Spectre Capital Research
Independent activist research for top-tier shareholder activist hedge funds
Actionable Activist Ideas
Researched to Move Boards and Markets
About Spectre Capital Research
The Problem: Top activist funds can’t research every high-return opportunity
Shareholder activist hedge funds often miss high-return opportunities due to limited bandwidth. Active campaigns require full attention, from managing company interactions and capital markets strategy to coordinating with proxy advisors and engaging shareholders. Building a new position requires deep research and diligence across financials, governance, operations, and the activist catalyst. Most teams don’t have the bandwidth to evaluate every promising idea—so alpha gets left on the table.
The Solution: We deliver institutional-grade theses, ready for execution.
Spectre Capital Research exists to identify high-conviction shareholder activist opportunities and deliver them in campaign-ready form. We originate ideas, conduct deep research, and build out the full case—including governance, M&A, financial structure, operational levers, a clear value creation roadmap, and the catalyst driving the activist play. Each idea is structured with institutional rigor and designed for immediate evaluation and execution by top-tier funds.
Our Model: We only earn
when the idea performs.
We partner with select shareholder activist hedge funds on a success-based model, earning a share of profits only if the idea is pursued and generates returns. No retainers. No fees. No ongoing advisory arrangements. Just aligned incentives and shared alpha
Founder & Managing Partner
Raul is the founder of Spectre Capital Research. He previously served as a Manager at Bain & Company, where he was part of the Private Equity Group and the M&A group. Prior to launching Spectre, he advised institutional investors across a range of industries.
​
His interest in shareholder activism began at Wharton in 2019, where he took a class on activism and began closely following the space. Since then, he has tracked the activist landscape extensively—reviewing hundreds of campaign decks and monitoring the strategies and outcomes of leading activist hedge funds.
​
He earned an MBA from Wharton, a law degree from Penn Law, a Master’s in Public Policy from the University of Southern California, and a BA in Economics from UC Santa Barbara.
Contact Us
Spectre Capital Research works selectively with shareholder activist hedge funds that move with speed, conviction, and discipline.
Ideas are shared confidentially and exclusively with firms best positioned to pursue the campaign.
​
If you'd like to discuss our next idea or a live thesis, please send an email to:
raul@spectrecapitalresearch.com