Unlock Capital. Boost Returns.
Derivatives advisory for family offices, private credit, infrastructure, project finance, and boutique asset managers operating lean investment teams.
If you manage long-dated assets or complex cashflows – and either run derivatives today or need them run properly – this is built for you.
THE PROBLEM WITH MOST
DERIVATIVE OVERLAYS
Derivatives are powerful when designed properly.
In most lean investment teams, they aren’t.
They’re shaped by bank sales desks, not end-to-end derivatives practitioners accountable for outcomes.
The result isn’t protection. It’s drag.
- Mismatched tenors
- Optics-driven hedge objectives
- Weak pricing discipline
- Idle collateral
- No framework to adapt as markets change
Para Bellum removes that drag.
We redesign FX, rates, credit, equity, and volatility overlays aligned to how your portfolio behaves – not how it’s presented.
We focus on lifecycle economics: pricing, rolls, margin, optionality, and exit dynamics as they compound over time.
We operate across the full derivatives lifecycle – from design and pricing to execution, governance, and ongoing management.
Think of us as your Portfolio Surgeon™ – diagnosing where derivatives leak value and applying precision fixes that restore capital efficiency and performance.
who this is for
We work with lean investment teams managing complex, long-dated portfolios where derivatives, capital structure, and execution discipline materially affect outcomes.
Family Offices
Institutional-grade hedging, pricing, and structuring without building a full derivatives desk.
Private Credit
Capital-efficient FX and rates hedges aligned to long-dated loans and funding constraints.
Infrastructure Investors
Portfolio-level overlays designed to improve resilience, capital efficiency, and lifecycle outcomes across diversified holdings.
Project Finance Teams
Deal-specific FX, rates, and funding hedges aligned to construction phases, operating cashflows, and long-term financing.
Boutique Asset Managers
Governance-ready hedges, capital efficiency audits, and retained structuring capability that scales with the portfolio.
HOW WE ENGAGE
A structured process with clear decision points.
Diagnostic Review
A 60-minute working session focused on your portfolio and operating constraints.
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Short pre-call questionnaire on real issues
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Brief preparatory material reviewed in advance
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Live diagnostic to surface structural inefficiencies, governance gaps, and capital drag
This is a diagnostic, not a pitch.
Diagnostic Findings
A written summary of the material observations from the diagnostic.
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Where capital is constrained or misallocated
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What’s driving performance drag
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Which issues materially affect outcomes
This ensures alignment on the problem before discussing next steps.
Engagement Direction
Where appropriate, a potential direction forward is outlined.
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Priority areas to address
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Likely scope and sequencing
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Clear boundaries on what would and would not be included
This step is used to confirm intent before any formal engagement is considered.
Fee & Structure Alignment
If there is alignment on direction, commercial terms are discussed directly.
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Engagement structure and delivery mechanics
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Fee construction logic
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Payment structure
Formal engagement documents are issued only after this alignment.
Engagement & Execution
Once aligned, execution begins.
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Engagement Letter and Scope of Services
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Mutual NDA
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Execution Plan with delivery phases and decision points
Work commences only after documentation is complete.
A structured diagnostic review to assess fit and feasibility before any engagement.
PROVEN RESULTS
Delivered Discreetly
We don’t publish client logos or testimonials.
Clients work with us for outcomes, not marketing.
Insurer – USD 7bn derivatives transition
Rebuilt and transitioned a multi-asset derivatives book to a direct dealer execution model.
The transition materially reduced lifecycle friction, improved pricing discipline, and strengthened governance across execution, margining, and ongoing risk management.
Infrastructure Investment – 20-Year Lifecycle De-Risking
Redesigned FX, rates, and equity overlays for a long-dated emerging-market energy investment.
The hedge framework was aligned to construction, operating cashflows, and exit dynamics, materially improving resilience, capital efficiency, and risk control over the full project lifecycle.
Global Macro Hedge Fund – Trading & Risk Infrastructure Rebuild
Rebuilt the fund’s trading, risk, and execution stack from the ground up to institutional standards.
The redesign reduced execution costs, tightened volatility control, and created a scalable operating model that supported a USD 400 million increase in AUM and more consistent performance across market cycles.
Capital & Collateral Efficiency Rebuild
Redesigned margin, collateral, and funding structures across a derivatives portfolio to release trapped liquidity.
The work freed approximately USD 150 million of collateral, reduced funding drag, and restored balance-sheet flexibility for redeployment.
Additional anonymised client results and case outcomes available below
Where drag shows up
Most problems fall into a few clear categories.
Where you start depends on what’s causing the biggest drag.
Rapid Diagnostic
If you’re not sure where the problem is.
A targeted review of derivative overlays, capital usage, and governance to identify where value is leaking and what to fix first.
Hedge Rebuild – Stop hedge drag
Problem
Outdated FX, rates, credit, equity, or volatility hedges erode performance through misaligned tenors, weak pricing discipline, and unmanaged lifecycle risk.
Intervention
Redesign overlays to align cashflows, hedge objectives, execution discipline, and lifecycle management.
Outcome
Lower long-term hedge cost. Fewer rolls. Cleaner operations. Economics defined upfront. Capital freed for redeployment.
Capital Drag Audit – Release trapped capital
Problem
Idle collateral, inefficient margining, and suboptimal funding structures suppress returns and flexibility.
Intervention
Redesign collateral and funding frameworks, including repo and collateral swaps where appropriate.
Outcome
Improved capital efficiency. Lower liquidity drag. Capital released for redeployment.
Structuring-as-a-Service – The derivatives desk you don’t have
Problem
Lean teams lack end-to-end derivatives capability. Pricing is opaque and structures drift over time.
Intervention
Embedded senior derivatives expertise covering design, pricing, execution, lifecycle management, governance, and capital efficiency.
Outcome
Institutional-grade capability without internal build-out. Better pricing. Structures that hold up across market cycles.
Many clients arrive here after fixing one issue and realising the lack of an internal derivatives desk is the bottleneck.
Pre-Crisis Playbook
Predefined hedge, monetisation, and execution strategies built before stress hits – so decisions are fast, disciplined, and controlled.
Governance Pack
Decision-ready templates and oversight frameworks that eliminate IC and board bottlenecks without weakening governance.
Bespoke Advisory
Precision work for complex derivatives, multi-asset structures, and internal platform design where templates don’t apply.
Who this is not for
Para Bellum Advisors is not a fit if:
- You want off-the-shelf products, bank or fund packaged solutions, or marketing-driven ideas dressed up as innovation
- You’re looking for the cheapest hedge rather than the right one
- You don’t want your structures challenged or redesigned
- You’re unwilling to change legacy processes or policies that are inefficient or value-destructive
- You want advice without accountability for outcomes
This work is for teams who care about lifecycle behaviour and portfolio impact, not headline optics on day one.
Book a Diagnostic
We don’t send decks without context.
The Diagnostic is a focused working session to surface the real issues, cut through noise, and map a clear path forward.
Every month of delay locks in lost returns.
The Portfolio Surgeon™ for institutional portfolios