Align your portfolio with the
Chicago Investment Framework


Broadening access to quantitative strategies at the frontier of investing.


Guiding Principles


Lean + Agile Ops
Investors pay over $100 billion a year in management fees. Our business model is a radical departure from the status quo in an industry where conflicts of interest, opacity, and malfeasance remain the norm.


Long-Term Efficient
Our disciplined approach is refined from Chicago research based on 100 years of data across 30 countries to take advantage of both short-term divergences and long-term corrections.


Behavioral Finance
Investors tend to chase returns and overreact to short-term news. We exploit these short-term errors in the market while striving to help our own investors avoid the common behavioral traps.



Architecture


Incentives
We are building a community based on a set of shared values, with deep roots in the cradle of modern finance.


Investments
Managed by Chicago Global Capital, the Fund combines defensive and opportunistic strategies into a single portfolio at the intersection of multiple risk factors and pricing anomalies.


Intellectual Capital
To question, to refine, and to innovate – these are essential aspects of this tradition. We set out on a mission to combine timeless strategies with advanced technology.



About Us


Chicago Global was founded to operationalize the breakthroughs in quantitative asset pricing and behavioral finance. Managed by Chicago Global Capital, the Fund is designed to deliver superior performance over the long term in a transparent and efficient manner.

  • Learn More
Learn More

We are building a community of investors based on a set of shared values, with deep roots in an intellectual tradition that has become synonymous with the University of Chicago. Over the last 50 years most of the foundational work in quantitative asset pricing and behavioral finance was done there, cementing its reputation as the cradle of modern finance. It re-defined the way we think about investing, about risk, about investor psychology. And along the way it earned 32 Nobel Prizes in finance and economics — far more than any other university. The Chicago Investment Framework combines empirical evidence and deep theory into a rules-based approach that maximizes performance over the long run. We pulled together a team of investment professionals and scientists with diverse and complimentary skills, most of whom hold advanced degrees from the University of Chicago.

Managed by Chicago Global Capital, the Fund combines defensive and opportunistic strategies into a single portfolio at the intersection of multiple risk factors and pricing anomalies. The strategy mix adjusts dynamically over the course of the economic cycle. Risk management is a central aspect of capital allocation, with strict exposure limits at the company and regional level.

The equity component comprises 800 companies across emerging and developed markets. The bond component contains G7 and other high-grade sovereign issuers. The fund also runs an “alpha book” made up of distinct, lower-capacity hedge-fund strategies that provide uncorrelated return streams.


Team



Ivan Chelebiev

PORTFOLIO MANAGER

Ivan Chelebiev




Ben Charoenwong

HEAD OF DATA ANALYTICS

Ben Charoenwong, Ph.D.




Andy Cheah

HEAD OF CORPORATE DEVELOPMENT

Andy Cheah Chor Min





Alan Kwan

HEAD OF ALTERNATIVE DATA

Alan Kwan, Ph.D.





HEAD OF BUSINESS DEVELOPMENT

David Frick





HEAD OF PRIVATE EQUITY

Wesley Barnes





Vedant Wanchoo

DATA ANALYST

Vedant Wanchoo




Nanut Chaichanawanich

QUANTITATIVE RESEARCHER

Nanut Chaichanawanich






Advisory Board



Michael Gibbs

GOVERNANCE

Michael Gibbs, Ph.D.




Laurence Siegel

ASSET ALLOCATION

Laurence Siegel





Gaurav Rastogi

QUANTITATIVE STRATEGIES

Gaurav Rastogi




Karin Berardo

ESG

Karin Berardo



How We Earn Our Fees

FIRST

Strategy Alpha

Markets function better when investors step in as prices diverge from intrinsic value. Research shows a link between the quantum of inefficiency and the required incentive to restore equilibrium. To zig, while others zag.

LEARN MORE

SECOND

Structural Alpha

At some point algorithms must confront scalability. Fund size erodes the excess returns to almost any investment. To reduce incentives to purely gather assets, we are bootstrapped from day one. This unlocks entire markets and strategies, which large managers cannot access.

LEARN MORE

THIRD

Investor Alpha

We believe investing in partnership with our clients as a source of a sustainable edge. This includes carefully designed, crafted, and timed communication to minimize reactionary investment behavior while promoting long-term investments.

LEARN MORE



Head of Private Equity

Wesley Barnes

Chicago Global Capital Pte Ltd.

