Disciplined Investing.

Deploying flexible capital across the capital structure with a patient, risk-focused approach

Ayrton In Numbers

+
Years in Operation
+
Years of Combined Experience

Founder-Led Since Inception

Institutional-Grade Infrastructure

Independently Audited & Administered

Dedicated Risk & Compliance Function

Long-Term Institutional Partnerships

Global Market Access

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About Us

Ayrton Capital is an absolute return-focused investment firm that combines fundamental research, quantitative analysis, and portfolio structuring to identify and allocate capital to attractive investment opportunities. We are asset class, geography, and sector agnostic, seeking to invest in passionate management teams that are singularly focused on creating value for their stakeholders.

Our mission is to generate returns through a culture of excellence that emphasizes curiosity, concentration, perseverance, and self-improvement.

Philosophy

At Ayrton, we analyze each investment with a singular goal - to identify possible outcomes and their probabilities. In doing so, we answer several key questions: What is a company’s track record of success? What secular or structural dynamics are driving or destroying value in the sector? Has management delivered on previously guided goals? Does the situation lie within our domain of competence? In answering these questions objectively and truthfully, we are able to act on undervalued or unappreciated opportunities.

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Principles

Emphasize capital preservation and margin of safety.

  • Adhere to absolute standards of value.

  • Insist upon proper compensation for risk (even if others don't).

  • No investment is sacred when a better one comes along.

  • Reputation and integrity are one's most valuable assets; never compromise.

  • Good ideas are rare - when the odds are greatly in one's favor, allocate heavily.

  • Reject flawed concepts such as:

    • Being compelled to stay fully invested at all times.
    • Comparative ranking that forces short-term, chase-the-herd behavior.
    • Over-categorization.

  • Resist the human bias to act; accept that sometimes doing nothing is best.

  • Be aware and adapt to reality; it won't adapt to you.

Process

Discipline and rigor of process are vital for investment success. Ours starts with a comprehensive review of data gathered through screening or through interactions with trusted market contacts. Observations derived from this review are further refined with retrospective and preemptive thinking, thereby reducing an investment thesis to its salient elements. Long-term insights gained from this work make our technique iteratively smarter. Underlying all this is a fundamental tenet of successful investing - the only sustainable way to win is through rigorous preparation, discipline, patience, and decisiveness.

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All-Weather Performance

Successful investing occurs at the confluence of sound data gathering, insightful research, tactical execution, and round-the-clock oversight. Importantly, this convergence must occur within and across silos - in fact, attractive investments often lie outside traditional categories overlooked by institutional investors.
We consciously eschew pigeonholing ourselves along such categories, instead focusing on applying our well-defined set of analytical skills to asset classes worldwide. We invest in the technology, natural resources, healthcare, and consumer sectors and express our views across the capital structure via debt, equity, and equity-linked securities.

Risk Management

Risk assessment is interwoven directly into our portfolio construction process as early as pre-trade discussions. This philosophy ensures that risk estimation is front and center while an investment's price, size, and portfolio contribution are being evaluated. This mindset is further extended in ex-post reviews, where positions are continuously monitored for market risk, operational complexity, sensitivity to financing, and capital intensity. Finally, the impact of tail events and cross-asset liquidation risks is mitigated at the portfolio level to ensure capital preservation in difficult markets.

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Meet the Team

Waqas Khatri

Chief Investment Officer & Founder
Waqas Khatri founded Ayrton Capital in December 2016 and oversees the firm’s investment strategy, portfolio construction, and risk management. Prior to founding Ayrton Capital, Mr. Khatri had a successful investment career at Oasis Capital Management and Tenor Capital Management, where he managed portfolios across private placements, convertible arbitrage, volatility arbitrage, event-driven/distressed, and risk arbitrage strategies. Earlier in his career, he was a Vice President at JPMorgan Asset Management, responsible for selecting investment managers deploying relative value strategies, and began his career as a research analyst at Deutsche Bank. Mr. Khatri holds a Bachelor of Arts in Computer Science and Economics from Vassar College. He is also a founding board member of the Karen Leung Foundation, a charitable organization focused on reducing the impact of gynecological cancers in Hong Kong.

