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Dubai-based Magellan Capital has announced the launch of its flagship hedge fund, Magellan Absolute Return SPC with $975m.
The fund, which has been anchored by the founder of ZMI Holdings, is now open to third-party capital for the first time.
“The Magellan Absolute Return Fund is currently anchored entirely by in-house capital from the firm’s ultimate beneficial owner, demonstrating strong alignment of interests between management and future investors,” according to a statement released on Wednesday.
“The launch places Magellan Capital among the largest hedge fund debuts in the UAE, signalling how quickly the region’s market is scaling.
“The fund’s flexible, multi-asset strategy speaks directly to current investor priorities around liquidity, downside protection and adaptability in volatile global markets.”
The strategy deploys capital across a range of strategies including global macro, emerging market credit and long-only and long-short equity strategies.
It is led by Ahmed Omar, previously of ZMI and Abu Dhabi Islamic Bank, as CEO and CIO.