186 Capital
We Provide Proprietary Access To Market-Leading Companies And Best Entrepreneurs
ACCESS TO BEST COMPANIES AND BEST ENTREPRENEURS
Companies are staying privatelonger. 186 Capital is howliquidity catches up.
Late-stage private companies now hold more value creation than ever before yet exits keep getting pushed further out. Capital is piling up in secondary vehicles and investors have nowhere to go, while ad hoc trades keep failing issuer scrutiny.
We call this the private secondary market. 186 Capital leverages its network and knowhow to match buyers and sellers, builds SPVs, GP-led continuation vehicles, and tender offers that issuers actually approve, backed by in-house legal coordination across the US, UK, and Asia. From sourcing to closing, we manage the parts that usually break the deal.
WHAT WE DO
Private Market Access,Structured for Execution
Solutions (Proprietary and third party SPVs)
Participation in tender offers and primary placements
Couture solutions
Our ApproachBehind Each Deal
SOURCING & DILIGENCE
We identify seasoned assets in GP-led and employee programs, applying institutional standards to valuation and data quality before a deal moves forward.
STRUCTURING & ALIGNMENT
We design the vehicle, SPV, continuation fund, or tender offer, around issuer preferences, increasing the likelihood a trade gets approved rather than blocked.
EXECUTION & CLOSING
We manage ROFR processes and closing mechanics directly with company counsel, reducing cycle times and cutting the failure risk that kills most ad hoc trades.Built by capital markets specialists and tech founders, 186 Capital exists to give qualified investors institutional standards in sourcing, diligence, and execution, while giving issuers the structure and control they require to approve a trade in the first place.
OUR TEAM
The People Behind186 Capital
Four decades of institutional finance, two decades of global markets leadership, and a working history that predates the firm itself.
Julien Bahurel
Co-Founder, 186 Capital
Global Markets Executive & Digital Asset Entrepreneur
- Front-office sales & trading staff led
- 425+
- Allocated balance sheet managed
- $65B
- Annual revenue generated
- $1.5B
Julien Bahurel is a global market executive and entrepreneur with over two decades of experience across equities, derivatives, and digital asset infrastructure in Paris, Hong Kong, New York, and London.
He began his career at leading investment banks, including Merrill Lynch, where he held senior leadership roles in equity derivatives and European equities. He later shifted focus to building ventures at the intersection of traditional finance and blockchain technology, co-founding several platforms spanning crypto infrastructure, stablecoin issuance, and private wealth management.
A long-time private investor in category-defining companies, Julien is now co-founder of 186 Capital, giving investors access to his track record across public and private markets.
Stephen O'Shea
Co-Founder, 186 Capital
Institutional Finance Executive & Entrepreneur
- Years in institutional finance
- 40+
- Global financial hubs: NY, HK, London, Tokyo
- 4
- Founded KAOS Capital FZCO
- 2021
Stephen O'Shea brings four decades of experience in institutional finance and entrepreneurship, with senior leadership roles at some of the world's leading investment banks across three continents.
He spent the majority of his career at Morgan Stanley and Bank of America Merrill Lynch, rising to Senior Managing Director roles with a focus on Japanese and global equity markets. His early career at Jefferies & Co. took him from New York to trading desks in Hong Kong, London, and Tokyo, giving him a first-hand, global view of markets from the outset.
In 2021, Stephen founded KAOS Capital FZCO, a multi-strategy firm focused on global private and public markets, and he is now co-founder of 186 Capital Ltd.
Uzma Khan
Global Markets Investor
Early-Stage Technology Backer
- Years in global finance
- 25
- AUM at Alkeon Capital
- $60B
- Years as Partner at Alkeon
- 15
Uzma Khan brings 25 years of experience across global public and private markets, spanning institutional trading, senior operating leadership, and active investing in early-stage technology and real estate.
She began her career at J.P. Morgan Institutional Sales & Trading before moving to Cardinal Capital Asset Management to run the firm's trading desk. From 2008 to 2024, she spent 15 years as a Partner at Alkeon Capital, a $60 billion AUM investment firm — first leading the international trading desk, later serving as Deputy COO, and becoming the first woman named to the firm's investment team.
MARKET LANDSCAPE
Companies Shaping the Future
A selection of companies shaping the markets we follow.
Let's Create And Execute The Next Deal
CONTACT