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Agave Capital Management logs £21m turnover in early London launch

Newly filed accounts show £21m of turnover over a 13-month period ending in 2025, all recorded as investment management fees.

Reported · Written up by our desk · Hedge Funds

Agave Capital Management, a London-based macro hedge fund launched by former Citadel portfolio manager Gilberto Marcheggiano, appears to have started strong after raising roughly $1 billion in assets last year, according to newly filed accounts cited by Hedgeweek via eFinancial Careers.

The firm reported £21 million, or about $28.5 million, of turnover during the 13-month period from November 2024, before it began trading, through the end of 2025.

Hedgeweek reports the revenue was recorded entirely as investment management fees, including both recurring management fees and performance fees recognized when investment gains crystallize.

While the accounts break out neither management fees nor performance fees, the reporting notes that if a large share of the accrued income reflects crystallized performance fees, the implied early returns could be in the mid-single digits based on the fund’s roughly $1 billion asset base.

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