Wesley Barnes is the Head of Private Equity for Chicago Global.  He has lived in Asia for over 20 years as part of a career that has spanned private equity and management consulting in Japan, Hong Kong and Singapore.  He has spent 17 years in private equity, originating, executing and managing investments in Asia’s vibrant middle market on behalf of global blue-chip limited partners and major family offices. 

Mr. Barnes earned his MBA from the University of Chicago, Booth School of Business with concentrations in Finance and Accounting.  He also holds a Bachelor of Science from Georgetown University’s Walsh School of Foreign Service, with a concentration in International Finance and an Asian Studies certification.





Head of Business Development

David Frick

Chicago Global Capital Pte Ltd.

David is partner at Chicago Global and serves as Head of Business Development. As Head of Business Development, David is responsible for the development of key investor relationships, corporate strategy, marketing and product management. David was previously Executive Director at LGT Capital Partners where he was responsible for strategy, asset raising and management of institutional relationships in Asia.

Prior to joining LGT Capital partners, he was Senior Vice President at SAIL Advisors, where he was involved with the group’s business development and corporate strategy initiatives. David also held roles with Morgan Stanley in New York, where he helped oversee Morgan Stanley’s corporate strategy and M&A activities, as well as with Fidelity Investments and Aragon Asset Management in portfolio management and business development. David earned a Master’s degree in International Finance from Columbia University in New York, and a Bachelor’s Degree in International Business & Economics from Eckerd College.





ESG

Karin Berardo

Karin is the Director of Sustainable Debt at NatureVest, the in-house impact investment team at the Nature Conservancy focusing on sourcing and structuring investment products. Karin has over 20 years of experience structuring investment vehicles and managing risk for Stumpf Energy, M+W Group, CleanPath Ventures, Municipal Mortgage & Equity and Accenture. Karin also led research on sustainable natural resources management and policy in the Brazilian Amazon in a partnership between IMAZON and the Ford Foundation. Karin completed her Bachelor of Arts in Latin American Studies from the University of Chicago in 1991, and received a dual Masters in Public Policy with a focus on taxation and public finance from the University of Chicago Harris School of Public Policy and an International MBA from the Booth School of Business in 2000.





QUANTITATIVE STRATEGIES

Gaurav Rastogi

Gaurav is the CEO of Kuvera.in, an online financial advisory service based out of Bangalore, India and has over 15 years of experience in investing in equity and debt markets. Prior to founding Kuvera, Gaurav worked at Morgan Stanley in New York City and Hong Kong, where he built expertise in developing and implementing proprietary quantitative investment strategies for credit and equity. He completed an MBA in Finance and Economics from the University of Chicago Booth School of Business in 2006, where he was a Siebel Scholar. He completed his undergraduate degree in Computer Science from IIT Delhi in 2000, where he was a SAIL Scholar.





ASSET ALLOCATION

Laurence Siegel

Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that he was director of research at the Ford Foundation’s investment division for 15 years. Larry began his career at Ibbotson Associates in 1979 and left as a Managing Director after 15 years. He specializes in asset management and investment consulting and has served on various boards as both an adviser and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of the Journal of Portfolio Management and Journal of Investing. Larry completed his Bachelor of Arts with Honors at the University of Chicago in 1975 and received an MBA in finance at the University of Chicago Booth School of Business in 1977.





GOVERNANCE

Michael Gibbs, Ph.D.

Michael studies the economics of human resources and organizational design. He is co-author (with Edward Lazear) of the leading textbook in the field, Personnel Economics in Practice. The 3rd edition was published in 2014. It has been translated into Japanese, Korean, Bulgarian and Spanish, and a Chinese edition is forthcoming. Gibbs’s research has been published in the Quarterly Journal of Economics, Review of Economics & Statistics, Industrial & Labor Relations Review, Accounting Review, and other journals. Professor Gibbs is a Research Fellow of the Center for the Study of Labor (IZA) and the Institute for Compensation Studies. From 2012-2015, he was Faculty Director of Booth’s Executive MBA program. Michael earned an AB and AM in 1984 and a Ph.D. in economics in 1989, all from the University of Chicago.





PORTFOLIO MANAGER

Ivan Chelebiev

Chicago Global Capital Pte Ltd.

