Since 1991 · Private Capital Management
We advise sovereign wealth funds, endowments, and select family offices on long-horizon capital strategies — combining macroeconomic insight with rigorous portfolio construction.
Investment Philosophy
We believe that genuine wealth preservation requires resisting the noise of short-term markets. Our disciplined, research-intensive approach focuses on fundamentals, asymmetric opportunities, and downside protection.
Every allocation decision is stress-tested against scenarios of extreme market dislocation. We never sacrifice permanent capital for marginal return.
Our portfolios hold 15–25 positions at any time. Breadth without conviction is noise. We own only what we understand deeply.
Our clients think in decades. We align incentives accordingly — our own capital sits alongside theirs in every strategy we manage.
Our Team
Jonathan Keller
Founder & Managing Partner
30 years managing institutional capital across five market cycles. Previously CIO at a global multi-asset division.
Sarah Whitmore
Partner, Global Fixed Income
Former head of sovereign debt strategy. PhD in financial economics from the London School of Economics.
David Osei
Partner, Emerging Markets
20 years navigating EM volatility across Africa, Southeast Asia, and Latin America. MBA from Wharton.