Tycho Capital (“Tycho”), the research-led alternative investment specialist, has launched a new vehicle on its funds platform with Calibrate Management Ltd (“Calibrate”), a London-based alternative investment manager with a focus on macro and long-short equity strategies.

The Tycho Calibrate Macro Fund has launched with over $100m of investor commitments. Investors to date include a mix of wealth managers, family offices and institutional allocators across the UK and Europe, many of whom are increasingly seeking uncorrelated return streams amid a volatile market.

A disciplined approach to uncorrelated returns

Founded in 2021, Calibrate is a London-based alternative investment manager built around three guiding principles: uncorrelated returns, compounding capital and liquid alternatives. Since inception, Calibrate has navigated shifting rate regimes, credit stress and equity volatility, using a disciplined and repeatable approach to deliver consistent returns with a genuine diversification benefit.

The firm's investment process combines quantitative screening with discretionary judgement, targeting mispriced opportunities across global rates, FX, equities and sectors. The strategy benefits from Calibrate's collaborative team of experienced investment professionals and a flexible, repeatable approach to identifying securities and positions with asymmetric return profiles, where potential upside outweighs downside risk. This flexible approach lets the manager dynamically allocate risk to the most compelling opportunities, giving investors a real diversifier that is not dependent on markets moving in any particular direction.

Calibrate’s macro strategy is led by Eric Lonergan, Head of Discretionary Macro, who joined the firm in 2024. Prior to this, he ran macro strategies at Eisler Capital and M&G Investments, including the award-winning Episode Macro Fund, and was previously Head of Macro Research at JP Morgan Cazenove. Eric’s longstanding expertise and track-record in managing macro strategies is a key draw for investors looking for an experienced manager to navigate today’s uncertain markets.

Tycho’s third fund launch of the year

This marks Tycho Capital's third fund to come to market in 2026, following the successful launches of the Tycho Zazove Convertible Arbitrage Fund and the Tycho CapeView European Long Short Fund. This rate of new launches underscores both ongoing investor demand for diversified sources of return and the continued innovation from Tycho and its partner managers in delivering varied, best-in-class strategies to meet that demand.

Georg Reutter, Partner and CEO, Tycho Capital, commented:

"We have known Eric and the Calibrate team for many years and are excited to partner with manager of his experiece and with a differentiated approach to global macro investing. This strategy is particularly well suited to the current environment, offering the potential for consistent, risk-adjusted returns with low correlation to traditional markets, and the strong initial demand we have seen from allocators reinforces this. With macro regime shifts creating a rich opportunity set, we see real potential for a skilled manager to deliver returns that stand apart from the broader market."

Michela Ferrulli, Co-Founder and Head of Distribution, Calibrate Management, said:

“Having built our business in equity long-short strategies and grown our AUM to over $1bn, we are excited to bring our second, global discretionary macro strategy to a new investor audience. Eric and his team now manage over $200m across SMAs and the Tycho Calibrate Macro Fund, underscoring the ongoing growth in demand for macro strategies in the current market.”

Eric Lonergan, Head of Discretionary Macro, Calibrate Management, added:

“We are excited to partner with Tycho Capital to launch this fund and bring Calibrate’s macro strategy to a wider investor base across Europe. Today’s macro landscape presents some of the most compelling opportunities I have seen across my career and we look forward to helping investors navigate this changing global picture as it continues to evolve.”