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A multi-asset investment firm with offices in London and Singapore.

 “Caygan” /ˈkeɪɡʌn/

The ability to perceive the true nature of things

The philosophy of ‘Caygan’ is the backbone of our culture, and we apply it to all investment and operating processes, including risk management, operations, research, and portfolio management.


Multi-Strategy Funds
– Our multi-strategy funds employ a long-term, counter-cyclical approach that adjusts portfolio allocations between carry and convexity assets over the course of the business cycle. The funds intend to profit from carry when markets are stable and from convexity when markets are volatile. Adjusting this balance we believe provides attractive risk adjusted returns over a variety of market conditions. Our research process is tailored to meet this unique approach and spans macro, fundamental, and quantitative disciplines.

CoCo Bond Funds – We create and manage tailor made portfolios for investors in accordance with their yield and risk appetite.

ESG Solutions – We offer consultation, advisory and portfolio management services for institutional clients seeking customized ESG thematic investments both in public and private investments. We are in discussions with banks and pension funds who seek solutions that tailor to their risk appetite.


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

Naruhisa graduated from the University of Tokyo and commenced his career at Goldman Sachs Tokyo in 2001, focusing on convertibles and credit derivatives trading and model development. He co-authored a paper on Convertible Pricing with Credit Risk which was published in the Journal of Fixed Income and has subsequently obtained over 100 citations.

Over time, Caygan has grown and developed expertise in various strategies and products, built on the same investment research and risk management foundation developed by Naruhisa. Today, Caygan has a full team of researchers and traders covering multiple time zones operating under a robust operational infrastructure.

For more information, please contact us at


A Capital Markets Service 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