Cisu Capital, the London-based hedge fund founded by former Elliott Management portfolio manager Mark Wills, has successfully launched a commingled fund with a commitment from a large endowment, according to a report by Business Insider.

The firm initially began trading in August 2023 with a $200m separately managed account (SMA) from Squarepoint.

The launch stands out in a market where many new hedge funds have been steered towards SMAs rather than traditional commingled structures. SMAs have become the preferred route for large allocators, offering greater transparency, customised risk controls, and negotiable fee structures. A Goldman Sachs report highlighted that SMA capital grew by 27% year-over-year, with more than half of the capital in hedge funds under $500m now held in SMAs, up from 41% in 2020.

Cisu Capital focuses on the financial services sector and joins a wave of new launches from former Elliott Management investors in recent years.