Ten Cap is a boutique investment management company with a singular focus on providing our clients with exceptional returns and experiences. We manage ~$1.65bn in Australia’s largest founder owned and led 150:50 fundamental active extension fund. Our purpose is to empower our clients, grow their wealth and in turn the community through aligning our interests with their own. We run a domestic focused, style neutral fund with a proprietary long-short approach.
Alpha Plus is one of the longest running and most consistently performing long short equity only funds in Australia. Since taking over the fund in 2019, it has delivered 9.70% per annum versus the ASX200 of 8.88% for an annualised (net) outperformance of 82bps.
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Our team is diverse and deeply experienced. It is dedicated to delivering market-leading performance via the integration of a broad range of life, industry skills and insights. Our purpose, vision and how we operate are embedded into the DNA of every employee as we seek to become Australia’s fund manager of choice for clients and staff.
Ten Cap prides itself on hiring employees that are passionate about markets, have the right combination of hard and soft skills, and who fit with our company culture
Mark joined Ten Cap in September 2025 as a senior equity analyst within the investment team. Mark has over 25 years’ of funds management and equity research experience. Having commenced his early investment banking career in Australia with Citigroup, Mark spent 8 years with Deutsche Bank including a move to Hong Kong in 2003. In Hong Kong, Mark held various APAC Sector Head roles within equity research for Deutsche (Managing Director), Macquarie (Managing Director) and Barclays, building highly rated regional teams and leading the research for some of Asia’s largest IPOs. He was also Head of APAC Equity Research Product and Investment Review Committee for CIMB (Managing Director).Mark joined the buy side in 2016 working for Blue Pool Capital and later Red Door Capital / Clean Alpha Partners, as a Partner and Senior member of the investment team. Mark is an experienced Long/ Short equity investor covering Australia, APAC and Global markets.Mark has a Bachelor of Commerce (major in Accounting) and is a qualified Chartered Accountant, having started his career in Australia with Deloitte, following early experience at National Australia Bank.
Craig joined Ten Cap in January 2025 as Chief Operating Officer. Craig has over 25 years’ experience in investment markets and funds management, most recently as Chief Operating Officer at Harper Bernays Ltd.
Christian is the head of trading at Ten Cap. His career started in 1997 with Gartmore Investment Management (Janus Henderson today) in London spending 3 years as a Fixed Income Dealer before moving to WestLB Asset Management in 2000 as a Senior Dealer, responsible for covering the execution for multi asset portfolio managers (Trading: Fixed Income, Equities, Futures and Derivatives). In 2005 Christian moved to Nomura Securities in Singapore as an Equity Sales trader covering pan Asia equities, responsible for covering a mixture of Hedge Funds and Long Only accounts. From 2006 to 2009 he worked for Citibank Singapore as an Equity Sales trader. Christian was most recently Managing Director at BTIG Australia.
Charles is an Equity Analyst within the investment team at Ten Cap and has 5 years of industry experience. Charles started off as a dry cargo shipbroking with Affinity Shipping and then moved to Macquarie Bank. Prior to joining, Charles worked at Tribeca Investment Partners within the Global Natural Resources team for 3 years and focused on global listed and unlisted investment opportunities. Charles’ qualifications include a BA (Hons) degree from the University of Melbourne and a Masters of Public Policy from the University of Sydney. Charles recently passed his Level 1 CFA.
Joe Cheika is the Head of Distribution at Ten Cap, bringing extensive experience across investment markets, client engagement, and strategic distribution. He has a strong track record of successfully raising capital across numerous investment strategies, underpinned by deep relationships with consultants, financial advisers, and private wealth clients.
The past 19 years of Jun Bei’s career have been with Tribeca. Starting as an equity analyst in 2005, she spent several years as a Portfolio Manager, and in 2019 took over the Alpha Plus Fund, one of Australia’s longest running equity long short funds. Since taking over sole responsibility for managing the Fund, she grown the funds under management from $350mn to ~$1.65bn. Prior to Tribeca, Jun Bei spent four years as an investment analyst covering the Australian consumer sectors at Morningstar and Foster Stockbroking. Jun Bei completed a commerce degree at the University of New South Wales, followed by a number of finance credentials including GAICD and CFA. She is fluent in Mandarin and English, only learning English as a 16-year-old, when she emigrated to Australia from China.
Jason is the Chief Executive Officer and Chief Investment Officer at Ten Cap. Jason began his career in 1996 with JPMorgan New Zealand. He spent 12 years with JPMorgan with time in NZ, Australia, London and then finally New York as the US & Global Equity Strategist. In 2007 he took up the role of US & Global Equity Strategist for Morgan Stanley New York. In 2010, Jason moved to Hong Kong where he became Head of Hong Kong / China Equities for CIMB (formerly RBS). He remained there for 6 years before moving back to Australia as the Head of Australian Macroeconomics for Macquarie Group and later the Head of Investment Strategy for Macquarie’s Australian Wealth Management division. In 2024, Jason took up the role of Chief Investment Officer for the Commonwealth Bank Private – Australia’s largest Private Bank. Jason has a Bachelor of Commerce (double major in Economics & Finance) and a Master of Commerce (First Class Hons) in Economics from the University of Auckland (New Zealand). Jason is a CFA Charterholder.
At Ten Cap, our purpose is to empower investors, guide their financial growth, and make a positive impact on the community.
We are passionate about giving back and are committed to using our expertise and resources in a way that has a positive impact on the world. Lead portfolio manager, Jun Bei Liu has a long history of supporting charitable causes and through its employees, partnerships and initiatives, Ten Cap, will seek to further deepen its corporate social responsibilities and activities. At Ten Cap we understand our role as a change agent and we take this seriously. It is a privilege to manage client money and this gives us a unique opportunity to help create positive ripple effects across the broader community at large.
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There are two ways to invest in the Alpha Plus Fund. First, via a direct application as outlined below; or Second via one or more of the platforms outlined below. The minimum investment is $25,000. Applications / Withdrawals are on a daily basis with half year distributions. The Responsible Entity is Ironbark Asset Management Fund Services, Custodian & Administrator is JPMorgan Chase Bank (Sydney) and Unit Registry is Link Market Services.
Direct application via our PDS and form
Read the Class A Product Disclosure Statement (PDS).
Complete the application form within the PDS or download and complete the application form that applies to your investment type:
Company / Trust / Super
Individual / Joint / Sole Trader
Send the application form and required supporting documents to: tencap@cm.mpms.mufg.com
Apply through one of our supported platforms
