Ex-Citadel Trader’s $1bn Agave hedge fund posts strong start in London
Agave Capital Management, the London-based macro hedge fund launched by former Citadel portfolio manager and partner Gilberto Marcheggiano, appears to have made a strong start after launching with approximately $1bn in assets last year, according to a report by eFinancial Careers.
Former Citadel trader Gilberto Marcheggiano launched Agave Capital Management, a London-based macro hedge fund, with approximately $1bn in assets last year. According to eFinancial Careers, newly filed accounts for the firm show a strong start in the first 13 months of trading in 2025. The accounts report £21m ($28.5m) in turnover, comprising investment management fees and performance fees from investment gains.
Agave had £14.3m in prepayments and accrued income at the period's end, though the breakdown between management fees and performance fees was not disclosed. If a significant portion of the accrued income represented crystallized performance fees, the results suggest mid-single-digit returns for the fund during its early period. Agave declined to comment on the matter.
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