Pequot Capital Management is in launch mode as the $6.5 billion firm prepares to debut its second hedge fund of the year. The Connecticut multi-strategy shop is launching the Pequot New Vision Fund on April 1 with $18.1 million in assets.

A global long/short offering, the fund seeks to produce “attractive returns with consistent alpha by identifying global emerging growth opportunities that are fundamentally mispriced by the market,” according to a fund summary obtained by FINalternatives.

“The strategy looks to capture the upside potential from these rapidly growing companies through a balanced and diversified portfolio with limited volatility.”

An official at Pequot did not return a message left before press time.

In January, Pequot launched a hedge fund that invests in the financial services sector.

The firm also manages another long/short strategy, the Pequot Cosmos Fund Offshore, which focuses on non-U.S. companies that “exhibit growth potential and strong entrepreneurial leadership.” The Cosmos Fund launched in February 2007 with $107.9 million.