Frank Fu | Official Profile on The Marque

Frank Fu’s Biography

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Frank Fu is the Founder & Portfolio Manager of New York-based CaaS Capital Management, a global investment firm focused on equity capital market investments and liquidity provision. Early in his career, Frank developed a strong reputation as an innovative, mathematically focused, and analytically minded investor.

Frank founded CaaS Capital in 2019 and leads the firm in its analytical approach to investing across the spectrum of equity capital market activity. Frank and the team assist in price discovery, timing, sizing and execution of IPOs, follow-ons, private placements, and secondary transactions. CaaS Capital covers a wide range of sectors, including healthcare, technology, consumer discretionary, and others.

CaaS Capital is well known for its thorough vetting of investment opportunities, driven by a fundamental framework as well as a quantitative one. This is made possible by CaaS Capital’s skilled, multi-disciplinary teams that analyze multiple factors, including market size, competitive landscape and relative positioning, coupled with machine learning, AI and data analysis... Frank Fu is the Founder & Portfolio Manager of New York-based CaaS Capital Management, a global investment firm focused on equity capital market investments and liquidity provision. Early in his career, Frank developed a strong reputation as an innovative, mathematically focused, and analytically minded investor.

Frank founded CaaS Capital in 2019 and leads the firm in its analytical approach to investing across the spectrum of equity capital market activity. Frank and the team assist in price discovery, timing, sizing and execution of IPOs, follow-ons, private placements, and secondary transactions. CaaS Capital covers a wide range of sectors, including healthcare, technology, consumer discretionary, and others.

CaaS Capital is well known for its thorough vetting of investment opportunities, driven by a fundamental framework as well as a quantitative one. This is made possible by CaaS Capital’s skilled, multi-disciplinary teams that analyze multiple factors, including market size, competitive landscape and relative positioning, coupled with machine learning, AI and data analysis to evaluate prospective investments. CaaS’s approach to equity capital markets allows them to provide C-Suite leaders with unique investment insights and market intelligence.

Prior to founding CaaS Capital, Frank served as a Partner at Laurion Capital Management, a New York-based investment firm working across global capital markets. Prior to joining Laurion Capital, Frank worked as a trader at Susquehanna International Group (SIG).

Frank holds a Master of Engineering Degree (M. Eng.) in Financial Engineering and a Bachelor of Science in Operations Research and Industrial Engineering (ORIE) from Cornell University. moreless

Frank Fu’s Newsfeed

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Trends Watch: Fundamental & Quantitative Investing

Frank Fu joins Elana Margulies-Snyderman to share his thoughts on fundamental and quantitative investing, remote work, and other current topics.

Frank Fu’s Background

CaaS Capital Management

Founder & Portfolio Manager

May 2019 - Present

New York, NY, USA

CaaS Capital is a global investment manager that employs a combined fundamental and quantitative approach to investing. The firm's fundamental analysis is built upon the evaluation of multiple factors, including market size, competitive landscape, and, among other factors, relative positioning.

Laurion Capital Management LP

Partner

Jul 2008 - Mar 2019

New York, NY, USA

Laurion Capital Management LP is an investment firm that manages assets on behalf of foundations, endowments, family offices, pension funds and other institutional and individual investors.

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Publications

Cost of Capital Raise

Co-author

Jul 2022

This white paper proposes that corporates should minimize their capital raises during IPOs due to the high relative costs, and focus instead on improving stock liquidity in the public market. Doing so, the authors state, enables corporates to minimize the overall cost of capital raising in the long term.

First Day IPO Excess Return “Abnormality” in the US

Co-author

Jul 2022

Frank Fu and his co-authors, Mikhail Shilshtut and Gina Xu, discuss their recent study that found IPO issuers with positive first-day returns outperformed those without in the one-year period post-listing, and had quadruple the market liquidity. This supports their idea that issuers are incentivized to create a healthy IPO first-day return for the long-term benefit of the companies.

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Frank Fu’s Education

Cornell University

Master of Engineering Degree (M. Eng.) in Financial Engineering

Cornell University

Bachelor of Science in Operations Research and Industrial Engineering (ORIE)