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Mercuria
Marco Dunand and Daniel Jaeggi built Mercuria into a top-five global commodity trader, moving millions of barrels daily from Geneva, Houston, and New York.
Mercuria
Co-founders Marco Dunand and Daniel Jaeggi left Sempra Energy Trading in 2004 to launch Mercuria, initially focusing on crude oil and refined products from a small Geneva office. The firm grew rapidly through tactical acquisitions, including J.P. Morgan’s physical commodities unit in 2014 and the U.S. gas and power trading book of Noble Group in 2017. Mercuria's trajectory placed it squarely among the top tier of global commodity traders, building a reputation as a disciplined, low-profile operator that runs counter-cyclical bets without public disclosure or external shareholders. Mercuria deploys capital across physical energy trading, bulk freight logistics, and strategic asset investments. The firm's trading desks span crude, refined products, natural gas, power, coal, and environmental products, while its infrastructure investments include stakes in storage terminals, pipelines, and renewable energy platforms. A defining aspect of the strategy is the direct ownership of upstream and midstream assets, which insulates trading margins during volatile cycles. In 2018, Mercuria launched a dedicated energy transition division, targeting investments in battery storage, electric vehicle charging, and solar development, signaling a structural pivot beyond its hydrocarbon roots. With trading floors in Geneva, Houston, and New York, Mercuria operates a globally distributed book. The firm has expanded its headcount to well over 1,000 professionals, though exact deployment figures remain undisclosed. In May 2023, Mercuria partnered with Goldman Sachs Asset Management to launch Verdalia Bioenergy, a dedicated biomethane investment platform targeting €1 billion in European projects (per the firm, May 2023). The firm maintains adjacent relationships with hedge fund platforms and credit vehicles that allow it to participate in natural gas storage plays, distressed commodity-linked credit, and structured trade finance. Unlike its publicly listed peers, Mercuria's partnership structure concentrates decision-making among a small group of senior traders, allowing for rapid capital allocation without quarterly earnings pressure. The firm's willingness to absorb J.P. Morgan’s physical book during a period of regulatory retreat from commodities by bulge-bracket banks revealed an institutional architecture designed to exploit structural dislocation — a posture that continues to define its response to Europe's energy market restructuring following 2022.
General information
Firm type
Asset Manager
Year founded
2004
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Geneva
Corporate office
Geneva, Switzerland
Additional offices
Houston, TX · New York, NY
Principals
Marco Dunand
Co-Founder and CEO
Daniel Jaeggi
Co-Founder and President
Sector focus
Frequently asked questions
Who runs investment decisions at Mercuria?
Co-founders Marco Dunand and Daniel Jaeggi remain the dominant decision-makers, with Dunand serving as CEO and Jaeggi as President. The partnership structure concentrates authority in the hands of senior traders who have been with the firm since its early days. Operational decisions are made by desk heads in Geneva and Houston, not by a remote investment committee.
How is Mercuria's energy transition strategy structured?
Mercuria launched a dedicated energy transition group in 2018, which operates alongside the legacy hydrocarbon trading desks. The group targets direct equity investments in battery storage, EV charging infrastructure, and solar development platforms. Its Verdalia Bioenergy partnership with Goldman Sachs, announced in May 2023, focuses specifically on biomethane project development across Europe.
Why did Mercuria acquire J.P. Morgan's physical commodities unit?
The 2014 acquisition of J.P. Morgan’s physical commodities trading desk gave Mercuria scale in U.S. natural gas and power while J.P. Morgan exited under post-Dodd-Frank regulatory pressure. Mercuria absorbed the team and the book at a valuation widely believed to be favorable, reinforcing its pattern of acquiring assets during periods of structural dislocation in the commodities sector.
Does Mercuria participate in fund commitments or only direct deals?
Mercuria primarily invests directly, taking ownership stakes in midstream infrastructure, renewable energy platforms, and trading-related assets. The firm does not market investment funds to external LPs and does not operate as a fund manager. Occasionally, Mercuria structures co-investment vehicles with strategic partners like Goldman Sachs, but these remain bespoke and limited to specific mandates.
What investment stages does Mercuria typically target?
Mercuria targets assets across the commodity value chain, from direct trading books to mature infrastructure with stable cash flows. The energy transition side of the business invests in growth-stage platforms that have moved past technology risk and require capital to scale physical operations. The firm avoids venture-stage technology bets, preferring assets that generate near-term revenue from physical flows.
Which regions drive Mercuria's deal flow?
Mercuria's core trading flows originate in the Atlantic Basin, with significant exposure to U.S. Gulf Coast infrastructure, North Sea crude, and European natural gas markets. The firm maintains a growing presence in Asian LNG markets, but the majority of its owned physical assets — storage tanks, pipelines, and terminals — cluster around the U.S., Europe, and the Middle East.
How is Mercuria related to its co-founders' prior firm, Sempra Energy Trading?
Marco Dunand and Daniel Jaeggi co-founded Mercuria in 2004 following the sale of Sempra Energy Trading to the Royal Bank of Scotland. Several early Mercuria traders were former Sempra colleagues, and the firm's culture of aggressive physical positioning and proprietary risk-taking carries direct continuity from the Sempra desk. There is no ongoing corporate relationship between Mercuria and Sempra Energy.
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