Our People


Managing Partner

Jonathan D. Calder


Jonathan D. Calder is a Managing Partner of North Sea Partners and serves as CEO of North Sea Securities LP, the group’s wholly-owned broker dealer subsidiary (member FINRA and SIPC). After 25 years as a professional trader and group manager in the US and European leveraged lending businesses, he co-founded North Sea, an entrepreneurial financial services platform aimed at providing debt and equity capital raising solutions to small and medium sized businesses.

Mr. Calder was a founder of the secondary market for syndicated bank loans in the US, and is a recognized authority on private debt markets. He was a Founder, Board Member and Chairman of the Loan Syndications and Trading Association where he led over 300 member institutions to develop market standards for documentation, a code of conduct for market participants, standard practices for loan syndications, valuation services, and operational rules of engagement resulting in over $500BN annual trading volume.

During the 1990's, Mr. Calder ran Citigroup's Distressed Loan Trading operations in the US and Europe, where he developed and utilized his expertise in discounted debt trading strategies involving corporate restructuring and bankruptcy situations.

Prior to joining North Sea, Mr. Calder ran Fixed Income Credit Sales for Citigroup in New York, successfully distributing a broad list of complex financial products including new issue 1st and 2nd lien loans, "rescue" finance offerings, unsecured and subordinated securities, credit derivatives, and exchange offers, amendments, and waivers. His leadership and client relationships were instrumental in Citigroup's top ranking in structured credit origination and distribution, including transactions for most of the top-ranked CLO managers in the US.

Mr. Calder is a graduate of The Colorado College and Amos Tuck School of Business Administration at Dartmouth College.



Managing Partner

Adrian W. Doherty


Adrian W. (Buzz) Doherty is a Managing Partner at North Sea Partners. Prior to joining North Sea, Mr. Doherty was Executive Vice President/Fund Partner at Ridgewood Energy Corporation where he led successful efforts to raise the first institutional fund at a private equity firm focused on oil and gas exploration and production in the US Gulf of Mexico. From 2002 to 2006, he was a Managing Director and head of Oil and Gas Investment Banking at Barclays Capital.

Mr. Doherty's experience also includes public company directorship and entrepreneurial activity. Between 2002 and 2008, he was a director of Tulsa-based Global Power Equipment Group, a NYSE-listed manufacturer of gas-fired power plant equipment. In 2001, he was a Founding Director of Anzon Energy Limited (Sydney, Australia), an oil and gas exploration and production company operating in Southeast Asia where he co-led the company's establishment, initial capital raising and management. Anzon subsequently went public and then was sold to Roc Energy Limited.

Mr. Doherty was a Managing Director in Equity Capital Markets at Salomon Smith Barney from 1999 to 2001. Mr. Doherty began his career at J. P. Morgan in 1977 where, during his tenure, he was a managing director in the Global Natural Resources, Equity Capital Markets and Aviation, Aerospace and Transportation banking groups.

Mr. Doherty holds an AB, magna cum laude in Geology, from Amherst College and a MBA in Finance from the Wharton Graduate Business School at the University of Pennsylvania.



Senior Advisor

James W. Gerard

James W. Gerard is a Senior Advisor to North Sea Partners where he is responsible for raising equity for alternative fund groups, both private equity and hedge funds. His target markets include family offices, foundations, endowments, and institutional investors in the US and Europe. Prior to joining North Sea, he was a Principal at Juniper Capital Group, a private placement agency, where his clients included LCF Rothschild's European Buyout Funds of Funds, J. Hirsh & Co (an Italian buyout firm), Piper Jaffray's CleanTech Funds of Funds, Excelsior Capital, Galtere Capital, Rosinus Financial Fund, Zilkha Investment Partners, and De Visscher & Co.

Between 2000-2003, he was a Managing Director at The Chart Group, a merchant bank, where he led fundraising for the firm's in-house private equity and hedge fund of funds. Mr. Gerard was with Ironbound Partners, a family office for a Washington DC-based investor, which he established and co-managed from 1998-2000. Previously, Mr. Gerard was director of business development at Tocqueville Asset Management.

Mr. Gerard serves as an independent trustee of the Tocqueville Trust (a mutual fund company). He is also on the boards of trustees of the Salisbury School, The Elliott School of International Affairs at George Washington University, the American Overseas Memorial Day Association, and the American Friends of Blerancourt. He is a former director of the ASPCA (serving as treasurer from 1999-2008), and Phoenix House. Mr. Gerard holds a BA from George Washington University's Elliott School of International Affairs.



Chief Executive Officer

David B. Miller


David B. Miller is Chief Executive Officer of North Sea Partners LLC. Mr. Miller has nearly 40 years of experience in the financial services sector, including expertise in new business formation, acquisitions and divestitures.

Prior to joining the firm, Mr. Miller was a Senior Managing Partner at Bear Wagner Specialist and Wagner Stott and Co., both NYSE member firms. He began his career at Wagner Stott in 1981 by opening their Chicago office. Mr. Miller was instrumental in developing Wagner Stott’s proprietary stock index arbitrage unit and their option clearing business.

In 1990, Mr. Miller moved to New York and subsequently joined Wagner Stott’s executive team as their Chief Financial Officer.  Mr. Miller completed several transactions for Wagner Stott, including the merger with Mercator Partners, the merger with CMJ Partners, the sale of their Nasdaq trading operation to Fidelity and the sale of Wagner Stott to Bear Stearns.

Mr. Miller is a past member of the New York Futures Exchange, the Chicago Board Options Exchange and the New York Stock Exchange.

Mr. Miller holds an MBA in Corporate Finance from the University of Chicago Booth School of Business and an AB in Microbiology from Harvard College.