Caygan Capital Pte. Ltd.

Flagship Products. Our multi-asset hedge funds were first launched in 2009 and have won several industry awards.
Global Presence. We have offices in London and Singapore with strong networks within Japan.
Institutional Clients.We serve primarily pensions, financial institutions and endowments.
Team Effort. Diverse group of over 17 professionals across 3 locations led by Founder and CIO Naruhisa Nakagawa (中川 成久), and CEO Nanda Lokanathan.
Philosophy.Caygan (keɪɡʌn /けいがん /慧眼) is inspired by the Japanese philosophy of deep insight that uncovers the true essence of things. This philosophy guides our processes.
Multi-Asset Hedge Funds that Invest for the Longer Term
Strategy– Our fun ds seek to optimize the balance between Carry and Convexity with respect to the credit cycle, economic conditions, and price opportunities. We aim to profit from Carry when markets are stable and from Convexity when markets are volatile.
Research– A multi-disciplinary team of analysts cover global macro, company fundamentals, and quantitative research to uncover investment themes and opportunities for each component (Carry/Convexity). Our focus on primary data research has allowed us to identify and profit from non-consensus market views.
Risk Management – Our expertise extends to modelling and quantifying the risk inherent in complex financial instruments including Additional Tier 1s (AT1s), convertible bonds, hybrid credit, and various volatility securities.
Research– A multi-disciplinary team of analysts cover global macro, company fundamentals, and quantitative research to uncover investment themes and opportunities for each component (Carry/Convexity). Our focus on primary data research has allowed us to identify and profit from non-consensus market views.
Risk Management – Our expertise extends to modelling and quantifying the risk inherent in complex financial instruments including Additional Tier 1s (AT1s), convertible bonds, hybrid credit, and various volatility securities.
Naruhisa Nakagawa
Naruhisa is the Founder and CIO of Caygan. He joined GCI Asset Management in 2009 to develop his multi-strategy funds and later initiated a spin-off to establish Caygan Capital. Prior to GCI, Naruhisa was a Director in Merrill Lynch Japan where he traded equity, fixed income (including convertible bonds) and related derivatives. Previously, he was with Goldman Sachs Japan where he traded convertibles and credit derivatives, while also focusing on model development.
Naruhisa graduated from the University of Tokyo and was awarded the Ouchi Hyoei Prize (Memorial Prize) and best senior thesis for his paper on Convertible Pricing with Credit Risk. He also co-authored a paper on Pricing Convertible Bonds with Default Risk which was published in the journal of Fixed Income in December 2001 and subsequently obtained >100 citations.
*Nanda Lokanathan
Nanda is the CEO of Caygan Singapore. He joined GCI Singapore (now Caygan) in 2007 and has performed diversified roles such as trader for multiple strategies and asset classes, FoHF analyst, head of operations and compliance, head of risk, and Chief Operating Officer. Presently, Nanda oversees the overall firm operations, including trading and risk activities. Nanda began his career with Citi focusing on alternative investments.
Nanda graduated from the National University of Singapore with a B.Sc. in Computer Science and pursued his Minor in Technology Entrepreneurship at the University of Pennsylvania. In addition, he holds a M.Sc. in Applied Economics from the Singapore Management University and a L.L.M in Corporate Finance Law from the University of London.
Naruhisa Nakagawa*
Naruhisa is the Founder and CIO of Caygan. He joined GCI Asset Management in 2009 to develop his multi-strategy funds and later initiated a spin-off to establish Caygan Capital. Prior to GCI, Naruhisa was a Director in Merrill Lynch Japan where he traded equity, fixed income (including convertible bonds) and related derivatives. Previously, he was with Goldman Sachs Japan where he traded convertibles and credit derivatives, while also focusing on model development.
Naruhisa graduated from the University of Tokyo and was awarded the Ouchi Hyoei Prize (Memorial Prize) and best senior thesis for his paper on Convertible Pricing with Credit Risk. He also co-authored a paper on Pricing Convertible Bonds with Default Risk which was published in the journal of Fixed Income in December 2001 and subsequently obtained >100 citations.

*Nanda Lokanathan
Nanda is the CEO of Caygan Singapore. He joined GCI Singapore (now Caygan) in 2007 and has performed diversified roles such as trader for multiple strategies and asset classes, FOHF analyst, head of operations and compliance, head of risk, and Chief Operating Officer. Presently, Nanda oversees the overall firm operations, including trading and risk activities. Nanda began his career with Citi focusing on alternative investments.
Nanda graduated from the National University of Singapore with a B.Sc. in Computer Science and pursued his Minor in Technology Entrepreneurship at the University of Pennsylvania. In addition, he holds a M.Sc. in Applied Economics from the Singapore Management University and a L.L.M in Corporate Finance Law from the University of London.
Meet The Team
SUSTAINABILITY*

As an investment firm, we acknowledge our duty to both operate and make investment decisions in a responsible manner, with due consideration to environmental and social concerns. Caygan is a signatory to the United Nations-supported Principles for Responsible Investment (PRI) and we are committed to the PRI’s six principles.
Responsible Investing.Our investment activities are subject to our Responsible Investment Policy (RIP), which has been drafted taking into consideration United Nations initiatives and other recommended practices.Please contact us at[email protected]if you wish to know more.
Supporting Startup Initiatives. We have channelled our profits from Caygan to private companies tackling climate change and key social problems through innovative and high growth solutions. Please contact us at[email protected]if you wish to know more.
List of Invested Companies

GCI Asset Management (GCI AM) is a Tokyo based investment firm providing alternative investment solutions for primarily institutional investors. Established in 2000, it focuses on developing innovative strategies that exhibit low correlation to traditional asset classes. Today, it has over 40 employees, managing assets over two billion dollars across multiple strategies.
Caygan’s Singapore office (formerly known as GCI IMS) was first established in 2004 by GCI AM. GCI IMS was re-branded as Caygan following the takeover by our CIO – Naruhisa Nakagawa. Presently, GCI AM remains a minority shareholder and a business partner of Caygan.