Investment Team

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Jarryd Gross

Managing Director

Jarryd Gross joined Ayrton Capital in April 2021 and focuses on sourcing, structuring, and managing investments across the firm’s structured and equity strategies.

Prior to joining Ayrton, he was an Equity Capital Markets Associate at H.C. Wainwright & Co., where he structured and executed capital raises for small- and micro-cap companies. He has also held roles at Robert W. Baird and Baader Helvea AG.

Mr. Gross holds a Bachelor of Commerce and Economics from the University of New South Wales, Sydney.

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Blair Friedensohn

Managing Director

Blair Friedensohn joined Ayrton Capital in April 2024 and focuses on sourcing, evaluating, and managing investment opportunities across structured and equity strategies.

Prior to joining Ayrton, Mr. Friedensohn was a Managing Director in Capital Markets at Roth Capital Partners. He previously led the Capital Markets division at E.F. Hutton and held roles at Goldman Sachs across investment banking, trading, and credit.

Mr. Friedensohn holds a Bachelor of Arts in Government from Dartmouth College.

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Samar Hamza

Director of Business Development & Healthcare Analyst

Samar Hamza joined Ayrton Capital in August 2018 and leads the firm’s business development, investor relations, and capital formation efforts. She works closely with institutional investors and family offices, while contributing to healthcare-focused investment research.

Prior to joining Ayrton, Mrs. Hamza was a clinical researcher at the University of California, San Diego, where she supported clinical study design and data analysis. She also served as a research consultant with Mark Krueger & Associates.

Mrs. Hamza holds a Master of Public Health from Columbia University and a Bachelor of Science in Biology from the University of California, San Diego.

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Tim Rao

Trader

Tim Rao joined Ayrton Capital in May 2023 and oversees trade execution, position management, and day-to-day trading.

Prior to joining Ayrton, Mr. Rao was a trading assistant and administrative officer at Sabby Management.

Mr. Rao holds a Bachelor of Business Administration in Finance from Hofstra University.

Business Operations & Infrastructure

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Daniel Altman

Chief Compliance Officer & General Counsel

Daniel Altman joined Ayrton Capital in January 2024 and oversees the firm’s legal, regulatory, and compliance framework.

Prior to joining Ayrton, Mr. Altman served as General Counsel and Chief Compliance Officer at LSV Advisors, LLC. Earlier in his career, he practiced at Schulte Roth & Zabel LLP and other New York law firms.

Mr. Altman holds a Juris Doctor from Columbia Law School and a Bachelor of Arts from the University of Pennsylvania.

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Michael Villani

Director of Finance & Operations

Michael Villani joined Ayrton Capital in September 2024 and oversees financial operations, reporting, and fund administration.

Prior to joining Ayrton, Mr. Villani held senior roles in industry and public accounting, including at KPMG LLP.

He is a Certified Public Accountant and holds a Bachelor of Business Administration from Pace University.

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Arianna DeNitto

Head of Operations

Arianna DeNitto joined Ayrton Capital in August 2021 and rejoined the firm in November 2025 as Head of Operations. She oversees the firm’s operational infrastructure, including fund operations, investor onboarding, and internal processes.

Prior to rejoining Ayrton, she worked as an analyst at Apollo Global Management and previously interned at LJ & Co.

Ms. DeNitto holds a Bachelor of Science in Business Management from the University of Connecticut, with a minor in Digital Marketing and Analytics.

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Michael Batanjany

Operations Analyst

Michael Batanjany joined Ayrton Capital in June 2024 and supports investor servicing, reporting, and coordination with third-party service providers.

He previously gained experience at Clear Street and Boothbay Management and holds a Bachelor of Science in Finance from Fairfield University.

Careers

Ayrton’s success as an investment manager is a direct corollary of its team. Individuals join us not just for their contribution to investment success but also for the diversity of intellectual capital. We are deeply committed to attracting and nurturing talent that enhances our understanding of the world and enriches the firm’s culture.

Candidates are welcome to contact us at careers@ayrtonllc.com.

Contact Us

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