Key Takeaways
- • Shiprock Capital Management is preparing to launch a new hedge fund in 2026 focused on expanding its debt trading capabilities, according to a Bloomberg report citing an investor letter.
- • The firm hired Alex Williamson, formerly Deutsche Bank's head of emerging market debt, to support the build-out of the new strategy.
- • Shiprock's assets under management reached approximately $1.1bn after launching with $80m in early 2023, and the firm closed to new capital earlier this year.
- • The new fund's size and investment mandate were not disclosed.
- • Shiprock was up around 6% for the year through November 2025, following gains of 32.4% in its launch year and 34.5% in 2024.
Summary
Shiprock Capital Management, a London-based hedge fund, is preparing to launch a new vehicle in 2026 as it seeks to expand its debt trading capabilities, according to a report by Bloomberg citing an investor letter. The firm has hired Alex Williamson, formerly Deutsche Bank's head of emerging market debt, who will play a key role in the build-out. Debt trading is expected to be a central focus of the new fund. The investor letter did not disclose the fund's size or investment mandate.
The launch comes despite subdued capital-raising conditions across the hedge fund industry. Shiprock has grown to approximately $1.1bn in assets under management since launching with $80m in early 2023. The firm closed to new capital earlier this year, joining a small group of managers, including Ilex Capital Partners and Kite Lake Capital Management, that have turned away fresh inflows amid capacity constraints.
Williamson's appointment follows a series of senior hires over the past year. Shiprock has added senior sovereign strategist Mauro Roco, senior investment counsel Eric Ho, and chief operating officer Gav Sangha, who joined in March. Former King Street Capital professional Nicolai Vickman joined as chief risk officer in December. The firm was co-founded by chief investment officer Andrey Pavlichenkov, previously a senior portfolio manager specialising in emerging market distressed debt at VR Capital Group, and Simon Milledge, who spent more than a decade at GML Capital.
Performance has remained strong since launch. According to the investor letter, Shiprock was up around 6% for the year through November, following gains of 32.4% in its launch year and 34.5% in 2024.
The launch comes despite subdued capital-raising conditions across the hedge fund industry. Shiprock has grown to approximately $1.1bn in assets under management since launching with $80m in early 2023. The firm closed to new capital earlier this year, joining a small group of managers, including Ilex Capital Partners and Kite Lake Capital Management, that have turned away fresh inflows amid capacity constraints.
Williamson's appointment follows a series of senior hires over the past year. Shiprock has added senior sovereign strategist Mauro Roco, senior investment counsel Eric Ho, and chief operating officer Gav Sangha, who joined in March. Former King Street Capital professional Nicolai Vickman joined as chief risk officer in December. The firm was co-founded by chief investment officer Andrey Pavlichenkov, previously a senior portfolio manager specialising in emerging market distressed debt at VR Capital Group, and Simon Milledge, who spent more than a decade at GML Capital.
Performance has remained strong since launch. According to the investor letter, Shiprock was up around 6% for the year through November, following gains of 32.4% in its launch year and 34.5% in 2024.
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