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A specialised multi-strategy investment firm serving institutional clients 

 Caygan / keɪɡʌn / けいがん / 慧眼


Caygan is inspired by the Japanese philosophy of deep insight that uncovers the true nature of things.

This philosophy guides our processes.


Strategies. Our award-winning multi-strategy funds have over 10 year track records.

Global Presence. We have offices in London and Singapore and strong networks within Japan.

Institutional Clients. We serve primarily pensions, financial institutions and endowments.

Team. Diverse and dedicated group of professionals across 3 locations led by Founder and CIO Naruhisa, and CEO Nanda.


Multi-Strategy (Credit & Volatility Specialists)
– Our multi-strategy funds dynamically manage portfolio allocation between Credit and Volatility over macro-economic cycles.  The funds intend to profit from carry when markets are stable and from convexity when markets are volatile,  delivering attractive risk adjusted returns over a variety of market conditions. The over 10 year track record has garnered the following awards.

2012 AsiaHedge Best Multi-Strategy | 2013 AsiaHedge Best Multi-Strategy | 2013 EurekaHedge Best Japan Hedge Fund | 2013 EurekaHedge Best Asian Multi-Strategy Hedge Fund | 2014 EurekaHedge Best Asian Multi-Strategy Hedge Fund

Financial Credit Funds – We manage tailor made portfolios drawing on our experience in global financial credit markets.

ESG Solutions – We offer consultation, advisory and portfolio management services for clients seeking customized ESG thematic investments both in public and private investments.


For more information, please contact us at


Caygan Capital (formerly known as GCI Singapore) was established in Singapore in 2004 by GCI Asset Management, a Japanese investment firm founded in 2000. GCI Singapore was re-branded as Caygan following the takeover by our CIO – Naruhisa Nakagawa. GCI remains a minority shareholder and a business partner of Caygan.

As Caygan, we offer products and services built on the same investment research and risk management foundation developed by Naruhisa. Today, we stand strong as a team of dedicated professionals, covering multiple time zones over 3 locations, operating under a robust operational infrastructure.


Naruhisa Nakagawa

Naruhisa is the Founder and CIO of Caygan. He joined GCI Asset Management in 2009 as its key portfolio manager to develop his multi-strategy funds. Prior to joining GCI, Naruhisa was a Director in Merrill Lynch Japan where he focused on the proprietary trading of equity, fixed income and related derivatives including convertible bonds. Previously, Naruhisa was with Goldman Sachs Japan where he focused on trading convertibles and credit derivatives as well as model development.

Naruhisa graduated from the University of Tokyo and was awarded the prestigious 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. He first joined GCI Singapore (now Caygan) in 2007 and has since had diversified roles which includes trader for multiple strategies and asset classes, research analyst for FOHF investments, General Manager of operations, compliance and risk management, and Chief Operating Officer. As the CEO, Nanda oversees the overall firm operations including trading and risk monitoring activities. Nanda commenced his career with Citi focusing on alternative investment products.

Nanda graduated from the National University of Singapore with a B.Sc. in Computer Science. He also studied at the University of Pennsylvania to complete his Minor in Technology Entrepreneurship. He additionally holds a M.Sc. in Applied Economics from the Singapore Management University and a L.L.M specialising in Corporate Finance Law from the University of London.



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. 

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.

Carbon Footprint.
We track and proactively attempt to reduce our emissions.

Supporting Green Initiatives.
We have invested our profits in over 10 private companies tackling climate change and key social problems. We firmly believe that current conditions also present a compelling investment opportunity in this space. Please contact us at if you wish to participate as an investor or collaborate as an industry peer.


A Capital Markets Services License holder granted
by the Monetary Authority of Singapore

600 North Bridge Road, #09-10,
Parkview Square, Singapore, 188778



Authorised and regulated by the
Financial Conduct Authority

4th Floor Rear Right, 6 Lloyds Avenue,
London EC3N 3AX


UK Stewardship Code | Pillar 3 Disclosures