Magellan Capital has launched its flagship multi-strategy hedge fund with $975 million in public markets assets. Moreover, the launch marks the first time the firm has opened its absolute return platform to third-party capital. The vehicle represents a significant expansion from the August 2024 soft launch, which outlined plans for a $700 million fund.
The new structure, Magellan Absolute Return SPC, is anchored entirely by in-house capital from the firm’s ultimate beneficial owner. As a result, the structure demonstrates alignment between management and prospective external investors. The manager operates under DFSA regulation and is headquartered in Dubai, with affiliated offices in London and Abu Dhabi.
Strategy and Investor Access
The fund deploys a range of public markets strategies, including global macro, emerging market credit, long-only equity, and long-short equity. Additionally, the approach targets uncorrelated, risk-adjusted returns by identifying structural, behavioural, and liquidity-driven market inefficiencies. Therefore, the platform allows dynamic positioning as global conditions evolve.
By offering exposure alongside principal capital, the fund seeks to align interests with limited partners. Moreover, the structure targets institutional investors, family offices, and high-net-worth individuals seeking diversified public markets exposure without building internal investment teams.
Leadership and Market Context
The fund will be led by Ahmed Omar, Chief Executive and Chief Investment Officer of Magellan Capital. Moreover, he oversees strategic direction, investment activity, and institutional growth, supported by a senior team with more than 100 years of combined market experience.
“Opening the fund to external capital marks an important milestone for Magellan that will broaden the offering to the investor base,” Omar said. “We built this platform to provide family offices and institutional allocators with institutional-quality access and execution without the overhead of building in-house investment teams. Our multi-asset approach allows us to shift positioning as market conditions evolve, preserving liquidity and maintaining portfolio balance across cycles.”
The launch also highlights Dubai’s growing role as a global asset management hub. As a result, regional managers increasingly attract international capital through institutionally structured hedge fund platforms.
