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.

The report cites newly filed accounts for Agave Capital Management Ltd covering the period from November 2024, before the fund began trading, through the end of 2025 provide an early glimpse into the business and its performance.

The firm reported £21m ($28.5m) of turnover during the 13-month period, with the revenue recorded entirely as investment management fees. The accounts indicate that the figure includes both recurring management fees and performance fees recognised when investment gains crystallise.

Agave had £14.3m of prepayments and accrued income on its balance sheet at the end of the period. The accounts do not specify how much relates to management fees versus performance fees, making it difficult to calculate the fund’s precise investment return.

However, if a significant proportion of the accrued income represented crystallised performance fees, the figures could point to returns in the mid-single digits during the fund’s early period, based on its roughly $1bn asset base.

Agave reportedly did not respond to requests for comment.