds to find situations where the firm can provide liquidity. Trades are executed electronically with algorithmic precision, and positions are rotated while adhering to pre-set duration, credit, and diversification parameters.

### Is Lancaster Capital structured as a traditional fixed-income manager?

No, Lancaster operates as a systematic execution platform rather than a conventional buy-and-hold bond manager. It does not focus on credit selection or interest-rate forecasting. Instead, the firm targets the persistent bid/ask spread that acts as a drag on municipal bond portfolio returns. Clients access the strategy through separately managed accounts at partner custodians, with customizable parameters for tax exposure and duration.

### What investment vehicle structures does Lancaster Capital offer?

Lancaster provides its strategy through separately managed accounts (SMAs) that clients can fund with cash and/or eligible securities at partner custodians. Portfolios are tailored to individual client specifications, including duration targets, state and local tax exposure, and federal and AMT considerations. The firm does not publicly disclose participation in commingled funds or direct co-investment structures.

### Who runs investment and technology decisions at Lancaster Capital?

Co-founders Ron Bezoza and Jim Perrello lead the firm. Bezoza brings over 15 years of experience in wealth management and distribution from Goldman Sachs and Morgan Stanley. Perrello is a fintech entrepreneur with over 30 years in fixed income, algorithmic trading, and technology execution, having previously founded multiple credit-trading technology businesses and held roles at Goldman Sachs, Reuters, and Wolverine Trading.

### Which fixed-income segments does Lancaster Capital explicitly target?

Lancaster focuses specifically on the municipal bond market. The firm states this market's extreme fragmentation — over one million unique securities trading infrequently — makes price discovery inefficient and allows dealers to systematically capture the bid/ask spread. Lancaster does not publicly indicate it operates in corporate credit, treasuries, or other fixed-income segments.

### What is Lancaster Capital's known posture on transparency and reporting?

The firm emphasizes client visibility. Its platform provides full transparency into holdings, trades, and performance. The systematic, electronic nature of its execution is designed to deliver Wall Street-grade discipline directly to investors, aligning incentives around the capture of market-structure-based returns rather than hidden transaction costs.

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- [LANA Ventures](https://altss.com/profile/lana-ventures)
- [Land Sea Linkage Fund](https://altss.com/profile/land-sea-linkage-fund)

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Last updated: 2026-08-11T15:07:12.582Z

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