Paul Podolsky, a seasoned hedge und executive with over 15 years of experience at Bridgewater Associates, is gearing up to launch his new hedge fund, Kate Capital, on 1 November, with approximately $200m in initial capital, according to a report by Business Insider.

The report cites an unnamed source familiar with the matter as confirming that he fund will operate as a discretionary global macro fund, managing 50 to 60 positions at a time. Unlike Bridgewater’s systematic investment approach, Kate Capital will focus on a discretionary strategy, leveraging Podolsky’s extensive experience in global markets.

The launch team will include four key members, among them Tom Bachner, the former president of distressed debt specialist Mudrick Capital and a longtime fundraiser at Bridgewater who has experience in managing investor relations and capital raising.

Kate Capital, named after Podolsky’s mother, will have a global investment scope, although it will avoid significant positions in emerging markets, aiming to keep its portfolio size smaller than many larger macro hedge funds.

The fund has already attracted support from notable backers, with the $6bn multi-strategy firm New Holland Capital reportedly among its investors.