The Investor has, by reason of its business & financial experience, such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that it is capable of:
1. Evaluating the merits & risks of an investment in the Securities and making an informed investment decision;
2. Protecting its own interest; and
3. Bearing the economic risk of such investment for an indefinite period of time.


DISCLAIMER | Horatius Capital Limited is an Appointed Representative of Privium Fund Management (UK) Limited (“Privium”) which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. The content of this website is for information only and is not intended to be independent investment research. It is not an invitation to buy or sell an investment and is not advice on investments, taxation or on any other matter.This information is not intended to be used by or distributed to any person or entity in a jurisdiction or country where this would be contrary to local law or regulation. Within the EEA, the fund is only available to Professional Investors as defined by local Member State law and regulation. Outside the EEA, the fund is only available to Professional Clients or Eligible Counterparties as defined by the FCA, and in compliance with local law. This content is not intended for distribution in the United States (“US”) or for the account of US persons, as defined in the Securities Act of 1933, as amended except to persons who are “Accredited Investors”, as defined in that Act and “Qualified Purchasers” as defined in the Investment Company Act of 1940, as amended. It is not intended for distribution to retail clients. The representative in Switzerland is ARM Swiss Representatives SA, Route de Cité-Ouest 2, 1196 Gland, Switzerland. The paying agent in Switzerland is Banque Heritage, 61, route de Chêne, Case Postale 6600, CH-1211 Geneve 6, Switzerland. The Prospectus, the Articles of Association and annual financial statements can be obtained free of charge from the representative in Switzerland. The place of performance and jurisdiction is the registered office of the representative in Switzerland with regards to the Shares distributed in and from Switzerland. We believe the information on this website is based on reliable sources, but its accuracy cannot be guaranteed. The opinions expressed represent our views at the time of publication and are subject to change. Neither Privium nor Horatius Capital Limited will be liable for any losses relating to the accuracy, completeness or use of information on this website, including any consequential loss. Past performance does not predict future results and the capital value of investments and the income generated can fluctuate. Where investments are exposed to currencies other than the base currency of the managed account, they may be subject to foreign exchange rate fluctuations.

The registered office of Privium is The Shard, 24th Floor, 32 London Bridge Street, London, SE1 9SG.

Copyright©2021, Privium Fund Management (UK) Limited. All rights reserved.


Dominic Armstrong, Chief Executive Officer & Co-Founder

Dominic read History at Magdalene College, Cambridge and brings to Horatius a combination of 15 years of investment banking at Robert Fleming in London and Asia, with 15 years of advising multi-national corporations on geopolitical risk via his own intelligence and security firm, Aegis Defence Services. This work typically involved providing large corporate clients with highly sensitive go/no-go advice on investment decisions across the world. Dominic sold Aegis in October 2015 but bought out its intelligence arm, creating a new, independent advisory consultancy called Herminius.  The Horatius Fund actively leverages Dominic’s intelligence network and relationships.

Stephen Drew, Chief Investment Officer

Stephen is a senior business leader with over 25 years of successful track record in creating sustainable, high quality profitability across global fixed income, macro, and emerging markets. He has experience in starting, restructuring, and managing business transformation during periods of high regulatory change and disruption. Most recently he was Head of Emerging Markets, Fixed Income at Janus Henderson Investors for 5 years, and prior to this was a Partner and Portfolio Manager at Thames River Capital and Tudor Investment Corporation, following over 10 years in various trading and management roles at Salomon Brothers, Lehman Brothers, and JP Morgan. He has extensive global client relationships developed over many years and has a practical understanding of technology, data, and its application to the investment world. Stephen is a frequent speaker and presenter on emerging markets at global conferences.  

James Sclater, Senior Portfolio Manager & Co-Founder

James has held senior management and trading roles at credit funds for the last twenty years, and most recently was the Senior Portfolio Manager of the KKR Credit Fund. James has managed funds with AUM of $750mm and gross balance sheets in excess of $2bn. James has a proven track record across the cycle, including the credit crisis of 2008. Prior to this he worked in project management in Mozambique. He originally qualified as a lawyer with Clifford Chance. James is a graduate of the University of Bristol where he earned a BA in Philosophy (with Politics).

James Edwards, Head of Marketing and Investor Relations

James has worked as an investment manager for over 25 years, and first started investing in Emerging Markets in 1994. He has managed most types of fixed income including one of the earliest pure emerging market CDOs. He has often been the main point of contact with investors and it is in this role that he is primarily involved at Horatius. Before Horatius James had been one of the founders of an alternative investment seeding business that backed a number of early stage funds, including a private equity vehicle that invested into Mozambique. James graduated from Exeter University with a BA in Economic and Political Development.

Dr Dominick Donald, Head of Geopolitical Research

Dr Dominick Donald has been a geopolitical analyst for 25 years. He read Modern History at Magdalen College, Oxford and after stints in the British Army, as a UN official, and foreign affairs leader writer at The Times, he completed a War Studies PhD at King’s College London. He joined Aegis as its founding analyst in 2002 and left as a Director and its Head of Geopolitics in 2016; since then he has worked in an advisory capacity for a number of commercial firms. In his nearly two decades in the political risk sector he has advised governments, armed forces and corporations on global developments ranging from the War on Terror to Brexit. It is this experience in the analysis of political reality that combines with Horatius’ market expertise to identify assets which  may be mispriced due to geopolitical misconceptions.

Jo Francis, Chief Operating Officer

Jo has 20 years experience in investment operations, having worked at Deutsche Asset Management and Merrill Lynch Investment Managers before moving to hedge fund RAB Capital, where she helped to build out the fund accounting team and implemented a robust operational infrastructure for this function. After this, Jo spent 6 years at another hedge fund, Urwick Capital, beginning as Operations Manager and progressing to COO. She also held this role at the Mittal family office before joining Horatius in late 2017.


Horatius Capital Limited Registered Company No. 10436077 Registered Address 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

Horatius Capital Limited is an Appointed Representative of Privium Fund Management (UK) Limited which is Authorised and Regulated by the Financial Conduct Authority.

Copyright Horatius 2021.