Former Citadel portfolio manager Gilberto Marcheggiano is preparing to launch Agave Capital Management Limited, a macro hedge fund set to debut with around $1bn in assets under management, according to a report by Bloomberg citing unnamed people familiar with the matter.

The launch would place Agave among the three largest hedge fund debuts anticipated this year.

The reports a presentation review by Bloomberg as highlighting that Agave Capital will employ a quantitatively driven macro strategy, combining relative value and directional bets. Marcheggiano is expected to commit a “substantial share” of his personal capital to the fund and is also providing working capital for the seeding phase.

In addition to his role at Citadel, Marcheggiano’s professional background includes senior positions at Goldman Sachs, the Bank of England, and the UK Treasury. He is joined by Antonio Di Casoli, who brings experience from Schonfeld Strategic Advisors, BlueCrest Capital Management, Eisler Capital, and Capstone Investment Advisors.

The launch of Agave Capital comes at a time when many aspiring hedge fund managers have struggled to raise capital independently, as large multistrategy firms increasingly absorb talent. Despite this, strong returns from established macro funds such as Rokos Capital Management, EDL Capital, Bridgewater Associates, and Discovery Capital have reignited interest in the strategy.

Another macro fund, Deem Global, launched by ex-Brevan Howard manager Asfandyar Nadeem in 2022, has also reached the $1bn milestone on the back of double-digit performance since inception.