Key Takeaways
- • Agave Capital Management, launched by ex-Citadel partner Gilberto Marcheggiano, generated £21m ($28.5m) in turnover during its 13-month operating period (November 2024 through end of 2025), comprising management and performance fees on approximately $1bn in assets under management.
- • The London-based macro hedge fund's financial accounts suggest potential mid-single-digit investment returns during its early trading period, based on the asset base and accrued income figures, though precise performance metrics remain undisclosed.
- • Agave reported £14.3m in prepayments and accrued income on its balance sheet at period end, with the breakdown between management fees and performance fees not specified in filed accounts, limiting transparency on the fund's actual investment performance.
- • The fund's strong capital raise at launch ($1bn) and early fee generation indicate institutional investor confidence in Marcheggiano's track record and the macro strategy positioning, representing a significant new entrant in the London hedge fund landscape.
Summary
Agave Capital Management, a newly established London-based macro hedge fund founded by Gilberto Marcheggiano, a former Citadel portfolio manager and partner, has demonstrated a solid operational start following its launch with approximately $1bn in assets last year. According to newly filed company accounts covering the 13-month period from November 2024 through the end of 2025, the fund generated £21m ($28.5m) in turnover, recorded entirely as investment management fees combining both recurring management fees and performance fees recognized upon crystallization of gains.
The fund's financial disclosures provide limited visibility into precise investment returns. Agave held £14.3m in prepayments and accrued income on its balance sheet at period end, but the accounts do not distinguish between management fee components and performance fee accruals, making it difficult for external observers to calculate exact fund performance. However, based on the roughly $1bn asset base and the magnitude of accrued income reported, analysts estimate the fund may have generated mid-single-digit returns during its initial trading phase—a respectable outcome for an emerging hedge fund during its launch period.
The $1bn capital raise at inception underscores significant institutional investor appetite for Marcheggiano's investment approach and pedigree from Citadel, one of the world's largest hedge fund operators. Agave's strong opening demonstrates continued investor willingness to back experienced traders spinning out to establish independent macro-focused strategies in European financial centers. The fund declined to provide additional commentary on its performance or operations.
The fund's financial disclosures provide limited visibility into precise investment returns. Agave held £14.3m in prepayments and accrued income on its balance sheet at period end, but the accounts do not distinguish between management fee components and performance fee accruals, making it difficult for external observers to calculate exact fund performance. However, based on the roughly $1bn asset base and the magnitude of accrued income reported, analysts estimate the fund may have generated mid-single-digit returns during its initial trading phase—a respectable outcome for an emerging hedge fund during its launch period.
The $1bn capital raise at inception underscores significant institutional investor appetite for Marcheggiano's investment approach and pedigree from Citadel, one of the world's largest hedge fund operators. Agave's strong opening demonstrates continued investor willingness to back experienced traders spinning out to establish independent macro-focused strategies in European financial centers. The fund declined to provide additional commentary on its performance or operations.
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