The founders of it were former Cargill executives Gary Jarrett (who also served as its CEO), Guilherme Schmidt and Jeremy Llewelyn.

It aimed to exploit opportunities in interest rate disparities across global fixed income markets.

[3][9] In July 2015, Black River announced it would be shutting down four hedge funds citing withdrawals, market conditions and lack of investor demand.

Drobny, Tim Magnusson and Rob Goedken led a management buyout of the relative-value fixed income unit of Black River leading to the creation of an independent firm called Garda Capital Partners.

Drobny who would be managing partner and chief investment officer stated Garda would remain in Minneapolis.

According to Preqin, Garda's flagship strategy returned 7.8% annually over 15 years which includes the time it operated under Black River.