Introduction

Established in 2016, Heka Funds SICAV p.l.c. (the ‘Company’ or ‘Heka’) is a self-managed collective investment scheme established in Malta and licensed by the Malta Financial Services Authority (MFSA) as an Alternative Investment Fund (AIF) targeting qualifying and professional investor, as disclosed in the respective sub-fund offering documentation.

 Structured as a multi-fund platform, Heka offers a range of specialised sub-funds designed to capture opportunities across both traditional and alternative asset classes—including digital assets (both market-neutral and directional) and fixed income.

Details of the Company

The Company’s objective is of offering a range of professional and qualifying investor sub-funds targeting sophisticated investment strategies, including exposure to crypto-assets and digital markets.

From inception, Heka positioned itself at the forefront of alternative finance, recognising the evolving demand for regulated investment structures that integrate traditional financial discipline with the innovation of blockchain-based assets. Heka, since its inception, partnered with Abraxas Capital Management Ltd as its delegated portfolio manager to enhance its strategic reach and expertise in arbitrage-driven digital asset strategies.

The Company has since launched multiple sub-funds, including the Phoenix Fund, focused on fixed-income instruments, and the Elysium Funds, specialising in digital assets’ arbitrage and directional opportunities in Bitcoin, Ethereum, and Gold-linked digital products.

Heka continues to expand its operational framework by building a robust compliance and governance infrastructure, engaging with institutional-grade service providers, and maintaining a proactive regulatory dialogue with the MFSA.

Why invest in Heka?

Heka Funds SICAV p.l.c (‘Heka’ or ‘the Company’), offers investors a dynamic and innovative investment platform combining institutional governance with cutting-edge exposure to both traditional and alternative asset classes, including digital assets.

With a strong emphasis on risk management, regulatory compliance, and transparency, Heka delivers a diversified suite of sub-funds tailored to sophisticated investor profiles. The Company leverages expert portfolio management, robust operational controls, and a flexible multi-strategy framework. Heka’s structure ensures segregation of sub-fund assets, investor protection, and professional oversight, while its collaboration with regulated service providers strengthens operational resilience and trust. Whether seeking uncorrelated returns, digital asset exposure, or long-term capital preservation, Heka provides a forward-looking investment solution for qualifying and professional investors.

Heka Funds offers a diversified suite of alternative investment strategies designed to target alpha generation and capital preservation:[1]

– Exposure to niche and emerging asset classes including digital assets
– Strategies include market-neutral arbitrage, enhanced directional, and fixed income opportunities
– Risk-focused governance and institutional-grade infrastructure
– Portfolio managed by licensed and experienced asset managers
– Independent risk and compliance monitoring across all Sub-Funds

Timeline of the Company

Q2 2016 – Phoenix Fund

Q4 2018 – Elysium Global Arbitrage Fund

Q3 2022 – Elysium Alpha Bitcoin Fund

Q3 2023 – Elysium Ethereum Fund

Q3 2025 – Elysium Alpha Gold Fund

Who are we?

The Board of Directors

The Board of Directors is responsible for the overall management, strategic oversight, and governance of Heka Funds SICAV p.l.c., ensuring compliance with the Investment Services Act (Cap. 370 of the Laws of Malta) and the MFSA’s regulatory framework for Alternative Investment Funds. The Board approves the Offering Documentation, appoints key functionaries (including the Investment Committee and Portfolio Managers), and oversees the performance and risk management of the Company’s sub-funds.

• Fabio Frontini – Founder & Head of Portfolio Management at Abraxas Capital Management Limited
• Dr Malcolm Mallia – Lawyer and MBA graduate with a multidisciplinary background in finance, audit, and legal advisory.
• Dr Frank Chetcuti Dimech – Co-founder of CDF Advocates, specialising in financial services and international law.
• Joseph Camilleri – Former General Manager at BOV Fund Services with deep expertise in fund administration and structuring.
• Luca Celati – Veteran risk management expert and co-founder of Abraxas, with a background in credit derivatives and financial innovation.

The Investment Committee

The Investment Committee of Heka Funds SICAV p.l.c. plays a pivotal oversight and strategic advisory role in the implementation of the investment policy across the Company’s sub-funds. It does not undertake portfolio management directly, as this function is delegated to the appointed Portfolio Manager (Abraxas Capital Management Limited). Instead, the Committee ensures that investment activities remain aligned with the stated investment objectives and risk parameters as defined in the Offering Memorandum.

Key responsibilities of the Investment Committee include:

• Reviewing and advising on the consistency of investment strategies with the sub-funds’ objectives.
• Assessing the performance of the Portfolio Manager in relation to benchmarks and risk limits.
• Providing recommendations to the Board of Directors on investment-related matters.
• Ensuring compliance with applicable investment restrictions and regulatory guidelines.

The Committee meets at monthly and also report quarterly into the Board of Directors. The Portfolio Manager reports regularly into the Investment Committee, whom are to approve specific trading requests and review counterparties. Higher risk limit requests are to be approved by the Board of Directors.

