Key Takeaways
- • Tekmerion Capital Management is spinning out from Brevan Howard with $1 billion in committed assets, positioning the macro-focused fund to launch with significant capital in a market where macro strategies are gaining renewed attention.
- • Zachary Squire serves as Chief Investment Officer and Reed Morrissey as CEO, with Squire bringing experience from D.E. Shaw, Bridgewater, and HBK, while the founding team actively fundraises at institutional conferences to expand the investor base beyond initial commitments.
- • Engineers Gate and Galaxy Digital CEO Michael Novogratz are among the fund's backers, providing validation from established multi-strategy and crypto-focused investors as Tekmerion positions itself as a diversifier for institutions overexposed to U.S. equities.
- • The fund emphasizes differentiated macro research and is targeting allocators seeking hedge fund exposure with sophisticated understanding of macro strategies, launching during a period when macro investing has regained institutional favor after years of underperformance.
- • Tekmerion represents a return to a character-driven, niche-focused hedge fund model rather than the "skill factory" approach of mega-funds like Millennium and Citadel, with Squire's classical education background (Princeton valedictorian in Latin and ancient Greek) reflecting the firm's contrarian, research-intensive positioning.
Summary
Tekmerion Capital Management is completing a spinout from Brevan Howard Asset Management with $1 billion in committed assets, marking a significant institutional capital raise for a newly independent macro hedge fund. The spinout will occur later in 2026, with the fund positioning itself to capitalize on renewed institutional interest in macro strategies after years of relative dormancy in the sector.
Zachary Squire, the fund's Chief Investment Officer, brings substantial pedigree from leading quantitative and macro shops, including tenures at D.E. Shaw, Bridgewater Associates, and HBK Investments. Squire is a Princeton valedictorian who majored in Latin and ancient Greek, and is reportedly developing his undergraduate thesis—examining property rights in Roman philosopher Cicero's works—into a published volume. Reed Morrissey serves as Chief Executive Officer. The founding team is actively raising capital at institutional venues, including the iConnections conference in South Beach, to expand the investor base beyond initial commitments.
The fund's backer roster includes Engineers Gate, a multistrategy quantitative hedge fund, and Michael Novogratz, CEO of Galaxy Digital, providing credibility within both traditional hedge fund and crypto-native investment communities. According to Squire, the firm is specifically targeting allocators who understand both macro investing and hedge fund structures, positioning Tekmerion as a diversifier for institutions with concentrated exposure to U.S. equities. Squire stated in an interview that "there's an opportunity right now where macro is hot and en vogue, and we want to be out there fundraising," emphasizing the firm's conviction in current market conditions and macro strategy differentiation.
Tekmerion's positioning represents a departure from the institutional "skill factory" model of mega-funds like Millennium Management and Citadel, which have consolidated capital and talent within larger platforms. Instead, the fund embraces a character-driven, research-intensive approach to macro investing, with Squire's classical education background and unconventional investment background serving as a signaling mechanism for the fund's commitment to deep, differentiated research rather than systematized algorithms.
Zachary Squire, the fund's Chief Investment Officer, brings substantial pedigree from leading quantitative and macro shops, including tenures at D.E. Shaw, Bridgewater Associates, and HBK Investments. Squire is a Princeton valedictorian who majored in Latin and ancient Greek, and is reportedly developing his undergraduate thesis—examining property rights in Roman philosopher Cicero's works—into a published volume. Reed Morrissey serves as Chief Executive Officer. The founding team is actively raising capital at institutional venues, including the iConnections conference in South Beach, to expand the investor base beyond initial commitments.
The fund's backer roster includes Engineers Gate, a multistrategy quantitative hedge fund, and Michael Novogratz, CEO of Galaxy Digital, providing credibility within both traditional hedge fund and crypto-native investment communities. According to Squire, the firm is specifically targeting allocators who understand both macro investing and hedge fund structures, positioning Tekmerion as a diversifier for institutions with concentrated exposure to U.S. equities. Squire stated in an interview that "there's an opportunity right now where macro is hot and en vogue, and we want to be out there fundraising," emphasizing the firm's conviction in current market conditions and macro strategy differentiation.
Tekmerion's positioning represents a departure from the institutional "skill factory" model of mega-funds like Millennium Management and Citadel, which have consolidated capital and talent within larger platforms. Instead, the fund embraces a character-driven, research-intensive approach to macro investing, with Squire's classical education background and unconventional investment background serving as a signaling mechanism for the fund's commitment to deep, differentiated research rather than systematized algorithms.
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