Key Takeaways
- • Tidan Capital launched the Alma Tidan NOVA Volatility Arbitrage Fund on July 31, 2026, with over $100 million in seed commitments from more than 10 institutional investors, raising capital entirely from external sources with no contribution from Alma.
- • The fund targets an estimated capacity of approximately $4 billion and employs a derivatives-focused strategy trading single-stock and equity index options, futures, swaps, and foreign exchange to capitalize on pricing discrepancies across strikes and maturities.
- • The fund is managed by Magnus Linder and Dennis Karlsson, derivatives specialists with approximately 20 years of experience each, who joined Tidan in 2024 from a leading Nordic bank where they previously ran a similar volatility arbitrage strategy.
- • Alma Capital, with $4.5 billion in assets under management or advisory, structured the UCITS fund through its Platinum IV SICAV platform and serves as the management company and distribution channel to European institutional investors, while Tidan handles portfolio management and trading decisions.
- • The partnership is exclusive and was established specifically for the NOVA launch; the firms were connected through industry referral and collaborated on both fund structuring and capital raising, with both parties open to future collaborations but no announced plans for additional Tidan strategies on the platform.
Summary
Tidan Capital and Alma Capital have launched a volatility arbitrage UCITS fund that secured over $100 million in initial commitments from institutional investors. The Alma Tidan NOVA Volatility Arbitrage Fund became operational on July 31, 2026, through Alma's Platinum IV SICAV structure. Notably, all seed capital originated from external institutional investors through the combined distribution networks of both firms; Alma provided no internal funding for the launch.
The strategy focuses on identifying and exploiting pricing inefficiencies in derivatives markets. The fund trades single-stock and equity index options, futures, swaps, and foreign exchange instruments, targeting mispricings that emerge across different strike prices and maturities. These imbalances typically widen during periods of market stress—whether driven by geopolitical events, economic volatility, or corporate earnings announcements—when hedging demand and behavioral biases create supply-demand distortions in options markets.
Portfolio management is overseen by Magnus Linder and Dennis Karlsson, both derivatives specialists with approximately two decades of experience in trading, risk management, and execution. The pair joined Tidan in 2024 after operating a comparable volatility arbitrage strategy at a prominent Nordic financial institution. Tidan handles all investment decisions, trading execution, and risk management, while Alma provides the operational infrastructure, regulatory compliance framework, and distribution capabilities to European institutional clients. The firms estimate the strategy can accommodate approximately $4 billion in assets at full capacity. The partnership is exclusive to this fund launch, though both parties have indicated willingness to explore additional collaborations if opportunities arise.
Alma Capital, established in Luxembourg in 2006 and led by chief executive Henri Vernhes, maintains approximately $4.5 billion in assets under management or advisory. The firm specializes in distributing specialist investment managers and alternative strategies through the UCITS regulatory wrapper to institutional investors across Europe. Tidan, founded in Sweden in 2021 by alumni of Brummer & Partners and currently led by chief investment officer Michael Falken, has developed a portfolio of specialized investment strategies in derivatives and systematic trading.
The strategy focuses on identifying and exploiting pricing inefficiencies in derivatives markets. The fund trades single-stock and equity index options, futures, swaps, and foreign exchange instruments, targeting mispricings that emerge across different strike prices and maturities. These imbalances typically widen during periods of market stress—whether driven by geopolitical events, economic volatility, or corporate earnings announcements—when hedging demand and behavioral biases create supply-demand distortions in options markets.
Portfolio management is overseen by Magnus Linder and Dennis Karlsson, both derivatives specialists with approximately two decades of experience in trading, risk management, and execution. The pair joined Tidan in 2024 after operating a comparable volatility arbitrage strategy at a prominent Nordic financial institution. Tidan handles all investment decisions, trading execution, and risk management, while Alma provides the operational infrastructure, regulatory compliance framework, and distribution capabilities to European institutional clients. The firms estimate the strategy can accommodate approximately $4 billion in assets at full capacity. The partnership is exclusive to this fund launch, though both parties have indicated willingness to explore additional collaborations if opportunities arise.
Alma Capital, established in Luxembourg in 2006 and led by chief executive Henri Vernhes, maintains approximately $4.5 billion in assets under management or advisory. The firm specializes in distributing specialist investment managers and alternative strategies through the UCITS regulatory wrapper to institutional investors across Europe. Tidan, founded in Sweden in 2021 by alumni of Brummer & Partners and currently led by chief investment officer Michael Falken, has developed a portfolio of specialized investment strategies in derivatives and systematic trading.
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