Effective August 28, 2025, Paul Espinosa was named Co-Chief Investment Officer (Co-CIO) of Seafarer Capital Partners, the adviser to the Seafarer Funds. Andrew Foster, the CIO of the Firm since its founding in 2011, will remain in the role, serving as Co-CIO alongside Paul.
Paul has been the Lead Portfolio Manager of the Seafarer Overseas Value Fund since its inception in 2016. He has been a Lead Portfolio Manager of the Seafarer Overseas Growth and Income Fund since 2018; previously, he was a Co-Portfolio Manager of the Fund since 2016. Paul joined Seafarer Capital Partners in 2014. View his biography.
For more information, please see the following Q&A.
Q&A
Why was Paul Espinosa named Co-CIO of Seafarer Capital Partners alongside Andrew Foster?
Paul Espinosa was named Co-CIO due to his demonstrated investment expertise and leadership contributions to Seafarer. His experience includes 29 years of fundamental research and investing in global emerging markets. At Seafarer Paul identified seven distinct sources of value in emerging markets. He launched the Seafarer Overseas Value Fund in 2016 and has served as Lead Portfolio Manager of the Fund for nine years. Paul has built and led a team, including a Co-Portfolio Manager and a Senior Analyst, that focuses on value-oriented investments at the Firm.
In addition, Paul has taken a leadership role in coordinating Seafarer’s risk management program. His contributions to risk management have prepared him to oversee the program. The primary responsibility for risk management at the portfolio level rests with Lead Portfolio Managers; Paul will oversee their work, and help to manage any residual risk that might supersede the Portfolio Managers’ purview and investment mandate. Paul will also be responsible for portfolio compliance and risk management tools.
Paul’s promotion to Co-CIO enhances the Firm’s leadership and risk management capabilities.
What has been the focus of Paul Espinosa’s investment management career?
Paul’s career has focused on equity analysis in global emerging markets. Prior to joining Seafarer in 2014, he was a London-based equity research analyst at Legg Mason, where he was responsible for stock selection in the industrial and consumer sectors. His portfolio responsibilities included core, small cap, and market-neutral strategies among others. Prior to joining Legg Mason, Paul performed the same function with the same team at Citigroup Asset Management and J.P. Morgan Investment Management in New York. He began his career as a corporate finance analyst at Salomon Brothers’ Financial Institutions Group. For more information, see Paul’s biography.
Will Seafarer’s investment philosophy and approach to risk management change because of Paul Espinosa’s promotion to Co-CIO?
Seafarer’s investment philosophy and approach to risk management are not changing materially due to Paul’s promotion. Seafarer’s investment philosophy and approach to risk management were established at the founding of the Firm in 2011 and have been overseen by Andrew Foster in his CIO role over the past 14 years. In recent years, Paul has organized the Firm’s risk management in a framework that facilitates more effective management and administration. This framework allows Seafarer to more clearly communicate with clients about how the Firm seeks to manage risks in client portfolios.
In Paul’s new role as Co-CIO, he will assume responsibility for administration of Seafarer’s risk management program. Under his leadership, Seafarer’s risk management program will continue to evolve, as it did under Andrew’s leadership. Paul will have final decision-making authority on matters concerning risk management, as Andrew did previously.
How will the two Co-CIOs work together?
In preparation for Paul’s promotion and the operation of the Seafarer investment team in a Co-CIO structure, Andrew Foster noted the responsibilities that he has undertaken in his CIO role. The table below describes how those CIO responsibilities will be divided and, in some cases, shared between the two Co-CIOs. For areas of joint responsibility, the Co-CIOs will reach decisions collaborately.
CIO Duties and Responsibilities | Responsible Party |
---|---|
Human resources management and planning for the investment team | Andrew Foster |
Firm planning, budgets, and related administration | Joint |
Development of new investment strategies | Joint |
Oversight of existing strategies and performance maintenance | Andrew Foster |
Risk management, portfolio compliance, and ethical controls | Paul Espinosa |
Research workflow oversight | Joint |
Research procurement and soft dollars | Andrew Foster |
Trading and execution | Andrew Foster |
What does Paul Espinosa’s promotion indicate for Andrew’s ongoing role and succession planning?
Andrew intends to continue in his dual roles as Portfolio Manager and Co-CIO for the foreseeable future. Since its founding, Seafarer has sought to build a long-term investment partnership through the steady development of successive generations of leaders. Paul’s promotion to Co-CIO is an important step in the Firm’s efforts to establish effective leadership transitions and fulfill its responsibilities to clients over the long-term.
Why has Seafarer not promoted Paul Espinosa to the position of “Chief Risk Officer”?
Seafarer does not have a Chief Risk Officer position because it believes that the Chief Investment Officer function should oversee both risk management and portfolio management.
