Capstone is a policy analysis and regulatory due diligence research firm based in Washington, DC and London, UK, that provides expert advice to long-term investors and companies. Developments in Washington, London, Brussels and other centers of government are more crucial to investment strategies than ever before. Legislation, regulatory reforms and new federal oversight are affecting industries in evolving ways, with a range of near- and long-term impacts on business models.

Capstone was founded in 2010 amidst upheaval in the regulatory landscape for the financial services, energy and healthcare industries. Our professionals analyze policy to uncover unique business and investment strategies for our clients. We pride ourselves on the ability to see over the horizon and to identify long-term policy trends that present risks as well as opportunities for our clients.


Capstone’s policy analysis team specializes in creating differentiated investment ideas through deep-dive analyses of US federal and state policy and European Union and Member State level. We do not focus on the simple generalities of politics and policy. Instead, our analysts comb the minutiae of rule-making, comment letters, Freedom of Information Act requests, existing and proposed legislation, and other government reports. Since our analysts are experienced in evaluating investments as well as in following policy, they are able to connect dots that others might miss.


Capstone provides real-time, insightful analysis for private equity investors of the potential policy-driven risks and opportunities presented by specific potential investments or for existing portfolio companies. Our approach to regulatory and legislative due diligence is grounded in intensive review of public records – proposed and final regulations, comment letters, legislation, think-tank white papers, stakeholder position papers and a host of other sources – complemented by outreach to a wide variety of policymakers and other stakeholders, with whom we engage in one-on-one conversations about the policy trends affecting a given company or sector. We never discuss with contacts the name of the company in question or our client(s). The result is a holistic, predictive view of the long-term policy outlook facing the target or the existing portfolio company. Learn More »


Companies in highly regulated industries must vigilantly track and analyze policy changes at the federal, state and EU member-state levels. In addition, companies must analyze these policy changes to assess where opportunities for expansion or investment may be created. Most companies rely on associations or lobbyists to conduct this analysis who have an inherent conflict between their dual roles of fact-finding and advocacy. Capstone does not conduct any lobbying or advocacy work, and is focused exclusively on assessing the policy landscape now and in the future for our clients. Our team of skilled policy analysts have significant investment and business experience, and provide serious assessments of potential policy and regulatory risks as well as comprehensive reports outlining policy-focused opportunities. Learn More »

- Capstone LLC -

Washington DC

-Capstone Research Limited-