|Cavenagh Capital, a macro-focused hedge fund manager, is launching a new macro hedge fund in July after receiving a capital commitment from Netherlands’ largest pension fund manager. Cavenagh received an initial investment of $40 million as part of a three year seeding commitment from APG, the asset manager for Stichting Pensioenfonds ABP. |
The investment in Cavenagh was made through APG’s IMQubator, which makes seed injections in new investment managers. Due to IMQubator’s policy that requires all the funds it invests in to operate out of the same office, Cavenagh’s founders Andrew Gale and Lee Ka Shao have already moved to Amsterdam. Cavenagh hopes to use the seed money to build a strong track record in order to raise additional money from institutional investors.