Seafarer believes risk management is most effective and efficient when performed in conjunction with the portfolio management process. In other words, Seafarer’s philosophy is that risk management is endogenous to the portfolio management process, and cannot be performed effectively by an exogenous individual or group. The primary responsibility for risk management at the portfolio level rests with Lead Portfolio Managers; the CIO oversees their work, and helps to manage any residual risk that might supersede the Portfolio Managers’ purview and investment mandate.
Does the CIO have a “line item veto” right associated with individual portfolio holdings?
Seafarer’s CIO observes the performance of the Lead Portfolio Managers, and uses compensatory tools to hold the Managers accountable for clients’ investment experience (including performance). A Lead Portfolio Manager exercises full discretion over accounts under the CIO’s supervision, and retains full responsibility for all positions admitted to a given strategy under his or her management. However, in order to control risks associated with that discretion, the CIO retains the right to issue a “line item veto” over any individual security that may not fully satisfy the Adviser’s investment standards.
The veto is utilized only in instances where the CIO determines that an individual security represents a catastrophic risk to a given investment strategy (e.g., permanent loss of capital); and only in those instances when the CIO has attempted to alert the Lead Portfolio Manager responsible for the security to such risks, but the Portfolio Manager has nonetheless failed to appreciate the totality of said risks. In practice, this veto right is utilized exceedingly rarely.
In the Co-CIO structure, for the foreseeable future Paul will possess a veto right over Andrew’s holdings, and Andrew will retain a veto over Paul’s holdings; for all other applications of the veto, Andrew and Paul will seek consensus before its exercise.
Paul Espinosa is Co-CIO and a Portfolio Manager of two Funds. Is he overcommitted?
The Co-CIO promotion increases Paul’s responsibilities at Seafarer. Based on Paul’s past performance, Seafarer’s management is confident in his ability to assume the new duties. Seafarer expects that Paul’s experience as Co-CIO will enhance the leadership and perspective he brings to his existing Portfolio Manager roles.
Seafarer continues to invest in its investment research capabilities. This year, Seafarer has hired two new Senior Analysts on the investment team. As the leader of the Firm’s Value team, Paul is supported by the Value Fund Co-Portfolio Manager and one of the new Senior Analysts.
As Paul assumes some CIO responsibilities from Andrew, Andrew will focus on his areas of CIO responsibility, which include oversight of investment strategies and human resources management for the investment team, in addition to his portfolio management duties.
What happens if Andrew Foster and Paul Espinosa do not agree on an issue?
Seafarer has long held a culture of productive dissent. Identifying areas of disagreement, and then gathering factual evidence and observations to test assumptions and develop greater understanding, is a key aspect of Seafarer’s approach. Dissent is ultimately resolved through the clear designation of decision-making rights and responsibilities. Andrew and Paul will follow the CIO Duties and Responsibilities framework and retain decision-making rights in their respective areas of responsibility. In areas where responsibilities are shared, Andrew and Paul will work together to gather and analyze the evidence and reach agreement.
Is Paul Espinosa’s promotion a result of any internal or external audits or deficiencies?
No. Paul’s promotion to Co-CIO is the acknowledgment of his significant contributions to the Seafarer investment team and risk management program, and reflects the best structure for the development and leadership of the team. Paul’s promotion is not the result of any noted or perceived deficiencies related to the Firm or the investment process.
Co-Chief Investment Officers
Andrew Foster

Andrew Foster founded Seafarer Capital Partners in 2011. He is Co-Chief Investment Officer, a Lead Portfolio Manager of the Seafarer Overseas Growth and Income Fund, and a Co-Manager of the Seafarer Overseas Value Fund.
Prior to founding Seafarer, Andrew worked at Matthews International Capital Management, adviser to the Matthews Asia Funds. While there, he served in a number of roles, including Portfolio Manager, Director of Research and Acting Chief Investment Officer. Andrew was responsible for the management of emerging market assets in both public mutual funds and private accounts, including a sub-advisory relationship for Bank of Montreal’s Asian Growth and Income Fund.
Andrew began his career in emerging markets in 1996, when he worked as a management consultant with A.T. Kearney, based in Singapore.
Andrew holds an A.B. in Public Policy and a secondary degree in Economics from Stanford University and an M.B.A. from INSEAD.
Paul Espinosa, CFA

Paul Espinosa joined Seafarer Capital Partners in 2014. He is Co-Chief Investment Officer, the Lead Portfolio Manager of the Seafarer Overseas Value Fund, and a Lead Manager of the Seafarer Overseas Growth and Income Fund.
Paul’s career has focused on equity analysis in global emerging markets. Previously, he was a London-based equity research analyst at Legg Mason, where he was responsible for stock selection in the industrial and consumer sectors. His portfolio responsibilities included core, small cap, and market-neutral strategies among others. Prior to joining Legg Mason, Paul performed the same function with the same team at Citigroup Asset Management and J.P. Morgan Investment Management in New York. He began his career as a corporate finance analyst at Salomon Brothers’ Financial Institutions Group.
Paul holds an A.B. in Economics with Honors from Brown University. He is a CFA charterholder and a member of the CFA Institute.
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