Exclusive - Alma Capital, Tidan launch $100m volatility arbitrage UCITS fund

Alma Capital and Tidan Capital have partnered to launch the Alma Tidan NOVA Volatility Arbitrage Fund, a UCITS fund with over $100 million committed by more than 10 institutional investors. The fund, which went live on July 31st via Alma Platinum IV SICAV, has an estimated capacity of around $4 billion. The strategy focuses on volatility arbitrage, trading single-stock and equity index options, futures, swaps, and foreign exchange.

It targets pricing discrepancies that arise due to hedging activity, market flows, and behavioral biases. The fund is managed by Magnus Linder and Dennis Karlsson, derivatives specialists with two decades of experience each in trading, risk management, and execution. Tidan Capital handles portfolio management, while Alma serves as the UCITS management company and platform operator.

The exclusive partnership was formed specifically for the NOVA launch, set up through an industry referral and joint efforts in fund structure and capital raise. Both firms have expressed openness to future strategies on the platform, though no such plans have been announced. Alma, headquartered in Luxembourg since 2006, manages around $4.5 billion in assets and operates offices in London, Paris, and Luxembourg.

Its mission is to bring specialist investment managers and strategies into the UCITS market. Tidan Capital, founded in Sweden in 2021 by former Brummer & Partners employees, has developed various specialized investment strategies under the leadership of Michael Falken, the chief investment officer.