LM5 Capital
Alternative Asset
Management
Market-neutral yield strategies across traditional and digital assets.
Capital preservation first.
LM5 Capital is a Netherlands-based alternative asset manager, founded in 2022 by professionals from tier-1 financial institutions. We provide institutional, professional and eligible investors with access to alternative yield strategies, applying the compliance culture, fiduciary discipline and risk management standards of traditional finance to inefficient and evolving markets.
We specialise in identifying structural inefficiencies across and between asset classes — including arbitrage between traditional instruments such as equities and commodities and their on-chain counterparts. Our strategies currently span digital and traditional asset markets, and our infrastructure is built to extend into additional asset classes as compelling opportunities emerge.
We are asset-class agnostic by design: we follow inefficiencies, not narratives. Across all strategies, we pursue market-neutral, low-volatility and liquid yield opportunities in which returns are driven by structural market inefficiencies rather than directional price exposure. We believe the most compelling risk-adjusted opportunities exist at the intersection of established financial discipline and evolving markets. Capital preservation is the foundation of sustainable returns, and we size every position accordingly.
Risk management is embedded in every layer of our operation: position and concentration limits, counterparty tiering, segregation of duties between portfolio management and risk oversight, and continuous monitoring of all exposures. Our infrastructure is built on institutional-grade custody solutions and a compliance framework designed for institutional scrutiny.
Meet Our Team
LM5 Capital was founded in 2022. Our founders come from tier-1 financial institutions bringing a culture of compliance, fiduciary duty, and rigorous reporting. The team collectively brings over 50 years of experience in trading, asset management and banking.
Tom has an international commercial leadership background spanning both the corporate world and Digital Assets, where he has built and led teams globally. Active in Digital Assets since 2016 and directly involved in the development of a DeFi platform, he understands the market from the inside out. At LM5 Capital, Tom leads all commercial activities, connecting opportunity with execution.
Robin has been active in financial markets since 2009, with deep expertise in derivatives trading and digital assets. He started his career at LYNX Investing before moving to NN Investment Partners — now Goldman Sachs. In 2017 Robin founded Bitfolia, a digital assets consultancy. Within LM5 Capital, Robin is responsible for portfolio management and trading strategies.
Roché is a seasoned financial professional with over 15 years of experience in wholesale banking at ABN AMRO, specialising in corporate and institutional finance. He has been active in digital assets since 2016. At LM5 Capital, Roché draws on his institutional banking background to strengthen the fund's governance frameworks, risk management processes, and operational infrastructure.
Luuk holds a background in business administration and started his career in the digital asset industry in 2017. He built experience at one of Europe's first digital asset brokers, later managing a liquid-yield portfolio and overseeing venture investments at a family office. At LM5, he is responsible for portfolio management.
Patrick is Portfolio Manager and Quant Analyst at LM5 Capital. He holds a Master's in Financial Econometrics from the Vrije Universiteit Amsterdam (VU). Since his first encounter with the crypto market in 2017, his passion for the sector has grown. Within the team, Patrick focuses on identifying market opportunities and conducting rigorous risk analyses.
Jan IJff is a wealth management and investment professional with 15+ years of experience advising (Ultra) High Net Worth individuals and families across the Netherlands, Belgium and Switzerland. He has designed bespoke portfolio strategies and strengthened risk frameworks in both traditional and alternative markets.
Daria is a quant developer focused on building internal tools and infrastructure that support LM5 Capital's trading and portfolio monitoring operations. Her work focuses on creating reliable automation and data-driven tooling that supports efficient portfolio oversight and decision-making.
Andreu focuses on building the core infrastructure for execution and research across markets. He holds a BSc in Mathematics from the Polytechnic University of Catalunya and an MSc in Stochastics and Financial Mathematics from the University of Amsterdam (Cum Laude). He possesses deep expertise in Machine Learning.
The Gemini Fund
Launched in September 2024, the Gemini Fund is an open-ended fund structured as a fiscally transparent Dutch fund for joint account (FGR). The fund pursues consistent, risk-adjusted returns through a diversified combination of conservative, defensive strategies — market-neutral positions, low-volatility approaches and liquid yield opportunities, including arbitrage between traditional and on-chain instruments. Returns are driven by structural market inefficiencies, not directional price exposure.
Capitalizing on price discrepancies and funding rates via delta-neutral strategies across traditional and digital exchanges.
Accessing institutional yields through tokenized real-world assets and regulated traditional market infrastructure.
Dynamically deploying capital into decentralized money markets and fixed-income protocols to capture high-yielding opportunities.
Our focus is on capital preservation first, consistent compounding, and institutional-grade risk management. We serve investors seeking a true alternative to traditional fixed income, completely free from directional equity market or digital asset risk.
What defines our approach
Who we work with
Performance Results
Gemini Fund — monthly returns (%) gross of fees. Inception May 2023.
| Metrics | Gemini | BTC | ETH |
|---|---|---|---|
| Total gross return | 126% | 171% | 7% |
| Annualized return | 33% | 49% | 25% |
| Volatility | 4% | 48% | 68% |
| Sharpe ratio | 4.7 | 0.9 | 0.3 |
| Sortino ratio | 27.4 | 1.9 | 0.5 |
| Calmar ratio | 6.1 | 2.5 | 0.6 |
| Fund vs. | BTC | ETH | SOL |
|---|---|---|---|
| Correlation | 0.6 | 0.5 | 0.6 |
| Alpha | 35.8% | 17.2% | 34.5% |
| Beta | 0.13 | 0.08 | 0.07 |
LTM Performance — Gemini vs. benchmarks
| Month | Gemini Fund | CIG Mneutral | NASDAQ Crypto | BTC |
|---|---|---|---|---|
| Jun-25 | 19.2% | 18.6% | 53.3% | 70.9% |
| Jul-25 | 24.1% | 19.7% | 67.2% | 79.1% |
| Aug-25 | 28.0% | 19.7% | 86.9% | 83.5% |
| Sep-25 | 29.9% | 19.5% | 79.5% | 80.1% |
| Oct-25 | 31.2% | 20.5% | 58.1% | 56.1% |
| Nov-25 | 30.0% | 16.9% | -10.4% | -6.3% |
| Dec-25 | 28.0% | 14.0% | -10.4% | -6.2% |
| Jan-26 | 27.1% | 13.1% | -22.8% | -23.1% |
| Feb-26 | 26.7% | 12.1% | -23.8% | -20.6% |
| Mar-26 | 26.2% | 11.6% | -17.1% | -17.3% |
| Apr-26 | 23.4% | 12.0% | -18.5% | -19.0% |
| May-26 | 20.1% | 10.8% | -30.8% | -29.6% |
Contact
To schedule an introductory call, request our investor materials, or ask a question, please use the contact form or reach us directly.
Amstelplein 54
1096 BC Amsterdam
The Netherlands