1. Raphael Rodriguez Sierra founded Fontainebleau Capital in 2015 with his business partner Nick after meeting him that spring. Nick had extensive experience in finance and wanted a partner to help build up the fund. 2. Over the summer of 2015, they worked to set up the legal and operational infrastructure for the fund, hiring service providers and forming the necessary entities. 3. By the end of 2015, Fontainebleau Capital was operational and began accepting its first investors, with the fund starting trading in January 2016 after seven months of preparation.

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How did it all start?
My business partner, Nick, contacted me in the spring of 2015, and it could not have been a better moment. I had learned
a lot in my job as a consultant, but I had always longed to have more skin in the game.While I was exploring new jobs in the
finance industry, none presented me with the opportunity to develop my own business.
This was different. I was going to partner with a professional who had extensive experience in finance, and a track record of
ten profitable years of trading. He needed a reliable, long-term partner to build a solid foundation for the fund and to
prepare the business for growth. I immediately took the offer and bought a one-way ticket to New York.
What did it mean to start from scratch?
First, we had to hire the best-in-class service providers to ensure a state of the art set-up. Investors were going to need
assurance that their capital would be preserved in a transparent and cost-effective fashion.
During the summer of 2015, we held numerous meetings, mostly with lawyers. Meeting after meeting, our questions
became more detailed and gradually we gained clarity and focus. Our level of sophistication grew a lot during this home-
work process, and over time, we built a network of valuable contacts.
How long did it take for the business to be up-and-running?
By the end of the summer, we hired a law firm and formed the three entities of Fontainebleau Capital.Two months later, we
drafted the legal documents for the fund’s private investment offering. Simultaneously, we hired a reputable administrator
and engaged with a global online broker. By the end of 2015, our business was operational and the fund started accepting
its first investors. In January of 2016, Fontainebleau Capital started trading, seven months after I moved to New York.
Jorge Hendrickson
Emmet Peppers
Simon Riveles
Emmet Peppers
Why did you choose New York?
New York was a fantastic place to start our business because emerging money managers like us could seek advice from an
incredible source of successful talent. We were able to meet with many partners from reputable law firms, including an
inspiring individual who had been an ex-SEC prosecutor, successful entrepreneur, andTV legal spokesperson. What’s more,
we even met with directors from big-four brokerage firms, who were happy to meet us despite their billion dollar size
portfolios. It was a humbling experience to discuss plans for our own business with such professionals.
How do you provide transparency to investors?
The setup is designed to maintain a system of checks and balances. We, as the General Partner, focus on trading and opera-
tions while leaving the administration of the fund to an independent third party service provider, the Administrator.
All banking flows are under the control of the Administrator, which means that nothing comes out of the bank account of
the fund without prior validation from the Administrator. Subscriptions, withdrawals and expenses are signed off by the
Administrator before being issued. In addition, the net asset value of the fund is monitored every month: the Administrator
pulls all trading data directly from the fund’s brokerage account, performs independent calculations and updates the gener-
al ledger, balance sheet, income statement and investor allocations before sending capital reports to investors.
Naturally, a complete GAAP-compliant audit* of the fund is conducted every year by a reputable Auditor. This year's audit
will be released in March 2017.
What’s next for Fontainebleau Capital?
Our objective will alway be to protect our investors’capital. Nick is an experienced investment manager who understands
risk management better than anyone else I know. His experience differs from most traders at major investment banks.
During his previous 10 years of trading experience, he had been both a trader and investor, and as a trader, could only take
risks that he, as the investor, could afford. His track record has been impressive and this gives me confidence that in the
years ahead we will maintain high standards.
In addition, our partners are not only attracted by superior results.They want to invest in the whole package, including
risk-control mechanisms and operational processes. Building a solid business will take years of hard work, dedication and
passion. This is a good thing because I'm not in a hurry. Along the road, I hope to continue learning from the world econo-
my, markets and the business-building experience.
How did you meet Nicolas for the first time?
When I got accepted to Henri IV back in 2000, all of my fellow students had obtained straight A's at the French Baccalaure-
ate. Nobody stood out of the crowd except for Nick, this kid in a wheelchair with both his arms and legs in plasters who had
been asked to quit Henri IV in front of the whole class because the school did not have the proper amenities. Though he
had just fallen one hundred feet in free fall during a paraglide accident, he simply refused to quit what is considered one of
the most intensive boarding schools in France. His dorm-mates and I helped him up and down the stairs to classes, and in
addition to studies he had to go through intensive physical therapy. Today, Nick runs faster than me, so to me speak.
INTERVIEWWITH
RAPHAELRODRIGUEZSIERRA
FOUNDEROFFONTAINEBLEAUCAPITAL
*GAAP: generally accepted accounting principles