Withintelligence. 27th March 2023

A start-up hedge fund backed by BlueCrest Capital Management co-founder William Reeves is planning to launch a second fund in the form of a new macro portfolio.

Palekana, set up by Reeves, Gerard Griffin and Jonathan Martin last year, incorporated the Palekana Global Macro Master Fund earlier this month, filings show.

It is understood the London-based firm plans to launch the fund in mid-2023. It will be led by Ali Satrap, a former partner and portfolio manager at the now-shuttered Rubicon Fund Management.

Satrap also previously worked at Commerzbank and London Diversified Fund Management. He joined Palekana in February last year and was authorized by the UK's  FCA in January, filings show.

The fund will trade a discretionary global macro strategy, which will include G10 rates, FX and commodities.

It is unclear how much the firm is targeting for the fund or if service provider agreements have been signed.

The firm is also working on the launch of a systematic strategy, which Reeves will oversee.

With Intelligence reported in mid-2022 that Reeves, Griffin and Martin had set up Palekana and were planning to launch a global event-driven strategy investing directly and through other managers.

It was later reported that the firm was eyeing up to $1bn for the new venture.

Griffin, who previously worked at Citadel and GLG Partners, debuted the event-driven strategy late last year, sources said.

Palekana declined to comment.