The Free Merchants
Officially headed by Empress Augusta, the Free Merchant are a coalition of some of the formerly wealthiest and influential nobles who lost power, partially or fully, during the Time of Chaos and have moved out of Magan to establish trade networks along the northern shore of Aphrodisia, particularly in lands where the empty, decaying human cities still stand. The Free Merchants, seeing how depleted The Imperium is becoming of its wealth through its continual funding of mercenaries, has tried its best to keep out of the civil war entirely, though it will muster a mercenary defense if any vital trade ports are endangered.
Unlike most other demons, The Free Merchants are adept sailors and rely on the ocean surrounding Aphrodisia to move its armies and trade goods about.
Unlike the other main factions, the Free Merchants are more of a cartel between the families, Empress Augusta's main job is to keep them from backstabbing one another.
In particular, The Free Merchants value human artifacts, and many archeologists and tomb raiders pick over the ruins of Giusburg. They search for and and sell memorabilia of the time of The Great Exile, a time many demons now have come think of as the zenith of the demon empire's golden age.
Military Doctrine and Tactics
Far from being peaceful, The Free Merchants turn a blind eye when its members commit piracy against dwarven trade fleets, and will frequently raid coastal cities with dark elf mercenaries to hinder competition and take new thralls, making them just as much of a menace to the other sentient races as the other major factions. The Imperium routinely tries to seize these port towns, only to see the opposition sail away with everything of value, then later returning to oust whatever pitiful garrison is left behind.
Additionally, The Court of Lust keeps spies in all of Free Merchant territories and sometimes leaks Free Merchant troop counts and other vital data to the Imperium, mostly to distract them from being able to attend other issues, or to ambush the armies sent to deal with it. Most towns and villages along the shore have decimated populations, with many traveling west or further inland so they never have to see sails ever again.
The Free Merchants dream of one day restoring the demon empire, but are waiting for the other factions to exhaust themselves first, however long that takes.
Queen Silvana in particular prides herself on her pirate fleet and, while technically a member of the The Free Merchants, raids their ships as well. Empress Augusta routinely simply pays her off.
Queen Esmeralda has a more exploration-based goal and desires to sail across the planet and find demonkind's own fabled homelands. She spends much of her time and influence building new ports on the islands surrounding Aphrodisia to act as supply hubs for greater expeditions. She views non-demons as lesser species and will happily enthrall any native inhabitants she comes across.