Hermitage Capital Management is an investment management firm founded in 1996 by Bill Browder and Edmond Safra. Headquartered in Guernsey, with offices in the Cayman Islands, London, and Moscow, the firm specializes in emerging markets, particularly Russia. Since 2015, it has operated as a family office hedge fund, focusing on private capital management while maintaining its activist investment strategy. The firm is known for its flagship Hermitage Fund, which achieved a remarkable 2,697% return from 1996 to 2007. Hermitage Capital employs an activist investment strategy aimed at exposing corporate corruption to enhance governance and shareholder value. Its offerings include the Hermitage Fund, which targets undervalued Russian equities, and Hermitage Global, which focuses on global emerging markets. The firm has a history of addressing corporate malfeasance and has adapted its approach to managing proprietary investments in recent years.