Newly-formed U.K. hedge fund Nau Capital has launched its first offering with €200 million (US$310 million) from Banco Espirito Santo.

The Irish Stock Exchange-listed Nau Fund, a global macro vehicle, debuted in February, with a focus on foreign exchange and interest rates in developed and emerging markets. The fund also has limited exposure to commodities, credit and equities.

“There are wonderful opportunities coming from the decoupling of the emerging markets versus the main market economies,” said João Rato, CFO. “The fact that we’re entering a slowdown in the main markets presents some opportunities, too.”

The fund charges a 1.5% to 2% management fee depending on the share class and a 20% incentive fee.
 
CEO João Poppe and Rodrigo França, chief investment officer, head Nau. Previously, Poppe and França served as executive vice presidents at Banco Espirito Santo. Rato was an executive director in fixed-income derivative solution sales at Lehman Brothers.