Welcome to West Bay Partners
Born Global.
Small Cap Focused.
Dedicated to Family Offices.
High conviction strategies for long-term partners.
Boutique investing, reimagined. West Bay Partners specializes in small cap opportunities worldwide, applying a disciplined, research-based approach to uncovering value in listed smaller companies. We collaborate with family offices and professional investors who share our commitment to fundamental research and long-term alignment.
"Family Offices are the natural owners of Small Cap Equities"
Erik Esselink, Portfolio Manager & CIO - West Bay Partners
Our Vision
A Small Cap Investment Boutique
for Family Offices
We believe Small Cap Equity is an asset class that is overlooked by many and can provide structural alpha for those investors who take a fundamental research approach. West Bay Partners is creating a fundamental Global Small Cap research engine that can support multiple Global and Regional Small Cap strategies.
Over longer periods Small Cap Equity tends to outperform Large Cap Equity, although the recent decade seems an exception to this trend. Small Cap Equity benefits from higher revenue and earnings growth, alignment with shareholders and the impact of M&A and IPO activity.
In Small Cap Equity, financial and non-financial data quality can be patchy, and fundamental research efforts by sell-side brokers and investment banks is often less developed. These characteristics make the Small Cap segment less efficient and particularly rewarding for investors who take a patient, research-driven approach - an area where West Bay Partners focuses its expertise.
With operations in London, Madrid, and Atlanta, we combine local insight with a global reach.
This positions us uniquely in an asset class which is local in nature but rich with global opportunity. We are generalist investors with a regional emphasis, investing only in companies we can analyze and understand in depth.
This global generalist perspective allows us to recognize patterns across industries and regions, helping us identify opportunities that may be overlooked other investors.
Our Investment Edge
The West Bay Difference
We believe Small Cap Equity represents an overlooked area of global markets. The segment's diversity and limited analyst coverage create opportunities for investors who carry out detailed, company-level research.
Focused on Global Small Caps
We specialize in smaller companies worldwide, this part of the market is often ignored by larger institutions and mainstream investment research. These businesses tend to be more locally driven and idiosyncratic, rewarding patience and careful analysis.
Research-Led Ideas
Our team applies a consistent yet flexible, research-led approach to identifying well-managed companies with sound fundamentals. We look across regions and industries to recognize recurring themes and characteristics that inform our investment thinking.
Intentional Portfolio Construction
Our portfolios are designed through deliberate position sizing and risk-awareness. We aim to maintain balance across styles and sectors while staying focused on company fundamentals rather than short-term market factors.
Our Strategy
Strategically Aligned
Our firm structure is designed around partnership and long-term performance:
- Meaningful employee ownership aligns our success with the quality of our work and relationships.
- Client-first philosophy with deep relationships, full transparency and open dialogue.
- Lean and highly efficient team, supported by AI, and outsourcing of all non-investment functions to top-tier partners.
Our Philosophy
Family Office Centric from Day One
We believe family offices are the natural owners of small cap equity:
Smaller companies often have a high proportion of founder-led and family owned businesses, creating strong alignment between management teams and minority shareholders.
Publicly listed small-cap companies are required to maintain robust governance and ESG standards, with added transparency and scrutiny that comes from public ownership.
We believe that small caps offer differentiated opportunities and exposure to specialist businesses — the kind of “riches in the niches” that are rarely available in large-cap markets.
Our Team
Deep Experience. Long-Term Perspective.
Led by Erik Esselink and Glen Hilton, our investment team brings over 70 years of combined experience at leading global investment firms. We have managed a variety of regional and global small-cap equity mandates and developed a research framework applied consistently across different market environments. We are generalist stock analysts first and foremost. Each team member contributes a complementary skill set and regional expertise. We use AI and technology to assist with idea generation, industry analysis, and initial company research, allowing us to focus our time on the key issues and value drivers that matter most in our investment process.
Erik Esselink
Managing Partner, CIO & Portfolio Manager
Erik Esselink is a seasoned small cap portfolio manager who started his career in the late nineties at ING in Amsterdam. He moved to London in 2000, and specialized in Small Cap Equity while working for Morgan Stanley.
Since joining Invesco he built out the European and Global Small Cap franchises. He holds an impressive 15-year performance track record in European Small Cap. In 2023, Erik decided to take a sabbatical and in 2025 he founded West Bay Partners with Glen Hilton.
Glen Hilton
Managing Partner, Director of Research
Glen Hilton has 30 years of experience in Global Equities at a number of world class investment houses. Glen has managed portfolios and worked as sector/industry analyst at Montgomery Asset Management, Invesco, and most recently at Thornburg.
Throughout his career, Glen has created new research infrastructure and helped define research processes & investment cultures that underpinned successful investment teams. Glen left in Thornburg in 2024 to focus on West Bay Partners.
Jason Lind
Portfolio Manager and US Small Cap Analyst
Jason Lind has 17 years of experience in Equity research and portfolio management of US Small Cap Equity. Jason was an Associate Portfolio Manager at Thornburg.
He helped manage the US Small Cap Core and Growth funds. Prior to this, Jason worked as an analyst in the Thornburg Long/Short fund and at RBC Capital.
Luis Saravia (Napa Capital)
Business Development
Luis has a decade of experience in the Investment Management and Wealth Management industry. He previously worked at Bankinter, Abanca, and International Asset Management (IAM) in London. Recently, Luis founded Napa Capital, a boutique investment advisory firm focused on Family Offices. Luis is based in Madrid.
Brendan Hayes (AlphaLabs)
CFO/COO
Brendan has over 20 years of experience in investment operations, legal/compliance in the finance industry. He previously worked for BNP-Paribas Cortal-Consors and ICR Institutional Investments responsible for Operations and Finance. In 2022 he co-founded Alpha Labs Consulting which provides outsourced CFO/COO services to Family Offices and Investment managers.
Juan Bascones (AlphaLabs)
Risk Management
Juan has over 2 decades of experience in investment operations, risk management, and security services. Juan has worked for JP Morgan in Ireland and ICR Institutional Investment Management as a fund analyst and portfolio manager. He works closely with Brendan serving a number of family office and investment boutique clients.
Learn More
To learn more about West Bay Partners and our research approach, please get in touch.
Our links
Services
Global small cap strategies
Partnerships with Family Offices
Contact info
West Bay Partners Limited
2nd Floor, Malta House, 36–38 Piccadilly
London W1J 0DP
United Kingdom
glen@westbay-partners.com
erik@westbay-partners.com