Levered Capital Advisory Partners
Strategic advisors to hedge funds.
Built by operators who have run business development, risk, and portfolios at the world's leading multi-strategy firms — we partner with hedge funds to grow people, capital, and platforms, and we structure our work to align with the firms we serve. Our business is composed of two practices: consulting and regulated capital formation.
About Us
Inside experience, deployed for our clients.
LCAP was founded on three principles: deep domain expertise, professionalism, and integrity. We advise hedge funds, family offices, allocators, and investment professionals — helping them unlock the expertise, experience, and relationships needed to drive performance, growth, and long-term evolution.
Our team has collectively run business development, risk, and portfolios at major firms. That vantage point — earned from inside the industry rather than alongside it — lets us bridge capital and talent in ways that create enduring value, and lets us speak the language of the principals and platforms we serve.
Where We Add Value
Evolution & green fields.
The firms that compound are the ones that keep evolving — adding new sleeves, retiring tired ones, repricing financing, refreshing seats. Our most valuable work is often at the edges: the strategies your platform doesn't already cover, the financing optimizations competitors aren't pricing in, the talent pools the recruiters aren't combing.
We spend a disproportionate amount of our time looking for the green fields — opportunities to deploy risk, talent, or capital where the rest of the market is not yet looking. Once identified, we help our clients move on them ahead of the curve.
Our Approach
Strategic advisors. Aligned by design.
We prefer to operate alongside our clients rather than across the table from them. Our engagements — whether consulting, talent search, or capital formation — are structured so that our success is a function of yours. We invest our expertise, network, and time at the front end and align our economics with the long-term growth of the firm.
01
Aligned economics
Fee structures designed around outcomes — built to scale with AUM and team size, not to charge for activity.
02
Operator vantage
We have sat in your seat: BD heads, risk managers, and portfolio managers at the largest multi-strategy platforms.
03
One relationship, multiple levers
Consulting, talent, and financing through our advisory practice, as well as capital introduction through LCAP Capital Formation. All coordinated in one relationship.
Consulting Practice
Four pillars, one conversation.
Our consulting engagements are tailored to the specific commercial and risk objectives of each client, and most engagements draw on more than one of the practices below.
Human Capital Management
Portfolio managers, risk takers, and infrastructure leaders.
We have identified, evaluated, and placed thousands of investment, C-suite, and infrastructure professionals across the hedge fund ecosystem. Whether you are building a sleeve, replacing a seat, or assembling an entire platform, we help you find the people who will produce — and the structures that will keep them.
Broker Relations
Counterparty strategy and prime brokerage relationships.
Long-standing relationships with the major prime brokers, clearers, and dealers — combined with a granular understanding of how each one prices and allocates balance sheet — let us help clients negotiate, consolidate, and improve their counterparty footprint.
Risk Management
Frameworks built by people who have run them.
We advise on risk architecture, limits design, stress and scenario frameworks, and the cultural and governance practices that translate a risk policy into a risk discipline. Our team has held senior risk roles at the largest multi-strategy platforms and brings that lens to every engagement.
Problem Solving
An industry view, applied to the questions that don't fit neatly anywhere.
A lot of the most important questions a firm faces cut across practice areas: What strategies are orthogonal to what we already do? What would meaningfully lift our Sharpe — or any other risk metric we care about? What actually fits inside our financing and tech stacks? What is the true, fully-loaded cost of a new addition? We bring a cross-industry best-practices lens to questions like these — synthesized from decades of seeing how the most disciplined platforms approach them.
Specialty
Connecting risk takers to risk capital — across the full spectrum.
The defining problem in our industry is straightforward to state and difficult to solve: match the right risk taker to the right kind of capital, at the right time, in the right structure. We have spent our careers doing this from every seat — as principal, as platform, and as allocator — and we advise both sides of the conversation across the full structural spectrum.
Path A
Internal hire.
Direct employment on a platform — compensation, capital allocation, infrastructure, and risk framework integrated into the firm.
Path B
External allocation — SMA or Fund of One.
The manager retains operational independence; the allocator retains transparency and risk control. Regulated capital introduction handled through LCAP CF.
Path C
LP investment in a private fund.
Targeted introduction of LP interests in commingled private funds to durable, strategy-appropriate capital. Conducted through LCAP CF.
Regulated Activities
Paths B and C — external allocations (SMA / Fund of One) and LP investment in private funds — are regulated capital formation activities and are conducted exclusively through LCAP CF, our affiliated capital formation practice supervised by Stonehaven LLC, Member FINRA / SIPC. Securities-related activity is not conducted by Levered Capital Advisory Partners, LLC.
Check the background of Stonehaven, LLC on FINRA BrokerCheck →
For PMs & Risk Takers
The right seat, structure, and partner.
Whether you are looking for an internal seat at the right platform, evaluating an SMA or Fund-of-One structure for your strategy, or considering launching a fund of your own, we help you understand the landscape, weigh the trade-offs, and find the counterparties whose capital and risk preferences actually match your book.
