Ionic Capital Management LLC

Ionic Capital Management LLC, founded in 2006, provides discretionary investment advice primarily to private investment funds (both commingled funds and funds‑of‑one) and serves as sub‑advisor to European UCITS funds and a registered investment company (the Inflation Protection ETF). As of December 31, 2025, Ionic reported approximately $7.8 billion in regulatory assets under management (inclusive of notionally funded mandates) and is delegated primary responsibility for the day‑to‑day operations of its private funds.

Ionic is an alternative asset manager that implements long volatility, relative value arbitrage, and value equity strategies across asset classes, and it also offers an inflation protection strategy using instruments such as inflation swaps, interest‑rate swaptions, Treasuries and TIPS. The firm uses derivatives, futures, currencies and leverage as part of its multi‑strategy, discretionary approach and emphasizes flexible portfolio construction and hedging techniques tailored to each fund’s governing documentation.

Distinctive aspects of Ionic’s business include its role as a portfolio manager for investment company clients (both UCITS and a registered ETF) and its registration as a commodity pool operator and commodity trading advisor with the CFTC and membership in the NFA. These regulatory affiliations and the firm’s involvement in commodities and futures markets, alongside its mix of commingled private funds and regulated investment mandates, are less common among managers that primarily oversee pooled vehicles.