Agave Capital posts £21m turnover after $1bn launch
Former Citadel portfolio manager Gilberto Marcheggiano launched London-based Agave Capital with about $1bn in assets and reported £21m of turnover in its first 13 months.
Agave Capital Management Ltd reported £21m ($28.5m) of turnover for the period from November 2024 through the end of 2025, according to newly filed accounts. The revenue is recorded entirely as investment management fees.
The accounts state that the reported revenue includes recurring management fees and performance fees recognised when investment gains crystallise. At the end of the reporting period the firm recorded £14.3m of prepayments and accrued income on its balance sheet.
The filings do not itemise how much of the £21m relates to standard management fees versus performance fees, so the accounts do not disclose exact investment returns for the period.
Agave launched in London last year as a macro hedge fund. Gilberto Marcheggiano founded the firm after serving as a portfolio manager and partner at Citadel. The fund began with roughly $1bn of assets.
The accounts cover Agave’s initial operating period before the publication of fuller performance reports or investor communications. The firm did not respond to requests for comment.
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