Exploration Capital is a value-oriented investment partnership that seeks to find the most undervalued securities in the world utilizing a completely unconstrained approach. X-Cap maintains a long-term investment horizon while investing across industries and geographies, and throughout the capital structure. Oftentimes, the partnership’s investments will be concentrated within small-cap, special situations. 

The partnership was launched in 2020 by Stephen Gustin. Prior to founding Exploration Capital, Stephen worked for a $10bn+ distressed debt hedge fund after working for J.P. Morgan’s investment bank in their mergers & acquisitions group.