Portfolio Manager

Abraxas Capital Management Limited

The investment management of Heka Funds SICAV p.l.c. is delegated to Abraxas Capital Management Limited, a UK-based firm authorised and regulated by the Financial Conduct Authority (FCA). Abraxas has over two decades of experience in alternative asset management and has been a pioneer in digital asset strategies since 2017. The firm is led by Fabio Frontini, Founder and Head of Portfolio Management, who has an extensive background in derivatives trading at leading global institutions such as UBS, Merrill Lynch, and DRKW.

The team also includes Carlo Zaffaroni, Head of Trading and Co-Portfolio Manager, and Federico Bagiotti, CFA, Co-Portfolio Manager, both of whom bring deep experience in quantitative modelling and execution.

Abraxas combines deep market expertise, proprietary technology, and disciplined risk management processes to ensure each sub-fund is actively managed and aligned with its investment objectives across centralised and decentralised digital markets.

Service Providers

Swissquote Financial Services (Malta) Ltd

Heka Funds SICAV p.l.c. benefits from custody and depositary services provided by Swissquote Financial Services (Malta) Ltd, a fully licensed and MFSA‑regulated entity (Category 4A for depositary & custody, and Category 2 for brokerage). As part of the renowned Swissquote Group—listed on the SIX Swiss Exchange and supervised by FINMA—Swissquote Malta combines Swiss‑grade financial stability with deep local expertise

Swissquote offers state‑of‑the‑art depositary services tailored for alternative fund managers, including those investing in unregulated crypto-assets. Their online custody platform supports multi-asset, multi-currency fund accounts with real-time access, robust cash flow monitoring, NAV verification, asset reconciliation, and adherence to fund mandates and investment restrictions

Moreover, Swissquote maintains a Tier‑1 global custody network, partnering with top international sub-custodians, providing Heka with both global reach and strong operational integrity

Fexserv Fund Services Ltd

Fexserv Fund Services Ltd, serves as the appointed Fund Administrator  for the Elysium sub-funds of Heka Funds SICAV plc. The latter is a recognised Fund Administrator by the Malta Financial Services Authority (MFSA). It has been part of the Fexserv Group since 2008 and offers a broad suite of tailored fund administration services designed to support complex investment strategies.

Its offering includes fund valuation, NAV calculation, unitholder servicing, transfer agency, corporate administration, and AML compliance support. Fexserv’s expertise extends to innovative and alternative asset classes—including digital assets—making it a natural partner for the Elysium range, which includes funds exposed to crypto markets and arbitrage strategies.

Based in Malta, Fexserv combines operational reliability with regulatory proficiency, ensuring that the Elysium sub-funds meet the highest standards of governance, reporting, and investor servicing.

NAV Consulting Inc.

To enhance the accuracy and reliability of Net Asset Value (NAV) calculations for the Elysium sub-funds, Fexserv Fund Services Ltd has sub-delegated NAV calculation responsibilities to NAV Fund Administration Group, operating through NAV Consulting, Inc.

NAV Consulting is a globally recognized fund administrator specializing in complex asset valuation and reporting, particularly in the field of digital assets and crypto-related instruments. With over $220 billion in assets under administration and extensive experience supporting hedge funds, private equity, and alternative strategies, NAV Consulting provides sophisticated tools and methodologies tailored for volatile and high-frequency digital asset trading environments.

This collaboration ensures that Elysium sub-funds benefit from enhanced accuracy, timeliness, and transparency in valuation processes, aligning with Heka’s commitment to robust governance and investor protection in emerging asset classes

BOV Fund Services Limited

BOV Fund Services Ltd is the official fund administrator for the Phoenix Fund, part of Heka Funds SICAV p.l.c. A fully owned subsidiary of Bank of Valletta plc, Malta’s largest banking group, BOV Fund Services is recognised and regulated by the Malta Financial Services Authority (MFSA).

Since its establishment in 2006, BOV Fund Services has provided a comprehensive suite of fund administration and corporate services, including fund accounting, NAV calculation, shareholder registry maintenance, transfer agency, regulatory reporting and company secretarial services.

BOV Fund Services’ local knowledge and institutional strength provide Heka with stable and fully regulated operational support, ensuring the Phoenix Fund is underpinned by a dependable and compliant fund administration backbone.

[1] Alpha generation refers to the ability of an investment strategy or portfolio manager to generate returns above a benchmark or market index, after adjusting for risk. In other words, it’s the excess return that cannot be explained by overall market movements (beta) and is typically attributed to skill, strategy, or unique market insights.

For example, if the market (e.g., S&P 500) returns 6% and a fund returns 9% with similar risk characteristics, the 3% difference is considered “alpha.”

In the context of Heka’s sub-funds—especially those engaged in arbitrage or crypto strategies—alpha generation reflects the fund manager’s ability to exploit inefficiencies or pricing anomalies in the market to produce superior returns, independent of general market trends.