About | Pteris Capital
Empowering Capital, Preserving Nature
Pteris Capital is an impact-first, open-end multi-strategy hedge fund targeting a 14% net IRR. The fund is structured as a Delaware limited partnership under Regulation D 506(c) and is open exclusively to US-based accredited investors and qualified foreign investors. Pteris Capital systematically replaces traditional, ecologically destructive investing models—such as physical gold mining—with a scientist-built strategy that protects rainforests in Key Biodiversity Areas (KBAs) while optimizing institutional risk-adjusted returns. The fund achieves its objective by allocating capital across three distinct, rule-based sleeves managed under US law:
Eco-lodge private credit | 20% of NAV | Core SDGs: 15, 13, 8, 1: Pteris Capital protects rainforests from destructive extraction by financing sustainable, cash-yielding eco-lodge infrastructure. We select and finance ecotourism projects that demonstrate verifiable (sensu West et al. 2020; West et al. 2023) reductions in deforestation in the world’s Key Biodiversity Areas (Eken et al. 2004). This approach offers institutional and accredited investors a rigorous, auditable real-world alternative to traditional voluntary carbon offsets, which recent climate science has exposed as structurally flawed or largely ineffective (Probst & Egli 2026; Trencher et al. 2024; Allen et al. 2026).
Impact equity sleeve | 40% of NAV | Core SDGs: 15, 13, 7, 6: To manage the fund’s active cash reserves and baseline liquidity while avoiding a traditional impact-alignment return drag, Pteris operates a long-only, highly concentrated Impact Equity Sleeve holding between 4 and 10 US-listed positions. Rather than accepting broad diversification, which is a structural impossibility because filtering the large-cap universe for strict compliance with SDGs 13 and 15 reduces the investable universe to fewer than 20 qualifying liquid names, Pteris treats its strict environmental screen—requiring a Sustainalytics ESG Risk score below 20—as a primary return driver (see Albuquerque et al. 2020; Whelan et al. 2021). Historical performance attribution data comparing the MSCI ACWI ESG Leaders Index to its market-cap-weighted parent index across a multi-regime 2015–2024 window demonstrates that this top-quintile ESG risk management delivers a cumulative outperformance premium of roughly 30 to 50 basis points annualized.
Store-of-value macro hedge | 40% of NAV | Core SDGs: 15, 13: To protect investor principal against inflation and macroeconomic degradation without financing the very extractive industries destroying our target ecosystems, we utilize a liquid store-of-value allocation via BlackRock’s Bitcoin ETF (IBIT) as a systemic replacement for physical gold. We utilize Bitcoin as a liquid store-of-value, grounded in its programmatic scarcity and evidence of positive response to inflationary shocks (Blau et al. 2021). Global commercial gold demand acts as a severe structural driver of tropical deforestation, landscape fragmentation, and mercury pollution in critical hot spots, especially the Amazon (Swenson et al. 2011; Asner et al. 2013). World Gold Council data indicates institutional investment accounts for over $30 billion in annual physical gold demand, a direct macro incentive for the high-margin illegal supply chains currently clearing over 200,000 hectares of Amazonian rainforest annually (over 944,000 hectares were cleared between 2019 and 2023; Finer & Ariñez 2024). To disrupt this, LPs execute a specific, auditable gold-displacement mechanism via side-letter schedules, co-committing to reduce physical gold assets under management by $1 for every $1 allocated to the BTC sleeve.
The 14% net IRR target is delivered via an auditable mechanism. The equity and BTC sleeves target 20% gross appreciation on 80% of combined NAV, while the private credit sleeve targets a 6% cash yield on 20% of NAV, blending to approximately 17.2% gross returns. After a 2% management fee and 20% carry above a 6% hurdle rate, the model delivers its net target to limited partners.
Fund terms
| Structure | Open-End · Delaware LP | Offering | Reg D 506(c) · 3(c)(7) |
| Eligibility | Qualified Investors | Minimum investment | $10,000 |
| Management fee | 2% on NAV | Carried interest | 20% above 6% hurdle |
| GP commitment | 10% · Cash | Target Net IRR | ~14% |
| Target cash yield | 6% · Quarterly | Lock-Up | 36 months |
| Redemptions | Quarterly · 180-day notice | Gate provision | 25% of NAV / quarter |
| High water mark | Yes | Subscriptions | Monthly |
| NAV / Reporting | Monthly · Mark-to-Market | Prime Broker | Interactive Brokers |
| Benchmark | HFRI Fund Weighted Composite | Initial / Final close | Oct 2026 · Apr 2028 |