For Allocators
Differentiated alpha, vetted by operators.
We work with institutions, family offices, and wealth platforms seeking differentiated alpha streams that fit a specific portfolio role. Every mandate we represent has been evaluated by people who have built and run portfolios at the platforms allocators most respect — so the introduction starts with substance.
BDAAS
Business Development as a Service.
For firms that want to outsource specific stages of business development rather than build the full function in-house, we plug into your existing process on a project or retainer basis. Typical scopes include preliminary through late-stage candidate interviews, liaising with external recruiters, supporting allocator outreach, and coordinating the operational steps between candidate identification and signed engagement — handled by people who have run end-to-end BD at the largest hedge funds.
Questions We Help Clients Answer
The conversations that actually move the firm.
Who should I hire — and what does the right structure look like to keep them?
Where is the demand for my strategy, and from which kind of capital?
Where does my strategy fit on a risk basis — inside my book, and across the market?
Internal hire or external allocation — which path actually serves the firm and the PM?
Regulated Affiliate
LCAP CF — Capital Formation.
Our regulated capital formation practice — licensed and supervised through Stonehaven — handles third-party marketing and capital introduction for SMAs, Funds of One, and LP interests in private funds.
LCAP CF is a separate, registered practice and is presented under its own brand. Securities activity is conducted exclusively through that channel.
Check the background of Stonehaven, LLC on FINRA BrokerCheck →
Practice Focus
Discretionary and systematic, across asset classes.
A representative cross-section of the strategies our principals have built, financed, traded, or placed across discretionary and systematic mandates.
Equities
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Long / Short
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StatArb / Index Rebalance
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Macro Equity
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Event Driven
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Volatility Strategies
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Convertible Arb
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Merger Arb
Commodities
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Energy, Metals
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Ags, Softs
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Directional
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Spreads
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Volatility Strategies
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Relative Value Strategies
Fixed Income
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Rates, Macro, FX, STIR
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Credit, EM, Distressed, Securitized
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Funding, Financing
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Volatility, Arb
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Relative Value, Arb
Digital / Crypto
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Directional
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Relative Value Strategies
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Quantitative / Algo
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Funding / Financing / Staking
Our Partners
The team.
Founded by Peter Hornick, who led global business development at three prominent hedge funds over the past 14 years. Our partners have collectively built, financed, and run businesses at the world's most respected multi-strategy platforms.
Founder
Peter Hornick
Peter has over 35 years of experience in financial services, with deep expertise in hedge fund manager selection and business development. He served as Global Head of Business Development at Millennium, ExodusPoint, and Brevan Howard, where he played a central role in building and scaling investment platforms, leading teams responsible for sourcing, evaluating, and onboarding portfolio managers across fixed income, equity, and digital strategies. Peter has evaluated thousands of portfolio managers and maintains an extensive network of allocators, capital providers, prime brokers, and service providers. Earlier in his career, he held senior leadership roles across trading, sales and management at Merrill Lynch, Lehman Brothers, and Nomura.
Partner
Brian Yelvington
Brian is a former macro portfolio manager and business development professional with roles at Brevan Howard, Moore Capital Management, and First New York. He brings deep expertise in macro strategy, risk-taking across cycles, and the practical realities of running a book inside a multi-strategy platform.
Partner
Dave Steck
Dave brings more than 25 years across global markets. He previously served as Global Head of Broker Relationships at Brevan Howard and led Senior Client Relationship Management for the Americas at Nomura. He anchors LCAP's broker relations and counterparty advisory practice.
Partner
Steve Garrett
Steve brings more than 25 years across global financial markets — portfolio management, trading, risk management, strategic advisory, and business leadership. A former portfolio manager at Millennium, he previously held senior fixed-income trading roles at State Street, Dresdner Kleinwort, Commerzbank, and Credit Suisse. Most recently, he led business strategy, execution, and operations for the Systematic business at Brevan Howard, building out the platform across trading, finance, and technology.
Partner
Erik Beal
Finance executive and adviser providing CFO and strategic support to founder-led businesses, family offices, and private equity firms. Former portfolio manager who built and led the Emerging Markets Fixed Income Relative Value strategy at Cargill / Black River, and managed the Emerging Markets Fixed Income OTC Options business at Merrill Lynch.
Partner
Vick Tandon
Vick has spent his career at the intersection of alternative investments and human capital, specializing in senior placement of investment and infrastructure professionals across private capital and hedge funds. He focuses on talent strategy for firms scaling new strategies or rebuilding key seats.
Partner
Felix Cua
Felix is a risk and portfolio management veteran with experience at Citadel and other top-tier multi-strategy platforms. He focuses on risk architecture, portfolio construction, and the structural design of PM onboarding — the practices that translate a hiring decision into a contributing book.
Strategic Advisor to hedge funds. Consulting and capital formation, delivered alongside our clients.
Inquiries: Inquiries@LevCapAdvisory.com
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