Ivan Chelebiev is a portfolio manager with Chicago Global Capital in charge of the Chicago Global Strategies fund. Mr. Ivan Chelebiev has over 20 years of experience in asset management. His career began on Wall Street in 1999 and took him to Europe and Asia in various portfolio management and research capacities, spanning equities, bonds, and their derivatives. He helped start the hedge fund research group at Morgan Stanley, which led to the creation of indices and portfolios that stimulated the acceptance of alternative investments in institutional portfolios. He conducted due diligence and quantitative analysis on hundreds of hedge funds. He was one of the principal authors of MSCI’s Hedge Fund Index Methodology.

He evaluated and directed investments in relative value hedge funds while at Financial Risk Management LLC, ultimately helping to manage over US$700 million. As a portfolio manager with LGT Capital Partners, he ran top-down sector allocation an investment selection for a US$1.2 billion hedge fund portfolio. After the fall of Lehman Brothers in 2008, he launched a private investment partnership that made direct investments across three dimensions: equity, credit, and volatility.

Mr. Chelebiev earned two master’s degrees from the University of Chicago with a concentration in finance. He also holds a bachelor’s degree Summa Cum Laude from Oklahoma City University.





HEAD OF DATA ANALYTICS

Ben Charoenwong, Ph.D.

Chicago Global Capital Pte Ltd.

Ben is the Head of Data Analytics at Chicago Global and an assistant professor of finance at the National University of Singapore where he teaches International Finance and Economics at the masters and undergraduate level. He has worked at Citadel Investment Group, teaching research skills and financial econometrics to new quantitative researchers and developers, and has also advised LEK Consulting on applying machine learning techniques to capital budgeting.

He completed a Ph.D. in Finance and an MBA at the University of Chicago Booth School of Business in 2017, where he received the Fischer Black Ph.D. Fellowship, Eugene Fama Ph.D. Fellowship, and was an inaugural recipient of the Fama-Miller Liew Research Fellowship. Prior to that, he completed a bachelor’s of science in Honors Economics, Honors Statistics, and Financial Mathematics with Highest Distinction from the University of Michigan – Ann Arbor.





HEAD OF ALTERNATIVE DATA

Alan Kwan, Ph.D.

Chicago Global Capital Pte Ltd.

Alan is the Head of Alternative Data at Chicago Global and an assistant professor of finance at Hong Kong University where he teaches Quantitative Trading and Big Data Analysis in Finance at the Masters level. His research is in empirical corporate finance and investments, with a specialization in using alternative data. He received his Ph.D. from the Johnson School of Management in 2017 at Cornell University and his BA from Dartmouth College in 2009. Between school, he worked at DC Energy as a quantitative trader, Microsoft as a software developer, and Bridgewater Associates as a technology specialist on the research team.





CLIENT SOLUTIONS

Andy Cheah Chor Min

Chicago Global Capital Pte Ltd.

Andy is partner at Chicago Global and serves as Head of Corporate Development. As Head of Corporate Development, Andy oversees the development of key corporate relationships, product development and operations. Prior to Chicago Global, Andy was with a global family office group and where he helped to build a pioneering Southeast Asian Islamic investment management business focused on private equity, real estate and equipment leasing.

Andy also held roles in Corporate Finance advisory at HwangDBS Investment Bank, where he originated and executed complex transactions in M&A, structured products, IPOs and corporate restructurings. He began his career in the assurance practice of KPMG in Kuala Lumpur. Andy earned an MBA from the University of Chicago’s Booth School of Business and a Bachelor’s degree in Commerce, majoring in Accounting and Finance from Monash University.





Data Analyst

Vedant Wanchoo

Chicago Global Capital Pte Ltd.

Vedant is a Data Analyst at Chicago Global. He completed a MS in Investment Finance with Highest Distinction from National University of Singapore in 2020 and an undergraduate degree in Finance Summa Cum Laude from NMIMS (Mumbai) in 2018. Whilst at school, he worked at Chicago Global as a Quantitative Analyst, HDFC Mutual Fund (US$ 50 billion AUM) as an Investment Analyst and Ernst & Young as a Mergers & Acquisitions Analyst.





Quantitative Researcher

Nanut Chaichanawanich

Chicago Global Capital Pte Ltd.

Nanut is a Quantitative Researcher at Chicago Global. He graduated from the University of Chicago in 2020 with a double major in Economics and Mathematics, where he was named a Chicago Booth Scholar. Prior to joining Chicago Global, he worked primarily in the field of data science and machine learning.