Key Takeaways
- • Agave Capital Management, founded by ex-Citadel PM and partner Gilberto Marcheggiano, launched in July 2025 with $1 billion in AUM and generated £21 million ($28.5 million) in investment management fees over its first 13 months (November 2024–December 2025).
- • The macro hedge fund filed UK Companies House accounts suggesting strong early performance, with £14.3 million in accrued income at year-end; analysts estimate mid-single digit returns for investors based on these figures.
- • Marcheggiano has recruited senior talent from his prior roles, including Giancarlo Ferrero (ex-Goldman Sachs fixed income PM and Citadel colleague) hired in March 2026, and Benjamin Nelson (ex-Balyasny director and Bank of England alumnus) hired in February 2026.
- • Agave employed an average of 20 staff during the period, with average compensation of £291.8k ($397k) per employee over the 13 months; annualized compensation is substantially higher given most hires occurred from May 2025 onward.
- • The fund launch ranks among the larger hedge fund debuts in 2025, establishing Marcheggiano's macro strategy in London following prior senior roles at Goldman Sachs and Citadel.
Summary
Agave Capital Management, the London-based macro hedge fund founded by Gilberto Marcheggiano, has signaled a strong start following its July 2025 launch with $1 billion in initial assets. According to UK Companies House filings covering the 13-month period from November 2024 through December 2025, Agave generated £21 million in investment management fees—comprising both monthly management fees and performance fees recognized upon crystallization of returns.
Marcheggiano, a former portfolio manager and partner at Citadel, brought considerable pedigree to the launch. Prior to Citadel, he served as head of cross macro investments at Goldman Sachs. His hiring strategy has focused on recruiting experienced colleagues from both his Citadel and Goldman tenures. In March 2026, Marcheggiano hired Giancarlo Ferrero, a former Goldman Sachs fixed income portfolio manager with whom he worked at Citadel. In February 2026, the fund added Benjamin Nelson, a senior economist and former Balyasny director who also worked with Marcheggiano at the Bank of England early in his career.
The fund's headcount and compensation structure reflect a lean, well-resourced operation. Agave employed an average of 20 people during the period covered by the accounts, with average compensation of £291.8k ($397k) per employee across the 13 months. Given that most hires occurred in May or later, annualized compensation is materially higher than this figure suggests. The fund recorded £14.3 million in prepayments and accrued income at year-end 2025, though the breakdown between management and performance fees is not disclosed. Analysts have inferred that assuming a substantial portion of this accrual reflects crystallized gains, the fund may have generated mid-single digit returns during its first months of operation on its $1 billion AUM base.
Agave's launch positions it among the larger hedge fund debuts in 2025, combining Marcheggiano's macro expertise with a strategically assembled team of senior investment and economics professionals drawn from tier-one institutions.
Marcheggiano, a former portfolio manager and partner at Citadel, brought considerable pedigree to the launch. Prior to Citadel, he served as head of cross macro investments at Goldman Sachs. His hiring strategy has focused on recruiting experienced colleagues from both his Citadel and Goldman tenures. In March 2026, Marcheggiano hired Giancarlo Ferrero, a former Goldman Sachs fixed income portfolio manager with whom he worked at Citadel. In February 2026, the fund added Benjamin Nelson, a senior economist and former Balyasny director who also worked with Marcheggiano at the Bank of England early in his career.
The fund's headcount and compensation structure reflect a lean, well-resourced operation. Agave employed an average of 20 people during the period covered by the accounts, with average compensation of £291.8k ($397k) per employee across the 13 months. Given that most hires occurred in May or later, annualized compensation is materially higher than this figure suggests. The fund recorded £14.3 million in prepayments and accrued income at year-end 2025, though the breakdown between management and performance fees is not disclosed. Analysts have inferred that assuming a substantial portion of this accrual reflects crystallized gains, the fund may have generated mid-single digit returns during its first months of operation on its $1 billion AUM base.
Agave's launch positions it among the larger hedge fund debuts in 2025, combining Marcheggiano's macro expertise with a strategically assembled team of senior investment and economics professionals drawn from tier-one institutions.
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