About Capstone

Leading with Ideas

Capstone is a leading policy analysis and regulatory due diligence firm with locations in Washington, DC, London, and Sydney. As developments in Washington, London, Brussels, and other centers of government become more crucial to investment strategies than ever before, legislation, regulatory reforms, and new federal oversight are affecting industries in evolving ways. We advise institutional investors on how changes in state, federal, and international policy impact investments. Capstone has established leading coverage of public policy-driven investments affecting financial and business services, energy and environment, healthcare, TMT, and more. Our professionals analyze policy to uncover risks, opportunities, and, along the way, unique business and investment strategies for our clients.


Public Market Investors

Capstone’s policy analysis team specializes in creating differentiated investment ideas through deep-dive analyses of policy at the US federal and state, European Union, and member state levels. Our analysts comb the minutiae of rule-making, comment letters, Freedom of Information Act requests, existing and proposed legislation, and other government reports. Our analyses are complemented by outreach to critical policymakers, thought leaders, and other stakeholders, with whom we engage in one-on-one conversations about the policy trends affecting a given company or sector—connecting dots that others miss.

Private Equity Investors

Capstone provides real-time, insightful analysis of the policy-driven risks and opportunities presented by specific potential investments or for existing portfolio companies. Our regulatory and legislative due diligence is grounded in an 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 critical policymakers and other stakeholders, with whom we engage in one-on-one conversations about the policy trends affecting a given company or sector. The result is a holistic, predictive view of the long-term policy outlook facing the target or the existing portfolio company.

Corporate Strategy

Companies in highly regulated industries must vigilantly track and analyze policy changes at the US federal and state, and EU member state levels, analyzing these policy changes to assess where opportunities for expansion or investment may be created. Most companies rely on associations or lobbyists 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 is unique in that we hire people with substantial investment analyst experience and ask them to become policy experts. Our philosophy is based on the idea that good investment themes come from being masters of policy details. We believe being deep “in the weeds” of government policy is the key to finding and analyzing profitable investment ideas for clients.


If you are interested in joining a fast-paced environment with a focus on policy and investments, Capstone might be the right place for you. We are always looking for people coming from an array of different backgrounds to join our growing team.

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