Steve Barclay, a former senior portfolio manager at Millennium Management, has launched a new energy-focused hedge fund, Saber Capital, with seed backing from institutional allocator New Holland Capital, according to a report by Bloomberg citing unnamed sources familiar with the matter.
Geneva-based Saber Capital began trading in late May and currently focuses on global liquids markets, including crude oil and refined products like gasoline and diesel. Barclay, the fund’s sole risk taker at present, brings more than 20 years of experience across top-tier energy trading desks, including previous roles at Goldman Sachs and as an advisor to multi-billion-dollar hedge funds.
New Holland Capital, known for backing elite emerging managers, typically deploys $100m to $300m in day-one capital in exchange for revenue shares. The firm, which manages approximately $7bn in absolute return strategies for institutional clients, has recently increased its exposure to commodity-focused funds. Earlier this year, it committed $300m to Crucible Commodities Management, a hedge fund launched by ex-Millennium and Gunvor traders.
Saber is also raising capital via separately managed accounts and is in talks with another investor to launch a commingled vehicle by year-end. Barclay reportedly plans to cap the fund’s AUM at $1bn to protect performance.
