Tony Chedraoui, the former star hedge fund manager at Deephaven Capital Management, has raised more than US$800 million for his new hedge fund and could be managing $1.4 billion by New Years’ Day.

Chedraoui’s Tyrus Capital, which is set to launch its maiden hedge fund today, has far exceeded its initial fundraising target of US$500 million, a feat recorded by painfully few hedge fund managers in recent years.

But the fund had raised US$500 million by the end of August, and interest in it remains high, the Financial Times reports. The initial subscription period for the fund closed on Friday, but Tyrus expects another US$300 million in subscriptions this month and a further US$300 million in December.

Chedraoui managed Deephaven’s US$450 million European Event Fund, and Tyrus will follow a similar event-driven strategy, but with a global mandate and a special focus on corporate mergers. Deephaven said it would spin off Chedraoui’s fund in January, when it announced plans to close and sell most of its assets to Stark Investments.