Former Citadel Portfolio Manager Launches $1 Billion Macro Fund

Gilberto Marcheggiano, a former Citadel portfolio manager, is launching a new macro fund, Agave Capital Management Limited, with $1 billion in assets under management. Marcheggiano's career includes stints at Goldman Sachs and the Bank of England. The fund will make relative value and directional macro bets using quantitative approaches, with Marcheggiano putting a substantial share of his own capital into the fund. Marcheggiano's launch is a rare instance of a new fund starting with $1 billion or more.

Gilberto Marcheggiano, a seasoned portfolio manager with a distinguished career at firms such as Citadel, Goldman Sachs, and the Bank of England, is set to launch Agave Capital Management Limited. The new fund, slated to debut within weeks, will commence with approximately $1 billion in assets under management (AUM) [1].

Agave Capital Management Limited will focus on relative value and directional macro bets, leveraging extensive quantitative approaches. Marcheggiano will contribute a substantial share of his own capital to the fund and provide working capital funding during the seeding phase [1]. This launch is a rare instance of a new fund starting with $1 billion or more in AUM, highlighting the growing interest in independent macro fund management.

The launch of Agave Capital Management Limited comes at a time when the capital raising environment for new managers has been challenging. Large multistrategy firms have been acquiring managers who were considering going out on their own, further complicating the landscape [1]. However, the fund's launch is a bright spot, signaling a renewed interest in independent macro fund management.

Marcheggiano's career has been marked by significant achievements, including roles at Citadel, Goldman Sachs, and the Bank of England. His co-founder, Antonio Di Casoli, brings extensive experience from firms such as Schonfeld Strategic Advisors, BlueCrest Capital Management, Eisler Capital, and Capstone Investment Advisors [1].

The macro fund sector has seen robust performance this year, with several firms reporting double-digit returns. Deem Global, a macro fund started by former Brevan Howard Asset Management money manager Asfandyar Nadeem in 2022, has grown its assets to about $1 billion, driven by strong performance [1].

References:
1. [https://www.bloomberg.com/news/articles/2025-07-10/ex-citadel-portfolio-manager-joins-rare-1-billion-launch-club](https://www.bloomberg.com/news/articles/2025-07-10/ex-citadel-portfolio-manager-joins-rare-1-billion-launch-club)