Universa Investments L.P. (“Universa”) is an investment management firm that has specialized in risk mitigation since it was founded in January 2007 by President and Chief Investment Officer Mark Spitznagel.

Universa both formalized and institutionalized the idea of tail risk hedging in 2007, providing live tail risk mitigation for clients during (and since) the 2008 crisis. Cultivated by decades of cumulative development and implementation, Universa’s risk mitigation strategies focus on maximizing convexity—the degree of portfolio loss protection provided for a given capital allocation.